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Classic Minerals Ltd.
Summary
| Project: | Forrestania | |
|---|---|---|
| Deposit: | Lady Ada | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/19/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 19-7-2017: Classic Minerals Ltd. announces an Exploration/Drilling Update report for its Lady Ada deposit at the Forrestania project. Drilling results incl. 9m @ 6.23g/t Au from 36m. WA-focused gold exploration and development company Classic Minerals Lim | |
| 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 additional assay 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. MARC001 was a standout hole which yielded very impressive, high-grade gold mineralisation at a shallow depth (38m) in an area that is outside of the current optimised pit design. The strong results support the work that is currently planned to upgrade the Mineral 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. This is 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 assessed in FGP Scoping Study (see ASX announcement released 2nd May 2017). The Reverse Circulation (RC) drill program drilled to date comprised a total of 18 holes for 3,670m (MARC001 - MARC018), of which eight holes were drilled at Lady Ada. Additional results are presented for three holes (MARC001 – MARC003). Assay results for the remaining intersections and holes are expected to be announced as they are received. An additional POW (“Program of Works”) was lodged with the DMP (“Department of Mines and Petroleum”) for an in-fill and extensional drilling program. This has now been approved, allowing Classic to rapidly move to the next phase of exploration and development at the FGP. The Company will update the market accordingly. | |
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