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Greatland Identifies Large Gold Target at Firetower Project following 3DIP Survey

Greatland advances its 100% owned Firetower project towards exploration goal of one million ounces of gold with large target generated from 3D Induced Polarisation survey

Greatland Gold has announced a large new gold target has been outlined by results of a 3D Induced Polarisation (“3DIP”) survey at its 100% owned Firetower gold project in Tasmania, Australia.

A technical review of the Firetower project, conducted earlier this year, highlighted the potential for Induced Polarisation geophysics to assist in outlining the trend of gold mineralisation in areas untested by previous drilling. Following the receipt of all required approvals, as announced 11 April 2018, the Company executed a comprehensive 3DIP survey at Firetower which covered a strike length of 1.6km over the immediate mineralised zone at Firetower, and also high priority target areas to the immediate west and east.

Highlights of Results from 3DIP Survey

 High quality IP data was collected allowing the production of excellent 3D models which

highlight a large gold target, approximately 1,000 metres long, traversing east-west

across the Firetower prospect, which is open to the east and up to depths of 400 metres;

 Significantly, the results illustrate the existing sub-surface gold mineralisation identified

in drilling to date is spatially associated with the 3DIP chargeability anomaly;

 The results support the Company’s view that cost effective 3DIP models can be used to

track the mineralised system and assist with drill location planning at Firetower;

 The 3D model of the chargeability anomaly also highlights the potential plunge of

mineralisation which is very important for focusing on areas within the broader

mineralised system which may potentially host higher grade gold and copper

mineralisation.

Next Steps

 Greatland is currently working on plans for a drill programme to test the large target

identified by the results of the 3DIP survey;

 The Company is also reviewing options to deploy 3DIP geophysics across the broader

prospective sequence at Firetower which has been identified over approximately 4km of

strike.

Gervaise Heddle, Chief Executive Officer, commented: “We are very pleased by the excellent models generated by the 3DIP survey at Firetower which have identified an exciting new large gold target. We believe that these models represent a potential breakthrough for our exploration efforts at Firetower and will help us to unlock the true

potential of this high-grade, near-surface gold deposit. Our intention is to advance the Firetower project towards its exploration target of one million ounces of gold by leveraging these excellent results and we are currently planning a new drill programme which we expect to commence in the first quarter of 2019.”

Overview of the Firetower Project

The Firetower project is located in central north Tasmania, Australia, and covers an area of

62 square kilometres. The 100% owned project includes the two main prospects of

Firetower and Firetower West, 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.

The Firetower project area covers the eastern parts of the highly mineralised Mt Read

volcanic rocks which lie in the western and northern parts of Tasmania. These rocks host

major polymetallic (zinc, lead, gold) deposits such as Hellyer and Roseberry, and copper

deposits such as Mt Lyell, and the large Henty gold mine which has produced over 1.25m oz

since 1996.

Gold mineralisation at Firetower was first located in the late 1970s with stream sediment

samples up to 320g/t gold (+10 oz) 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 to 4,450ppb gold, diamond drilling and detailed ground magnetics. Gold

drill intercepts (historic and Greatland) include 29m at 2.39g/t, 17m at 5.37g/t (incl 1m at

30g/t), 10m at 6.2g/t, 3m at 21.38g/t Au, 11m at 4.3g/t, 1.2m at 14.9g/t. Copper intercepts

include 5m at 0.76% Cu, 1m at 1.44%, 3m at 0.62%, 2m at 0.84% and 0.5m at 3.72%. Drilling

to date has, in general, tested approximately 250m of strike to a depth of around 100m from

surface.

Several other prospects are present within the project area such as Firetower West and

Firetower East. At Firetower West soil geochemistry has delineated a large

copper/arsenic/gold anomaly over an area of 800m x 300m, with rock chips up to 3.3%

copper. A 3DIP target approximately 800m x 400m was tested with a single core hole in 2014

returning 1m at 1.34% copper and 2.6g/t silver. This is considered significant as it highlights

the prospectivity of Firetower West to potentially host polymetallic deposits such as Hellyer

and Roseberry. Firetower East is the eastern strike extensions of the main mineralised rocks

at the Firetower prospect. This zone covers more than 2km of strike with soil geochemistry

up to 150ppb gold, but little follow-up work has been completed here.

The Company completed an internal review of the Firetower project in late 2017 and

determined the key areas requiring attention to advance the project. From this it was

recognised that the western portion of the main mineralised area at Firetower holds much

potential but has not been subject to intensive exploration due to scree cover and steep

terrain. During the review all historic geochemical and ground geophysical surveys were

examined. Data was interpreted and modelled in 3D with existing drill holes. The review

highlighted the presence of untested surface gold mineralisation immediately west of the

main Firetower prospect with soil geochemistry results including 390ppb gold and 210ppb

gold, and rock chip results up to 3.57g/t gold. This area has been overlooked in the past as

scree cover largely masks bedrock geology. Early ground geophysics provides incomplete

coverage over the Firetower prospect but shows an Induced Polarisation (IP) chargeability

anomaly consistent with gold mineralisation intersected in existing drill holes. Extension of

the IP coverage with modern geophysical equipment and processing techniques is

considered a powerful tool to assist in significantly extending the strike potential of the gold

mineralised system at Firetower.

In co-operation with geophysical contractors the Company designed and executed a

comprehensive 3DIP survey for the Firetower prospect. The survey covered a strike length of

1.6km over the immediate mineralised zone at Firetower and also covered high priority

target areas to the immediate west and east. Actual ground conditions and petrophysical

parameters resulted in the collection of high quality IP data allowing the production of

robust 3D chargeability, conductivity and resistivity models via modern inversion techniques.

The resultant models are excellent and highlight large-scale geological and structural

features. Importantly, existing sub-surface gold mineralisation identified in drilling to date is

spatially associated with the 3DIP chargeability anomaly and models highlight a large target

traversing approximately 1,000m east-west across the Firetower prospect grid which is open

to the east (unsurveyed eastern limit). The chargeability anomaly also illustrates the

potential plunge of mineralisation which is very important in highlighting areas which may

host higher grade gold and copper within the broader Firetower mineralised system. The

chargeability anomaly is seen to depths of approximately 400m from surface.

Overall, results of the 3DIP survey are very positive and illustrate a large gold target 1,000m

long x 400m deep, open to the east and at depth. Testing of the resultant targets with RC

and/or core drill holes will be undertaken once overall project scheduling is finalised. The

3DIP survey has been successful and may be deployed across the broader prospective

sequence at Firetower which, to date, has been identified over approximately 4km of strike.

The Company’s exploration target for the Firetower prospect is one million ounces of gold.

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

www.greatlandgold.com/projects.

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