Greatland Gold plc (AIM:GGP), a mining development and exploration company with a focus on precious and base metals, is pleased to provide an exploration and development update at the Havieron gold-copper project in the Paterson region of Western Australia. The Company notes the release of an ASX announcement titled "Quarterly Exploration Report" by Newcrest Mining Ltd ("Newcrest") earlier today.

Highlights of Drilling Campaign

§ High grade extensions to the Eastern Breccia 200m to the SE of previous drilling confirms the potential for a separate NW trending Eastern Breccia corridor to host Crescent Zone style high grade mineralisation:

§ Most significant result seen outside of the South East Crescent Zone to date with HAD104:  62.5m @ 5.9g/t Au & 0.30% Cu from 1,546.5m including 49.4m @ 7.1g/t Au & 0.38% Cu from 1,554.6m.

§ Interpretation of results indicate the potential for the Eastern Breccia to comprise a separate North West trending mineralised corridor, with an alteration footprint of approximately 600m in strike, with Crescent Zone like higher grade zones developed internal to this Eastern Breccia.

§ Drilling is now focused on defining the extents of this higher-grade mineralisation which remains open in all directions.  

§ Growth drilling more than 250m below the current Mineral Resource estimate at the South East Crescent zone continues to return high grade results:

§ Extension of the South East Crescent Zone at depth below the current Mineral Resource, where increasing mineralisation grade and thickness was observed from recent drilling.

§ Drilling continues to assess the depth extents of the South East Crescent Zone which now has a vertical extent of over 900m.

§ Drilling to test geophysical targets outside of the known Havieron system have commenced at Havieron North, and Zipa

§ The Havieron North target is located 2 km north of Havieron and is sited on a magnetic high anomaly. Zipa is located approximately 1 km to the west of Havieron North and is centred on a prominent gravity high anomaly.

§ The initial Havieron North drillhole did intercept alteration consistent with that seen at Havieron, however did not return a significant result.  Assays are pending for the two completed Zipa drillholes.

§ Drilling continues to test these and other targets on the Havieron Mining Lease, but outside of the main Havieron deposit.

§ All drilling now focused on growth programs to continue into FY22 with eight drill rigs operational during the reporting period, targeting:

§ The extents of the higher-grade mineralisation in the north west trending Eastern Breccia corridor which remains open in all directions.   

§ South East Crescent and Breccia: potential resource definition of extensions below the existing resource shell and lateral extensions adjacent to the existing high-grade resource shell.

§ New Targets: Drilling of targets identified outside of the immediate vicinity of the Havieron deposit, but within the Havieron Joint Venture area has commenced.

§ Infill drilling now completed within the South East Crescent Zone Inferred Mineral Resource supports the modelled grade and thickness:

§ The results validate both geological and grade continuity of the high grade South East Crescent Zone Mineral Resource.

§ This drilling is designed to infill the South East Crescent Inferred Mineral Resource volume to support the potential upgrade of a significant portion of the Inferred Mineral Resource to an Indicated Mineral Resource.

§ Early Works advancing: Construction activities are progressing well with achievements including (as of 21 January 2022):

§ Box cut and portal completed in May 2021.

§ Exploration decline has advanced 277 metres (as at 21 January 2022).  Newcrest advised the development of the exploration decline experienced poor ground conditions during the quarter, although ground conditions are expected to improve with depth.

§ Decline contractor operating 24-hour per day.

§ First ventilation shaft construction commenced in December 2021.

§ Works to progress the necessary approvals and permits required to commence the development of an operating underground mine and associated infrastructure at the Havieron Project are ongoing.

§ Approval for blind boring of the decline vent raise from surface is in the final stages.

§ Feasibility Study progressing: Feasibility study work by Newcrest continuing along with concurrent studies assessing broader growth options for Havieron. Upside opportunities are being evaluated to increase the scale and life of Havieron, as well as presenting the opportunity to adopt alternative, lower cost, mining methods. The Feasibility Study is still forecasted to be delivered in the December 2022 quarter¹.

¹ Newcrest market update to Australian Stock Exchange on 12 October 2021

Shaun Day, Chief Executive Officer of Greatland Gold plc, commented: "The latest set of drilling results at Havieron continue to astound with the most significant intercept reported to date outside the South East Crescent zone observed at the Eastern Breccia.

"The results at the Eastern Breccia, several hundred meters away from the South East Crescent zone where most of the drilling activity has occurred to date, confirm the potential for a new zone of high grade mineralisation.  The Eastern Breccia is now interpreted as a separate north west trending corridor with an alteration footprint of approximately 600m in strike, with Crescent zone like higher grades inside the Eastern Breccia.

"This new corridor of new high-grade mineralisation at the Eastern Breccia is outside of the resource defined during the October 2021 Pre-Feasibility study and highlights the ongoing journey of understanding the extent of the higher-grade mineralisation which remains open in all directions.   

"In addition, we consistently observe high grade results and intersections of significant mineralisation at the South East Crescent zone which supports the upgrade of the Inferred Mineral Resource.

"With drill rigs all focused on growth targets and decline construction activities operating on a 24hr schedule there is tremendous progress in the development of this world class project and excitement in understanding the size and scale of Havieron."

Further Information on Drilling and Operations at Havieron

The Havieron copper-gold deposit is centered on a deep magnetic anomaly located 45km east of Telfer in the Paterson Province, and where exploration drilling by Greatland during 2018 resulted in the discovery of gold and copper mineralisation under 420m of post mineralisation cover. The Joint Venture commenced drilling during the June 2019 quarter and has completed 226,492m of drilling from 272 drill holes to date (excluding holes in progress, abandoned holes, or drill holes which have not been sampled).

Drilling activities have produced a further 14,481m of drilling from 18 drill holes since 30 September 2021. The latest assay results comprise results for 33 holes (5 holes completed this quarter, and 28 holes from the September quarter). Of these, 22 holes returned significant assay intercepts in excess of 50 gram metres Au (Au ppm x length metres). This announcement includes 11 new drill holes from the Infill and Growth Drilling and 22 holes reported previously in the last update ("Havieron Exploration and Development Update", dated 9 December 2021) and reported in Newcrest's Quarterly Exploration Report and listed in Appendix II.

Drilling in the reporting period was focused on potential resource growth at the South East Crescent Zone, Northern Breccia and Eastern Breccia, and infill drilling the South East Crescent Zone to support the potential conversion of the Inferred Resource to Indicated Resource. Drilling included:  

§ South East Crescent Deeps - assay results reported for six drill holes, two holes awaiting assays.

§ Northern Breccia & North West Pod - assay results reported for one drill hole, two holes awaiting assays.

§ Eastern Breccia - assay results reported for four drill holes, one hole awaiting assays.

§ First pass testing of geophysical targets outboard of the Havieron system (at Havieron North and Zipa) -assay results reported for one drill hole, two holes awaiting assays.

§ South East Crescent Zone Infill - assay results reported for twenty one drill holes.

South East Crescent Deeps growth drilling targeting higher grade mineralisation at depth on 75m by 75m spacing has extended the mineralisation 250m below the initial Inferred Mineral Resource estimate. New results from six drill holes have been received, with results from five drill holes returning greater than 50 gram metre intercepts. Refer to Appendix 2 for all results reported.

Results include:

·    HAD086W3^^

o  44.7m @ 7.1g/t Au & 0.17% Cu from 1,412m

o  including 20.2m @ 15g/t Au & 0.29% Cu from 1,421m

o  48m @ 2.2g/t Au & 0.15% Cu from 1,525m

o  including 26.9m @ 3.7g/t Au & 0.26% Cu from 1,538.1m

·    HAD086W4^^

o  102.3m @ 1.5g/t Au & 0.17% Cu from 1,404.3m

·    HAD133W4^^

o  69.8m @ 2.0g/t Au & 0.32% Cu from 1,329.2m

·    HAD133W5^^

o  110.4m @ 2.2g/t Au & 0.21% Cu from 1,418.6m

o  including 62.8m @ 3.0g/t Au & 0.16% Cu from 1,460.5m

·    HAD133W6**

o  168.1m @ 1.9g/t Au & 0.17% Cu from 1,424.6m

o  including 43.1m @ 3.7g/t Au & 0.34% Cu from 1425.9m

Further to results reported in the last update (9 December 2021) HAD086W3 returned assays for the lower portion of the drill hole and reported a second high grade zone 200m below the existing resource of 48m^^ @ 2.2g/t Au & 0.15% Cu from 1,525m, including 26.9m^^ @ 3.7g/t Au & 0.26% Cu from 1,538.1m. A mineralised zone 100m below that in HAD086W3 was returned in HAD086W4, which confirmed extension of Crescent Zone mineralisation over 250m from the current Inferred Mineral Resource extents. These results are approximately 100m to the North-West of prior high grade hole HAD133W1 and continue to support extensions of the South East Crescent Zone at depth. Drilling continues to assess the depth extents of the South East Crescent Zone which now has a vertical extent of over 900m.

At the Eastern Breccia, assays for an additional four holes targeting strike extensions from previously reported drill holes HAD083 and HAD084 have been received. Interpretation of the results indicate the potential for a separate North West trending corridor, with an alteration footprint of approximately 600m, with Crescent Zone like higher grade zones developed internal to this Eastern Breccia. The most significant intercept to date was returned from HAD104, reporting 62.5m @ 5.9g/t Au & 0.30% Cu from 1546.5m, including 49.4m @ 7.1g/t Au & 0.38% Cu from 1,554.6m. The intercept is related to massive sulphide and quartz infill, which is characteristic of the Crescent Sulphide Zone, and is the first intercept in the Eastern Breccia on the eastern side of the dolerite dyke. The intercept is ~200m south east of the previously reported initial Eastern Breccia drillholes HAD083 and HAD084. HAD104 has highlighted the potential for this separate NW trending Eastern Breccia corridor to host Crescent Sulphide Zone style high grade mineralisation. Drilling is now focussed on defining the extents of this higher grade mineralisation seen in HAD104 which remains open in all directions.   

Results include

§ HAD104

§ 62.5m @ 5.9g/t Au & 0.30% Cu from 1546.5m

§ including 49.4m @ 7.1g/t Au & 0.38% Cu from 1,554.6m

Drilling to test geophysical targets outside of the known Havieron system have commenced at Havieron North and Zipa. The Havieron North target is located 2 km north of Havieron and is sited on a magnetic high anomaly. Zipa, is located approximately 1 km to the west of Havieron North and is centred on a prominent gravity high anomaly. The initial Havieron North drillhole did not return any significant results but did intercept alteration consistent with that seen at Havieron. Assay results are awaiting for the two completed Zipa drillholes. Drilling continues to test these and other targets on the Havieron Mining Lease, but outside of the main Havieron deposit.

South East Crescent Zone Inferred Mineral Resource infill drilling was finalised during the period, with 3 further drill holes completed, and assays reported for all twenty one drill holes (including 17 drill holes from the prior period). This drilling is designed to infill the South East Crescent Zone Inferred Mineral Resource volume to 50m x 50m spacing to support the potential upgrade of a significant portion of the Inferred Mineral Resource to an Indicated Mineral Resource. Results received from infill drilling support the modelled grade and thickness within the South East Crescent Zone Mineral Resource extents.

Results include (including results previously reported):

§ HAD053W5^^

§ 119.7m @ 1.2g/t Au & 0.49% Cu from 1,041.4m

§ HAD053W6^^

§ 164.3m @ 1.8g/t Au & 0.53% Cu from 1,065m

§ including 14.3m @ 9.7g/t Au & 0.78% Cu from 1,065.7m

§ HAD061W1^^

§ 144.7m @ 1.6g/t Au & 0.14% Cu from 856.3m

§ HAD085W4

§ 46.4m @ 11g/t Au & 0.26% Cu from 1400.6m

§ including 3.9m @ 98g/t Au and 0.04% Cu from 1,402.1m

§ HAD148W1^^

§ 89.3m @ 1.3g/t Au & 0.05% Cu from 807.8m

§ HAD148W2^^

§ 35.4m @ 4.4g/t Au & 0.25% Cu from 938.1m

§ HAD149W2^^

§ 45.1m @ 6.7g/t Au & 0.06% Cu from 919.5m

§ HAD150W1^^

§ 140m @ 2.9g/t Au & 0.07% Cu from 909m

§ HAD150W2^^

§ 113.8m @ 3.4g/t Au & 0.10% Cu from 996.2m

§ including 14.2m @ 20g/t Au & 0.14% Cu from 1,035.8m

All drill programmes have now returned to growth targets with eight drill rigs operational during the reporting period. Growth drilling continues to show potential for resource additions outside of the existing Inferred Mineral Resource limits, including:

§ Extension of the South East Crescent Zone at depth below the current Mineral Resource, where increasing grade and thickness of mineralisation has been observed from recent drilling;

§ Expansion of multiple higher-grade targets including Northern Breccia and North West Pod; and

§ Potential for additional North West trending structural corridors including the Eastern Breccia.

§ Additionally, drilling is continuing to target geophysical targets outside of the main Havieron system.

^# drilling in progress ** partial intercept, assays pending ^ updated intercept or ^^ previously reported.

Refer to Appendix 2 for additional information and Drillhole data table for all results reported during the period.

Development Update

The development of the exploration decline continued during the period with 277 metres now complete as at 21 January 2022 with the decline contractor operating 24 hours per day.  Newcrest advised the development of the exploration decline experienced poor ground conditions during the period, although ground conditions are expected to improve with depth.  The first ventilation shaft construction commenced in December 2021 and approval for blind boring of the decline vent raise from surface is in the final stages.  Works to progress the necessary approvals and permits that are required to commence the development of an operating underground mine and associated infrastructure at the Havieron Project are ongoing.

Background to Havieron and Joint Venture Agreement with Newcrest

The Havieron copper-gold project is operated by Newcrest under a Joint Venture Agreement with Greatland.  As outlined in previous announcements, following delivery of a Pre-Feasibility Study and meeting the relevant expenditure commitment, Newcrest is entitled to an additional 10% joint venture interest, and exercising this entitlement will result in an overall joint venture interest of 70% Newcrest (30% Greatland).  Newcrest may also acquire an additional 5% joint venture interest at fair market value (under the principles of the Joint Venture Agreement) and, if exercised, Newcrest will be entitled to an overall joint venture interest of 75% (Greatland 25%).  As detailed in the announcement of 21 December 2021, Newcrest has issued a notice to Greatland informing it that Newcrest would like to begin the process under the joint venture agreement to seek to agree or, failing agreement, determine the option exercise price.

The Joint Venture Agreement includes tolling principles reflecting the intention of the parties that, subject to a successful exploration programme and feasibility study and a positive decision to mine, the resulting joint venture mineralised material will be processed at Telfer, located 45km west of Havieron.

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

A version of this release with the full images and diagrams can be found on the Company's website: https://greatlandgold.com/investors/regulatory-news/

Competent Person:

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

"Quarterly Exploration Report", dated 28 January 2022 (Newcrest)

"Havieron Exploration and Development Update", dated 9 December 2021 (Greatland)

"Exploration Update", dated 9 December 2021 (Newcrest)

"Havieron Exploration and Development Update", dated 28 October 2021 (Greatland)

"Quarterly Exploration Report", dated 28 October 2021 (Newcrest)

"Havieron Development and Exploration Update" dated 9 September 2021 (Greatland)

"Exploration Update", dated 9 September 2021 (Newcrest)

"Havieron Development and Exploration Update" dated 22 July 2021 (Greatland)

"Quarterly Exploration Report", dated 22 July 2021 (Newcrest)

"Further Excellent Growth Drilling Results at Havieron", dated 10 June 2021 (Greatland)

"Exploration Update", dated 10 June 2021 (Newcrest)

"Excellent Growth Drilling Results at Havieron", dated 29 April 2021 (Greatland)

"Quarterly Exploration Report", dated 29 April 2021 (Newcrest)

"Further Outstanding Infill Drilling Results at Havieron", dated 11 March 2021 (Greatland)

"Exploration Update", dated 11 March 2021 (Newcrest)

"Newcrest Reports Further Drilling Results at Havieron", dated 28 January 2021 (Greatland)

"Quarterly Exploration Report", dated 28 January 2021 (Newcrest)

"Newcrest Reports Further Drilling Results at Havieron", dated 10 December 2020 (Greatland)  

"Exploration Update", dated 10 December 2020 (Newcrest)

"Initial Inferred Mineral Resource Estimate for Havieron", dated 10 December 2020 (Greatland) 

"Initial Inferred Mineral Resource Estimate for Havieron", dated 10 December 2020 (Newcrest) 

"Drilling Results at Havieron Highlight Potential New Eastern Breccia Target", dated 29 October 2020 (Greatland)

"Quarterly Exploration Report", dated 29 October 2020 (Newcrest)

"Latest Drilling Results at Havieron Highlight Potential Bulk Tonnage Target", dated 10 September 2020 (Greatland) 

"Exploration Update", dated 10 September 2020 (Newcrest) 

"Newcrest Identifies New Zone of Breccia Mineralisation at Havieron", dated 23 July 2020 (Greatland)

"Quarterly Exploration Report", dated 23 July 2020 (Newcrest)

"Further Outstanding Drill Results from Havieron", dated 11 June 2020 (Greatland)

"Exploration Update", dated 11 June 2020 (Newcrest)

"Newcrest Reports Further Outstanding Drill Results at Havieron", dated 30 April 2020 (Greatland)

"Quarterly Exploration Report", dated 30 April 2020 (Newcrest)

"Newcrest Reports Further Outstanding Drill Results at Havieron", dated 11 March 2020 (Greatland)

"Exploration and Guidance Update", dated 11 March 2020 (Newcrest)

"Further Outstanding Drill Results at Havieron", dated 30 January 2020 (Greatland)

"Quarterly Exploration Report", dated 30 January 2020 (Newcrest)

"New Outstanding Drill Results at Havieron Extend the Strike Length of High-Grade Mineralisation", dated 2 December 2019 (Greatland)

"Exploration Update - Havieron", dated 2 December 2019 (Newcrest)

"Further High-Grade Drilling Results from Newcrest's Campaign at Havieron", dated 24 October 2019 (Greatland)

"Quarterly Exploration Report - September 2019", dated 24 October 2019 (Newcrest)

"Update on Newcrest Drilling Results at Havieron", dated 10 September 2019 (Greatland)

"Exploration Update - Havieron", dated 10 September 2019 (Newcrest)

"First Results from Newcrest's Drilling Campaign at Havieron", dated 25 July 2019 (Greatland)

"Newcrest Quarterly Exploration Report - June 2019", dated 25 July 2019 (Newcrest)

Information in this announcement pertaining to Reporting of Exploration Results, which has been taken from Newcrest Mining Limited's announcement titled "Quarterly Exploration Report", dated 28 January 2022, has been reviewed and approved by Mr John McIntyre, a Member of the Australian Institute of Geoscientists (MAIG), who has more than 30 years relevant industry experience. Mr McIntyre is an employee of the Company and has no financial interest in Greatland Gold plc or its related entities. Mr McIntyre 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 McIntyre consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears. Mr McIntyre confirms that the Company is not aware of any new information or data that materially affects the information included in the relevant market announcements, and that the form and context in which the information has been presented has not been materially modified.

Additional information on the project can be found on the Company's website at https://greatlandgold.com/projects/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

Notes for Editors:

Greatland Gold plc (AIM:GGP) is a mining development and exploration company with a focus on precious and base metals. The Company's flagship asset is the world-class Havieron gold-copper deposit in the Paterson region of Western Australia, discovered by Greatland and presently under development in Joint Venture with Newcrest Mining Ltd.

Havieron is located approximately 45km east of Newcrest's Telfer gold mine and, subject to positive decision to mine, will leverage the existing infrastructure and processing plant to significantly reduce the project's capital expenditure and carbon impact for a low-cost pathway to development. An extensive growth drilling programme is presently underway at Havieron with a maiden Pre-Feasibility Study released on the South-East Crescent on 12 October 2021. Construction of the box cut and decline to develop the Havieron deposit commenced in February 2021.

Greatland has a proven track record of discovery and exploration success. It is pursuing the next generation of tier-one mineral deposits by applying advanced exploration techniques in under-explored regions. The Company is focused on safe, low-risk jurisdictions and is strategically positioned in the highly prospective Paterson region. Greatland has a total six projects across Australia with a focus on becoming a multi-commodity mining company of significant scale.