Greatland Gold plc (AIM:GGP), a leading mining development and exploration company with a focus on precious and base metals, is pleased to provide an update on the drilling campaign 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.

The latest results comprise 22 new drill holes from the Infill and Growth Drilling programmes plus 11 holes previously reported. Significant mineralisation was reported in 18 of the new holes. The Havieron joint venture has now completed a total of 210,629 of drilling from 254 holes, with all the latest completed holes continuing to intersect mineralisation, and all but one reporting significant mineralisation. A further 24 drill holes have been completed, awaiting assay.

Drilling activities since the last update include new results, which continue to support the potential for resource expansion of the Havieron gold-copper project. With 90,000 meters of Growth Drilling targeted to 30 June 2022. 

Highlights

§ Results received from infill drilling support the modelled grade and thickness within the South East Crescent Zone Mineral Resource extents.

§ The results support the continuity of the high grade Crescent Zone, and in some places appear to upgrade the zone

§ HAD117W6 returned 120.4m @ 10g/t Au & 0.66% Cu from 764.6m. This is the best gram metre intercept drilled to date at Havieron (Au_ppm x intercept length of 1,204 gram metres Au).

§ Further significant results from Growth Drilling continue to demonstrate the potential for resource additions outside of the existing Inferred Mineral Resource limits, including:

§ Extension of the SE Crescent Zone 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 NW Pod

§ Potential for additional NW trending corridors including the Eastern Breccia

§ Growth Drilling programme continues into FY22, targeting:

§ North West Crescent and Northern Breccia: Zone of initial focus aimed at providing support for the potential expansion of the existing Inferred Mineral Resource.

§ Eastern Breccia: Drill testing and interpretation of the geological and mineralisation controls is ongoing.

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

§ New Targets: Identified outside of the immediate vicinity of the Havieron deposit, but within the Havieron Joint Venture area, with the potential to conduct drill testing of these targets in the future.

§ Early Works advancing: Construction activities are progressing well with achievements including (as of 20 October 2021):

§ Box cut and portal completed in May 2021 as at 20 October 2021

§ Exploration decline has advanced 211 metres

§ Decline contractor operating 24-hour per day

§ Planning has commenced for the first ventilation shaft, scheduled to begin during the next quarter.

§ 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

§ Feasibility Study progressing: Feasibility study work by Newcrest continuing along with concurrent studies assessing boarder growth options for Havieron. Significant 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 still forecasted to be delivered December quarter 2022.

Shaun Day, Chief Executive Officer of Greatland Gold plc, commented: "The volume and quality of results at Havieron continue to impress as we observe increases in both grade and thickness at depth.  This supports continuity of the high grade zonations and potential upgrades to the mineralisation. It speaks volumes for the tremendous quality of Havieron that after reaching a milestone of 200,000 metres of drilling, the best gram metre intercept ever drilled was just delivered, located at the high grade South East Crescent Zone.

The results of the 90,000 metres Growth Drilling programme continue to extend mineralisation across multiple zones across Havieron. These outstanding results expand the high-grade South East Crescent Zone and add further scale to the Havieron deposit in multiple directions including within the Northern Breccia and in the Eastern Breccia.

The ongoing success from each set of drill results confirm Havieron as a world class gold-copper project and its potential to expand further in scale. The Pre-feasibility study highlighted the low capex, low risk approach to developing Havieron, which puts this asset in a class of its own as we progress it forward and add further upside to its future economic outcomes."

Further Information on Drilling and Operations at Havieron

The Havieron copper-gold deposit is centered on a magnetic anomaly located 45km east of Telfer, 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 210,629m of drilling from 254 drill holes to date (excluding holes in progress, abandoned holes, or drill holes which have not been sampled).

Drilling activities have produced a further 26,548m of drilling from 42 drill holes since 30 June 2021. The latest assay results include results for 33 holes (18 holes completed this quarter, and 15 holes from the June quarter). Of these, 23 holes returned significant assay intercepts in excess of 50 gram metres Au (Au ppm x length metres). This announcement includes 22 new drill holes from the Infill and Growth Drilling and 11 holes reported previously in the last update ("Havieron Development and Exploration Update", dated 9 September 2021) and reported in Newcrest's Quarterly Exploration Report and listed in Appendix II.

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

§ South East Crescent Zone Growth - assay results reported for three drill holes, and partial results for one drill hole (HAD086W3), with five holes awaiting assays.

§ South East Crescent Zone Infill - assay results reported for ten drill holes, seventeen holes awaiting assays.

§ Northern Breccia - assay results reported for fourteen drill holes, two holes awaiting assays.

§ Eastern Breccia - assay results reported for five drill holes.

Further Growth Drilling continues to show potential for resource additions outside of the existing Inferred Mineral Resource limits, including:

§ Extension of the SE Crescent Zone 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 NW Pod

§ Potential for additional NW trending corridors including the Eastern Breccia

At the South East Crescent, Growth Drilling targeting higher grade mineralisation on 75m by 75m spacing has extended the mineralisation 250m below the initial Inferred Mineral Resource estimate. Results from three drill holes have been received, with significant results returned from HAD133W1, HAD133W3 and HAD086W3**.

Results include:

§ HAD086W3**

§ 44.7m @ 7.1g/t Au & 0.17% Cu from 1,412m** (Open Intercept)

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

§ HAD133W1^^

§ 133m @ 7.0g/t Au & 0.05% Cu from 1,446m

§ including 55.9m @ 9.7g/t Au & 0.04% Cu from 1,449.5m

§ including 20m @ 11g/t Au & 0.04% Cu from 1,519m

§ HAD133W3

§ 29.1m @ 3.2g/t Au & 0.09% Cu from 1,261.9m

§ 44.4m @ 5.7g/t Au & 0.11% Cu from 1,306.6m

§ 52m @ 3.2g/t Au & 0.42% Cu from 1,362m

HAD133W1^^ extended the high-grade mineralisation ~250m below the base of the Inferred Mineral Resource estimate. This intercept is ~150m below previously reported hole HAD133^^ (85m @ 11g/t Au & 0.29% Cu from 1,345m including 13m @ 32g/t Au & 0.46% Cu from 1,363m and including 14.5m @ 32g/t Au & 0.33% Cu from 1,396.5m). HAD133W3 targeted approximately 50m below the existing resource and returned a broad crescent zone intercept incorporating three discrete zones of higher grade mineralisation between 1,261.9m and 1,414m down hole with the best interval returning 44.4m @ 5.7g/t Au & 0.11% Cu from 1,306.6m. Partial assay results have been returned for HAD086W3** which returned 44.7m @ 7.1g/t Au & 0.17% Cu from 1,412m (open intercept) including  20.2m @ 15g/t Au & 0.29% Cu from 1,421m from the SE Crescent intersection located 200m below the existing Inferred Mineral Resource extents, and remains open at depth. These new intercepts show an increase in both grade and thickness with increasing depth. Drilling continues to assess the depth extents of SE Crescent which now has a vertical extent of over 900m.

A further 27 infill holes within the South East Crescent zone were completed, ten of which have returned assay results. This drilling is designed to infill the South East Crescent Inferred Mineral Resource volume to 50m x 50m spacing to support the potential upgrade of a significant portion of the Inferred Mineral Resource to Indicated Mineral Resource. Results received from infill drilling support the modelled grade and thickness within the South East Crescent Zone Mineral Resource extents. The results also support the continuity of the high grade, and in places appear to upgrade the zone, as represented by HAD117W6 120.4m @ 10g/t Au & 0.66% Cu from 764.6m. This is the best gram metre intercept drilled to date at Havieron (Au_ppm x intercept length of 1,204 gram metres Au).

Results include:

§ HAD053W3

§ 75.4m @ 2.9g/t Au & 0.13% Cu from 987.3m

§ Including 14.7m @ 13g/t Au & 0.12% Cu from 1,031.5m

§ HAD057W7^^

§ 23m @ 5.7g/t Au & 0.70% Cu from 613m

§ including 15m @ 8.6g/t Au & 0.96% Cu from 613m

§ 70m @ 2.2g/t Au & 0.03% Cu from 906m

§ Including 12.8m @ 5.3g/t Au & 0.02% Cu from 962.7m

§ HAD064W1

§ 42.4m @ 2.5g/t Au & 0.08% Cu from 705.6m

§ 26.9m @ 2.3g/t Au & 0.02% Cu from 772.1m

§ Including 12m @ 4.7g/t Au & 0.02% Cu from 787m

§ HAD117W4

§ 78.1m @ 2.1g/t Au & 0.20% Cu from 762m

§ including 13.8m @ 3.7g/t Au & 0.18% Cu from 793.9m

§ Including 10.8m @ 3.6g/t Au & 1.0% Cu from 829.4m

§ HAD117W5

§ 111m @ 1.1g/t Au & 0.03% Cu from 715m

§ HAD117W6

§ 120.4m @ 10g/t Au & 0.66% Cu from 764.6m

§ Including 14m @ 38g/t Au & 1.2% Cu from 845m

At the Northern Breccia, results from fourteen drill holes were returned and a further two drillholes are awaiting assays. The focus of the drilling in this zone is to expand the mineralisation and support potential resource growth. The latest drilling (75m x 75m) has extended the mineralised breccia footprint around the Inferred Mineral Resource extents with reported drill holes supporting extensions to breccia mineralisation. Drilling has confirmed and increased the continuity of internal higher grade Crescent-like mineralisation in a north-west mineralised corridor which now extends up to 300m in length, and 100m wide, between 4,300 - 4,100mRL, and remains open at depth.

Results include:

§ HAD069W4

§ 22.5m @ 2.6g/t Au & 0.15% Cu from 1,281m

§ HAD081W3

§ 52.3m @ 2.1g/t Au & 0.29% Cu from 1,150.7m

§ HAD089W3^^

§ 106.8m @ 0.96g/t Au & 0.12% Cu from 911.2m

§ including 15m @ 2.8g/t Au & 0.21% Cu from 978m

§ HAD099W2^^

§ 126.7m @ 0.66g/t Au & 0.07% Cu from 643.3m

§ including 12.1m @ 1.3g/t Au & 0.12% Cu from 647.1m

§ HAD138W1^^

§ 157.4m @ 0.93g/t Au & 0.21% Cu from 937.6m

§ including 16.1m @ 5.9g/t Au & 0.12% Cu from 1,043m

§ HAD140^^

§ 29.1m @ 9.7g/t Au & 0.29% Cu from 813.2m

§ HAD141^^

§ 87m @ 1.8g/t Au & 0.05% Cu from 1,328m

§ including 17.8m @ 5.7g/t Au & 0.14% Cu from 1,378.5m

§ HAD147

§ 34.5m @ 1.9g/t Au & 0.15% Cu from 1,216.4m

§ HAD147W2

§ 72.3m @ 1.4g/t Au & 0.07% Cu from 1,279.5m

At the Eastern Breccia, assays for an additional five 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-like higher grade zones developed internal to this Eastern Breccia. Significant assay intercepts were returned for two drill holes (HAD084W2 & HAD141^^), which has extended higher grade mineralisation up to 200m to the north west of HAD084.

Results include:

§ HAD084W2

§ 49.8m @ 1.5g/t Au & 0.02% Cu from 1,473m

§ 59.6m @ 0.89g/t Au and 0.12% Cu from 1553.2m

§ 43.3m @ 2.7g/t Au & 0.06% Cu from 1,642m

§ HAD141^^

§ 23m @ 1.7g/t Au & 0.01% Cu from 1,875m

HAD084W2 contains three significant intervals of mineralisation separated by weakly mineralised waste (greater than the allowable maximum consecutive internal dilution of 10m). If this internal waste is included (at the recorded grade) the interval 1473- 1685.3m is reported as 212.3m at 1.20g/t Au and 0.06% Cu. This intersection is located approximately 75m north west of HAD084, reported previously at 342.2m @ 2.0g/t Au and 0.11% Cu from 1536.8m, including 14m @ 19g/t Au, 0.2% Cu from 1572m.

Drill testing and interpretation of the geological and mineralisation controls of the Eastern Breccia Zone is ongoing.

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

Development Update

The development of the exploration decline continued during the period with 211 metres now complete as at 20 October 2021. Planning has commenced for the first ventilation shaft which is scheduled to begin in the next quarter. 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 announced on 30 November 2020, Newcrest has now met the Stage 4 expenditure requirement to incur expenditure of US$65m and deliver a Pre-Feasibility Study to earn an additional 10% joint venture interest, resulting in an overall joint venture interest of 70% (Greatland 30%). Newcrest may acquire an additional 5% interest following completion of Stage 4 at fair market value.

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: www.greatlandgold.com/media/jorc/

Competent Person:

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

"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 "Exploration Update", dated 9 September 2021, 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 leading 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.