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Classic Minerals Ltd.
Summary
| Project: | Forrestania | |
|---|---|---|
| Deposit: | Lady Ada | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 1/21/2020 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 21-1-2020: Classic Minerals Ltd. announces a Resource Estimation report for its Lady Ada deposit at the Forrestania project. Updated mineral resource estimate at the Lady Ada deposit. Classic Minerals Limited (Classic or the Company) (ASX Code: CLZ) is pl | |
| Resources: | (Resource, I+I): 1.348Mt @ 1.38g/t Au at Lady Ada | |
| 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 a recent update to its Lady Ada mineral resource estimate at the Forrestania Gold Project (FGP) in Western Australia has realised a 71% increase in the contained gold ounces for the deposit to 1.35 million tonnes grading 1.38g/t gold for 59,700 ounces. Classic holds 80% of the gold rights for the FGP, which also includes the unmined Lady Magdalene resource of 5,922,700 tonnes grading 1.32g/t gold for 251,350 ounces, centered about 1km north of Lady Ada and located in the same geological rock sequences. With the recent update to the Lady Magdalene mineral resource, the FGP now comprises existing resources of 7.27Mt at 1.33g/t for 311,050 ounces of gold. Resources are located beneath an existing open pit shell at Lady Ada and the unmined, near-surface deposits at Lady Magdalene. The project presents an opportunity for near term mining operations and production. The current mineral resources are reported in compliance with the JORC Code (2012) and are estimated with a lower cut-off grade of 0.5g/t gold. When a higher cut-off is applied (1g/t gold), it is possible to delineate higher-grade pockets of the mineral resources, particularly at Lady Ada, which was previously mined at an average grade of 8.8 g/t gold. Classic continues to focus on delineating these higher-grade zones at both deposits, to potentially generate early cash-flow and support the costs associated with mining, haulage and toll treatment. At a block cut-off grade of 1g/t gold, the Lady Ada resource is estimated to contain combined Indicated and Inferred resource of 590,750 tonnes grading 2.17g/t gold for 41,200 ounces and at a block cut-off grade of 2g/t, the Lady Ada resource estimate produces 218,300 tonnes grading 3.56g/t gold for 24,950 ounces. | |
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