High Grade Gold Discovered at Classic Minerals’ Forrestania Project
Classic Minerals (ASX:CLZ) this morning announced that its recent RC drilling program has unearthed high grade gold at the Forrestania Gold Project (FGP) in Western Australia.
The company drilled a total of 11 holes for 750m, including two holes for 174m at new prospect Van Uden West, five holes for 366m at Lady Lila, and four holes for 210m at Kat Gap. The aim of the program was to uncover a new gold system (at Van Uden West) and improve/increase the known mineralisation at Lady Lila and Kat Gap.
The project has an existing JORC (2012) Mineral Resource of existing Mineral Resource of 5.3 Mt at 1.39 g/t for 240,000 ounces of gold.
Assays results confirm the compelling new gold discovery and discovery of a significant new zone of gold mineralisation at the project’s Van Uden West prospect. The drilling results included 12m at 5.75 g/t gold from 59m including 1m at 25.60 g/t gold from 59m.
Preliminary interpretation suggests that the prospect is similar in geological characteristics to Kat Gap with gold mineralisation sitting adjacent to the granite/greenstone contact.
Drilling at the Kat Gap tenement delivered significant high-grade results and remains open along strike. Results include 5m at 14.10 g/t gold from 17m including 1m at 48.40 g/t gold from 20m.
Lady Lila drilling returned excellent results too and mineralisation remains open along strike. Results at Lady Lila include 14m at 3.70 g/t gold from 71m, including 1m at 13.20 g/t gold from 79m, and 8m at 3.21 g/t gold from 70m, including 1m at 11.40 g/t gold from 72m.
Here are the program’s drill sites:
Of course, as with all minerals exploration, success is not guaranteed — consider your own personal circumstances before investing, and seek professional financial advice.
Here are the assay highlights:
The maiden drilling program proved to be quite cost effective as it cost CLZ less than $50,000 to drill the 11 holes for 750 metres, and included all assays and related tech work.
CLZ CEO Dean Goodwin said, “First pass regional drilling campaigns don’t get any better than this. We encountered thick, high grade zones of mineralisation at each of the drill targets which all remain open along strike with high priority zones requiring urgent follow up. This is a great position for the company to be in: we don’t know how big these targets are and can’t wait to get stuck back into drilling.
“The campaign absolutely reinforces how good a project the FGP truly is – our first venture beyond the “flagship” deposits of Lady Magdalene and Lady Ada has been incredibly successful, and we look forward to heading into the next phase of the company’s growth and success.
“We should also point out that this drilling program, along with all associated assays and additional technical work cost less than $50,000 AUD. This is a great testament to CLZ’s “new” approach to exploration planning and spending at FGP – we carefully plan all exploration activities and keep a tight control on costs to ensure shareholder funds are wisely spent with the goal of delivering value to all shareholders.”
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