Greatland Gold PLC (AIM:GGP) Paterson Exploration Update

Greatland Gold plc (AIM: GGP) is pleased to provide an update on recent exploration activities in the Paterson region.

Highlights

§  Drilling at Chilly assay results: Pathfinder mineralisation intersected at Chilly prospect with a peak of 37m @ 0.21 g/t Au and 0.13% Cu from 136m, including 1m @ 6.1 g/t Au and 0.24% Cu from 137m in first pass reconnaissance drilling.

§  Drilling at Teague intersected veining, sulphides and alteration. Assay results pending.

§  Drilling commenced at London and Bootstrap prospects

§  Strong magnetic and gravity targets identified at Atlantis for future drilling.

§  Interpretation of surface sampling enables marker unit identification in prospective lithology under cover regionally.

Greatland Managing Director, Shaun Day, commented:

“Completion of our transformational acquisition of Havieron and Telfer is targeted for this December quarter, and ownership of the Telfer infrastructure greatly enhances the value of exploration success in our Paterson portfolio.  Greatland will emerge from the acquisition with interests in up to approximately 4,500 square kilometres of tenure in the Paterson, providing significant option value within our exploration portfolio  Pleasing recent exploration progress includes highly encouraging results from drilling at our Chilly and Teague prospects, identification of new drill targets at Atlantis from magnetic and gravity surveying and modelling, and soil sampling results which enhance our ability to map geology undercover.”

Figure 1: Greatland and Newmont Paterson granted tenure and prospects

Notes:

1.     Pursuant to the acquisition of Havieron, Telfer and related assets announced by Greatland on 10 September 2024 (Acquisition) and targeted for completion in the December 2024 quarter, Greatland will consolidate 100% ownership of the Juri project.

2.     Pursuant to the Acquisition, Greatland will consolidate 100% ownership of Havieron.

3.     Pursuant to the Acquisition, subject to receipt of consent from Antipa Minerals Limited, Greatland will acquire a right to earn up to 75% in the Wilki project.

4.    Pursuant to the Acquisition, Greatland will acquire 100% ownership of the Telfer exploration portfolio.

Strickland E45/4807 and Telfer Domain E45/4834 – Paterson South joint venture

Greatland is currently earning up to a 75% joint venture interest with Rio Tinto Exploration (RTX) in over 1,500km² of tenure (the Paterson South project, shown in Figure 2), managed by Greatland.

The Chilly prospect sits on the northern limb of a regional doubly plunging anticline and is interpreted to be close to the contact between the Puntapunta Formation and the Telfer Member (Figure 2).  The southeastern hinge of the anticline appears to be truncated by a Proterozoic granite emplaced on a crustal scale northeast trending linear. The Telfer deposit sits in the same lithological position in a doubly plunging anticline, with a posited but not yet identified granitic source for the mineralisation.

A total of five RC holes (CHY001RC – CHY005RC) for 990m (Table 1) were completed, testing the Telfer stratigraphic position on a magnetic high (Figure 2) at Chilly.   Drilling occurred on three lines approximately 750m apart, aligned at right angles to and testing complexities in the magnetic linear, with holes spaced 100 – 200m apart.

Peak assay results of 37m @ 0.21 g/t Au and 0.13% Cu from 136m, including 1m @ 6.1 g/t Au and 0.24% Cu from 137m, were returned from RC drilling in hole CHYR005RC (Figure 1) located in the eastern part of the Strickland tenement (E45/4807).  Three of the other four holes returned intercepts of 1m or more at greater than 0.2% Cu including 2m @ 0.44% Cu in hole CHY003RC on the central line (Figure 4) and 1m @ 0.77% from 200m in hole CHY002RC the northern line (Figure 3), both of which occur in fresh dolerite.

In detail, the intersected mineralisation in hole CHY005RC occurs in sediment hosted veining near the contact with an interpreted vertical dolerite sill, within weathered bedrock (Figure 5). It is the southeastern most hole of the program with significant structural complexity evident in magnetics along strike to the southeast (Figure 2). The gold mineralisation is open in this direction with no historic drilling known for over 3km. It is not certain this round of drilling has tested the same stratigraphic position on the two other drill lines to the north west.

This drilling has confirmed pathfinder mineralisation at the Chilly prospect with further work to understand the potential underway.

As a result of recent discussions with Traditional Owners, an exclusion area has been extended over an area including the Paterson Dome West prospect, and accordingly other prospects will be prioritised for on-ground activities.

Figure 2: Chilly prospect location within the Strickland tenement with section lines in red on reduced to pole first vertical derivative aeromagnetics and historical drilling. The doubly plunging Paterson Dome anticline axis is shown with a yellow arrow

Table 1: Chilly RC drilling collars and significant intercepts

Note: intercepts calculated based on interval having AU ppm >= 0.1g/t or Cu% >= 0.1%, with maximum consecutive internal waste of 4m.

Figure 3: Chilly RC drilling oblique section 1.

Figure 4: Chilly oblique section 2

Figure 5: Chilly oblique section 3

Budjidowns E45/4815 – Paterson South JV

The Atlantis prospect at Budjidowns (Figure 1) is a focus for Greatland in FY25.  The area is characterised by bullseye magnetic features within the Proterozoic basement.

There are many different sources of magnetic and gravity anomalies, some of which will be mineralisation or prospective for mineralisation while most will not. For example, the Havieron ore body has a magnetic anomaly in part due to the existence of pyrrhotite in the ore, however a similar magnetic anomaly could also be created by a mafic intrusive plug.  Both a mafic intrusive and the Havieron orebody are denser than the surrounding sedimentary rocks and return a positive gravity anomaly. The two anomalies cannot be separated by either gravity or magnetic signatures alone and there are a lot of magnetic bodies in the Paterson making drill testing each one unfeasibly expensive.

The Hanneson (Jim Hanneson, Adelaide Mining Geophysics) modeling method that helped in the discovery of Havieron and Ramses at depth under cover takes advantage of the fact that the gravity and magnetic signatures of mafic rocks are considered to occur within a range of values. These ranges overlap with the mineralised signatures for gravity and magnetics for the targeted orebodies, however when both are considered at the same time for a conceptual source, the mafic sources can be rejected if the anomaly sits outside the standard ranges. For example, a proposed source with the density of a mafic intrusive and an assigned volume and shape to give the correct gravity anomaly measured at surface, would necessarily have a certain magnetic anomaly at surface. If the actual recorded magnetic anomaly is higher than that for a normal mafic intrusive, the likelihood of the source being a mineralised body with significant pyrrhotite is much higher and would make the target more prospective. A similar method can discriminate magnetic felsic intrusive from mineralisation.

To enable this modelling at Atlantis, a ground gravity survey was completed in July 2024 (Figure 6). Processing the data using this method has identified four targets which are considered prospective for mineralisation at Atlantis, from more than 90 modelled bodies.  Of these, Target 19 is considered most prospective for a mineralised orebody and sits at a depth of 500m below surface. A drill program is being planned which will be completed in the first half of 2025.

Figure 6: Atlantis ground gravity survey extents in the north of the Budjidowns tenement with Hanneson modelled targets. Oblique view looking north.

Havieron area exploration

Drilling is underway across several projects within the vicinity of the Havieron project. The drilling (Figure 7) targets geophysical, structural and geological targets resulting from a regional review.

Figure 7: Havieron region drilling on Reduced to pole aeromagnetics.

Notes:

1.     Pursuant to the Acquisition, Greatland will consolidate 100% ownership of the Juri project.

2.     Pursuant to the Acquisition, Greatland will consolidate 100% ownership of Havieron.

3.     Pursuant to the Acquisition, subject to receipt of consent from Antipa Minerals Limited, Greatland will acquire a right to earn up to 75% in the Wilki project.

4.     Pursuant to the Acquisition, Greatland will acquire 100% ownership of the Telfer exploration portfolio.

Table 2: Havieron region Greatland Drilling

Skylar E45/5351 and Triangle E45/5352 – Paterson South joint venture

Diamond drill (DD) testing of geological, magnetic and structural targets at the Bootstrap and Teague prospects (Figure 2) is underway.

Drilling at Teague targeting across an interpreted fold structure has been completed with three diamond tailed RC holes for 858m (Figure 7). Hole TRS002RCD is a redrill of TRS003RCD which collapsed before getting to depth. Both holes TRS001RCD and TRS002RCD intersected calcareous sediments interpreted as Puntapunta formation, while hole TRS002RCD showed strong veining, structural disruption alteration and trace sulphides.  These holes have been sampled and sent for assays.

Figure 8:DH Core intercepts from TRS002RCD; (A) Qv with pyrite at 178m, (B) wrench veining 186.86, (C) complex vein interactions 215.13m, (D) arsenopyrite vein 283.91m, (E) second vein interaction example 359.7m.

At the Bootstrap prospect, pre-collars through the Permian have been completed for two holes -SKY001RCD and SKY002RCD (Figure 7), with a further two holes planned and in progress. This drilling tests interpreted magnetic upgrading alteration and faulted disruption on the margin of an anticline as well as the anticlinal hinge at a position interpreted to be the Puntapunta – Telfer Member contact where it is intersected by a north-south striking dolerite feature.

Scallywag E45/4701 and Black Hills North (E45/6134)

At the London prospect (Figure 2), follow up diamond drill testing of the combined magnetotelluric (MT) conductive anomaly and demagnetised zone in the core of a regional synform with two holes completed for 1,082m. MT surveys are considered particularly effective in areas of deep conductive cover; a similar survey conducted in 2022 of the Havieron mining lease successfully detected the Havieron orebody.

Holes PMT001RCD and PMT002RCD intercepted bedrock and are currently being logged.

Regional soils

Ultra Fine Fraction (UFF) analysis across the finished grids at Wilki Lakes, Scallywag, Black Hills North and Pascalle (Figure 9) show no major significant mineralisation.

Interpretation of the results has found that the Puntapunta formation can be defined from the multielement data, which will significantly improve the geological interpretation and target generation across the region.

The Scallywag grid has the highest values of high temperature, mobile elements such as arsenic and molybdenum, possibly indicating a higher level of fluid mobilisation relative to the less structurally complex areas.

Figure 9: Surface sampling completed in 2024 to date in the Havieron region

Notes:

1.     Pursuant to the Acquisition, Greatland will consolidate 100% ownership of the Juri project.

2.     Pursuant to the Acquisition, Greatland will consolidate 100% ownership of Havieron.

3.     Pursuant to the Acquisition, subject to receipt of consent from Antipa Minerals Limited, Greatland will acquire a right to earn up to 75% in the Wilki project.

4.    Pursuant to the Acquisition, Greatland will acquire 100% ownership of the Telfer exploration portfolio.

Contact

For further information, please contact:

Greatland Gold plc

Shaun Day, Managing Director  |  Rowan Krasnoff, Head of Business Development
info@greatlandgold.com