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Classic Minerals Ltd.
Summary
| Project: | Forrestania | |
|---|---|---|
| Deposit: | Kat Gap | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/24/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 24-7-2018: Classic Minerals Ltd. announces an Exploration/Drilling Update report for its Kat Gap deposit at the Forrestania project. Drilling results incl. 8m @ 19.05g/t Au from 32m. WA-focused gold exploration and development company Classic Minerals Lim | |
| Resources: | (Resource): 2.112Mt @ 1.17g/t Au (Ind.) and 3.251Mt @ 1.53g/t Au (Inf.) at project | |
| CP/QP: | [Overall Report]: Dean Goodwin (Reliant Resources Pty Ltd.) | |
| ABSTRACT: | WA-focused gold exploration and development company Classic Minerals Limited (ASX. CLZ) ("Classic", or "the Company") is pleased to announce that it has received assays results from its recent RC drilling program at its Forrestania Gold Project (FGP) in Western Australia. In this round of drilling, the Company has drilled a total of 22 holes for 1,990m - 12 holes for 1052m at Kat Gap and 10 holes for 938 metres at Lady Magdalene with the aim of improving/increasing known mineralisation at Lady Magdalene and Kat Gap. Classic CEO Dean Goodwin said: The Forrestania Gold Project continues to deliver fantastic results for Classic and its shareholders. We encountered high grade zones of mineralisation at each of the drill targets which all remain open along strike with high priority zones requiring urgent follow up. Kat Gap is shaping up to become a prolific shallow high-grade gold deposit with so much remaining upside potential. We have only tested 140m of 3.5km of potential strike along this granite-greenstone contact and received excellent gold grades from 11 of the 12 holes drilled. At Lady Magdalene, we have proven the existence of 3 potentially new high-grade cross-cutting quartz veins. As previously posited, these quartz veins could be analogous to those at Lady Ada – reinforcing the view that plenty more high-grade ounces are potentially hiding between the existing drill lines at Lady Magdalene. We will track these new quartz lodes both east-west and test for additional cross-cutting veins all the way south to Lady Ada. We are planning to restart drilling at Kat Gap and Lady Magdalene in early August. This program will also include the drilling at Lady Lila and Van Uden West so there is plenty of good results to look forward to. These new results bode well for the whole Forrestania project given that the main granite-greenstone contact, of which we have 40 km of strike, has been largely overlooked. I’m quite confident that new, high-priority gold targets will come to light elsewhere within the project area. We should also point out that this drilling program, along with all associated assays and additional technical work cost less than $150,000 AUD. This is another notable example of CLZ’s “new” approach to exploration planning and spending at FGP – we carefully plan all exploration activities and keep a tight control on costs to ensure shareholder funds are wisely spent with the goal of delivering value to all shareholders. | |
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