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Classic Minerals Ltd.
Summary
| Project: | Forrestania | |
|---|---|---|
| Deposit: | Lady Magdalene | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 12/18/2019 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 18-12-2019: Classic Minerals Ltd. announces a Resource Estimation report for its Lady Magdalene deposit at the Forrestania project. Updated mineral resource estimate at the Lady Magdalene deposit. Classic Minerals Limited (Classic or the Company) (ASX Cod | |
| Resources: | (Resource, Inf.): 5.92Mt @ 1.32g/t Au at Lady Magdalene | |
| 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 Magdalene mineral resource estimate at the Forrestania Gold Project (FGP) in Western Australia has realised a 38% increase in the contained gold ounces for the deposit to 5.92 million tonnes grading 1.32g/t gold for 251,350 ounces. Classic holds 80% of the gold rights for the FGP, which also includes a remnant resource of 543,500 tonnes grading 1.99g/t gold for 34,950 ounces at the Lady Ada deposit, centered about 1km south of Lady Magdalene 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 6.18Mt at 1.36g/t for 270,100 ounces of gold. Resources are located beneath an existing open pit shell at Lady Ada and the un-mined, near-surface deposits at Lady Magdalene. The project presents an opportunity for near term mining operations and production. The current 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. | |
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