Greatland Gold provides Havieron exploration and development update

Drilling campaign highlights

• High grade extensions to the Eastern Breccia 200 m 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: 62.5 m at 5.9 g/t gold (Au) and 0.3% copper (Cu) from 1546.5 m including 49.4 m at 7.1 g/t Au and 0.38% Cu from 1554.6 m.
  • 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 600 m 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 900 m.
• 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 m (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 quarter.

Shaun Day, CEO 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 600 m 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 24 hour schedule there is tremendous progress in the development of this world class project and excitement in understanding the size and scale of Havieron.”

Significant New Results

South East Crescent – infill

• HAD085W4: 46.4 m at 11 g/t Au and 0.26% Cu from 1400.6 m, including 3.9 m at 98 g/t Au and 0.04% Cu from 1402.1 m.

South East Crescent – growth

• HAD133W6: 168.1 m at 1.9g/t Au and 0.17% Cu from 1424.6 m, including 43.1 m at 3.7 g/t Au and 0.34% Cu from 1425.9 m.

Eastern Breccia – growth

• HAD104: 62.5 m at 5.9 g/t Au and 0.30% Cu from 1546.5 m, including 49.4 m at 7.1 g/t Au and 0.38% Cu from 1554.6 m.

Note: intercepts are reported as downhole width not true width.

Read the article online at: https://www.globalminingreview.com/exploration-development/31012022/greatland-gold-provides-havieron-exploration-and-development-update/