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Classic Minerals Ltd.
Summary
| Project: | Forrestania | |
|---|---|---|
| Deposit: | Forrestania | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/5/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 5-7-2017: Classic Minerals Ltd. announces an Exploration/Drilling Update report for its Forrestania deposit at the Forrestania project. Drilling results incl. 12m @ 1.74g/t Au from 64m. WA-focused gold exploration and development company Classic Minerals | |
| 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]: Edward S. K. Fry (BGM Investments Pty Ltd.) | |
| ABSTRACT: | WA-focused gold exploration and development company Classic Minerals Limited (ASX. CLZ) ("Classic", or "the Company") is pleased to advise that it has received preliminary results for the initial holes drilled at the Lady Ada deposit as part of the Phase 1 drilling program at the Company’s Forrestania Gold Project (“FGP”) in Western Australia. Importantly, all the drill holes intersected quartz veining as well as zones of silicified/bleached gabbro (which appear to be host mineralisation) within the targeted alteration zones. The strong results point to both an increase and an upgrade in Resources at the Forrestania Gold Project. The drilling was designed to target mineralisation outside of the current resource model as well as high-grade extensions below and adjacent to the current pit design, in line with Classic’s strategy to sufficiently grow its Mineral Resources to a size that supports establishment of an on-site processing facility at FGP as contemplated in FGP scoping study (see ASX announcement released 2nd May 2017). “These results from Lady Ada confirm the presence of wide zones of significant gold mineralisation that continue at depth, reaffirming our view that the Forrestania Gold Project potentially hosts a much larger high grade gold system. With drilling approvals already in place, preparations are now underway to commence follow up drilling to define extent of this mineralised zone in the near future. This is a great start for our exploration campaign at the Forrestania Gold Project and we are looking forward to reporting the subsequent Lady Magdalene assay results in the coming weeks. Our success at Lady Ada gives us confidence that drilling at Lady Magdalene will also confirm the existence of potentially economic mineralisation trending SE at depth. Classic is committed to growing its resource base at Forrestania through drilling and strategic acquisitions and we are well on our way to delivering on this objective.” | |
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