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Classic Minerals Ltd.
Summary
| Project: | Forrestania | |
|---|---|---|
| Deposit: | Forrestania | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 5/2/2017 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 2-5-2017: Classic Minerals Ltd. announces a Scoping Study report for its Forrestania deposit at the Forrestania project. Scoping study supporting 2.5 years LOM and NPV (8%) of 52-58M A$. Classic Minerals Limited ("Classic" or the "Company") (ASX Code: CLZ | |
| Resources: | (Resource): 2.112Mt @ 1.17g/t Au (Ind.) and 2.711Mt @ 1.6g/t Au (Inf.) at Lady Magdalena & Lady Ada | |
| CP/QP: | [Overall Report]: n/a (n/a) | |
| ABSTRACT: | Classic Minerals Limited ("Classic" or the "Company") (ASX Code: CLZ) is pleased to advise that it has completed a Scoping Study (“Study”) based on the Inferred and Indicated Mineral Resource at its 80% owned Forrestania Gold Project (“FGP” or “the Project”), located approximately 120 km south of Southern Cross, WA and 17 km southwest of the historic Bounty Mine site (mined/current resources of +2.0M oz Au). This Scoping Study refers to the Lady Ada (formally referred to as Blue Haze) and Lady Magdalene (formally Red Haze) deposits. The Scoping Study has been prepared by the Company with input and contributions by several independent and highly reputable consultants. The Scoping Study shows a technically and financially viable project based on the key assumptions adopted for the purpose of this study. The study is based on mining open pit Resources from the Lady Magdalene and Lady Ada Resources and processing through a 1Mtpa Carbon in Leach (“CIL”) processing plant to produce approximately 111koz gold over an initial 2.5 year mine life at a sustaining cost of A$1,080/oz – A$1,160/oz gold. The study assumes a maximum cash drawdown of A$40M which includes construction of the new processing facility, associated infrastructure and open pit predevelopment. Based on $1,700/oz gold price, the Project generates a pre-tax cashflow of A$60 – A$70 million (after royalties). The estimated Mineral Resources underpinning the Study have been prepared by a Competent Person in accordance with the requirements in the JORC Code (2012). | |
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