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Classic Minerals Ltd.
Summary
| Project: | Forrestania | |
|---|---|---|
| Deposit: | Forrestania | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 3/14/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 14-3-2017: Classic Minerals Ltd. announces a Resource Estimation report for its Forrestania deposit at the Forrestania project. Resource reported in accordance with JORC code (2012). Classic Minerals Limited (Classic or the Company) (ASX Code: CLZ) is ple | |
| Resources: | (Resource): 2.112Mt @ 1.17g/t Au (Ind.) and 2.710Mt @ 1.6g/t Au (Inf.) at project | |
| CP/QP: | [Resources]: Edward S. K. Fry (BGM Investments Pty Ltd.) | |
| ABSTRACT: | Classic Minerals Limited (Classic or the Company) (ASX Code: CLZ) is pleased to announce that it has now signed an agreement in respect to acquiring 80% of the gold rights over certain tenements in the Forrestania region, referred to as the Forrestania Gold Project (FGP). The FGP Tenements are registered in the name of Reed Exploration Pty Ltd, a wholly owned subsidiary of ASX listed Hannans Ltd (ASX:HNR). Classic has acquired 80% of the gold rights on the FGP Tenements from a third party (refer below), whilst Hannans has maintained its 20% interest in the gold rights. Hannans' 20% interest is free-carried, meaning Hannans is not required to fund any activities on the FGP until a decision to mine has been made. Hannans and Classic will now work towards concluding a substantive joint venture agreement to guide the development of the FGP. For the avoidance of doubt Hannans Ltd owns a 100% interest in non-gold rights on the FGP Tenements including but not limited to nickel, lithium and other metals. Managing Director Mr Justin Doutch stated: "Classic is very pleased to have entered into the agreement to acquire the FGP gold assets, including 80% of the gold rights over seven tenements and valuable technical data. The FGP gold assets include a high grade open pit formerly mined by Sons of Gwalia so, in addition to exploration data, we have a wealth of existing mining records to draw upon. We believe, given the geology, exploration results and mining achieved to date, that there is the potential for both rapid mine development of known deposits and the discovery of additional significant gold mineralisation within the FGP area. We are excited to be working with our partner, Hannans Ltd, on developing the project." | |
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