Results from 2021 Exploration Programme Scallywag

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5 April 2022

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK MARKET ABUSE REGULATIONS. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

Greatland Gold plc

("Greatland" or "the Company")

Results from 2021 Exploration Programme at Scallywag

Assay results show broad geochemical anomalism at Scallywag providing further evidence of mineralising systems, confirming the area's prospectivity

New conductor targets in ground electromagnetic surveys identified for 2022 drilling

Greatland Gold plc (AIM:GGP), a mining development and exploration company with a focus on precious and base metals, is pleased to announce completed drilling results from the 2021 drill programme at its 100% owned Scallywag licence. Results have been received for the seven holes completed at four prospects, along with the results of the ground Electro-Magnetic ("EM") survey.

The 2021 drilling programme and ground EM survey at Scallywag is the second stage of the comprehensive exploration programme initiated at Scallywag and comprised seven holes for 3,863 metres, testing the Swan, Barbossa West, Architeuthis and Teach targets (refer to previous announcements on 19 April 2021 and 24 August 2021).

Highlights

§ Significantly anomalous Au with Bi-Te-Sb pathfinder geochemistry intersected in SWD001 at the Swan target:

§ 2.6m @ 0.19g/t Au from 35.4m AND 3m @ 0.19g/t Au from 430m in Swan hole SWD001, associated with broad zones of strongly anomalous Bi-Te-Sb pathfinders;

§ Anomalous gold and pathfinders identified in three further holes at the Swan and Barbossa West prospects

§ 7m @ 0.10g/t Au from 18m in Swan hole SWD003

§ 1m @ 0.48g/t Au from 384m in Swan hole SWD002

§ 1m @ 0.20g/t Au from 296m in Barbossa West hole BWD001

§ Ground EM survey completed identifying eight promising EM conductor plates in four targets, including two plates adjacent to Swan hole SWD001 above, representing potential higher grade mineralisation proximal to the anomalism identified at Swan to date

Next Steps

§ 2022 exploration drill programme designed to test ground EM conductors at Pearl, Swan and Swan East

§ Surface geochemistry in suitable areas involving Ultra Fine Fraction geochemistry is planned

§ Ongoing review of the 2020 airborne Electro-Magnetic survey, to identify further "Pearl" like aerial EM anomalies for ground EM follow-up

§ Further analysis of the drilling results from 2021, 2020 and integration into ongoing basin-wide geophysical and geological modelling to drive further targeting

Shaun Day, Managing Director of Greatland Gold plc, commented: "We are pleased with the results from the 2021 drilling campaign on our 100% owned Scallywag licence. Gold mineralisation has been intercepted in four of the seven holes reported, which is highly encouraging.

"These results, together with identifying several new conductor targets from the ground EM programme and results from the 2020 work, increases our confidence regarding the prospectivity for intrusion related and other styles of mineralised systems at Scallywag.

"In addition to identifying prospective drill targets for our 2022 drill program, this rich set of data builds our understanding of the regional and prospect scale geology as we continue to develop and refine our targeting strategy ahead of our 2022 exploration programmes."

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:

Further Information on the Scallywag Drill Programme

Assay results have been received from all seven Reverse Circulation / Diamond Drilling holes drilled at four prospects on the 100% owned Scallywag tenement during the second half of 2021 as described previously ("Drilling Commences at 100% owned Scallywag Licence", Greatland announcement dated 24 August 2021). This phase of drilling at Scallywag comprised seven holes for 3,862.7m, testing the Swan, Barbossa West, Architeuthis and Teach targets (Table 1).

Drill sample turnaround times were significantly delayed due to the record high volume of samples being sent to assay laboratories across the industry in Western Australia.

Swan

Swan comprises a strong, deep aerial EM conductor (A33) located in an interpreted fold structure with coincident gravity high developed adjacent to, or truncated by, structures in the crustal scale Kaliranu Fault Zone. Two reconnaissance holes SWD001 and SWD002 were completed on the target, along with three lines of ground EM. Hole SWD003 was drilled to test a further airborne EM anomaly 1.5 km east of Swan. The Swan area is covered by 15 - 25 metres of transported sediments.

SWD001 returned geochemically significant Au assays over several narrow intervals within several broader zones of anomalous multielement bismuth (Bi)- tellurium (Te) -Antimony (Sb) metal associations (Appendix 1; Tables 1 - 3). A wide zone of weak, patchy Au anomalism occurs from around 415 - 450m downhole, with narrow internal widths of strongly anomalous Bi-Te-Sb (Table 2a). The geology consists of massive, dark, siliceous massive silty sandstone - quartzite. Flecks of very fine-grained trace pyrite and pyrrhotite were noted from 430 - 442m. A similar zone of anomalous Au with strong Bi-Te occurs from 140 - 180m (Table 2b), with trace fine sulphides logged from 145 - 152m.

A third weakly Au anomalous zone is located in bedrock immediately below, and around the unconformity, suggesting possible supergene dispersion from a higher grade bedrock system.

Drilling did not adequately explain the source of the airborne electromagnetic anomaly. Recently completed ground EM surveying has identified more constrained conductor targets in the Swan area that will be followed up by further drilling, and in particular conductor plates were identified to the west and east of hole SWD001. The Au-Bi-Te-Sb anomalous intersections described above may represent a halo to potential higher grade mineralisation associated with the new ground EM conductive plates.

The occurrence of several intervals of moderately intense quartz-carbonate veining, patches of sericite, hematite and albite hydrothermal alteration, trace sulphides, anomalous Au and Bi-Te-Sb pathfinder metal geochemistry, and a possible supergene dispersion zone, are all highly encouraging and suggest mineralising fluids were active in the area. Further work is warranted to test around Swan, and in particular drill testing of ground EM conductor plates to the east and west of Swan is considered a priority and planned for the 2022 field program. Surface soil sampling will also be trialed, looking to identify a source to the apparent supergene mineralisation.

SWD002 and SWD003 returned similar geology and geochemical relationships, but generally weaker, more patchy and narrower Au- Cu and multi-element geochemical results. Ground EM at the nearby A34 anomaly has identified a further strong discrete conductor at depth that warrants drill testing.

Architeuthis, Barbossa West and Teach

These targets comprised magnetic and structural targets identified under deep cover around the Scallywag Syncline, and were tested by four drill holes (one each at Architeuthis and Barbossa West, and two at Teach).

All holes intersected basement (between 85 to 240m in depth) and reached target depths. Several zones of anomalous gold and pathfinder mineralisation have been identified, as outlined in Appendix 1- Table 3.

Further review of the drill hole logging and assay data will be undertaken to help resolve the stratigraphy, drive geological understanding and improve targeting.

Ground EM Surveying

Ground Electro-Magnetic ("EM") surveys were completed over targets identified in the 2020 heliborne aerial EM survey reported previously ("Drilling Commences at 100% owned Scallywag Licence", Greatland announcement dated 24 August 2021). The programme was designed to confirm the aerial EM targets and better define the geometry of the bedrock conductors prior to drilling.

Approximately 21.4-line kilometres of data were collected, over five target areas (A32 to A35) in and around the Swan area, along 16 lines. Three types of survey configurations were used for the collection of the data: Fixed Loop, In-loop and Slingram to obtain optimal results.

The survey data has identified several potential bedrock conductors. These have been modelled to delineate their conductance and location. A total of eight sub-vertical conductor plate targets have been identified across the A33 (Swan, two plates), A32 (Pearl, two plates), A34 (1 plate) and A35 (three plates) prospects. Plates are generally 80 - 220m beneath the surface, the majority can be targeted by RC drilling, with or without diamond core tails. Drilling, heritage clearance, drill pad and access clearing has been planned and is underway.

In addition to drill testing the ground EM targets generated in 2021, further geophysical modelling and data processing is underway looking to upgrade further airborne EM anomalies from the 2020 program and plan further ground EM in the 2022 exploration programme, potentially identifying further drill targets.

Competent Person:

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

"Drilling Commences at 100% owned Scallywag Licence" dated 24/8/2021 (Greatland RNS announcement)

"Scallywag Drill Results" dated 19/4/2021 (Greatland RNS announcement)

"Initial Scallywag Results, New Targets Identified" dated 20/1/2021 (Greatland RNS announcement)

"Greatland commences drilling at Scallywag prospect" dated 19/8/2020 (Greatland RNS announcement)

"New Drill Targets at Scallywag" dated 30/10/2019 (Greatland RNS announcement)

"Greatland Advances Exploration at Scallywag" dated 15/08/2019 (Greatland RNS announcement)

"Paterson Project - Scallywag Target's MMI Results" dated 23/10/2018 (Greatland RNS announcement)

Information in this announcement pertaining to Reporting of Exploration Results 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 a full-time employee of the Company and has a financial interest in Greatland Gold plc. 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 historical 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/scallywag/ 

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 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. 

APPENDIX 1

Table 1 - 2021 Scallywag Prospects - Drill Hole Collar Data

Table 2a - SWD001 - Assay Data- Drill intersection highlighting weak but strongly correlated Au- Ag- As- Bi- Cu- Te- Pb- Zn- Sb zones in several narrow intervals 415 - 480m

X - below detection; all assays in ppm, except Sulphur (S) in %

Table 2b - SWD001 - Assay Data- drill intersection highlighting weak Au and correlated Ag- As- Bi- Cu- Te- Pb- Zn- Sb zones in several bands; 140 - 180m

X - below detection; all assays in ppm, except Sulphur (S) in %

Table 3 - Scallywag Drilling 2021 - All Anomalous Pathfinder Multi Element Assays, with Au, excluding intervals in SWD001 reported above