Greatland Gold PLC (LON:GGP) Final Results from Firetower Drilling Programme

Gold, silver and zinc mineralisation intersected at Firetower East underscore potential for a new VHMS system with precious metal content

Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, is pleased to announce final results from diamond drilling at the Company’s 100% owned Firetower project in Tasmania, Australia.

In 2019, the Company completed a systematic, grid-based drilling programme at Firetower, comprising 14 diamond holes with depths from 50m to 160m, for a total of approximately 1,530m. The programme was designed to test the main zone of gold mineralisation and results to date have confirmed broad widths of gold mineralisation (see announcements dated 24 September and 17 December 2019).

In addition to this programme, two further holes for a total of approximately 670m were drilled to test new targets identified as strong chargeability responses by a 3D Induced Polarisation (“3DIP”) survey conducted in 2018 at Firetower East, approximately 500m east of Firetower.

Analytical results for the final two diamond holes (foremostly the second hole at Firetower East) have been received and are reported in this announcement.

Highlights of Drill Results

Firetower East

· Zinc, gold and silver mineralisation has been intersected in the second drill hole at Firetower East, underscoring the potential for a Volcanic Hosted Massive Sulphide (“VHMS”) system with precious metal content in addition to base metals.

· Significant results from the second hole at Firetower East (2019FTD016) include 31m at 2,581ppm Zn from 184m, including 3m at 8,745ppm Zn from 191m, and 1m at 2.1g/t Au from 224m.

Firetower

· Results from the final hole at the main Firetower prospect (2019FTD015) (1m at 0.54g/t Au from 119m) complete a 2019 drilling campaign that has:

o Confirmed good continuity of mineralisation;

o Defined mineralisation over a strike length of more than 200m, with mineralisation remaining open along strike to the east and west of Firetower;

o Demonstrated a robust southerly dipping mineralised zone up to 50m wide, persisting to depths of 125m and which remains open at depth.

Gervaise Heddle, Chief Executive Officer, commented: “These results finalise a positive set of overall drilling results from our 2019 Firetower campaign. By confirming continuity of mineralisation over an extensive strike length of more than 200m, we have successfully moved the project up the value curve.

“We are also particularly pleased that our first drill programme at Firetower East has now clearly demonstrated the potential for a VHMS system. The intersection of new base metal and gold mineralisation 500m east of Firetower has immediately created prospective new target zones between and along strike from the two prospects.

“The results act as further evidence of the strength of our portfolio and provide us with well defined parameters for further exploration at the Firetower and Firetower East prospects.”

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/

Overview of the Firetower Project

The Firetower project is located in central north Tasmania, Australia, and covers an area of 62 square kilometres. The project lies in the eastern parts of the highly mineralised Mt Read volcanic rocks which host major polymetallic (zinc, lead, gold) deposits such as Hellyer and Roseberry, and copper deposits such as Mt Lyell, and the Henty gold mine which has produced over 1.25m oz since 1996.

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The 100% owned Firetower project includes the prospects of Firetower, Firetower West, Firetower East and the strike extensions of prospective stratigraphy. The Firetower prospect has significant gold mineralisation from surface up to 30g/t while the mineralised system at Firetower West shows copper to 1.34% and silver to 2.6g/t. Both prospects remain open along strike and at depth.

Gold mineralisation at Firetower was first located in the late 1970s but this was not followed up until the early 1990s with reconnaissance drilling. More modern exploration by Greatland and JV partners has included soil geochemistry, geophysics and diamond drilling. Drilling to date has, in general, tested approximately 250m of strike at the main Firetower prospect. A primary objective of the 2019 drilling was to determine strike continuity and depth extensions as guided by 3DIP inversions.

The 2019 diamond drilling programme is complete. Results for the final 2 holes have been received and announced today. Previous results were announced on 24 September and 17 December 2019.

At the Firetower prospect, drilling was carried out on systematic north-south traverses across the main mineralised zone. The programme comprised 14 holes with depths from 50m to 160m. Holes were angled at 60 degrees to provide coverage across each section. Approximately 1,530m of drilling was completed at the Firetower prospect. Spacing between drill traverses was a nominal 25m.

Two holes were drilled at the Firetower East prospect for a total of 670m testing a strong IP chargeability response, approximately 500m east along strike from the Firetower prospect.

The main zone of gold mineralisation at the Firetower prospect is spatially associated with an IP chargeability response. The IP response at Firetower, as established by both 3DIP (2018) and gradient array (2002) surveys, extends across approximately 3km of strike. The IP response at Firetower East (approximately 500m east of Firetower) appears to correspond with base metal mineralisation, in a package of volcanoclastic rocks.

Mineralisation at the Firetower prospect is hosted in a package of volcanic and sedimentary rocks with an apparent structural control. Results suggest that there is good continuity of mineralisation between sections and highlights potential depth extensions to the known mineralisation. Results from the final hole (2019FTD015) at Firetower are reported today and significant intercepts include 1m at 0.54g/t Au from 119m. Mineralisation remains open at depth and along strike to the east and west.

Results from the second hole at the Firetower East prospect confirm the potential for a VHMS style mineralised system. Assays indicate broad zones of zinc mineralisation with added precious metal content (Au). Significant results include 31m at 2581ppm Zn from 184m including 3m at 8745ppm Zn from 191m, and 1m at 2.1g/t Au from 224m (2019FTD016).

Significant assay results:

· 2019FTD015: 1m @ 0.54g/t Au from 119m

· 2019FTD016: 7m @ 0.18g/t Au from 208m

Incl 1m @ 0.61g/t Au from 208m and

1m @ 2.1g/t Au from 224m and

3m @ 0.37g/t Au from 231m

· 2019FTD016: 31m @ 2581ppm Zn from 184m

Incl 3m @ 8745ppm Zn from 191m and

21m @ 1456ppm Zn from 223m and

10m @ 1790ppm Zn from 280m and

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5m @ 1106ppm Zn from 311m

Incl 1m @ 3425ppm Zn from 315m

Drill hole collar details and tabulated intercepts are presented in Appendix I and additional drill hole information is presented in Appendix II.

Diamond drilling during 2019 at the Firetower prospect has been successful in achieving its objective of demonstrating continuity of mineralisation. Gold mineralisation has been defined over a strike length of more than 200m which remains open along strike to the east and west. The drilling has also demonstrated a robust southerly dipping mineralised zone up to 50m wide persisting to depths of 125m which remains open. Systematic grid based drilling has significantly increased the understanding of geology and controls on mineralisation.

Step out exploration drilling at Firetower East was successful in intersecting new base metal and gold mineralisation 500m east of the Firetower prospect. This immediately represents a new target zone between the two prospects.

Further work will include detailed review of geological, geochemical and geophysical data sets focussing on the prospective area between the Firetower and Firetower East prospects, along with immediate strike extensions to the currently defined gold mineralised zones.

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 and 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 exploration results has been extracted from the following announcements:

“Firetower Drilling – Further Gold Mineralization”, dated 17 December 2019

“Exploration Update – Firetower Drill Results”, dated 24 September 2019

“Greatland Commences Field Activities at Firetower”, dated 12 June 2019

“Firetower Project – Launch of New Drilling Plan”, dated 16 April 2019

“Firetower Project – Large IP Target Identified”, dated 20 August 2018

“Firetower Project – New Exploration Program”, dated 11 April 2018

Additional information on the Firetower project can be found on the Company web site at www.greatlandgold.com/projects.

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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