Greatland Gold PLC (LON:GGP) Interim Results

Greatland Gold plc (AIM:GGP), the precious and base metals mineral exploration and development company, announces its unaudited results for the six months ended 31 December 2019.

Operational Highlights

· Havieron emerges as a significant gold-copper discovery

o Five successive sets of excellent, high-grade results from Newcrest drilling between July 2019 and January 2020

o Continuity of mineralisation demonstrated over 450m of strike, up to 150m wide, and in excess of 600m in vertical extent

o Mineralisation remains open to the north-west and at depth

o Newcrest accelerating exploration: Stage 1 (US$10 million) of US$65m Farm-in Agreement completed, expanded 90-person camp on site, eight drill rigs now operational

o Newcrest targeting maiden resource by the end of calendar year 2020 and commercial production within subsequent 2-3 years

· Multiple high-priority drill targets identified across the Paterson region

o Scallywag : Four new high-priority targets identified following geophysics programme, including Kraken, London and Blackbeard

o Paterson Range East : Eight high-priority targets identified following geophysics programme, including Goliath and Los Diablos

o Black Hills: Encouraging drilling results confirm presence of near-surface gold system at Saddle Reefs prospect, which includes high-grade gold mineralisation

· Continuing to unlock value across portfolio of projects

o Firetower : Drilling supports the potential for a robust, near-surface gold system as well as indications of a new Volcanic Hosted Massive Sulphide system at Firetower East

o Warrentinna : Maiden diamond drilling programme at Derby North prospect intersects high-grade gold mineralisation

o Panorama : Geophysics and geochemistry extend strike length of mineralised trend to over six kilometres

Corporate and Financial Highlights

· Raised £4.2 million in a strategic financing to accelerate exploration in the Paterson region

· Well capitalised to push forward with Paterson exploration programmes in 2020 with cash and cash equivalents in excess of £4 million at 31 December 2019

· Significant additional funds raised since 31 December 2019, totalling approximately £2m to date, from warrant conversions

Outlook Highlights

· Havieron (Newcrest Farm-in):

o Newcrest to drill an additional 20,000 to 30,000 metres in the six months to 30 June to support the potential delivery of a maiden resource by the end of calendar year 2020

o Newcrest investigating the potential to start an exploration decline by the end of calendar year 2020, and studying both a stoping operation and potential for a bulk underground operation

· Greatland to test multiple, high-priority targets across Paterson region:

o Airborne Electromagnetic (“AEM”) survey to commence in early April, covering approximately 1,000 line kilometres across targets on the western portion of the Havieron, Paterson Range East and Black Hills licences

o Drilling at Scallywag to commence by the end of April, to initially focus on three primary targets: Kraken, London and Blackbeard

o Once drilling completed at Scallywag, other high-priority targets to be drill tested at Paterson Range East (including Goliath and Los Diablos) and Black Hills

Gervaise Heddle, Chief Executive Officer, commented: “The first half of the financial year was an exciting period for Greatland, which saw our Havieron project establish itself as a significant gold-copper discovery. During the period, Newcrest completed the first stage of the Farm-in, expanded the camp, accelerated drilling at this highly strategic asset with eight rigs now in operation, and provided plans for a further 20,000-30,000 metres of drilling over the next two quarters to support a potential maiden resource by the end of the calendar year.

“Looking ahead, we will continue to focus on moving our portfolio of assets up the value curve, especially in the Paterson, which we regard as the leading frontier in Australia for the discovery of tier-one, gold-copper deposits. Beyond the exciting progress at Havieron, we have identified over a dozen targets in the region, many of which display similar geophysical signatures to Havieron, and drilling of these targets represents a strategic priority for Greatland in 2020. Our team has spent the last few months planning a comprehensive campaign across these targets and we are well capitalised to make further strong progress throughout the year.”


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Ernest Giles GGP - Greatland Gold PLC (LON:GGP) Interim ResultsErnest Giles GGP - Greatland Gold PLC (LON:GGP) Interim Results
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