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Classic Minerals Ltd.
Summary
| Project: | Forrestania | |
|---|---|---|
| Deposit: | Kat Gap | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 4/20/2020 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 20-4-2020: Classic Minerals Ltd. announces a Resource Estimation report for its Kat Gap deposit at the Forrestania project. Updated Mineral Resource Estimate for Project. Classic Minerals Limited (Classic or the Company) (ASX Code: CLZ) is pleased to anno | |
| Resources: | (Resources, Inf.): 975.7kt @ 2.96g/t Au (92.8koz Au) at Kat Gap | |
| CP/QP: | [Resources]: David Broomfield (Cadre Geology and Mining Pty Ltd.) | |
| ABSTRACT: | Classic Minerals Limited (Classic or the Company) (ASX Code: CLZ) is pleased to announce that the maiden JORC Compliant, Inferred Mineral Resource estimate at its Kat Gap deposit in Western Australia has delivered 1Mt @ 3gpt Au for 93koz (0gpt lower cutoff). Results strengthen the case for near term commencement of mining operations at the FGP to take advantage of historically high AUD gold prices. The maiden resource was primarily calculated to pave the way for the application of a mining lease over the Kat Gap deposit area. Scoping studies, metallurgical testwork and optimisation work on possible open pit scenarios are currently underway potentially underpinning the economics for near term mining operations. Building on gold exploration efforts in the area since the 1990’s, Classic Minerals commenced an ongoing programme of RC and diamond drilling in April 2018. This maiden JORC Compliant Mineral Resource is the culmination of several work programmes since this time. The resource estimate utilises only recent Classic data, omitting the historic information and concentrating on a well drilled, circa 500m zone centered on 6372200N – a zone of strong mineralisation cut by a prominent Proterozoic dolerite dyke. | |
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