Classic Minerals kicks off gold quest at Forrestania
Classic Minerals (ASX:CLZ) announced this morning that it has kicked off reverse circulation (RC) drilling at its Forrestania Gold Project in Western Australia.
CLZ will be drilling with the view to uncover a new gold system at the recently uncovered Van Uden West prospect, and to enhance known mineralisation at the Lady Lila and Kat Gap prospects.
The targets areas have been untouched for some 18 years, making these maiden drill programs especially pivotal.
Lady Lila is a BIF-hosted gold deposit that is very similar in geological characteristics to the high-grade, prolific Bounty and Blue Vein deposits, held by the $649 million-capped Kidman Resources (ASX:KDR).
Kat Gap contains a shallow unmined gold deposit discovered in the 1990s, which was the subject of resource estimations and scoping study by Sons of Gwalia in 2003.
High grade RC drill intercepts include 15 metres at 15.1 grams per tonne of gold from 39 metres depth and 6 metres at 19.1 grams per tonne from 17 metres depth. The open-ended deposit lies within a 5 kilometres long geochemical gold anomaly that has seen very little drill testing, and there is potential for the discovery of a substantial gold deposit within the project area.
Van Uden West, on the other hand, is a brand new gold target with similar orientation and geological setting to the high-grade Kat Gap deposit. CLZ’s decision to test this target is based on an anomalous aircore drill result from the late 1990s. The target has an excellent structural location on the contact between granite and greenstone, and CLZ belives that the previous shallow, wide-spaced aircore holes inadequately tested the target.
Drilling will also recommence at the Lady Magdalene prospect once final government approvals have been received.
The RC drill rig is on site and drilling at present, with this first pass program expected to be complete within 10 days. Assay results are expected early May.
Of course, as with all minerals exploration, success is not guaranteed. Consider your own personal circumstances before investing, and seek professional financial advice.
CLZ CEO, Dean Goodwin, said: “As an exploration geologist, I am incredibly excited about the forthcoming drilling at FGP. It has always been my opinion that there is huge scope for brand new discoveries outside of the known deposits and this drill program signals Classic’s belief in the region and is the initial step towards our goal of uncovering additional, high quality ounces outside of Lady Magdalene and Lady Ada.”
The Forrestania Gold Project contains an existing Mineral Resource of 5.3 Mt at 1.39 grams per toone for 240,000 ounces of gold, with a recent scoping study confirming both the technical and financial viability of the project.
CLZ recently expanded its footprint at Forrestania, securing new tenements that have added some 50 square kilometres to CLZ’s holdings, bringing the total area to 500 square kilometres, making it a major land holder in the highly prospective region.
Drill targets at Forrestania
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.
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.