High-grade gold results from CLZ’s Forrestania Project keep coming
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
ASX explorer, Classic Minerals (ASX:CLZ), today announced to market more promising high-grade assay results from the Phase 2 drilling program at its Forrestania Gold Project in WA’s Southern Cross Belt.
The scale of mineralisation observed in all holes drilled to date continues to be indicative of a potential large-scale gold system.
Phase 2 drilling was designed to target mineralisation outside of the current Resource model, as well as high-grade extensions below and adjacent to the current pit design. This echoes CLZ’s strategy to grow its Resource to a size that supports establishment of an on-site processing facility.
The Reverse Circulation (RC) drill program to date has comprised a total of 18 holes, spanning some 3,250 metres.
CLZ is now two-thirds of its way through assay processing, and is expecting additional results for Forrestania’s major deposits, Lady Ada and Lady Magdalene, in the weeks to come.
These recent results highlight significant potential to expand and upgrade the current JORC-compliant Mineral Resource Estimate (MRE) at Forrestania, which currently sits at 5.9 Mt at 1.25 grams per tonne of gold for 240,000 ounces of gold. A recent scoping study has also confirmed the project’s technical and financial viability.
Drilling at Lady Ada confirms CLZ’s Resource development model
With strong potential for Resource amplification, the Lady Ada deposit has returned additional high-grade results from outside the current scoping study pit design.
Drill hole MARC023 was a standout hole at Lady Ada, yielding impressive, high-grade gold mineralisation (76.8 grams per tonne) at a relatively shallow depth (116 metres) in an area that is outside of the current optimised pit design.
These results also confirm the geological model that the primary Lady Ada ore zone extends to the south-east of the existing ore body.
Of course, as with all minerals exploration, success is not guaranteed — consider your own personal circumstances before investing, and seek professional financial advice.
Best results for Lady Ada from most recent assays include:
- 4m at 37.30 g/t gold from 116m, including 1m at 76.8 g/t gold from 116m
- 2m at 1.32 g/t gold from 65m
CLZ CEO, Dean Goodwin, said: “We are very excited by the high grade (>70 g/t) results from Lady Ada in hole MARC023. This confirms the existence of another high-grade shoot at Lady Ada that is open down plunge and was previously missed due to the hole being positioned on the edge of existing drilling.”
“We will definitely be following this up in the future with further drilling and will keep the market appraised of our progress. The quality of Lady Ada is evident – this deposit contains multiple high grade shoots and systems that the company believes will continue to grow and eventually, support a profitable mining operation.”
Drilling at Lady Magdalene
Thick zones of shallow-depth gold mineralisation were also encountered at the larger Lady Magdalene deposit. The high-grade mineralisation here is open at depth and along strike.
Drilling at Lady Magdalene saw thick zones of mineralisation, including MARC052 which had an intersect of 16 metres at 1.73 grams per tonne of gold from 40 metres in an area that is again outside of the current optimised pit design.
Best results for Lady Magdalene from most recent assays include:
- 6m at 4.9 g/t gold from 201m, including 2m at 12.55 g/t gold from 201m
- 16m at 1.73 g/t from 40m
- 15m at 5.27 g/t gold from 24.85m
- 5m at 1.10 g/t gold from 54m
- 6m at 1.43 g/t gold from 109m
- 1m at 6.52 g/t gold from 241m
Goodwin commented: “Like Lady Ada, Lady Magdalene is a stacked, shallow dipping ore body which is open at depth and along strike. The latest assay results are very exciting as it confirms there is high grade mineralisation at depth, reaffirming our view that Lady Magdalene hosts high-grade mineralisation similar to Lady Ada.”
“Lady Magdalene is a far larger gold system than Lady Ada, and, as expected, is continuing to deliver results for Classic. We are confident that there are additional high-grade shoots/zones that are yet to be discovered and it is our goal to see Lady Magdalene transform from a large/modestly-graded deposit into a large deposit containing high grade zones that will support low-risk and profitable staged mining operations.”
A sign of things to come
Kicking off later this month will also be the drilling of strategically placed orientated diamond holes, with the goal of uncovering more Lady Ada-esque high-grade ore bodies between existing drill lines at the Lady Magdalene deposit.
Goodwin said: “Following the recent receipt of DMP drilling approval, we will get straight into some orientated diamond holes at Lady Magdalene with the goal of uncovering very high grade ore bodies analogous to Lady Ada between the wide spaced drill lines.”
“Discovery of such zones will be an absolute game-changer for the FGP as it will dramatically increase the financial viability of the project via addition of high-grade ounces to the existing pit-shell designs as reported in the May 2 scoping study announcement.”
“This is a great result for our Phase 2 drilling campaign at the FGP and we are looking forward to reporting the subsequent Lady Magdalene assay results in the coming weeks. We have only received approximately 50% of results so far.”
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (CAR No. 433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.