Shaun Day, Chief Executive Officer of Greatland Gold plc, commented: "The ramp up of the 2022 growth drill programme is an exciting time for Greatland and its shareholders as it presents an opportunity to further understand the size and scale of the Havieron system.

"This growth drilling programme is already delivering pleasing results with high-grade sulphide mineralisation confirmed in the NW Pod, several hundred meters away from the South East Crescent and Eastern Breccia zones.  This, along with a continuation of the high-grade mineralisation outside of the recently updated Initial Mineral Resource for the Eastern Breccia is a fantastic start to the calendar year.

"Additionally, we are encouraged by the higher grade copper results we are seeing near the base of the Northern Breccia.

With five drill rigs testing extensions to the current mineralised system and a further drill rig testing for new opportunities on the mining licence outside of the immediate known mineralisation, the 2022 drilling programme lays the foundation for defining the next phase of Havieron's growth."
 

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 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 237,290m of drilling from 281 drill holes to date (excluding holes in progress, abandoned holes, or drill holes which have not been sampled).

Drilling activities in the period have produced a further 10,797m of drilling from 9 holes since the last update ("Havieron Exploration Update", RNS dated 28 January 2022). New assay results are reported from 7 holes, and additional results are reported for 2 holes for which partial results were reported last period.

4 holes returned significant assay intercepts in excess of 50 gram metres Au (Au ppm x length metres).

Drilling in the reporting period was focused on potential resource growth at the South East Crescent Zone, Northern Breccia, Eastern Breccia and regional exploration holes outside the main Havieron mineralised system. Assays reported include drilling from:  

§ Northern Breccia & NW Pod - assay results reported for two drill holes with two holes awaiting assays;

§ Eastern Breccia - assay results reported for three drill holes with one hole awaiting assays; 

§ South East Crescent Deeps - assay results reported for two drill holes with one hole awaiting assays; and

§ First pass testing of geophysical targets outboard of the Havieron system (along the Havieron dolerite dyke, north and south of the main mineralised pipe) - assay results reported for two drill holes, and results pending for a further 2 drill holes.

The reduced quantity of holes and new assays reported reflect the reduction in drill rig numbers over the Christmas holiday period. There are now six rigs operating two shifts, and the number of drill holes completed is expected to increase in further updates. The JV is targeting a further 40,000m of growth drilling in the year to 30 June 2022 which has the potential to further expand the Havieron resource.

Refer to Appendix 2 for all reported results. 

Northern Breccia infill drilling has targeted known high-grade mineralisation around the NW Pod Target on the north west margin of the Breccia in addition to internal higher grade mineralisation within the core of the Breccia. Both high grade "NW Pod" mineralisation (hole HAD089W4) and broader lower grade Northern Breccia mineralisation were intersected.  In addition, results in HAD145A intersected a 69m metre zone of >1% copper dominant sulphide mineralisation that is currently open at depth.

Results include:

·    HAD089W4

o  52.7m @ 7.1g/t Au & 0.04% Cu from 1,074m

o  Including 31.4m @ 12g/t Au & 0.03% Cu from 1,094.9m

·    HAD141W2

o  88m @ 0.98g/t Au & 0.03% Cu from 1,314m

·    HAD145A

o  69m @ 0.72g/t Au and 1.1% Cu from 1,300m

South East Crescent Deeps growth drilling targeting higher grade mineralisation at depth below the Updated Mineral Resource¹ reported new results from one drill hole, with one hole pending. Additional assays were received for HAD133W6 originally reported in the 28 January 2022 update. There are no changes to these high-grade significant intersections and the hole has not been reported here.

New results include:

·    HAD133W7

o  22.7m @ 1.2 g/t Au & 0.08% Cu from 1,525.3m

o  21m @ 1.2 g/t Au & 0.07% Cu from 1,594.2m

This drill hole is located approximately 100m below the existing Updated Mineral Resource¹, slightly to the west of what is interpreted to be the steeply SE plunging high grade Crescent Zone (Figure 3).  

At the Eastern Breccia, assays for two new holes and additional results from previously reported HAD104 are presented. Further results from hole HAD104 extended the previously reported lower intersection to 85m @ 1.2g/t Au & 0.37% Cu. New hole HAD145A reported, amongst other intersections, 70.2m @ 0.82g/t Au and 0.22% Cu from 1654.9m within the Eastern Breccia (Figure 5).

Drilling is focussed on defining the extents of this higher-grade mineralisation seen in HAD104 which remains open in all directions. Note that both HAD104 and HAD145A show an increase in Cu, suggesting the Eastern Breccia mineralisation becomes more Cu rich to the southeast.

Results include

§ HAD104^

o  62.5m @ 5.9g/t Au & 0.30% Cu from 1,546.5m

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

o  85m @ 1.2g/t Au & 0.37% Cu from 1,717m

o  including 10.9m @ 3.0g/t Au and 0.38% Cu from 1,735.6m

§ HAD145A

o  70.2m @ 0.82g/t Au & 0.22% Cu from 1,654.9m

o  including 24.6m @ 1.4g/t Au & 0.44% Cu

Drilling to test geophysical targets outside of the known Havieron system is ongoing, including evaluating the Havieron dolerite at multiple intervals north and south of the Havieron mineralised pipe. HAD154 and HAD155 tested the Havieron dolerite some 400m north and south of Havieron respectively, results are pending. Results were received for ZIP001 and ZIP002, testing the Zipa target, located approximately 2 km to the north of Havieron and centred on a prominent gravity high anomaly. No significant results were reported for the two completed Zipa drillholes, although both holes intersected diorite like lithologies in metasediment, a rock type considered significant to mineralisation at Havieron. Drilling continues to test targets along the Havieron dolerite dyke.

The JV is targeting a further 40,000m of growth drilling in the year to 30 June 2022 which has the potential to further expand the Havieron resource. 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 Updated Mineral Resource¹;

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

§ Potential for additional material in the Eastern Breccia; and

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

Refer to Appendix 1 for additional information and Appendix 2 for all drillhole results reported during the period.

Development Update

The development of the exploration decline continued during the period with 296 metres now complete 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. Construction of the first ventilation shaft commenced in December 2021 and blind boring of the decline vent raise from surface commenced during the period.  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 (subject to the terms of the Joint Venture Agreement) 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  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:

"Havieron Resource and Reserves Update", dated 3 March 2022 (Greatland)

"Havieron Exploration Update", dated 28 January 2022 (Greatland)

"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 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 a financial interest in Greatland Gold plc. 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.