Exploration and Havieron Development Update

Greatland Gold PLC

25 July 2023

 

Greatland Gold plc (AIM: GGP)

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NEWS RELEASE | 25 July 2023

Exploration and Havieron Development Update

10 holes completed for a total of 3,241 metres drilled at Scallywag

Paterson South Project maiden drilling campaign completed

Underground development at Havieron reaches 2,510 metres

Greatland Gold plc (AIM:GGP) (Greatland or the Company) is pleased to provide an exploration and Havieron development update.

Highlights

§ Scallywag: diamond drilling has been completed at the A35, A34, Swan, Pearl and Ramses targets; currently awaiting assay results

§ Paterson South: completed maiden drilling campaign with five RC holes at Decka and a single diamond hole at Stingray; currently awaiting assay results

§ Havieron decline development: significant progress continues with total development to date now at 2,510 metres (as at 20 July 2023); the decline has successfully progressed past the middle aquifer, which is a significant de-risking event for the decline development

Greatland Managing Director, Shaun Day, commented: "We are pleased with the continued underground progress at the Havieron underground with development advancing to 2,510 metres.

During the quarter, Greatland progressed an exploration drilling campaign at Scallywag and rapidly mobilised to drill targets at our new Paterson South Project which is a farm-in and joint venture arrangement with Rio Tinto Exploration.  We await the results from these drill programmes and look forward to updating the market in due course as we continue to make good progress across our portfolio of assets."

Exploration Update

Greatland has completed drilling on its 100% owned Scallywag tenement.  A total of 10 holes were completed for a total of 3,241 metres drilled, targeting conductors from ground electromagnetic (EM) surveys.  Five of these have been surveyed for nearby conductors with downhole EM.  The holes are currently being processed and assays will be reported when available in a future release.  Downhole EM at the Ramses target was not completed as the drill hole was not structurally accessible.

The previously announced maiden drilling campaign (see RNS announcement titled "Drilling commences at Paterson South Project" dated 26 June 2023) at the Paterson South Project which is a farm-in and joint venture arrangement with Rio Tinto Exploration (RTX) has been completed.  Drilling on the Budjidowns tenement adjoining the Havieron mining lease targeted magnetic anomalies and airborne EM derived conductors with five reverse circulation (RC) holes at the Decka target.  A single diamond hole tested the magnetic target at Stingray, following up on anomalous geochemistry identified in a RTX diamond hole.  Results from these drill holes will be reported when available in a future release.

Figure 1: 2023 drilling completed on the Budjidowns and Scallywag tenure

Field activities at the Juri Joint Venture tenure focused on rehabilitation of prior field programmes, ongoing target generation and project review activities during the three months ended 30 June 2023.  Newcrest Mining Limited (Newcrest) elected to assume management of the Juri Joint Venture from 1 July 2023.

Greatland notes that Newcrest, Greatland's 70% joint venture partner at Havieron and 51% joint venture partner at Juri, today released an ASX announcement titled "Quarterly Exploration Report for the three months ended 30 June 2023."  This announcement, so far as it relates to Havieron and Juri, reports on information previously released by Greatland (see RNS announcements titled "Havieron Exploration and Development Update" dated 19 June 2023 and 27 April 2023, and "Juri Joint Venture Management Update" dated 1 June 2023).

As the current surface drilling campaign at Havieron is now complete, Greatland will align with our Havieron joint venture manager Newcrest and transition to quarterly reporting of exploration and development activities at Havieron.  Greatland will continue to report periodically on its own ongoing exploration activities.

Havieron Development Update

The underground development continues to progress with 2,510 metres completed, including decline support excavations for ventilation, services and materials handling, as at 20 July 2023. The development includes 1,776 metres of advance in the exploration decline.

The decline has successfully progressed past the middle aquifer, with dewatering rates in line with expectations. This progress is a significant de-risking event for the decline development.

Contact

For further information, please contact:

Greatland Gold plc

Shaun Day, Managing Director  |  [e-mail]

Nominated Advisor

SPARK Advisory Partners

Andrew Emmott / James Keeshan / Neil Baldwin

[e-mail]  |  [phone]

Corporate Brokers

Berenberg  |  Matthew Armitt / Jennifer Lee  |  [phone]

Canaccord Genuity  |  James Asensio / Patrick Dolaghan  |  [phone]

SI Capital Limited  |  Nick Emerson / Sam Lomanto  |  [phone]

Media Relations

UK - Gracechurch Group  | Harry Chathli / Alexis Gore / Henry Gamble  |  [phone]

Australia - Fivemark Partners  |  Michael Vaughan  |  [phone]

About Greatland

Greatland is a mining development and exploration company focused primarily on precious and base metals.

The Company's flagship asset is the world-class Havieron gold-copper project in the Paterson Province of Western Australia, discovered by Greatland and presently under development in joint venture with ASX gold major, Newcrest Mining Limited (which is the subject of a takeover by Newmont Corporation by way of a scheme of arrangement).

Havieron is located approximately 45km east of Newcrest's existing Telfer gold mine. The box cut and decline to the Havieron orebody commenced in February 2021.  Significant progress continues with the exploration decline at 2,510 metres completed as at mid-July 2023.  Subject to a positive feasibility study and Decision to Mine, Havieron may leverage the existing Telfer infrastructure and processing plant.

Greatland has a proven track record of discovery and exploration success and is pursuing the next generation of tier-one mineral deposits by applying advanced exploration techniques in under-explored regions. Greatland has a number of exploration projects across Western Australia and in parallel to the development of Havieron is focused on becoming a multi-commodity miner of significant scale.

 

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