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Classic Minerals Ltd.
Summary
| Project: | Forrestania | |
|---|---|---|
| Deposit: | Lady Ada | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 12/13/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 13-12-2017: Classic Minerals Ltd. announces an Exploration/Drilling Update report for its Lady Ada deposit at the Forrestania project. Drilling results incl. 6m @ 8.67g/t Au from 67m. WA-focused gold exploration and development company Classic Minerals Li | |
| 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]: 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 advise that it has received initial assay results from RC holes drilled at the Lady Ada deposit as part of the Phase 2 drilling program at the Company’s Forrestania Gold Project (“FGP”) in Western Australia. MARC026 was a standout hole which yielded very impressive, high grade gold mineralisation (38.10 g/t) at a relatively shallow depth (68m) in an area that is outside of the current optimised pit design. Directly along strike from MARC026 was MARC024 and MARC019 which also included high grade results that were interestingly closer to surface. These results confirm the geological model that the primary Lady Ada ore zone extends to the south-east of the existing ore body. The extent of the mineralisation remains open and is yet to be closed off – Classic drilled a hole (MARC039) approx. 200m along strike from MARC019 and MARC024 that is yet to be assayed but included promising zones of arsenopyrite which appears to represent ore-bearing 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). | |
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