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Strong quarter puts Classic Minerals in good shape at Forrestania Gold Project
2 minute read
Finfeed has reported extensively on gold explorer Classic Minerals’ (ASX:CLZ) operations over the past quarter. The highlights of which were outlined in its latest quarterly report.
During the quarter, Classic completed a highly successful drill campaign at the Forrestania Gold Project (FGP) in Western Australia.
The program returned consistently high-grade results and highlighted significant potential to expand the current Mineral Resource estimate at FGP.
Read: Classic Minerals continues to discover deep high-grade gold intercepts at Kat Gap https://finfeed.com/small-caps/mining/classic-minerals-continues-discover-deep-high-grade-gold-intercepts-kat-gap/
Classic holds 80% of the gold rights for the FGP which contains the Lady Magdalene and Lady Ada gold resources. It 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 6.46Mt at 1.37g/t for 286,300 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.
CLZ will continue to progress operations at the Forrestania Gold Project during the third quarter 2020, whilst concentrating on RC drilling at Kat Gap along strike to the north and south from existing drilling along the granite-greenstone contact.
Kat Gap is located just circa 70km south-south east of the company’s Forrestania Gold project containing the Lady Magdalene and Lady Ada gold resources.
Classic has drilled a total of 21 RC holes at Kat Gap for 1,580 m and 3 diamond holes for 527.55 m and has confirmed that most holes returned gold mineralisation striking in a northwest-southeast direction.
The drilling has now extended the strike coverage to over 500m with mineralisation open in all directions.
The next RC drilling program will test the northerly and southerly extensions for another 100-200m along strike. RC Drilling will also probe at depth around the existing deeper holes to gain a better understanding of the plunge component to the high-grade ore.
As Classic continues its drilling progress across the FGP and at Kat Gap, the company will also continue to raise capital and pay down debt and liabilities to improve its financial position.