Greatland Gold PLC (LON:GGP) Further High-Grade Drilling Results from Newcrest

Gervaise Heddle, Chief Executive Officer of Greatland Gold plc, commented: “We are delighted to report this third set of excellent, high-grade results from Havieron since Newcrest commenced drilling at the project in May this year.

These results further extend the limits of known mineralisation, with mineralisation now observed over 950 metres of vertical extent, and underline our belief that Havieron could become a large, underground mining operation – a prospect which has been significantly accelerated through Newcrest’s involvement.

Further High-Grade Drilling Results from Newcrest’s Campaign at Havieron

Summary

· Further excellent drill results from Newcrest’s campaign at Greatland’s Havieron project define up to four sub vertical zones of higher-grade mineralisation within a larger mineralised envelope.

· Results further extend the mineralised envelope to the north and at depth, with mineralisation now observed over 950m of vertical extent.

· Best results include:

o 45.0m at 7.1g/t Au and 0.08% Cu from 1077m (HAD017)

o 96.4m at 4.5g/t Au and 0.14% Cu from 916.4m (HAD018)

· Newcrest meets the minimum expenditure commitment (US$5m) ahead of expected timetable.

· Six drill rigs operational at site as Newcrest commences Phase 2 drilling programme.

Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, is pleased to announce further excellent results from Newcrest’s drilling campaign at Greatland’s 100% owned Havieron licence in the Paterson region of Western Australia.

Greatland notes the release of an ASX announcement titled “Quarterly Exploration Report – September 2019” by Newcrest Mining Ltd (“Newcrest”) earlier today which highlights “Further high grade drilling results at Havieron, Western Australia”.

During the September 2019 quarter, 7 holes for 9,180 metres were completed (HAD012-HAD0018). Final assay results have been received for HAD015, HAD016, HAD017 and HAD018 and are announced today. Results for drill holes HAD012, HAD013 and HAD014 were previously reported on 10 September 2019.

Highlights of Latest Drill Results:

· HAD018: Intersected mineralisation approximately 100 metres north of HAD013 and HAD014 (same drill section as HAD012). Assay results include:

 

o 75.7m @ 1.9g/t Au, 0.5% Cu from 597.3m, including

§ 16.2m @ 6.7g/t Au, 0.56% Cu from 632.8m

o 96.4m @ 4.5g/t Au, 0.14% Cu from 916.4m, including

§ 15.4m @ 20g/t Au, 0.32% Cu from 928.5m

o 175m @ 0.43g/t Au, 0.13% Cu from 1,140m, including

§ 12.9m @ 1.0g/t Au, 0.41% Cu from 1,193.1m

 

· HAD017: Intersected mineralisation below HAD013 and HAD014, including the deepest mineralisation intersected at the project to date. Assay results include:

 

o 124m @ 1.6g/t Au, 0.35% Cu from 780m, including

§ 15.2m @ 5.7g/t Au, 1.2% Cu from 880.2m

o 49.6m @ 2.9g/t Au, 0.12% Cu from 1,011.4m

o 45m @ 7.1g/t Au, 0.08% Cu from 1,077m

o 70m @ 0.78g/t Au, 0.12% Cu from 1,452m

· HAD016: Passed over the top of the mineralised envelope and did not intersect significant mineralisation.

· HAD015: Significant step out to the north, intersected mineralisation approximately 150 metres north of HAD013 and HAD014. Assay results include:

o 28m @ 0.96g/t Au, 0.07% Cu from 979m

o 58m @ 0.38g/t Au, 0.51% Cu from 1,186m

· A further fifteen holes (HAD019 to HAD033) are at various stages of progress and further assay results are awaited.

 

Update on Activities at Havieron:

 

· Phase 2 drilling programme has commenced with six drill rigs now in operation.

· Drilling is ongoing to demonstrate the continuity and extent of the high-grade mineralisation.

· Upgrade to the Havieron camp is largely completed, providing additional facilities to meet the increased scale of the campaign.

· Newcrest has met the minimum expenditure commitment (USD $5 million) ahead of the expected timetable.

 

Gervaise Heddle, Chief Executive Officer of Greatland Gold plc, commented: “We are delighted to report this third set of excellent, high-grade results from Havieron since Newcrest commenced drilling at the project in May this year. These results further extend the limits of known mineralisation, with mineralisation now observed over 950 metres of vertical extent, and underline our belief that Havieron could become a large, underground mining operation – a prospect which has been significantly accelerated through Newcrest’s involvement.

“In particular, I would like to highlight the outstanding results from hole HAD018 (including 96.4m @ 4.5g/t gold, 0.14% copper from 916.4m) which confirm the presence of higher-grade mineralisation on a step out drill section to the north where HAD012 also previously intersected higher-grade mineralisation.

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“We are very pleased by Newcrest’s continued enthusiasm and commitment to the project, as evidenced by the six drill rigs that are now in operation, and look forward to providing further updates on the drilling campaign at Havieron.”

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/

Background to Havieron and Farm-in Agreement with Newcrest

In March 2019, Greatland signed 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 project in the Paterson region of Western Australia. Newcrest has the right to acquire up to a 70% interest in a 12-block area within E45/4701 that covers the Havieron target by spending up to US$65m.

Greatland’s Paterson project covers more than 385 square kilometres in the Paterson region of Western Australia and includes the Havieron licence, the Paterson Range East licence, and the Black Hills licence.

Limited historical drilling was conducted by Newcrest Mining Limited at Havieron during the 1990s and early 2000s where six holes were drilled, all of which intersected significant alteration and gold plus copper anomalism. Thick lower grade zones of gold and copper were intersected by Newcrest and gold grades within these peaked at 15.4g/t and copper to 2.5%.

Greatland’s drilling campaigns at Havieron during 2018 yielded excellent results, including:

 

· HAD001: 121m @ 2.9g/t Au and 0.23% Cu from 497m.

· HAD003: 21m @ 3.8g/t Au and 0.44% Cu from 418m.

· HAD005: 103m @ 3.5g/t Au and 0.93% Cu from 459m and;

128m@ 7.4g/t Au and 0.54% Cu from 660m.

· HAD006: 54m @ 2.7g/t Au and 0.79% Cu from 471m and;

179.1m @ 1.4g/t Au and 0.47% Cu from 547.9m.

· HAD008: 67m @ 2.0g/t Au and 0.91% Cu from 426m.

 

A regional map showing the Havieron licence area with regional targets and adjacent landholdings can be found at: www.greatlandgold.com/paterson/

Further Information on Newcrest Drilling and Operations at Havieron

The Havieron Project is operated by Newcrest under a farm-in agreement with Greatland. It is centred on a magnetic anomaly located 45km east of Telfer. The target is overlain by approximately 400m of post mineralised cover. Newcrest commenced drilling during the June 2019 quarter.

During the September quarter, 7 holes for 9,180 metres were completed (HAD012-HAD0018). Final assay results have been received for HAD015, HAD016, HAD017 and HAD018 and are reported below. Results for drill holes HAD012, HAD013 and HAD014 were previously reported on 10 September 2019.

Hole HAD015 intersected mineralisation approximately 150 metres north of HAD013 and HAD014, a significant step out to the north on Section Line 7597800mN. Assay results include:

 

· HAD015: 28m @ 0.96g/t Au, 0.07% Cu from 979m

58m @ 0.38g/t Au, 0.51% Cu from 1,186m

 

Hole HAD016 drilled at -67 degrees towards 272 was a 100m step out to the south of HAD011 and is interpreted to have drilled over the top of the mineralised envelope. No significant results were returned.

Hole HAD017 intersected mineralisation below HAD005, HAD013 (100.9m @ 2.0g/t Au from 479m) and HAD014 (244.6m @ 2.0g/t Au from 450m). HAD017 was a 100 metre step out to the east (drilling towards the west) to test mineralisation continuity at depth on Section Line 7597650mN. HAD017 intersected the deepest mineralisation at the project to date – some ~950 vertical metres below the unconformity. Assay results include:

 

· HAD017: 124m @ 1.6g/t Au, 0.35% Cu from 780m

incl 15.2m @ 5.7g/t Au, 1.2% Cu from 880.2m

49.6m @ 2.9g/t Au, 0.12% Cu from 1,011.4m

45m @ 7.1g/t Au, 0.08% Cu from 1,077m

70m @ 0.78g/t Au, 0.12% Cu from 1,452m

 

Hole HAD018 was drilled east to west and collared approximately 75 metres northeast of HAD013. Hole HAD018 intersected mineralisation approximately 100 metres north of HAD013 and HAD014 and on the same drill section as HAD012 (139.4m @ 2.9g/t Au, 0.39% Cu from 865.7m, including 43m @ 7.9g/t Au, 0.83% Cu from 900m). HAD018 intersected mineralisation above HAD012 on the eastern side of the central dyke. On the western side of the central dyke, HAD018 intersected broad widths of mineralisation with numerous localised high-grade intervals. Assay results include:

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· HAD018: 75.7m @ 1.9g/t Au, 0.5% Cu from 597.3m

incl 17m @ 1.4g/t Au, 0.99% Cu from 607m

incl 16.2m @ 6.7g/t Au 0.56% Cu from 632.8m

96.4m @ 4.5g/t Au, 0.14% Cu from 916.4m

incl 15.4m @ 20g/t Au, 0.32 Cu from 928.5m

 

Additional drill hole information is presented in Appendix I and tabulated drill hole intercepts are presented in Appendix II.

Assay results from drill holes HAD015 through HAD018 are considered excellent. Drilling conducted by Newcrest has confirmed higher grade mineralisation, broadened mineralised extents and extended the depth of observed mineralisation (now approximately 950 vertical metres below the unconformity). Drill results have defined up to four sub vertical zones of higher-grade mineralisation within a larger mineralised envelope.

The results of drilling to date indicate the limits of mineralisation have not been closed off. Drilling programmes at Havieron are ongoing with an additional fifteen holes (HAD019 to HAD033) at various stages of progress and further assay results are awaited.

The phase 2 drilling programme is underway, which includes a significant increase in the amount of both step out and infill drilling. Six drill rigs are operational and Telfer continues to provide support to the project. Newcrest’s minimum expenditure commitment of US$5m has been met ahead of the expected timetable.

Mineralisation at Havieron 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.

Competent Person:

Information in this announcement that relates to Havieron exploration results has been extracted from the following announcements:

 

“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 “Newcrest Quarterly Exploration Report – September 2019”, dated 24 October 2019, 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. The company confirms that it is not aware of any new information or data that materially affects the information included in the relevant market announcement. The company confirms that the form and context in which the information has been presented has not been materially modified.

 


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