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Classic Minerals Ltd.
Summary
| Project: | Forrestania | |
|---|---|---|
| Deposit: | Forrestania | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 3/20/2017 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Pre-Feasibility Study | |
| Report details: | 20-3-2017: Classic Minerals Ltd. announces a Scoping Study report for its Forrestania deposit at the Forrestania project. Scoping study incl. design for Open Pit Operations. Classic Minerals Limited ("Classic" or the "Company") (ASX Code: CLZ) is pleased | |
| Resources: | (Resource, I+I): 216Koz Au contained at project | |
| CP/QP: | [Overall Report]: Edward S. K. Fry (BGM Investments Pty Ltd.) | |
| 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 results of the Study were positive and importantly provide strong encouragement for the Company to commit to the next stage of its exploration and development program. Managing Director Mr Justin Doutch stated: Classic decided to accelerate the due diligence process and its own understanding of the FGP Project by engaging experts to assist with a Scoping Study concerning development and mining of the FGP. The results were encouraging and a clearer pathway to development and feasibility work has been mapped out. Classic aims to complete the acquisition of the FGP in the near-term and does not foresee any major issues or reasons as to why shareholders would vote against the proposed transaction. In the meantime, Classic will continue its planning and technical work so that it can hit the ground running as soon as the transaction completes. We see great potential at the FGP for increasing the Resource and rapid mine development leading to Classic becoming a gold producer in the near-term. We are also excited to be partnered with Hannans Ltd who are in turn, supported by major shareholders Neo Metals and Australian Contract Mining – I am sure there are synergies to be explored as we move closer to mining. | |
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