Greatland Gold PLC (GGP.L) Further Outstanding Drilling Results at Havieron

Latest results further demonstrate continuity of higher-grade gold and copper mineralisation

2021 growth programme on track to test potential extensions to resource shell

Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, is pleased to provide an update on the drilling campaign at the Havieron deposit in the Paterson region of Western Australia. The Company notes the release of an ASX announcement titled ” Exploration Update” by Newcrest Mining Ltd (“Newcrest”) earlier today.

Drilling activities since the last report have been primarily focused on infill drilling of the South East Crescent and Breccia Zone. This infill drilling was conducted to support the delivery of an Indicated Mineral Resource estimate in the South East Crescent Zone and adjacent Breccia Zones.

Assay results for a total of 26 new drill holes have been received since the last update (28 January 2021) and are reported here today, with all holes intersecting mineralisation.

Highlights

· Excellent Results from Infill Drilling:

o Latest high-grade drilling results provide additional confidence of both geological and grade continuity within the existing resource shell .

o This supports the delivery of an Indicated Mineral Resource estimate in the South East Crescent Zone and adjacent Breccia Zones.

· 2021 Growth Drilling Programme: The 2021 growth drilling programme priorities are:

o North West Crescent and Northern Breccia: Growth drilling programme will initially focus on the North West Crescent and Northern Breccia zone and is aimed at providing support for the potential expansion of the existing Inferred Mineral Resource estimate.

o Eastern Breccia: Drill testing and interpretation of the geological and mineralisation controls of the Eastern Breccia Zone is ongoing.

o South East Crescent and Breccia: Targeting potential resource definition of extensions below the existing resource shell and lateral extensions adjacent to the existing high-grade resource shell .

o New Targets: New targets outside of the immediate vicinity of the Havieron deposit, but within the Havieron Joint Venture area, have been identified with the potential to conduct drill testing of these targets in the future.

· Early Works Underway: As announced on 21 January 2021, earthmoving activities to prepare for the construction of the box cut and decline have commenced. Excavation of the box cut commenced on 8 February 2021. Work continues to investigate the potential to achieve commercial production at Havieron within three years of the commencement of the box cut and decline.

Best New Results – South East Crescent and Breccia1 (not previously reported)

· HAD112: 196.1m @ 1.7g/t Au & 0.28% Cu from 545.9m, including

o 18.5m @ 4.9g/t Au & 0.60% Cu from 595m

· HAD122: 97m @ 3.9g/t Au & 0.50% Cu from 500m, including

o 15m @ 9.7g/t Au & 1.8% Cu from 500m

· HAD123: 169.5m @ 3.4g/t Au & 0.33% Cu from 711.5m, including

o 58.9m @ 6.2g/t Au & 0.23% Cu from 736.1m, including

o 3.1m @ 95g/t Au & 0.50% Cu from 781.8m

· HAD127 79.3m @ 4.5g/t Au & 1.4% Cu from 537m, including

o 41.7m @ 8.4g/t Au & 2.6% Cu from 549m

· HAD130: 109.4m @ 5.9g/t Au & 0.63% Cu from 622m, including

o 24m @ 17g/t Au & 1.4% Cu from 630m

1. All widths reported here and below are downhole widths, generally greater than true widths.

Shaun Day, Chief Executive Officer of Greatland Gold plc, commented: “We are pleased to once again observe high grades of gold and copper at extensive widths, with all drill holes intercepting mineralisation. The results are outstanding and further highlight the world-class potential of Havieron. Additionally, these results layer onto existing data to further increase our confidence in the continuity of higher-grade mineralisation and support the delivery of an Indicated Mineral Resource estimate.

“Alongside this, Newcrest is on track to push forward with an exciting 2021 growth drilling programme. We are yet to define the full size of Havieron and, subject to further exploration success, this programme has the potential to significantly expand the mineralised footprint.

” We look forward to a busy and exciting period over the next few months in the Paterson with growth drilling and early works programmes continuing apace at Havieron and the Juri JV commencing exploration activities.”

Analytical results for HAD060W3, HAD112, HAD113W2, HAD114W1, HAD114W2, HAD115, HAD116, HAD116W1, HAD117, HAD117W1, HAD118, HAD119, HAD119W1, HAD120, HAD121, HAD122, HAD123, HAD124, HAD125, HAD126, HAD127, HAD128, HAD129, HAD130, HAD131 and HAD132 have been received and are announced today. The results reported here are from 26 drill holes comprising 16,449m of drilling. Selected significant intercepts are presented in Table 1.

Table 1 – Selected Significant Havieron Intercepts.

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 Joint Venture Agreement with Greatland. The Havieron deposit is centered 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 420m of post mineralisation cover. Newcrest commenced drilling at Havieron during the June 2019 quarter and have completed 154,95 3m of drilling from 179 holes to date.

Drilling activity during the period utilised up to eight drill rigs, and the results reported today include 26 new drill holes (completed since the last release dated 28 January 2021) from infill drilling of the South East Crescent and adjacent Breccia Zone. These 26 holes complete a 43 hole infill drill programme (to a nominal 50m by 50m drill spacing) designed to support the delivery of an Indicated Mineral Resource estimate in the upper 320m (vertical) of the initial Inferred Mineral Resource estimate defined over the South East Crescent Zone and adjacent Breccia Zone, and associated studies.

All new drill-holes intersected mineralisation. Significant new results are presented in Table 1, and full drilling results are presented in Appendix II. The infill drilling results announced today are considered excellent, and both confirm previously reported drilling results and provide additional support and confidence for both geological and grade continuity for the ongoing studies.

Drilling since May 2019 has outlined an ovoid shaped zone of variable brecciation, alteration and sulphide mineralisation with dimensions of 650m x 350m trending in a north west orientation. Breccia mineralisation has been identified internally and externally to the Crescent zone, including targets which remain open to the east, northwest and southeast. Mineralisation has been observed to greater than 1,000m in vertical extent below the post mineral cover sequence and remains open at depth. Within this ovoid shaped zone (at this stage) exploration has identified four key target regions, which are:

· South East Crescent and Breccia

· North West Crescent

· Northern Breccia

· Eastern Breccia

Drill data density in the South East Crescent and adjacent Breccia and a portion of the Northern Breccia has been sufficient for the definition of an Inferred Mineral Resource Estimate2 for these domains. Reported inside an A$50/t Net Smelter Return (“NSR”) shell, the volume of identified mineralised geological domains where information to estimate the metal inventory and grades is at a sufficient magnitude and having the reasonable prospects of eventual economic extraction comprises:

· 52Mt @ 2.0g/t Au and 0.31% Cu for 3.4Moz Au and 160Kt Cu for 4.2Moz gold equivalent3, included in geological domains:

o Crescent Zone containing 18Mt @ 3.8g/t Au and 0.61% Cu for 2.2Moz Au and 110Kt Cu; and

o Breccia Zone containing 34Mt @ 1.1g/t Au and 0.15% Cu for 1.2Moz Au and 50Kt Cu.

2. Refer to Newcrest announcement titled “Newcrest announces initial Inferred Mineral Resource estimate for Havieron of 3.4Moz of gold and 160Kt of Copper” dated 10 December 2020 and available on www.asx.com.au under the code “NCM”.

3. The gold equivalent (AuEq) is based on assumed prices of US$1,400/oz Au and US$3.40/lb Cu, gold recoveries of 94% (Crescent) and 84% (Breccia), and copper recoveries of 84% (Crescent) and 82% (Breccia), which equates to a formula of approximately AuEq = Au (g/t) + 1.65 * Cu (%). In Greatland’s opinion all elements (gold and copper) have a reasonable potential to be recovered and sold.

Outside of the Inferred Mineral Resource estimate, mineralisation remains open with encouraging results identified from the South East Crescent and Breccia Zone, Northern Breccia Zone, and the Eastern Breccia Zone. Mineralisation is open at depth below the Inferred Mineral Resource estimate shell providing support for potential resource expansion at depth.

Mineralisation at the Havieron deposit has been identified internally and externally to the Crescent Zone, including targets which remain open to the east, northwest and southeast. Mineralisation has been observed to greater than 1,000m in vertical extent below the post mineralisation cover sequence and remains open at depth. The extents of the Havieron system are still to be defined.

Approximately 65,000m of growth-related drilling is planned to 30 June 2021 and is currently underway. Further drilling of the Northern Breccia Zone is ongoing to support the potential expansion of the existing Inferred Mineral Resource estimate. Drill testing and interpretation of the geological and mineralisation controls of the Eastern Breccia Zone is ongoing. Planned gr owth drilling will target potential resource extensions of the South East Crescent and Breccia below and adjacent to the existing resource shell.

Further targets outside of Havieron, but within the Havieron Joint Venture area, have been identified with the potential to conduct drilling to test these targets in the future.

Early studies are ongoing and include mining methods, hydrogeology, geotechnical, metallurgical, engineering and environmental to support delivery of a Pre-Feasibility Study in late 2021. Earth moving activities commenced as announced 21 January 2021. Excavation of the box cut commenced on 8 February 2021. The earthmoving activity and box cut are in preparation for construction of an exploration decline down to the Havieron deposit. In this regard, studies continue to investigate the potential to achieve commercial production within three years from commencement of the decline.

Additional drill hole information is presented in Appendix I and tabulated drill hole intercepts are presented in Appendix II. A 3D schematic plan view of Crescent Sulphide Zone and Breccia target zones is shown in Figure 1, a s chematic horizontal slice through the Crescent Sulphide Zone and Breccia hosted mineralisation is shown in Figure 2, drill hole locations are shown in Figure 3 and Cross Sections are shown in Figures 4, 5, 6, 7, 8, 9 and 10

Mineralisation in the Havieron deposit 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 Joint Venture Agreement with Newcrest

The Havieron Project is operated by Newcrest under a Joint Venture Agreement with Greatland. As announced on 30 November 2020, Newcrest has now met the Stage 3 expenditure requirement (US$45 million) and is entitled to earn an additional 20% joint venture interest, resulting in an overall joint venture interest of 60% (Greatland 40%). Newcrest can earn up to a 70% joint venture interest through total expenditure of US$65 million and the completion of a series of exploration and development milestones in a four-stage farm-in over a six year period that commenced in March 2019. Newcrest may acquire an additional 5% interest at the end of the farm-in period at fair market value.

The Joint Venture Agreement includes tolling principles reflecting the intention of the parties that, subject to a successful exploration programme and feasibility study and a positive decision to mine, the resulting joint venture mineralised material 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 March 2021 (Newcrest)

“Newcrest Reports Further Drilling Results at Havieron”, dated 28 January 2021 (Greatland)

“Quarterly Exploration Report”, dated 28 January 2021 (Newcrest)

“Newcrest Reports Further Drilling Results at Havieron”, dated 10 December 2020 (Greatland)

“Exploration Update”, dated 10 December 2020 (Newcrest)

“Initial Inferred Mineral Resource Estimate for Havieron”, dated 10 December 2020 (Greatland)

“Initial Inferred Mineral Resource Estimate for Havieron”, dated 10 December 2020 (Newcrest)

“Drilling Results at Havieron Highlight Potential New Eastern Breccia Target”, dated 29 October 2020 (Greatland)

“Quarterly Exploration Report”, dated 29 October 2020 (Newcrest)

“Latest Drilling Results at Havieron Highlight Potential Bulk Tonnage Target”, dated 10 September 2020 (Greatland)

“Exploration Update”, dated 10 September 2020 (Newcrest)

“Newcrest Identifies New Zone of Breccia Mineralisation at Havieron”, dated 23 July 2020 (Greatland)

“Quarterly Exploration Report”, dated 23 July 2020 (Newcrest)

“Further Outstanding Drill Results from Havieron”, dated 11 June 2020 (Greatland)

“Exploration Update”, dated 11 June 2020 (Newcrest)

“Newcrest Reports Further Outstanding Drill Results at Havieron”, dated 30 April 2020 (Greatland)

“Quarterly Exploration Report”, dated 30 April 2020 (Newcrest)

“Newcrest Reports Further Outstanding Drill Results at Havieron”, dated 11 March 2020 (Greatland)

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

“Further Outstanding Drill Results at Havieron”, dated 30 January 2020 (Greatland)

“Quarterly Exploration Report”, dated 30 January 2020 (Newcrest)

“New Outstanding Drill Results at Havieron Extend the Strike Length of High-Grade Mineralisation”, dated 2 December 2019 (Greatland)

“Exploration Update – Havieron”, dated 2 December 2019 (Newcrest)

“Further High-Grade Drilling Results from Newcrest’s Campaign at Havieron”, dated 24 October 2019 (Greatland)

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

“Update on Newcrest Drilling Results at Havieron”, dated 10 September 2019 (Greatland)

“Exploration Update – Havieron”, dated 10 September 2019 (Newcrest)

“First Results from Newcrest’s Drilling Campaign at Havieron”, dated 25 July 2019 (Greatland)

“Newcrest Quarterly Exploration Report – June 2019″, dated 25 July 2019 (Newcrest)

Information in this announcement pertaining to Reporting of Exploration Results, which has been taken from Newcrest Mining Limited’s announcement titled ” Exploration Update”, dated 11 March 2021 , has been reviewed and approved by Mr John McIntyre, a Member of the Australian Institute of Geoscientists (MAIG), who has more than 30 years relevant industry experience. Mr McIntyre is a full-time consultant to the Company and has no financial interest in Greatland Gold plc or its related entities. Mr McIntyre 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 McIntyre consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears. Mr McIntyre 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.


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