Classic Minerals advances towards feasibility study at Kat Gap
Western Australian gold exploration and development company Classic Minerals Limited (ASX:CLZ) has lodged a Mining Lease Application (MLA 74/249 ) at its 100% owned Kat Gap Gold Project covering the current resource at its exploration licences E74/422 and E74/467.
The company has completed the requirements relative to the application for the mining lease, and the application is supported by a mineralisation report and a supporting statement from an independent consultant which substantiate the reasons for mine development.
By way of background, Classic has a Mineral Resource of 8.2 million tonnes at 1.52 g/t for 403,906 ounces of gold with a Scoping Study suggesting both the technical and financial viability of the project.
In late April, the company established a maiden inferred mineral resource estimate of 1 million tonnes at 3 g/t gold for 93,000 ounces at Kat Gap.
Classic Minerals has completed the marking out of the mining lease boundary to provide accurate data to the Department of Mines, Industry, Regulation and Safety (DMIRS).
The supporting documents for the application have been lodged with the department.
The boundary of the mining lease application is shown below.
The application for the mining lease is a significant step forward for the company as it begins to advance the project towards a detailed feasibility study over the coming months.
Management is now launching the required regulatory processes to have the mining lease granted.
Where to invest $1,000 right now
When the experts at Next Investors have a stock pick, it may pay to listen.
The Next Investors have been investing in ASX small cap stocks for years, with their best small cap picks yielding returns of 1,200%, 1,120%, 900% and 678%.
They have just revealed their hand-picked, FY2021 stock portfolio of high conviction long-term investments.
Click the link below to see what they are currently investing in.
S3 Consortium Pty Ltd (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 only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
Publishers Notice
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.
