Greatland Gold PLC (GGP.L) Further Outstanding Drill Results from Havieron

Newcrest Reports Further Outstanding Drill Results from Havieron

Initial step out drilling intersects significant mineralisation 220m north west of previous intersections ( 82.1m @ 2.4 g/t Au, 0.08% Cu from 557.6m, HAD066)

Multiple exceptional results from infill drilling, including 109m @ 6.3g/t Au, 0.71% Cu from 668m (HAD059)

Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, is pleased to provide an update on Newcrest’s drilling campaign at Greatland’s Havieron deposit in the Paterson region of Western Australia.

Greatland notes the release of an ASX announcement titled ” Exploration Update ” by Newcrest Mining Ltd (“Newcrest”) earlier today.

Highlights

· Exceptional drill results from Havieron further demonstrate improved continuity in the high-grade crescent sulphide zone and extend the strike length of mineralisation to 550 metres in the upper 200 metres of that zone.

· Drilling has also provided further confirmation of the potential for a bulk tonnage target in the adjacent breccia hosted mineralisation.

· Strike extension drilling 220m to the north-west of previous intersections has intersected significant mineralisation ( 82.1m @ 2.4 g/t Au and 0.08% Cu from 557.6m , HAD066), indicating the potential to expand the high-grade crescent zone.

Best New Results

· HAD057W2: 58m @ 6.2g/t Au, 0.49% Cu from 588m, including

· 10.1m @ 20g/t Au, 0.79% Cu from 631.9m

· HAD059: 109m @ 6.3g/t Au, 0.71% Cu from 668m, including

· 4m @ 78g/t Au, 1.2% Cu from 718m

· HAD059W2: 166m @ 2.8g/t Au, 0.23% Cu from 794m, including

· 29m @ 12g/t Au, 0.19% Cu from 912m

· HAD062: 132.2m @ 4.3g/t Au, 0.49% Cu from 557.8m, including

· 4.5m @ 66g/t Au, 2.6% Cu from 573.5m

· HAD063: 101m @ 4.6g/t Au, 0.36% Cu from 636m, including

· 26.9m @ 16g/t Au, 1.0% Cu from 640.1m

· HAD066 : 82.1m @ 2.4 g/t Au, 0.08% Cu from 557.6m, including

· 1.5m @ 86g/t Au, 0.87% Cu from 586.5m

· HAD071: 45.3m @ 8.9g/t Au, 0.63% Cu from 588.7m, including

· 16.9m @ 20g/t Au, 1.2% Cu from 598.2m

Next Steps

· Nine rigs operational as drilling activity continues towards the objective of delivering a maiden resource in the second half of calendar year 2020.

· Step out drilling programme to test depth and lateral extent of mineralisation continues.

· Newcrest planning approximately 80,000 metres of drilling at Havieron over the next 12 months.

· Environmental and baseline studies progressing to support fast tracking of decline commencement at Havieron by end of calendar year 2020 or early 2021, subject to market and operating conditions and receipt of all necessary permits, consents and approvals.

· Investigating potential to achieve commercial production within two to three years from commencement of decline.

Gervaise Heddle, Chief Executive Officer of Greatland Gold plc, commented: “We are delighted to report the eighth consecutive set of excellent results from Newcrest’s drilling campaign at Havieron, including some of the best results to date.

“The crescent zone of high-grade mineralisation has been extended and its continuity once again improved by outstanding infill results. Meanwhile, the extension drilling programme has now commenced and early results are very promising, with step out drill hole (HAD066) intersecting significant mineralisation 220 metres north west of previous high-grade results, and m ineralisation remaining open to the north west and at depth.

“These latest results, some of which are truly spectacular, sharpen our collective focus on the near-term objective of a maiden resource at Havieron, and further reinforce the potential to accelerate the timetable for commercial production.”

Analytical results for HAD045W2, HAD045W3, HAD045W4, HAD053, HAD054, HAD054W1, HAD054W2, HAD054W3, HAD055, HAD055W2, HAD055W3, HAD056, HAD057, HAD057W1, HAD057W2*, HAD058, HAD059, HAD059W1, HAD059W2*, HAD060, HAD060W1, HAD061, HAD062, HAD063, HAD066*, HAD067, HAD071 have been received and are announced today. Selected significant intercepts are presented in Table 1.

Table 1 – Selected Significant Havieron Intercepts

Hole ID

From (m)

To (m)

Width (m)

Gold (g/t)

Copper (%)

HAD045W2

1023

1076

53

1.9

0.04

Including

1063

1074

11

8.8

0.06

HAD045W3

693

713

20

3.0

0.11

HAD045W3

830.4

895.4

65

2.0

0.05

HAD045W3

963

1019.9

56.9

2.3

0.10

HAD045W4

1026

1052.5

26.5

7.9

0.23

HAD054W2

1064

1261

197

1.7

0.30

Including

1243.1

1253.2

10.1

9.8

0.22

HAD054W3

911.5

1077.9

166.4

1.9

0.23

Including

980.8

996.6

15.8

6.8

0.56

HAD055

792.3

849.1

56.8

2.4

0.23

Including

836.8

847.1

10.3

7.9

0.18

HAD055W3

723.7

858.1

134.4

1.6

0.34

Including

761.3

775.5

14.2

11

0.36

HAD056

590

725

135

0.71

0.07

HAD056

766

839

73

0.96

0.09

Including

773

790

17

3.3

0.19

HAD057W1

693.2

717

23.8

4.3

0.45

HAD057W2*

588

646

58

6.2

0.49

Including

631.9

642

10.1

20

0.79

HAD057W2*

739.4

812.6

73.2

1.1

0.14

HAD058

550

577.1

27.1

4.6

0.21

HAD059

668

777

109

6.3

0.71

Including

718

722

4.0

78

1.2

HAD059W1

683

809.9

126.9

1.2

0.58

Including

776.9

807.4

30.5

3.0

1.8

HAD059W2*

794

960

166

2.8

0.23

Including

912

941

29

12

0.19

HAD060W1

784

865

81

1.1

0.52

Including

829.8

845

15.2

3.1

1.4

HAD061

526

543.4

17.4

15

2.0

HAD061

880.2

934.3

54.1

1.5

0.26

HAD062

557.8

690

132.2

4.3

0.49

Including

573.5

578

4.5

66

2.6

HAD063

636

737

101

4.6

0.36

Including

640.1

667

26.9

16

1.0

HAD066*

557.6

639.7

82.1

2.4

0.08

Including

586.5

588

1.5

86

0.87

HAD071

588.7

634

45.3

8.9

0.63

Including

598.2

615.1

16.9

20

1.2

HAD071

655.2

745

89.8

1.6

0.27

Including

598.2

615.1

16.9

20

1.2

* denotes partial results reported, with further assays pending to end of hole.   Reporting Criteria are listed in Appendix II

In addition to this release, a PDF version of this report, with supplementary information can be found at the Company’s website:   www.greatlandgold.com/media/jorc/  

Further Information on Newcrest Drilling and Operations at Havieron

Exploration activities at Havieron are operated by Newcrest under a Farm-in Agreement with Greatland. The Havieron deposit is centred on a magnetic anomaly located 45km east of Telfer. Exploration drilling by Greatland during 2018 resulted in the discovery of significant gold and copper mineralisation under 400m of post mineral cover. Newcrest commenced drilling at Havieron during the June 2019 quarter.

Analytical results released today from the Havieron project are considered outstanding, and include 109m @ 6.3g/t Au and 0.71% Cu from 668m (HAD059), which represents one of the best results from the project to date . Significant results are presented in Table 1. A further 20,202m of new drilling is reported since the last drilling update (30 April 2020).   Results reported today are from a further 27 holes including wedges.    

Drilling continued to deliver high-grade broad intersections confirming the significance of this discovery. Activities were focussed on infill drilling to support a maiden resource in the second half of calendar year 2020, as well as extension drilling to further understand the upside potential including lateral and depth extents. Results continue to demonstrate geological and grade continuity over the upper 600m vertical extent of the high-grade crescent sulphide zone. Geological controls on breccia hosted mineralisation indicate the potential for bulk extraction upside. Strike extension drilling 220m to the north-west of previous intersections has intersected significant mineralisation (HAD066) with the potential to expand the high-grade crescent zone. 

Exploration has focused on infill drilling (with nominal drill spacing of 50 – 100m laterally, and 100m vertically) to support a maiden resource in the second half of the calendar year 2020, and step out drilling to define the extents of the Havieron deposit. The results continue to demonstrate the geological and mineralisation continuity over the upper 600m of the high-grade “crescent” sulphide zone (previously referred to as the arcuate sulphide zone) below the unconformity. In addition, drilling has also provided further confirmation of the potential for a bulk tonnage target in the adjacent breccia hosted mineralisation.

The high-grade sulphide zone forms a crescent shape where the upper levels of the system (-170m to -400mRL) have an internal strike of 550m and an average width estimate of 20m. The mid level of the system (-400m to -600mRL) has an internal strike of 400m and an average width estimate of 20m.  In the lower levels (-600m to -800mRL) where drill tested, the crescent zone tapers in strike length to 200m and approximately 20m wide. The strike extent of high-grade mineralisation in the upper crescent zone has increased to 550m (from 400m).

Highest grade mineralisation is concentrated in the upper levels of the crescent zone where it is coincident with the best developed sulphide mineralisation. Breccia hosted mineralisation is formed enveloping and adjacent to the crescent high-grade sulphide zone, with recent drilling now defining a footprint of 550m and widths in excess of 100m. Drill data indicates better grades in the breccia zone are spatially related to proximity of the crescent zone. Deep drilling beyond the upper 600m window (-800mRL) also confirms the crescent zone extension is transitioning into a breccia dominant style of mineralisation.

Infill drilling continues to intersect high-grade mineralised breccia (for the third successive announcement) returning broad widths of mineralisation, for example 132.2m @ 4.3g/t Au and 0.49% Cu from 557.8m, including 54.4m @ 9.3g/t Au and 1.1% Cu from 557.8m (HAD062). Crescent zone and breccia mineralisation at the Havieron deposit remains open to the north west, has been observed to over 1,000m below post mineral cover, and remains open at depth.

The extents to the Havieron system are still to be defined, and encouragingly step out drilling 220m along strike to the north-west has intersected mineralisation in HAD066, returning a partial intercept of 82.1 m @ 2.4 g/t Au and 0.08% Cu from 557.6m with high-grade intervals (including 1.5 m @ 86 g/t Au and 0.87% Cu from 586.5m) consistent with the upper parts of the crescent sulphide zone. Results are pending for the remainder of this hole, though the current intercept reported is closed off. Further step out drill holes are underway.

Results to date support the continued investigation of both high-grade selective and bulk mining methods. The ongoing drilling programme is designed to expand the current footprint of the mineralisation targeting lateral and depth extents up to 1,000m below the unconformity where there is limited drilling.   System scale step out drilling   to test depth and lateral extent of mineralisation will continue. Newcrest is planning approximately 80,000 metres of drilling at Havieron over the 12 months commencing 1 July 2020. Step out drilling will be supported by surface exploration activities including ground geophysics. A 30 line kilometre seismic survey has been commissioned to de-risk development activities and provide a better understanding of the regional geological and mine scale structural setting.

Studies have commenced including mining methods, hydrogeology, geotechnical, metallurgical, engineering and environment   to support delivery of a mineral resource estimate in the second half of calendar year 2020.

Newcrest continues to  investigate the potential to fast track an exploration decline at Havieron by the end of calendar year 2020 or early 2021, subject to market and operating conditions and receipt of all necessary permits, consents and approvals, along with the potential to achieve commercial production within two to three years from commencement of decline.

Newcrest are currently progressing a Concept Study, with targeted completion in the second half of calendar year 2020, investigating the potential to develop the deposit under both underground selective mining and bulk mining alternatives.

Newcrest has implemented measures to reduce and mitigate the risk of the COVID-19 pandemic to its project workforce and key stakeholders. Potential impacts of the Covid-19 pandemic on the drilling activity at Havieron are being actively managed and considered as part of the studies underway. There have been no COVID-19 cases at Havieron.

Stage 3 of the Farm-in continues. Currently, nine drill rigs are operational. A 100 person camp is on-site to support ongoing operations. In order to complete Stage 3 of the Farm-in Agreement,  Newcrest must spend an additional US$25 million and deliver a Pre-Feasibility study for the Havieron Project.

Additional drill hole information is presented in Appendix I and tabulated drill hole intercepts are presented in Appendix II.

Deposit mineralisation is hosted by metasedimentary (meta-sandstones, meta-siltstones and meta-carbonate) and intrusive rocks. Gold and copper mineralisation is hosted in breccia, vein and massive sulphide replacement styles, typical of intrusion-related and skarn types of mineralisation. The main sulphide mineral assemblage contains well developed pyrrhotite-chalcopyrite and pyrite. Alteration assemblages associated with mineralisation are amphibole-carbonate-biotite-sericite-chlorite. Higher grade gold zones (+10g/t Au) are often associated with quartz/chalcopyrite-pyrite veining.

Background to Havieron and Farm-in Agreement with Newcrest

In March 2019, Greatland entered into a Farm-in Agreement with Newcrest Operations Limited, a wholly-owned subsidiary of Newcrest Mining Limited (ASX:NCM), to explore and develop Greatland’s Havieron gold-copper discovery in the Paterson region of Western Australia. Newcrest has the right to earn up to a 70% interest in a 12-block area within E45/4701 that covers the Havieron target by spending up to US$65m. Newcrest may acquire an additional 5% interest at the end of the Farm-in period at fair market value.

Newcrest has completed Stage 2 of the Farm-in Agreement. In accordance with the terms of the Agreement, Newcrest has earned a 40% interest in the Havieron Project. In order to complete Stage 3 of the Farm-in, Newcrest must incur an additional US$25 million in expenditure and deliver a Pre-Feasibility study for the Havieron Project. If Newcrest successfully completes Stage 3, Newcrest will earn an additional 20% Farm-in Interest (cumulative 60% Farm-in interest) 

During the Farm-In period, Newcrest will have a first right of refusal over the remainder of Greatland Gold’s Paterson projects (Black Hills, Paterson Range East and remainder of the Havieron licence). The Farm-in Agreement includes tolling principles reflecting the intention of the parties that, subject to a successful exploration programme and feasibility study, the resulting joint venture ore will be processed at Telfer, located 45km west of Havieron.

A regional map showing the Havieron licence area with regional targets and adjacent landholdings can be found at: www.greatlandgold.com/paterson

Competent Person:

Information in this announcement that relates to exploration results has been extracted from the following announcements:

“Exploration Update”, dated 11 June 2020

“Further Outstanding Drill Results at Havieron”, dated 30 April 2020

“Newcrest Quarterly Exploration Report”, dated 30 April 2020

“Newcrest Exploration and Guidance Update”, dated 11 March 2020

“Further Outstanding Drill Results at Havieron”, dated 11 March 2020

“Newcrest Quarterly Exploration Report”, dated 30 January 2020

“Exploration Update – Drilling Returns High Grade Results at Havieron”, dated 2 December 2019

“Newcrest Quarterly Exploration Report – September 2019”, dated 24 October 2019

“Exploration Update – Havieron”, dated 10 September 2019

“Newcrest Quarterly Exploration Report – June 2019”, dated 25 July 2019

Information in this announcement, which has been taken from Newcrest Mining Limited’s announcement “ Exploration Update “, dated 11 June 2020, has been reviewed and approved by Mr Mick Sawyer, a member of the Australian Institute of Geoscientists and a Registered Professional Geoscientist (R.P.Geo #10194), who has more than 15 years relevant industry experience. Mr Sawyer is Exploration Manager and a full-time employee of Greatland Pty Ltd, and holds employee options in Greatland Gold plc. Mr Sawyer, has sufficient experience relevant to the style of mineralisation and type of deposit under consideration, and to the activity which he is undertaking to qualify as a Competent Person as defined by   the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code) and under the AIM Rules – Note for Mining and Oil & Gas Companies , which outline standards of disclosure for mineral projects. Mr Sawyer consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears. Mr Sawyer confirms that the Company is not aware of any new information or data that materially affects the information included in the relevant market announcements, and that the form and context in which the information has been presented has not been materially modified.

Additional information on the project can be found on the Company’s website at www.greatlandgold.com/paterson/  

In addition to this release, a PDF version of this report, with supplementary information can be found at the Company’s website: www.greatlandgold.com/media/jorc  


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