Classic Minerals ramps up high-grade gold hunt

Published at Aug 6, 2018, in Small Caps

Classic Minerals (ASX:CLZ) has kicked off reverse circulation (RC) drilling at its Forrestania Gold Project in WA.

Following on from the encouraging results from its last programs at the Kat Gap, Lady Magdalene and Lady Lila prospects, CLZ will be targeting these areas again with 2000 metres of additional drilling.

The Forrestania Project contains an existing JORC (2012)-compliant Mineral Resource of 5.3 Mt at 1.39 g/t for 240,000 ounces of gold, with a recent scoping study suggesting both the technical and financial viability of the project.

CLZ sees great potential for the discovery of a substantial shallow high-grade gold deposit within the Kat Gap project area; the upcoming program will be testing for extensions of the high grade system.

Additional high-grade cross-cutting lodes will also be targeted at Lady Magdalene. This prospect is a large, modestly graded deposit which appears to host high-grade, cross-cutting gold lodes within existing drill lines that are 100-200 metres apart. The upcoming RC drilling program is designed to further delineate the east-west strike extent of the new high-grade quartz veins recently discovered here.

Further to that, CLZ will be testing Lady Lila extensions at depth and along strike.

Assay results are expected in early September.

Of course, as with all minerals exploration, success is not guaranteed — consider your own personal circumstances before investing, and seek professional financial advice.

Classic CEO, Dean Goodwin, said: “Following the outstanding results of our last drilling program, including multiple high-grade gold hits at Kat Gap and Lady Magdalene, we are very excited to be heading back to the FGP to undertake an aggressive follow up drill program.

“As you will see, this drill program is focused more so on our 100% Kat Gap project, which delivered outstanding results during the previous two drill campaigns, and is shaping up to become a prolific shallow high-grade gold deposit with so much remaining upside potential. We have only tested 140m of 3.5km of potential strike along this granite-greenstone contact and intersected a new zone of mineralisation in the granite.

“We are also very happy to be continuing the extensional drilling at Lady Magdalene and Lady Lila, which remain flagship assets in our FGP portfolio,” added Goodwin.

“Over the past 12 months, the company has been busy gaining a thorough understanding of the local geology and controls on mineralisation. All of the drill programs undertaken at FGP by Classic have yielded high grade gold hits. There is no doubt in my mind that this is a major gold camp containing significant undiscovered resources and we are on the right path to discover and delineate these ore bodies,” said Goodwin.

CLZ’s Forrestania tenure shown in red, including drill targets

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