Greatland Gold PLC (LON:GGP) commences new drilling programme at Warrentinna

Gervaise Heddle, Chief Executive Officer, commented: “We are pleased to have commenced a targeted, low-cost drilling programme at Warrentinna which aims to provide us with valuable information.

Regarding the style of mineralisation and will assist in evaluating the potential of the project. In particular, the drill core and associated data will be assessed to determine whether the style of mineralisation at Warrentinna is similar to that seen in the central Victorian goldfields, a world-class gold province.”

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

Greatland commences new drilling programme at Warrentinna

Targeted, low-cost diamond drilling programme at Derby North prospect to provide additional geological data and assist with potential project divestment

Greatland Gold plc (AIM: GGP), the precious and base metals exploration and development company, is pleased to announce the commencement of diamond drilling activities at the Derby North prospect within the Company’s 100% owned Warrentinna gold project in Tasmania, Australia.

The Warrentinna project hosts many known gold occurrences including the Derby North prospect. Greatland has previously conducted limited Reverse Circulation (“RC”) drilling at the Derby North prospect which returned results including 1m @ 103.25g/t gold, 12m @ 3.05g/t gold and 24m @ 2.6g/t gold. RC drilling to date at Derby North has outlined a gold mineralised system approximately 150 metres long and 100 metres wide which is open, particularly to the north and east, and at depth. Mineralisation is from surface and all holes drilled to date have generally only penetrated to 100m below surface. The new drilling programme announced today is the Company’s first diamond drilling programme at Derby North and details are provided below.

Highlights of New Drilling Programme

· Two diamond holes will ‘twin’ two historic RC drill holes at the Derby North prospect to a depth of approximately 125 metres each (for a total of 250 metres of drilling).

· Drill core and data collected from the diamond holes will be used to determine if similarities exist between the style of mineralisation at Derby North and the Orogenic-type gold occurrences in central Victoria.

· It is expected that the data collected from the programme, including drill core, continuous XRF data and ultra-high resolution photography, will significantly enhance the existing data set.

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· The enhanced data will help to evaluate the project’s potential and assist with the potential divestment of the project, in line with our previously stated strategy to seek to divest non-core projects and focus on those assets which present the opportunity to deliver significant shareholder value in the medium term.

Overview of the Warrentinna Project, Tasmania

The Warrentinna project is located in north-east Tasmania and covers an area of approximately 37 square kilometres of Mathinna Group rocks which comprise metamorphosed sandstones, siltstones and mudstones of Ordovician to Silurian age. The Mathinna Group metasediments, together with intrusive Devonian granites, cover much of the north-eastern parts of Tasmania and are considered equivalent to rocks of the Melbourne Trough which host the bulk of Victoria’s Orogenic-type gold mineralisation. Examples of these types of deposits are Fosterville and Bendigo. Greatland is targeting this style gold mineralisation.

The Warrentinna project hosts many known gold occurrences including the Derby North prospect. Gold mineralisation at Derby North was located through surface rock chip sampling by Greatland and subsequent RC drilling by the Company has returned results including 1m @ 103.25g/t from 37m (WTR013), 12m @ 3.05g/t Au from 82m (WTR026) and 24m @ 2.60g/t Au from 6m (WTR028).

RC drilling to date at Derby North has outlined a gold mineralised system approximately 150m long and 100m wide which is open, particularly to the north and east, and at depth. The overall mineralised system is interpreted to trend approximately north-south and higher gold grades appear coincident with quartz veins and disseminated sulphides. Orientation of quartz veins and sulphide mineralisation is likely to be structurally controlled. Mineralisation is from surface and all holes drilled to date have generally only penetrated to 100m below surface.

Diamond Drilling at Derby North Prospect

Greatland has commenced a diamond core drilling programme at the Derby North prospect within the Warrentinna project. Greatland has previously conducted RC drilling at the prospect, but this is the first time the Company has undertaken a diamond drilling programme. Greatland plans to ‘twin’ two historic RC drill holes with two diamond holes, each to a depth of approximately 125m (two holes for 250m). It is expected that the drill core and associated data collected will greatly improve the Company’s understanding of the mineralised system, including rock type identification, lithological variations, and potential structural controls. The drilling will also validate previous gold intercepts in nearby RC drill holes.

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Continuous XRF scanning, structural data capture, and ultra-high resolution photography will be undertaken on all drill core along with a suite of multi-element geochemistry to highlight chemical signatures associated with gold mineralisation and alteration. An evaluation of results will be completed to assess the project’s potential, referencing Orogenic-type gold occurrences in central Victoria which include the Fosterville and Bendigo gold deposits.

Additional information on the project can be found on the Company’s web site at https://greatlandgold.com/warrentinna/

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

Competent Person:

Information in this announcement that relates to exploration results is based on information compiled by Mr Mick Sawyer who is a member of the Australian Institute of Geoscientists and is a Registered Professional Geoscientist (R.P.Geo #10194). 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 or type of deposit under consideration and to the activity which has been undertaken 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. Mr Sawyer consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.

Information in this announcement that relates to the Warrentinna project can be found at:

www.greatlandgold.com/warrentinna/

 


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