Greatland Gold : Final Results from Firetower Drilling Programme

RNS Number : 4676A

Greatland Gold PLC

21 January 2020

21 January 2020

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

596/2014 (MAR).

Greatland Gold plc

("Greatland" or "the Company")

Final Results from Firetower Drilling Programme

Gold, silver and zinc mineralisation intersected at Firetower East underscore potential for a new VHMS system with

precious metal content

Greatland Gold plc (AIM:GGP), the precious and base metals exploration and development company, is pleased to announce final results from diamond drilling at the Company's 100% owned Firetower project in Tasmania, Australia.

In 2019, the Company completed a systematic, grid-based drilling programme at Firetower, comprising 14 diamond holes with depths from 50m to 160m, for a total of approximately 1,530m. The programme was designed to test the main zone of gold mineralisation and results to date have confirmed broad widths of gold mineralisation (see announcements dated 24 September and 17 December 2019).

In addition to this programme, two further holes for a total of approximately 670m were drilled to test new targets identified as strong chargeability responses by a 3D Induced Polarisation ("3DIP") survey conducted in 2018 at Firetower East, approximately 500m east of Firetower.

Analytical results for the final two diamond holes (foremostly the second hole at Firetower East) have been received and are reported in this announcement.

Highlights of Drill Results

Firetower East

• Zinc, gold and silver mineralisation has been intersected in the second drill hole at Firetower East, underscoring the potential for a Volcanic Hosted Massive Sulphide ("VHMS") system with precious metal content in addition to base metals.
• Significant results from the second hole at Firetower East (2019FTD016) include 31m at 2,581ppm Zn from 184m, including 3m at 8,745ppm Zn from 191m, and 1m at 2.1g/t Au from 224m.

Firetower

• Results from the final hole at the main Firetower prospect (2019FTD015) ( 1m at 0.54g/t Au from 119m) complete a
  2019 drilling campaign that has:
  o Confirmed good continuity of mineralisation;
  o Defined mineralisation over a strike length of more than 200m, with mineralisation remaining open along strike to the east and west of Firetower;
  o Demonstrated a robust southerly dipping mineralised zone up to 50m wide, persisting to depths of 125m and which remains open at depth.

Gervaise Heddle, Chief Executive Officer, commented: "These results finalise a positive set of overall drilling results from our 2019 Firetower campaign. By confirming continuity of mineralisation over an extensive strike length of more than 200m, we have successfully moved the project up the value curve.

"We are also particularly pleased that our first drill programme at Firetower East has now clearly demonstrated the potential for a VHMS system. The intersection of new base metal and gold mineralisation 500m east of Firetower has immediately created prospective new target zones between and along strike from the two prospects.

"The results act as further evidence of the strength of our portfolio and provide us with well defined parameters for further exploration at the Firetower and Firetower East prospects."

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/

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. A primary objective of the 2019 drilling was to determine strike continuity and depth extensions as guided by 3DIP inversions.

Page 1 of 9

The 2019 diamond drilling programme is complete. Results for the final 2 holes have been received and announced today. Previous results were announced on 24 September and 17 December 2019.

At the Firetower prospect, drilling was carried out on systematic north-south traverses across the main mineralised zone. The programme comprised 14 holes with depths from 50m to 160m. Holes were angled at 60 degrees to provide coverage across each section. Approximately 1,530m of drilling was completed at the Firetower prospect. Spacing between drill traverses was a nominal 25m.

Two holes were drilled at the Firetower East prospect for a total of 670m testing a strong IP chargeability response, approximately 500m east along strike from the Firetower prospect.

The main zone of gold mineralisation at the Firetower prospect is spatially associated with an IP chargeability response. The IP response at Firetower, as established by both 3DIP (2018) and gradient array (2002) surveys, extends across approximately 3km of strike. The IP response at Firetower East (approximately 500m east of Firetower) appears to correspond with base metal mineralisation, in a package of volcanoclastic rocks.

Mineralisation at the Firetower prospect is hosted in a package of volcanic and sedimentary rocks with an apparent structural control. Results suggest that there is good continuity of mineralisation between sections and highlights potential depth extensions to the known mineralisation. Results from the final hole (2019FTD015) at Firetower are reported today and significant intercepts include 1m at 0.54g/t Au from 119m. Mineralisation remains open at depth and along strike to the east and west.

Results from the second hole at the Firetower East prospect confirm the potential for a VHMS style mineralised system. Assays indicate broad zones of zinc mineralisation with added precious metal content (Au). Significant results include 31m at 2581ppm Zn from 184m including 3m at 8745ppm Zn from 191m, and 1m at 2.1g/t Au from 224m (2019FTD016).

Significant assay results:

• 2019FTD015: 1m @ 0.54g/t Au from 119m
• 2019FTD016: 7m @ 0.18g/t Au from 208m

Incl 1m @ 0.61g/t Au from 208m and

1m @ 2.1g/t Au from 224m and

3m @ 0.37g/t Au from 231m

• 2019FTD016: 31m @ 2581ppm Zn from 184m Incl 3m @ 8745ppm Zn from 191m and 21m @ 1456ppm Zn from 223m and 10m @ 1790ppm Zn from 280m and 5m @ 1106ppm Zn from 311m
  Incl 1m @ 3425ppm Zn from 315m

Drill hole collar details and tabulated intercepts are presented in Appendix I and additional drill hole information is presented in Appendix II.

Diamond drilling during 2019 at the Firetower prospect has been successful in achieving its objective of demonstrating continuity of mineralisation. Gold mineralisation has been defined over a strike length of more than 200m which remains open along strike to the east and west. The drilling has also demonstrated a robust southerly dipping mineralised zone up to 50m wide persisting to depths of 125m which remains open. Systematic grid based drilling has significantly increased the understanding of geology and controls on mineralisation.

Step out exploration drilling at Firetower East was successful in intersecting new base metal and gold mineralisation 500m east of the Firetower prospect. This immediately represents a new target zone between the two prospects.

Further work will include detailed review of geological, geochemical and geophysical data sets focussing on the prospective area between the Firetower and Firetower East prospects, along with immediate strike extensions to the currently defined gold mineralised zones.

Competent Person:

Information in this announcement that relates to exploration results is based on information compiled by Mr Mick Sawyer who is a member of the Australian Institute of Geoscientists and is a Registered Professional Geoscientist (R.P.Geo #10194). Mr Sawyer is Exploration Manager and a full-time employee of Greatland Pty Ltd, and holds employee options in Greatland Gold plc . 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 exploration results has been extracted from the following announcements:

"Firetower Drilling - Further Gold Mineralization", dated 17 December 2019 "Exploration Update - Firetower Drill Results", dated 24 September 2019 "Greatland Commences Field Activities at Firetower", dated 12 June 2019 "Firetower Project - Launch of New Drilling Plan", dated 16 April 2019

Page 2 of 9

"Firetower Project - Large IP Target Identified", dated 20 August 2018 "Firetower Project - New Exploration Program", dated 11 April 2018

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

www.greatlandgold.com/projects.

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/

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)

John Prior/Paul Gillam/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 Stock Exchange AIM-listed (AIM: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$65 million.

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.

APPENDIX I

DRILLHOLE DATA - Firetower Project

Firetower and Firetower East 2019 Diamond Drilling - Collar Locations (GDA94 Zone55)

Hole ID	Prospect	Northing	Easting	RL	Hole	Azimuth	Dip
Depth
2019FTD015	Firetower	5405185	446148	610	157	360	-60
2019FTD016	Firetower	5405090	446680	599	317	360	-60
East

Firetower and Firetower East 2019 Diamond Drilling - Intercepts

Reporting Criteria: Intercepts reported as a minimum length of 1m, greater than or equal to 0.20ppm Au, with maximum internal dilution of 4m and intervals greater than or equal to 0.50ppm Au with zero metres of internal dilution.

Hole ID	From	To	Interval	Au g/t	Ag
ppm
2019FTD015	119	120	1	0.54	7.7
2019FTD016	95	96	1	0.26	0.1
2019FTD016	208	215	7	0.18	2.2
Incl	208	209	1	0.61	4.4
2019FTD016	224	225	1	2.1	1.2
2019FTD016	231	234	3	0.37	1.3
Incl	232	233	1	0.55	1.0

Page 3 of 9

Reporting Criteria: 2019FTD016 intercepts reported as minimum length of 1m, greater than or equal to 500ppm Zn, with maximum internal dilution of 4m and intervals greater than or equal to 2000ppm Zn with zero metres of internal dilution.

Hole ID	From	To	Interval	Zn	Au g/t	Ag
ppm	ppm
2019FTD016	158	165	7	1501	0.02	0.6
Incl	158	159	1	3008	0.01	0.7
Incl	163	164	1	3454	0.01	0.8
2019FTD016	184	215	31	2581	0.06	1.6
Incl	191	194	3	8745	0.03	2.5
Incl	195	196	1	3481	0.06	0.9
Incl	197	198	1	4991	0.13	4.0
Incl	201	203	2	5803	0.01	1.7
Incl	206	208	2	5652	0.01	2.5
Incl	211	212.2	1.2	2305	0.02	2.1
2019FTD016	223	244	21	1456	0.20	0.9
Incl	228	230	2	3207	0.08	1.1
Incl	232	235	3	3370	0.31	1.6
2019FTD016	252	254	2	769	0.08	2.4
2019FTD016	266	267	1	1346	0.05	2.2
2019FTD016	272	275	3	603	0.01	0.9
2019FTD016	280	290	10	1790	0.01	1.3
Incl	280	281	1	4734	0.01	1.4
Incl	283	284	1	2197	0.01	2.4
Incl	289	290	1	3697	0.01	3.7
2019FTD016	311	316	5	1106	0.03	0.4
Incl	315	316	1	3425	0.01	0.5

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 a

random

chips,

or

specific

further 2 holes. All

16 holes of

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

the 2020 program have now

standard measurement tools

been

reported.

In

aggregate,

appropriate to the minerals

~2,200m

of

drilling

was

under investigation, such as

completed with 14 holes at

down hole gamma

sondes,

Firetower and 2 holes at

or

handheld

XRF

·

Firetower East.

instruments,

etc).

These

Samples consist of diamond drill

examples

s h o u l d not

be

core (HQ and NQ sizes) cut in

taken as limiting the broad

·

half.

meaning of sampling.

All available core was cut and

•

Include

reference

to

sampled.

Sampling

interval is

generally 1m or 0.5m, but

measures

taken

to

ensure

respects

geological

contacts in

sample

representivity

and

places.

Sampling

was

carried

the appropriate calibration

out

to

Greatland

internal

of any measurement tools or

protocols and QAQC procedures.

•

systems used.

of

the

·

Entire samples were crushed

Aspects

then pulverised to a nominal 85%

determination

of

passing

75

microns.

The

that

resulting pulps were analysed for

mineralisation

are

Au (50g charge, fire assay) and

Material

to

the

Public

multi-element geochemistry (four

acid digest ICP-MS).

R e p o r t . I

n cases

where

·

The method of sampling is

'industry standard' work has

industry standard for reporting of

Exploration Results.

been

done this

would

be

·

Locations

and

orientation of

relatively

simple

(eg

2019 drill holes for this release

are tabulated in Appendix I.

'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

Page 4 of 9

results assessed.

for every drill run.

Data

•

Measures taken to

is

recorded

into laptop

maximise sample recovery

computer using 'LogChief'

-

geological

logging

and ensure representative

software.

nature of the samples.

•

·

Core recovery is very

Whether a relationship

exists between sample

high

(97%).

The drilling

method

employed

leads

recovery and grade and

to very high recoveries.

whether sample bias may

·

Due to consistently high

have occurred due to

recoveries,

no

preferential loss/gain of

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

logged

and

geotechnically

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

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,

Page 5 of 9

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).

No

geophysical tools

established.

·

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

transferred to Greatlands

database managers.

·

No adjustments have

been made to any assay

data.

·

Primary assay data is

stored

in

its

electronic

form,

and

retained

in

both

original

certificate

form (.pdf)

and text/.csv

files.

Location of

•

Accuracy and quality of

Location information

data points

surveys used to locate drill

·

Drill hole collar locations

holes (collar and down-hole

surveys), trenches, mine

were

surveyed

using

a

workings and other locations

LEICA DGPS (RTK Survey

used in Mineral Resource

Method)

(accuracy of

±

estimation.

• Specification of the grid

5cm).

coordinates

are

in

system used.

·

All

• Quality and adequacy of

GDA94 Zone55.

topographic control.

·

Down hole surveys were

conducted

every

30m

using

an Axis

Champ

Discover survey tool.

·

Topographic control of

drill

collars

utilises LEICA

DGPS

(RTK

Survey

Method)

(accuracy of

±

5cm).

Data spacing

•

Data spacing for reporting

·

Drill

planning

at

and

distribution

•

of Exploration Results.

Firetower

was

designed

Whether the data spacing

to

reduce

spacing

to

and distribution is sufficient

~15m between sections,

to establish the degree of

and

drill

all

holes

in

the

geological

and

grade

same

orientation

(north)

continuity

appropriate

for

the

Mineral

Resource

and

for

the

collection

of

Ore

Reserve estimation

systematic

geological

procedure(s)

and

information.

Average

•

classifications applied.

Whether sample

spacing

between

drill

compositing has been

holes

on

sections

is

~40m.

applied.

·

At Firetower East, drilling

targeted

an

IP

chargeability anomaly.

· Historic drilling was of an

ad-hoc

nature,

with

average

section spacing

(east-west) of ~30m (in

the main Firetower area),

although

holes

have

been drilled both to the

north

and

south

so

Page 6 of 9

						continuity		of	geological
						information collected has
						been sparse.
					·	The data spacing is not
						sufficient to establish a
						Mineral Resource.
Orientation of	•	Whether the orientation of	·	It is interpreted that the
data in		sampling achieves unbiased
relation to		sampling	of	possible		local geology is sub-
geological		structures and the extent to		vertical.	The	orientation
structure		which this	is	known,		of	drill	holes	is	not
	•	considering the deposit type.		believed		to	have
	If the relationship between
		introduced	any	bias	in
		the drilling orientation and		sampling.
		the orientation of key			The	orientation	of
		mineralised structures is	·
		considered to have			mineralised		zones	is
		introduced a sampling bias,		interpreted to be steeply
		this should be assessed and		dipping to the south.
		reported if material.	·		There	is	presently
						insufficient information to
						confirm		the	true
						thickness			of	any
						mineralised intervals.
Sample	•	The measures taken to	·	Samples were freighted
security		ensure sample security.
						to	the Laboratory using
						Greatland		chain	of
						custody protocols.
					·	Verification of sample
						numbers				and
						identification	by	is
						conducted	on	the
						laboratory	receipt	of
						samples,		and	sample
						receipt advise	issued	to
						Greatland.
					·		Details	of	all	sample
						movement	are	digitally
						recorded.	Dates, Hole ID
						sample ranges,	and	the
						analytical suite requested
						are	recorded	with	the
						dispatch	of samples	to
						analytical services.
Audits or	•	The results of any audits	·		No audits have been
reviews		or reviews	of	sampling
		techniques and data.		completed.
					·		No	reviews	are
						considered	required due
						as the project is in early
						phase of exploration.

Section 2 Reporting of Exploration Results

(Criteria listed in the preceding section also apply to this section.)

Criteria

Explanation

Mineral

•

Type,

reference

·

The Firetower Project

is

tenement

name/number,

location

and land

and ownership

including

located wholly within the

tenure status

agreements

or

material

following

Exploration

issues

with

third parties

Licence:

such

as

joint

ventures,

partnerships,

overriding

·

EL26/2004 (granted)

royalties,

native

title

interests,

historical sites,

·

Greatland Pty Ltd holds a

wilderness or national park

100%

interest

in

and

environmental

•

settings.

EL26/2004

The

security of

the

·

The tenements are in

tenure held at the time of

'good

standing'

with

reporting

along

with

any

Minerals

Resources

known

impediments to

Tasmania (MRT).

obtaining

a

licence

to

·

No known impediments

operate in the area.

exist,

including

a

licence

to operate in the area.

Exploration

•

Acknowledgment and

·

Exploration in the region

done by other

appraisal of exploration by

of the Firetower

Project

parties

other parties.

has involved the following

companies:

·

Asarco (1970's)

·

CRA (1984)

·

Noranda and Noranda

Plutonic JV (1989-1993)

·

Sirrocco (2000)

·

Auriongold (2001-2002)

·

Greatland Pty Ltd (2004-

2011)

·

Unity

Mining

Limited

(2011-2014)

·

Greatland Pty Ltd (2015 -

current)

Geology

•

Deposit type, geological

·

The Firetower project lies

setting and style of

in the central north of

mineralisation.

Tasmania

within

equivalents of

the

Mt

Page 7 of 9

Read Volcanics.

·

Gold mineralisation

is

hosted

in

volcanoclastic

rocks

and

manifest

as

sheeted

veins

(and

breccias) with

associated

pyrite,

haematite, quartz

and limonite.

·

At Firetower East, gold,

zinc

and

silver

mineralisation appears to

be associated with an IP

chargeability

anomaly.

Zinc mineralisation occurs

as

veins

and

disseminations.

Drill hole

•

A

summary

of

all

·

A tabulation of the collar

Information

information

material

to

the

understanding

of

the

details

and

significant

e x p l o r a t i o n results

intersections is contained

including

a

tabulation

of

in Appendix I.

the

following

information

by

for all Material drill holes:

·

Reports prepared

•

easting and northing

Greatland

Pty Ltd

are

of the drill hole collar

available

to

view

on:

•

elevation or RL

www.greatlandgold.com

(Reduced Level -

elevation above sea

level in metres) of the

drill hole collar

• dip and azimuth of the

hole

• down hole length and

•

interception depth

•

hole length.

If the exclusion of

this

information is

justified

on

the

basis

that

the

information is not Material

and

this

exclusion

does

not

detract

from

the

understanding

of

the

report,

the

Competent

Person

should

clearly

explain why this is the

case.

Data

•

In reporting Exploration

•

Exploration

results

are

aggregation

Results,

weighting

methods

averaging

techniques,

reported by length weighted

maximum

and/or

average.

minimum

(eg

grade

•

-

Significant

truncations

cutting of

Firetower

high grades) and cut-off

intersections are reported as

grades

are

usually

Material

and

should

be

minimum length of 1m -

•

stated.

Where

aggregate

greater than or equal to

0.2ppm Au with up to 4m of

intercepts

incorporate

internal dilution and intervals

short

lengths

of

high

grade

results

and

longer

greater than or equal to

l e n g t h s of

low

grade

0.5ppm Au with zero metres

results,

the

procedure

of internal dilution.

used for such aggregation

should be stated and some

•

Firetower East - intercepts

typical

examples of such

aggregations

should

be

reported as minimum length

•

shown in detail.

of 1m, greater than or equal

The assumptions used for

to

500ppm

Zn,

with

any reporting of metal

maximum internal dilution of

equivalent values should

4m and intervals greater than

be clearly stated.

or equal to 2000ppm Zn with

zero meters internal dilution.

Relationship

•

These relationships are

•

Down

hole lengths

are

between

mineralisation

particularly important in

reported,

true

width is

not

widths and

the reporting of Exploration

known.

intercept

Results.

lengths

•

If the geometry of the

mineralisation with respect

to the drill hole angle is

known, its nature should

be reported.

•

If it is not known and

only the down hole lengths

are reported, there should

be a clear statement to

this effect (eg 'down hole

length, true width not

known').

Diagrams

•

Appropriate maps and

•

Appropriate diagrams are

sections (with scales) and

available with this report.

tabulations

of

intercepts

should be included for any

significant discovery being

reported

These

should

include, but not be limited

to a plan view of drill hole

collar

locations

and

appropriate

sectional

Page 8 of 9

views.

Balanced

•

Where comprehensive

•

The company believes this

reporting

reporting of all Exploration

announcement is a balanced

Results is not

practicable,

report, and that all material

representative reporting of

information

has

been

both low and high grades

reported.

and/or widths should

be

practiced

to

avoid

misleading reporting

of

Exploration Results.

Other

•

Other exploration data, if

•

Previous exploration results

substantive

meaningful

and

material,

included in this

exploration

should

be

reported

announcement can be found

data

including

(but

n o t limited

on the company website:

to):

geological

www.greatlandgold.com

observations;

geophysical

survey

results;

geochemical

survey

results; bulk samples - size

and method of treatment;

metallurgical

test

results;

bulk density, groundwater,

geotechnical

and

rock

characteristics;

potential

deleterious

or

contaminating substances.

Further work

•

The nature and scale of

•

Planned

further

work includes

planned

further

work

(eg

geological

and

geochemical

tests for lateral extensions

or

depth

extensions

or

investigation of drill results.

large-scale

step-out

•

drilling).

Diagrams

clearly

highlighting

the

areas

of

possible

extensions,

including

the

main

geological interpretations

and

future

drilling

areas,

provided

this

information

is

not

commercially

sensitive.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] visit www.rns.com.

END

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