Greatland Gold PLC (GGP.L) Newcrest Identifies New Zone of Breccia Mineralisation at Havieron

Outstanding results from extensional drilling confirm the presence of new zone of higher-grade breccia mineralisation in the north-west

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 “Quarterly Exploration Report ” by Newcrest Mining Ltd (“Newcrest”) earlier today.

Highlights

· Footprint of mineralisation expands at Havieron with Newcrest reporting the intersection of a new zone of higher-grade breccia mineralisation in the north west.

· Further excellent results from infill drilling continue to demonstrate geological and mineralisation continuity over the upper 600m vertical extent of the high-grade crescent sulphide zone and surrounding breccia.

· Drill results to date continue to support the investigation of both high-grade selective and bulk mining methods.

Best New Results (not previously reported)

· HAD021W1: 169m @ 1.3g/t Au, 0.21% Cu from 582m, including

· 40m @ 2.1g/t Au, 0.31% Cu from 612m

· HAD046W1: 134.6m @ 2.5g/t Au, 0.07% Cu from 923m, including

· 27.3m @ 10g/t Au, 0.13% Cu from 944.7m

· HAD054W4: 182.1m @ 2.1g/t Au, 0.40% Cu from 871m, including

· 45.7m @ 6.5g/t Au, 0.70% Cu from 934.8m

· HAD057W2: 68m @ 1.1g/t Au, 0.13% Cu from 1052m, including

· 11.5m @ 4.1g/t Au, 0.58% Cu from 1072.4m

· HAD057W3: 118m @ 1.5g/t Au, 0.08% Cu from 944m

· HAD066: 128.7m @ 1.0g/t Au, 0.13% Cu from 734.1m

Next Steps

· Infill drilling continues towards the objective of delivering a maiden resource in the second half of calendar year 2020.

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

· 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.

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

Gervaise Heddle, Chief Executive Officer of Greatland Gold plc, commented: “The identification of a new zone of breccia mineralisation in the north west is an important and exciting development which further highlights the potential scale and significance of the Havieron gold-copper deposit. The early results from step out drilling indicate significant potential for additional breccia and high-grade, crescent-style mineralisation in the north west of the system, similar to that observed in the south east where the bulk of drilling has occurred to date.

“Meanwhile, further excellent results from infill drilling, including 45.7m @ 6.5g/t Au, 0.70% Cu from 934.8m (HAD054W4), continue to improve grade distribution within the crescent zone and support the delivery of a maiden resource by the end of 2020 . Concurrently, studies are in progress with a view to fast tracking the commencement of a decline and accelerating the time frame for commercial production.”

Analytical results for HAD015W1, HAD021W1, HAD032W1, HAD045W1, HAD046, HAD046W1, HAD054W4, HAD057W2*, HAD057W3, HAD059W2, HAD064, HAD066*, HAD068, HAD068W1 have been received and are announced today. Selected significant intercepts are presented in Table 1.

Table 1 – Selected Significant Havieron Intercepts

Reporting Criteria are listed in Appendix II. * Upper portions of HAD057W2 and HAD066 previously reported 11 June 2020 (see 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, with a new higher-grade breccia zone identified in step out drilling in the north west (HAD046W1 and HAD066), in addition to f urther excellent results from infill drilling in the south east (HAD054W4, HAD021W1 and HAD057W3) .

Significant results are presented in Table 1. A further 19,630m of new drilling is reported since the last drilling update (11 June 2020) for a total of 28,714m for the quarter to 30 June 2020. Results reported today are from a further 14 holes including wedges.

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 drilling results during the quarter continued to demonstrate the geological and mineralisation continuity over the upper 600m of the high-grade “crescent” sulphide zone and expanded the known mineralisation to the north west below the post mineralisation cover.

In the south east of the Havieron mineralised system, the high-grade sulphide zone forms a crescent shape (“crescent zone”). Grade distribution within the crescent zone continues to improve with increased drill density. 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 highest grade is concentrated in the upper levels of the crescent zone where it is associated with the highest concentration of sulphide mineralisation. The crescent zone is surrounded by breccia hosted mineralisation predominantly in the footwall which has a footprint of 550m in length and widths in excess of 100m. The higher grades in the breccia zone occur immediately adjacent to the crescent zone as demonstrated by previously reported hole HAD059 (109m @ 6.3g/t Au and 0.71% Cu from 668m), which has intersected both crescent and well developed breccia mineralisation. Deep drilling beyond the upper 600m window (-800mRL) also confirms the crescent zone extension transitions into a breccia dominant style of mineralisation. The crescent zone and proximal 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 of the Havieron system are still to be defined.

Additional results, since Newcrest’s Exploration Update on 11 June 2020, have confirmed the expanded footprint of both the crescent sulphide zone and breccia mineralisation by 220m. Step out drilling has intersected mineralisation in HAD066 returning 82.1m @ 2.4g/t Au and 0.08% Cu from 557.6m (previously reported). The high-grade intervals (including 1.5m @ 86g/t Au and 0.87% Cu from 586.5m) display geological character consistent with that observed in the upper parts of the crescent sulphide zone to the south east. Similar to the geology and the mineralisation observed in the south east, HAD066 also transitions into a variable sulphide carbonate dominated breccia which returned 128.7m @ 1.0g/t Au and 0.13% Cu from 734.1m. Encouragingly, an additional zone of higher grade breccia mineralisation has also been intersected in HAD046W1 returning 134.6m @ 2.5g/t Au and 0.07% Cu from 923m approximately 100m to the south east of the HAD066 breccia mineralisation. Importantly, this interval also included a high-grade zone returning 27.3m @ 10g/t Au and 0.13% Cu from 944.7m associated with more intense sulphide development. These results further advance the geological understanding of the system and indicate further potential for both additional breccia and high-grade, crescent-style mineralisation in this underexplored region.

The current ongoing drilling program is designed to expand the currently identified footprint of the mineralisation, targeting lateral and depth extents up to 1,000m below the unconformity where there is limited drilling as well as the delivery of a maiden inferred resource in the second half of calendar year 2020. Drill results to date continue to support the investigation of both high-grade selective and bulk mining methods.

Ongoing drilling will be supported by surface exploration activities including ground and airborne 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 are ongoing and include mining methods, hydrogeology, geotechnical, metallurgical, engineering and environmental to support delivery of a mineral resource estimate in the second half of calendar year 2020. 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 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 has implemented and maintained 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 remain 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:

“Newcrest Quarterly Exploration Report”, dated 23 July 2020

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

“Newcrest 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 “Quarterly Exploration Report”, dated 23 July 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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