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Classic Minerals Ltd.
Summary
| Project: | Forrestania | |
|---|---|---|
| Deposit: | Lady Ada | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 7/25/2017 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 25-7-2017: Classic Minerals Ltd. announces an Exploration/Drilling Update report for its Lady Ada deposit at the Forrestania project. Drilling results incl. 17m @ 3.86g/t Au from 179m. WA-focused gold exploration and development company Classic Minerals L | |
| 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 results from the Phase 1 drilling program at the Company’s Forrestania Gold Project (“FGP”) in Western Australia. Drilling at Lady Magdalene was designed to target mineralisation outside of the current resource model as well as highgrade extensions below and adjacent to the current pit design. Importantly, results from initial holes have identified a zone of high-grade mineralisation outside of the current Mineral Resource, which extends at depth and along strike, reaffirming Classic’s view that the FGP has the potential to host a much larger gold system that can be unlocked through further targeted drilling. These latest results follow on from the robust initial assays returned from the Lady Ada and Lady Magdalene deposits within FGP (see ASX announcement 4 July 2017 and 10 July 2017), and further underpin Classic’s near-term growth strategy aimed at sufficiently growing its resource base to a size that supports establishment of an on-site processing facility at FGP (see Scoping Study announcement released 2 May 2017). “It's been very exciting receiving these additional excellent assay results over the past weeks. We think the FGP has the potential to become a world-class gold deposit, due to the lack of deeper drilling by previous holders. The fantastic results coming back from our Phase 1 program have given us the confidence to forge ahead with a significant Phase 2 drilling program at FGP. As more assays come in, we see the mineralised zones at Lady Magdalene are getting thicker and are very consistent in grade. We are excited about uncovering more new zones at FGP and building on this resource.” | |
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