CLZ chases game-changing gold system at Lady Magdalene

Published at Feb 12, 2018, in Small Caps

ASX junior explorer, Classic Minerals (ASX:CLZ), has today announced that it has begun orientated diamond drilling at the Lady Magdalene deposit, which forms part of the current Phase 3 drilling program at its Forrestania Gold Project in WA’s Southern Cross Belt.

Encouragingly, the scale of alteration and mineralisation observed in all holes drilled to date is indicative of a large-scale gold system.

Phase 2 drilling at the Lady Ada deposit has recently returned additional high-grade results from outside the current scoping study pit design, highlighting significant potential to expand the current Mineral Resource Estimate (MRE) at Forrestania.

CLZ is now focused on the considerable potential for high-grade, Lady Ada-esque mineralisation between current drill lines (spaced 100 metres apart) at the Lady Magdalene deposit, which is presently considered a large, modestly graded prospect.

Approval has been received from DMIRS, and contractors are on site to carry out orientated diamond drilling within the existing Lady Magdalene resource. The aim is to locate high-grade cross-cutting gold lodes similar to those at the Lady Ada deposit, which yielded 95,865 tonnes at 8.81 grams per tonne for 27,146 ounces of gold.

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

The diamond drill holes will primarily be used for structural data, enabling CLZ to accurately determine the orientation of any high-grade zones that have been missed by previous explorers.

This methodology was employed previously by CLZ CEO Dean Goodwin, who discovered the high-grade zones at Lady Ada back in 1999. Prior to Goodwin’s Lady Ada theory being tested, it was considered a low-grade deposit, as Lady Magdalene is today.

Goodwin said: “In parallel to our regional exploration program, we will be looking for high-grade cross-cutting lodes within the Lady Magdalene resource envelope similar to Lady Ada.

“We found Lady Ada 17 years ago by looking closely at the drilling sections; you could see this high-grade gold lode cutting through from section to section on an angle. It wasn’t running parallel to the main lower grade material. Once we changed the drill orientation, the high-grade zone was instantly apparent and the rest was history.

“There is very strong evidence to suggest that similar things are happening at Lady Magdalene. There could be multiple Lady Adas hiding within the existing data. Before we looked closely at Lady Ada, both Lady Ada and Lady Magdalene were deemed large low-grade gold resources. It was only after we looked closely at Lady Ada that we saw the high-grade cross cutting lode – I hope to repeat this methodology and discovery at Lady Magdalene,” Goodwin said.

CLZ lady magdalene

Diamond holes and Phase 2 holes at Lady Magdalene plotted against the latest implicit mode. Space between existing drill lines marked in red, latest RC results shown in yellow boxes and pending assay results marked with pink circles.

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