Greatland Gold PLC (GGP.L) Havieron Exploration and Development Update

Potential for a significant upgrade of the Inferred Mineral Resource to an Indicated Mineral Resource with results including 113.8m @ 3.4g/t Au & 0.1% Cu from 996.2m (HAD150W2)

Growth Drilling over 250m below the extent of the Mineral Resource continues to return high-grade results

All drill programmes now focused on growth including commencing testing of new additional geophysical targets 2km outside of the Havieron system (Havieron North and Zipa)
 

 
Greatland Gold plc (AIM:GGP), a mining development and exploration company with a focus on precious and base metals, is pleased to provide an update on the drilling campaign at the Havieron gold-copper project 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.

Activity to date and planned

  • The latest results comprise 24 new drill holes, including 20 holes from the Infill Drilling programme and 4 holes from the Growth Drilling programme
  • Significant mineralisation was reported in 19 of the new holes
  • The Havieron joint venture has now completed a total of 219,561m of drilling from 266 holes, with all the latest completed holes continuing to intersect mineralisation, and 19 reporting significant mineralisation
  • A further 10 drill holes have been completed and are awaiting assay
  • 90,000 meters of Growth Drilling targeted to 30 June 2022

Highlights of Drilling Campaign

  • Infill drilling within the South East Crescent Zone Inferred Mineral Resource supports the modelled grade and thickness within the South East Crescent Zone Mineral Resource:
  • The results support the continuity of the high grade South East Crescent Zone
  • This drilling is designed to infill the South East Crescent Inferred Mineral Resource volume to support the potential upgrade of a significant portion of the Inferred Mineral Resource to an Indicated Mineral Resource
  • Growth drilling continues to show potential for resource additions outside of the existing Inferred Mineral Resource, including a mineralised zone 100m below and 100m to the north-west of prior high grade holes:
  • Extension of the South East Crescent Zone at depth below the current Mineral Resource, where increasing mineralisation grade and thickness was observed from recent drilling
  • Further to results reported in the last period, HAD086W3 returned assays for the lower portion of the drill hole and reported a second high grade zone 200m below the existing resource of 48m @ 2.2g/t Au & 0.15% Cu from 1,525m, including 26.9m @ 3.7g/t Au & 0.26% Cu from 1,538.1m. A mineralised zone 100m below HAD086W3 was returned in HAD086W4, which confirmed extension of crescent mineralisation over 250m from the Inferred Mineral Resource extents. These results are approximately 100m to the north-west of prior high grade hole HAD133W1 and continue to support extensions of the Crescent Zone at depth. Drilling continues to assess the depth extents of the South East Crescent which now has a vertical extent of over 900m
  • Drilling to test geophysical targets outside of the known Havieron system have commenced at Havieron North, and Zipa
  • The Havieron North target is located 2 km north of Havieron and is sited on a magnetic high anomaly. Zipa, located approximately 1 km to the west of Havieron North and is centred on a prominent gravity high anomaly. The assay results for initial drilling into these targets is pending. Drilling continues to test these and other targets outboard of the main Havieron deposit
  • All drilling now focused on growth programs to continue into FY22 with 8 drill rigs operational, targeting:
  • Expansion of multiple higher-grade targets including Northern Breccia and North West Pod
  • Potential for additional North West trending structural corridors including the Eastern Breccia
  • 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
  • New Targets: Identified outside of the immediate vicinity of the Havieron deposit, but within the Havieron Joint Venture area, with the potential to conduct drill testing of these targets in the future
  • Early Works advancing: Construction activities are progressing well with achievements including (as of 1 December 2021):
  • Box cut and portal completed in May 2021
  • Exploration decline has advanced 245 metres (as at 1 November 2021)
  • Decline contractor operating 24-hour per day
  • Planning has commenced for the first ventilation shaft, scheduled to begin in late December 2021
  • Works to progress the necessary approvals and permits required to commence the development of an operating underground mine and associated infrastructure at the Havieron Project are ongoing
  • Approval for blind boring of the decline vent raise from surface is in the final stages
  • Feasibility Study progressing: Feasibility study work by Newcrest continuing along with concurrent studies assessing b roader growth options for Havieron. Upside opportunitie s are being evaluated to increase the scale and life of Havieron, as well as presenting the opportunity to adopt alternative, lower cost, mining methods. The Feasibility Study is still forecasted to be delivered in the December 2022 quarter.

Shaun Day, Chief Executive Officer of Greatland Gold plc, commented: “The drill programme at Havieron consistently delivers high grade results and intersects significant mineralisation which continues to support a significant upgrade of the Inferred Mineral Resource to an Indicated Mineral Resource.

“This latest drilling demonstrates continuity within the South East Crescent and together with significant assay intercepts running into the broader mineralized zonation. In addition, we have intercepts over 250 meters below the existing South East Crescent Mineral Resource which demonstrates the opportunity to further expand the ore body.

“As we head towards 2022, all drill programmes will be focused on growth, including new targets outside the known Havieron system with drill testing commencing at Havieron North and Zipa while we await the assay results of the initial drilling into these targets.

“With eight drill rigs operational, construction activities advancing and potential for significant upside for the scale and life of Havieron, there continues to be tremendous progress in the development of this world class project.”

Significant New Results (intercepts are reported as downhole width not true width)

South East Crescent – Infill

  • HAD053W5
  • 119.7m @ 1.2g/t Au & 0.49% Cu from 1,041.4m
  • HAD053W6
  • 164.3m @ 1.8g/t Au & 0.53% Cu from 1,065m
  • including 14.3m @ 9.7g/t Au & 0.78% Cu from 1,065.7m
  • HAD061W1
  • 144.7m @ 1.6g/t Au & 0.14% Cu from 856.3m
  • HAD148W1
  • 89.3m @ 1.3g/t Au & 0.05% Cu from 807.8m
  • HAD148W2
  • 35.4m @ 4.4g/t Au & 0.25% Cu from 938.1m
  • HAD149W2
  • 45.1m @ 6.7g/t Au & 0.06% Cu from 919.5m
  • HAD150W1
  • 140m @ 2.9g/t Au & 0.07% Cu from 909m
  • HAD150W2
  • 113.8m @ 3.4g/t Au & 0.1% Cu from 996.2m
  • including 14.2m @ 20g/t Au & 0.14% Cu from 1,035.8m

South East Crescent – Growth

  • HAD086W3
  • 48m @ 2.2g/t Au & 0.15% Cu from 1,525m
  • including 26.9m @ 3.7g/t Au & 0.26% Cu from 1,538.1m
  • HAD086W4
  • 102.3m @ 1.5g/t Au & 0.17% Cu from 1,404.3m
  • HAD133W4
  • 69.8m @ 2.0g/t Au & 0.32% Cu from 1,329.2m
  • HAD133W5
  • 110.4m @ 2.2g/t Au & 0.21% Cu from 1,418.6m
  • including 62.8m @ 3.0g/t Au & 0.16% Cu from 1,460.5m

In addition to this release, a PDF version of this report with supplementary information can be found at the Company’s website: https://greatlandgold.com/investors/regulatory-news/

Enquiries:

Greatland Gold PLC

Shaun Day

+44 (0)20 3709 4900

info@greatlandgold.com

www.greatlandgold.com


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