Greatland Gold PLC (LON:GGP) Firetower drilling – further gold mineralisation

Firetower drilling confirms further broad widths of gold mineralisation

Growing potential for a robust, near-surface gold system at Firetower

First drill hole at Firetower East intersects zinc and silver mineralisation

Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, is pleased to announce that further results from diamond drilling at the Company’s 100% owned Firetower project in Tasmania, Australia confirm the presence of additional broad widths of shallow gold mineralisation. In addition, zinc and silver mineralisation has been intersected in the first drill hole at Firetower East.

A systematic, grid-based drilling programme at Firetower, comprising 14 diamond holes with depths from 50m to 160m, for a total of approximately 1,530 metres, has been completed. The programme was designed to test the main zone of gold mineralisation and results to date have confirmed broad widths of gold mineralisation (see announcement dated 24 September 2019). In addition to this programme, two further holes for a total of approximately 670m were drilled to test new targets identified by last year’s 3D Induced Polarisation (“3DIP”) survey at Firetower East, approximately 500m east of Firetower.

Analytical results have been received for a further eight diamond holes (including the first drill hole at Firetower East) and two hole extensions and are reported in this announcement.

Highlights of Drill Results

Firetower

· Further broad widths of shallow gold mineralisation intersected at Firetower prospect highlight the potential for a robust, near-surface gold system

· Best results include:

o 13.5m at 2.00g/t Au from 14.5m (2019FTD008)

o 13.5m at 2.44g/t Au from 59.5m (2019FTD011)

o 38m at 1.12g/t Au from 11m (2019FTD013)

Firetower East

· Zinc and silver mineralisation encountered in Greatland’s first drill hole at the previously undrilled Firetower East prospect

· Encouraging results indicate the potential for a base metal Volcanic Hosted Massive Sulphide (“VHMS”) system

Next Steps

· Analytical results for the final two holes (including the second drill hole at Firetower East) are expected to be received in early 2020

Gervaise Heddle, Chief Executive Officer, commented: “We are pleased to report a second set of positive results from our recent drilling campaign at Firetower. They show a further improvement in the continuity between drill sections and highlight the potential for a robust, near-surface gold system. Initial results at the previously undrilled Firetower East prospect are also promising, with drilling intersecting silver and zinc mineralisation and the potential for a Volcanic Hosted Massive Sulphide system.”

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.

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 drilling was to determine strike continuity and depth extensions as guided by 3DIP inversions.

The current diamond drilling programme is complete, with results for a further 8 holes and 2 hole extensions received and announced today. Analytical results for the final 2 holes of the drill programme are pending and are expected to be received in early 2020 (one hole from Firetower 2019FTD015 and one hole from Firetower East 2019FTD016).

Drilling was carried out on systematic north-south traverses across the main mineralised zone at the Firetower prospect. 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 Firetower East 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 (elevated zinc to 3410ppm), in a package of volcanoclastic rocks, indicating potential for a VHMS style mineralised system. Further work will be undertaken to outline additional base/precious metal prospectivity along the 3km of strike as defined by IP results from the 3D and gradient array surveys.

Mineralisation at Firetower is hosted in a package of volcanic and sedimentary rocks with an apparent structural control. Peak 2019 intercept to date is 2m at 21.2g/t Au from 81m in hole 2019FTD004. Results suggest that there is good continuity of mineralisation between sections and highlights potential depth extensions to the known mineralisation. From earlier 2019 holes (see announcement 24 September 2019), gold mineralisation was encountered at the bottom of holes 2019FTD001 and 2019FTD006. These holes were extended in order to test for additional mineralisation at depth. Significant results from the extension of 2019FTD006 are 11m at 2.06g/t Au from 99m including 4.5m at 4.35g/t Au from 103.5m.

Broad widths of shallow gold mineralisation at the Firetower prospect are again reported today including 13.5m at 2.00g/t Au from 14.5m (2019FTD008), 13.5m at 2.44g/t Au from 59.5m (2019FTD011) and 38m at 1.12g/t Au from 11m (2019FTD013).

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