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Greatland Gold PLC (GGP.L) Initial Scallywag Results, New Targets Identified

First three drill holes at Scallywag intersect prospective target lithologies and pathfinder element anomalism

Multiple new targets identified across Scallywag licence (including Teach, Swan, A34, A35 and A36) from analysis of Airborne EM survey data and regional aeromagnetics

Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, announces the results of the first three drill holes completed at its 100% owned Scallywag licence. In addition, the Company has identified multiple new targets at Scallywag following analysis of results of a Heliborne Electromagnetic (“EM”) survey conducted last year and further geological interpretation of regional aeromagnetics.

Exploration work at Scallywag is focussed on the discovery of intrusion related gold-copper deposits such as Havieron, Telfer and Winu. Greatland completed seven drill holes at Scallywag in the second half of calendar 2020, testing targets at the Kraken, London and Blackbeard prospects. Assay results have been received for the first three holes (LOD001, KRD001 and BLD001) and are reported here today.

Highlights of Drill Results

· The assay and logging results from the first three drill holes of the 2020 programme suggest the holes have intersected prospective target lithologies and pathfinder element anomalism associated with quartz-pyrite vein arrays.

· Peak gold intersected was 1m @ 0.25g/t from 398m (LOD001) and peak copper intersected was 1m @ 1,105ppm from 461m (BLD001), with anomalous levels of other pathfinder elements including silver and bismuth also detected.

New Targets Identified

· Analysis of results from Heliborne EM geophysical survey conducted last year has identified multiple new conductors within the Scallywag licence including:

· Swan – a strong, deep AEM conductor located in an interpreted fold structure developed adjacent to, or truncated by, a crustal scale fault.

· A34, A35 and A36 – discrete segments of strongly conductive material coincident with positive gravity response .

· In addition, ongoing geological interpretation assisted by drill information and regional aeromagnetics has identified a new target within the Scallywag licence named “Teach”, located 3km SSE of the Blackbeard prospect .

Next Steps

· Follow up drilling is planned during the 2021 field season to test for further development of brecciated and mineralised lithologies, in particular along strike at the newly defined Teach target.

· Drilling of the new EM targets identified is also planned for the 2021 field season, following the collection of ground EM data which is scheduled to commence in March 2021.

· A more detailed evaluation of drill results will be undertaken on receipt of all analytical data from the 2020 field season and targets will be further assessed and ranked for drill testing.

Gervaise Heddle, Chief Executive Officer of Greatland Gold plc, commented: “Greatland’s first drilling campaign at Scallywag has identified pathfinder element anomalism and provides us with valuable geological information which we expect to use in further assessing and ranking drill targets across the Scallywag licence . In addition, further analysis of geophysical data has built on our existing understanding to generate a number of new compelling targets. We look forward to progressing with further drill testing at Scallywag during 2021, particularly at the new Teach target and other high-priority targets identified by the EM survey conducted last year.”

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 Initial Drilling Results from Scallywag

The Company completed a total of seven holes for 3,761m at Scallywag during the 2020 field season, testing targets at the Kraken, London and Blackbeard prospects. Exploration work at Scallywag is focussed on the discovery of intrusion related gold-copper deposits such as Havieron, Telfer and Winu.

The 2020 Scallywag drill programme was designed to test a series of Induced Polarisation (‘IP’), magnetic altered or demagnetised geophysical targets located around the closure and limbs of the Scallywag Syncline, a tight fold structure located to the west of the Havieron discovery. The Syncline folds a package of Puntapunta Formation calc-silicates and overlying Wilki Formation siliciclastic metasediments, with a prominent magnetic anomaly marking the contact between the two units. The Puntapunta Formation sediments host the Havieron Au-Cu system on the east limb of the Scallywag Syncline, some 8.5km east south east of the fold nose or closure of the Syncline.

Three targets have been partially tested by seven drill holes, of which results for three drill holes are reported today: LOD001 on the London prospect, KRD001 on the Kraken prospect, and BLD001 on the Blackbeard prospect for 1,919m of drilling. Samples from a further four drill holes for 1,842m are currently with assay laboratories, which are experiencing high sample deliveries resulting in significant delays in return of results.

London

The London target comprises an IP anomaly located on the edge of an interpreted granite body (gravity low) displaying potential demagnetisation or apparent truncation in the magnetic Wilki Formation sedimentary unit intruding along the magnetic east limb of the Scallywag Syncline. The IP anomaly could represent skarn type mineralisation on or near the edge of the interpreted granite body.

LOD001 was drilled to a total depth of 576.6m and intersected basement Wilki Formation quartz rich siliciclastic sediments below 291.3m of Permian cover. The drillhole intersected granite between 552.7m to 571.4m downhole with anomalous Ag-Cu-Pb-Zn assays reported from samples in the granite near the upper contact with the sediments, associated with a stockwork of thin quartz veins and disseminated pyrite. Peak values were 0.9ppm Ag, 565 ppm Cu, 571 ppm Pb and 1047ppm Zn, with some anomalous Bi and Mo reported, including an interval of 4m averaging 21ppm Mo from 561m. Peak gold intersected was 1m @ 0.25g/t from 398m hosted in quartzite with a narrow quartz- pyrite-hematite vein. Anomalous values are reported in Appendix I.

Sulphide concentrations in the hole are not considered sufficient to generate the IP response. The discrete granite sill intersected in the drilling is not considered to have caused the demagnetisation and/or displacement of the magnetic anomaly along the Wilki-Puntapunta contact, and there may be more sills or alteration along this contact that have not been tested by LOD001. A further drill hole is warranted to test for demagnetisation or displacement of the contact.

Kraken

The Kraken target comprises a combined magnetic and IP anomaly located near the nose of the Scallywag Syncline.

Hole KRD001 was drilled to a total depth of 748.5m and intersected basement Puntapunta Formation calc-silicate sediments including marbles and interbedded siltstones beneath the base of Permian at 195.4m, staying in Puntapunta to end of hole.

Anomalous pathfinders are reported over several intervals, including copper, silver, bismuth, tellurium and lead, with anomalous gold to 76ppb over 0.5m locally. Maximum values (with coexisting elements) are reported in Table 1 (with all anomalous results listed in Appendix I). The higher Au and Ag values around 220 to 224.5m are associated with discrete narrow steep south west dipping quartz-pyrite veins with silica-hematite alteration haloes. There is a distinct arsenic anomalous zone (>10ppm As, maximum 36.5 ppm As) hosted within calcite rich marble between 335-345m. In detail the As appears associated with disseminated sulphide hosted in thin siltstone beds between calcite rich marble bands.


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