Greatland Gold : Exploration Update - Firetower Drill Results

RNS Number : 4501N

Greatland Gold PLC

24 September 2019

24 September 2019

Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No

596/2014 (MAR).

Greatland Gold plc

("Greatland" or "the Company")

Exploration Update - Firetower Drill Results

Broad widths of gold mineralisation intersected at Firetower prospect

Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, is pleased to announce that initial results from diamond drilling at the Company's 100% owned Firetower project in Tasmania, Australia confirm the presence of broad widths of gold mineralisation.

The current systematic, grid-based drilling programme comprises approximately 15 diamond holes with depths from 50m to 250m, for a total of approximately 2,000 metres. The programme is designed to test the main zone of mineralisation at Firetower and additional holes will test a previously undrilled area at Firetower East where new targets were identified by last year's 3D Induced Polarisation ("3DIP") survey.

Analytical results have been received for the first six diamond holes at Firetower and are reported in this announcement.

Highlights of Drill Results

• Results received to date confirm the presence of broad widths of gold mineralisation at the Firetower prospect.
• Best initial results include:

• • 54.5m at 1.36g/t Au from surface (0m) (2019FTD001), including
  • • 5m at 5.41g/t Au from 45m
  • 29m at 0.78g/t Au from 78m (2019FTD003), including
  • • 5m at 2.54g/t Au from 92m
  • 5m at 8.72g/t Au from 81m (2019FTD004), including
  • • 2m at 21.2g/t Au from 81m
  • 27m at 0.46g/t Au from 43m (2019FTD005)
  • 23m at 0.53g/t Au from 50m (2019FTD006)
• Two drill holes (2019FTD001 and 2019FTD006) ended in or near mineralisation and these holes may be extended in order to test for additional mineralisation at depth.
• Drilling activities are ongoing and further assay results are awaited at Firetower as well as for drill holes designed to test the previously undrilled target at Firetower East.

Gervaise Heddle, Chief Executive Officer, commented: "We are pleased by the initial results from our ongoing drill campaign at Firetower which confirm the presence of broad widths of gold mineralisation. This is a promising start as these early results highlight potential depth extensions and good continuity of mineralisation between sections drilled to date. We look forward to providing further updates over the coming weeks, including results from drilling at the previously untested Firetower East prospect."

In June 2019 Greatland commenced drilling at the Firetower project with two key objectives: a) to systematically test strike continuity and potential depth extensions of mineralisation at Firetower as guided by 3DIP inversions; b) to test the 3DIP chargeability response along strike at the Firetower East prospect, in an area previously undrilled, and determine its spatial relationship to mineralisation.

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.

The current diamond drilling programme is being carried out on systematic north-south traverses across the main mineralised zone at the Firetower prospect. A primary objective is to determine strike continuity and depth extensions as guided by 3DIP inversions. The programme comprises approximately 15 holes with depths from 50m to 250m. Holes are angled at 60 degrees to provide coverage across each section and it is expected that approximately 2,000m of drilling will be completed. Spacing between drill traverses is a nominal 25m.

The main zone of gold mineralisation at the Firetower prospect is spatially associated with an IP chargeability response. The IP response will also be tested along strike and at depth during the current programme at the Firetower East prospect which is located approximately 500m east of the Firetower prospect. The IP response at Firetower, as established by both 3DIP (2018) and gradient array (2002) surveys, extends across approximately 3km of strike.

Page 1 of 9

Analytical results have been received for the first six diamond holes at Firetower and are reported in this announcement. Results show broad widths of gold mineralisation at the Firetower prospect including 54.5m at 1.36g/t Au from 0m in 2019FTD001, 29m at 0.78g/t Au from 78m in hole 2019FTD003, 5m at 8.72g/t Au from 81m in hole 2019FTD004, and 23m at 0.53g/t Au from 50m in hole FTD006.

Mineralisation is hosted in a package of volcanic and sedimentary rocks with an apparent structural control. Peak 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 drilled to date, and highlight potential depth extensions to the known mineralisation. It is apparent that mineralisation is present at, or near to, the bottom of holes 2019FTD001 and 2019FTD006 and as such these holes may be extended in order to test for additional mineralisation at depth. Drill hole collar details and tabulated intercepts are presented in Appendix I and additional drill hole information is presented in Appendix II.

Ground conditions have remained good since programme commencement. Drilling activities are ongoing and are being supported by continuous XRF core scanning. Further analytical results will be reported in the coming weeks.

Additional information on the Firetower project can be found on the Company web site at

www.greatlandgold.com/projects.

Competent Person:

Information in this announcement that relates to exploration results is based on information compiled by Mr Mick Sawyer, Exploration Manager for Greatland Pty Ltd, who is a member of the Australian Institute of Geoscientists and is a Registered Professional Geoscientist (R.P.Geo #5694). Mr Sawyer has sufficient experience relevant to the style of mineralisation and type of deposit under consideration and to the activity which has been undertaken 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. Mr Sawyer consents to the inclusion in the announcement of the matters based on their information in the form and context in which it appears.

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

"Greatland Commences Field Activities at Firetower", dated 12 June 2019 "Firetower Project - Launch of New Drilling Plan", dated 16 April 2019 "Firetower Project - Large IP Target Identified", dated 20 August 2018 "Firetower Project - New Exploration Program", dated 11 April 2018

Further information on the Firetower project can be found under 'Firetower' on the Company's website. In addition, this announcement is available in PDF format, with figures/diagrams, from the Company's website: www greatlandgold.com

Enquiries:

Greatland Gold PLC

Gervaise Heddle/Callum Baxter

Tel: [phone]

Email: [e-mail]

www.greatlandgold.com

SPARK Advisory Partners Limited (Nominated Adviser)

Andrew Emmott/James Keeshan

Tel: [phone]

SI Capital Limited (Joint Broker)

Nick Emerson/Alan Gunn

Tel: [phone]

Numis Securities Limited (Joint Broker)

Matthew Hasson/John Prior/Alamgir Ahmed

Tel: [phone]

Luther Pendragon (Media and Investor Relations)

Harry Chathli/Alexis Gore/Joe Quinlan

Tel: [phone]

Notes for Editors:

Greatland Gold plc is a London-listed (LON:GGP) natural resource exploration and development company with a current focus on gold, copper and nickel exploration projects.

The Company has six main projects; four situated in Western Australia and two in Tasmania. All projects are 100% owned by Greatland.

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 is seeking to identify large mineral deposits in areas that have not been subject to extensive exploration previously. It is widely recognised that the next generation of large deposits will come from such under-explored areas and Greatland is applying advanced exploration techniques to investigate a number of carefully selected targets within its focused licence portfolio.

The Company is also actively investigating a range of new opportunities in precious and strategic metals and will update the market on new opportunities as and when appropriate.

Page 2 of 9

APPENDIX I

DRILLHOLE DATA - Firetower Project

Firetower 2019 Diamond Drilling - Collar Locations (GDA94 Zone55)

Hole ID	Target	Northing	Easting	RL	Hole	Azimuth	Dip
Depth
2019FTD001	Firetower	5405314	446077	644	56.35	360	-60
2019FTD002	Firetower	5405255	446174	647	109.2	360	-60
2019FTD003	Firetower	5405233	446070	605	120.4	360	-60
2019FTD004	Firetower	5405251	446082	615	106	360	-60
2019FTD005	Firetower	5405234	446105	624	120.5	360	-60
2019FTD006	Firetower	5405264	446100	626	89.2	360	-60

Firetower 2019 Diamond Drilling - Intercepts

Reporting Criteria: Intercepts reported as a minimum length of 1m, greater than of equal to 0.2ppm Au, with maximum internal dilution of 4m and intervals greater than or equal to 0.5ppm Au with zero metres of internal dilution.

Hole ID	From	To	Interval	Au	Ag
(g/t)	ppm
2019FTD001	0	54.5	54.5		1.36	4.6
incl	33	39	6		2.51	5.8
incl	45	50	5		5.41	13.3
2019FTD002	52	54	2		0.77	7.1
	64	65	1		0.24	1.5
	72	76	4		0.27	1.7
	82	85	3		1.39	1.8
	108	109.2	1.2		0.26	0.3
2019FTD003	20	21.3	1.3		0.67	10.7
	38	59.8	21.8		0.28	0.9
	68	69	1		0.29	0.9
	72	73	1		0.24	1.1
	78	107	29		0.78	1.2
incl	92	97	5		2.54	2.4
	111	112	1		0.24	0.3
2019FTD004	2	3	1		0.24	1.3
	17.5	31	13.5		0.64	1.3
	38	39	1		0.21	0.2
	48	61	13		0.34	0.5
	72	74	2		0.27	0.1
	78	79	1		0.23	0.4
	81	86	5		8.72	13.2
incl	81	83	2		21.2	31.8
	94	99	5		0.56	1.1
2019FTD005	43	70	27		0.46	1.4
incl	66	68	2		1.74	1.3
	82	86	4		0.28	1.9
	90	98	8		0.51	1.5
	112	115	3		0.30	1.2
2019FTD006	13.5	20.5	7		0.58	1.7
	28	34	6		0.35	0.3
	38.2	41	2.8		0.27	0.8
	50	73	23		0.53	1.2
	84	89.2	5.2		0.86	13.4

APPENDIX II

JORC Code 2012 Table 1 - Firetower Project

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	Explanation
Sampling	•	Nature and	quality of	2019 Diamond Drilling
techniques		sampling	(eg cut channels,	·	Assays have been received for
		random	chips,	or specific		six 2019 Diamond drill holes.

Page 3 of 9

s p e c i a l i s e d industry

These are the first six holes of a

standard measurement tools

planned 15 hole program.

appropriate to the minerals

·

Samples consist of diamond drill

under investigation, such as

core (HQ and NQ sizes) cut in

down hole gamma

sondes,

half.

or

handheld

XRF

·

All available core was cut and

instruments,

etc).

These

sampled.

Sampling

interval is

examples

s h o u l d not

be

generally 1m or 0.5m, but

taken as limiting the broad

respects

geological

contacts in

•

meaning of sampling.

to

places.

Sampling

was

carried

Include

reference

out

to

Greatland

internal

measures

taken

to

ensure

·

protocols and QAQC procedures.

sample

representivity

and

Entire samples were crushed

the

appropriate calibration

then pulverised to a nominal 85%

of any measurement tools or

passing

75

microns.

The

systems used.

resulting pulps were analysed for

•

Aspects

of

the

Au (50g charge, fire assay) and

multi-element geochemistry (four

determination

of

·

acid digest ICP-MS).

mineralisation

that

are

The method of sampling is

industry standard for reporting of

Material

to

the

Public

·

Exploration Results.

R e p o r t . I

n cases

where

Locations and

orientation of

2019 drill holes for this release

'industry standard' work has

are tabulated in the body of the

been done this would be

report.

relatively

simple

(eg

'reverse circulation

drilling

was used to obtain 1 m

samples from which 3 kg

was pulverised to produce a

30 g charge for fire assay').

In

other

cases

more

explanation

may

be

required,

such

as

where

there is coarse gold that has

inherent sampling problems.

U n u s u a l commodities

or

mineralisation

types

(eg

submarine

nodules)

may

warrant

disclosure

of

detailed information.

Drilling

•

Drill type (eg core, reverse

Diamond Drilling

techniques

circulation,

open-hole

·

Drilling was undertaken

hammer,

rotary

air

blast,

using

a

track

mounted

auger,

Bangka,

sonic,

etc)

Coretech

CSD1800

drill

and

details

(eg

core

rig.

The

drill

rig

is

capable of ~1000m NQ.

diameter, triple or standard

·

Drill holes were cased

tube, depth of diamond tails,

face-sampling

bit or

other

with HWT casing to ~3m.

HQ sized drill core from

type,

whether

core

is

0m to ~20m followed by

oriented and if so, by what

NQ drill core from 20m to

method, etc).

end of hole.

Drill

•

Method of recording and

·

Length

based

core

sample

recovery

assessing core and chip

recovery

is

measured

sample recoveries and

from

reassembled

core

•

results assessed.

for every drill run.

Data

Measures taken to

is

recorded

into laptop

maximise sample recovery

computer using 'LogChief'

and ensure representative

-

geological

logging

•

nature of the samples.

software.

Whether a relationship

·

Core recovery is very

exists between sample

high (97%).

The

drilling

recovery and grade and

method employed

leads

to very high recoveries.

whether sample bias may

·

Due to consistently high

have occurred due to

preferential loss/gain of

recoveries,

no

relationship

between

fine/coarse material.

grade

and

recovery

is

evident.

Logging

•

Whether core and

chip

·

All

drill

core/samples

samples

have

been

were geologically logged

geologically

and

geotechnically logged

to

a

for lithology, mineralogy,

level of detail to support

alteration,

veining,

appropriate

Mineral

sulphide

occurrences,

Resource estimation, mining

studies

and

metallurgical

structure

data.

and

•

studies.

logging

is

geotechnical

This

Whether

logging

includes

both

qualitative or quantitative in

qualitative

and

nature.

Core

(or

costean,

quantitative

•

channel, etc) photography.

The total length and

components.

All core is

percentage of the relevant

digitally photographed.

·

Logging

is

recorded

intersections logged.

directly

into

a

laptop

computer using 'LogChief'

-

geological

logging

software.

This

software

has 'look-up tables' that

do not allow for invalid

entries.

Additional

validation is then carried

out

when

data

is

transferred to Greatlands

database managers.

·

All samples are analysed

in the field using a pXRF

(Olympus Vanta handheld

- model VMR) for the

purpose

of

geochemical

interpretation.

· All core is analysed in the

Page 4 of 9

field

using

a

Minalyze

unit. This collects ultra-

high

resolution

photography,

and

continuous

XRF

measurements.

Sub-

•

If core, whether cut or sawn

·

All sampled core was cut

sampling

techniques

and whether quarter, half or

with a core saw in a

and sample

all core taken.

consistent

way

that

preparation

•

If non-core, whether riffled,

preserved the bottom of

tube sampled, rotary split,

hole

reference

line,

etc and whether sampled

where

present.

wet or dry.

Sampling

interval

is

• For all sample types, the

generally

1m

or 0.5m,

but

respects

geological

nature, quality and

appropriateness of the

contacts in places.

sample preparation

·

Sample preparation

•

technique.

Quality control procedures

included

drying,

adopted for all sub-sampling

crushing and pulverising

stages to maximise

in full to a nominal 85%

representivity of samples.

passing 75 microns.

• Measures taken to ensure

All staff were adequately

that the sampling is

·

representative of the in situ

trained for all

sampling

material collected, including

steps,

with

geologists

for instance results for field

duplicate/second-half

checking sample sheets

•

sampling.

prior to loading into the

Whether sample sizes are

database.

appropriate to the grain size

·

The sample sizes are

of the material being

considered

appropriate

sampled.

for

the

style

of

mineralisation

in

the

encountered

region.

·

No field duplicates have

been collected/reported.

Quality of

•

The nature, quality

and

·

All

samples were

assay data

appropriateness

of

the

and

assaying

and

laboratory

submitted for preparation

laboratory

procedures

used

and

at

Intertek

laboratory

tests

whether

the

technique is

Adelaide.

Pulp

samples

•

considered partial or total.

were

then

submitted for

For

geophysical

tools,

analysis to Intertek Perth

spectrometers,

handheld

Laboratory.

XRF

instruments,

etc,

the

parameters

used

in

·

Au analysis - 50g Fire

determining

the

analysis

including

instrument

make

Assay/ICP-OES

(detection

and

model,

reading

times,

limit of 0.005ppm).

calibrations factors applied

•

and their derivation, etc.

·

Multi-Element analysis -

Nature of quality control

four acid digestion ICP-

procedures

adopted

(eg

MS (for Ag, Al, As, Ba, Be,

standards,

blanks,

Bi, Ca, Cd, Ce, Co, Cr, Cs,

duplicates,

external

Cu, Fe, Ga, Ge, Hf, In, K,

La,

Li,

Mg,

Mn,

Mo,

Na,

laboratory

checks)

and

Nb, Ni, P, Pb, Rb, Re, S,

whether acceptable levels of

Sb, Sc, Se, Sn, Sr, Ta, Te,

accuracy (ie lack of bias)

Th, Ti, TI, U, V, W, Y, Zn,

and

precision have

been

Zr).

established.

·

No

geophysical tools

were

used

for

any

element

concentrations

in this report.

·

All samples are analysed

in the field using a pXRF

(Olympus M-series) for

the

purpose

of

geochemical

This data

interpretation.

is

for

internal

company

use only.

·

Quality

Control

procedures

in

the

field

involve

the

use

of

certified

reference

material

(CRM's)

for

assay

standards

and

blanks.

Standards

and

blanks are inserted every

20 samples.

·

No field duplicates have

been collected/reported.

Verification

•

The verification of

·

Significant intersections

of

significant intersections by

sampling

either independent or

have

been

verified

by

and

alternative company

multiple

company

assaying

personnel.

personnel.

• The use of twinned holes.

·

No twin holes have been

•

Documentation of primary

drilled.

data, data entry procedures,

recorded

data verification, data

·

Logging is

storage (physical and

directly

into

a

laptop

electronic) protocols.

• Discuss any adjustment to

computer using 'LogChief'

-

geological

logging

assay data.

software.

This

software

has 'look-up tables' that

do not allow for invalid

entries.

Additional

validation is then carried

out

when

data

is

Page 5 of 9