Kat Gap continues to return strong results for Classic
WA-focused gold exploration and development company Classic Minerals Limited (ASX:CLZ) has received highly promising assays results from the most recent RC drilling program at its Forrestania Gold Project (FGP) in Western Australia.
The company completed a total of 23 holes for approximately 1450 metres at the Kat Gap Project which is down from the original 48 holes for 3,200 metres it was planning to complete prior to the onset of COVID-19.
Kat Gap is strategically located approximately 70 kilometres south-south east of the company’s Forrestania Gold project containing the Lady Magdalene and Lady Ada gold resources.
RC drilling at Kat Gap continued to deliver significant zones of gold mineralisation located on the granite-greenstone contact.
Very high-grade gold was intersected at shallow depths on the northern most drill line at Kat Gap.
As shown below, FKGRC157 returned 3 metres grading 62.10 grams per tonne gold from 36 metres including 1 metre grading 181 grams per tonne gold from 37 metres.
No historical or Classic RC drilling has been conducted north of this drill line.
It is important to note that gold mineralisation now extends over 600 metres in strike with significant gold intersected on both sides of the Proterozoic dyke.
Classic has only drilled a handful of holes on the southern side with the strike wide open further south.
Other results released on Monday are outlined below.
Ten metre thick supergene zone to be followed up
Recent drilling at Kat Gap also showed that broader zones of flat supergene gold mineralisation project well out into the granite around 100 metres from the main contact south of the cross-cutting Proterozoic dyke.
Commenting on this geological trend and putting these most recent results into perspective, chief executive Dean Goodwin said, ‘’This latest round of drilling has shown that significant high-grade gold can still be intersected at shallow depths well north of the Proterozoic dyke.
‘’I’m very pleased with these results as it demonstrates the strength in the system to the north, and it’s not slowing down by any stretch.
‘’We need to keep going north obviously but deeper drilling needs to be conducted as well.
‘’It’s still early days and we have a relatively broad drill spacing up the northern end, but at this stage it’s looking really good.
‘’We also drilled a single line of RC holes on the southern side of the Proterozoic dyke, 60 metres south of previous RC holes conducted by Classic over a year ago.
‘’We hit a broad 10 metre thick zone of supergene gold mineralisation well out into the granite which we weren’t expecting.
‘’That’s telling us that there’s probably something substantial lurking out in the granite itself well away from the granite-greenstone contact.
2020 drilling strategy
Upcoming rounds of RC drilling at Kat Gap will focus mainly on testing the main granite – greenstone contact further north and south along strike from the current drilling area.
The next RC drilling program will test the northerly and southerly extensions for another 100 to 200 metres along strike.
RC drilling will also test the extent of the recently discovered supergene horizon south of the Proterozoic dyke out in the granite with further drilling to be undertaken in order to determine the source of this new supergene zone.
RC drilling programs will also be carried out in the granite to test the large 5 kilometre long geochemical anomaly identified in previous historical auger soil sampling.
The initial program will focus around the cross-cutting Proterozoic dyke where high auger values were returned along with a dilational site located in the north-eastern most area of the geochemical anomaly.
Historical RC drilling at Kat Gap is mostly on 100 metre to 200 metre line spacings.
Management believes that there is strong potential for additional mineralisation to be identified up-dip, down-dip and along strike, both outside of and within the existing historical RC drill coverage.
Short-term positions in small, early stage ASX companies,
with high potential and near term price catalysts.
Focusing on resource exploration, early-stage tech, and biotech.
Exceptional opportunities across a broad range of
early-stage growth sectors with strong management.
Seeking 1,000% plus returns across medium to long-term holds.
Longer-term positions in a variety of sectors.
Seeking strong management where traction is established and have entered into a growth phase.
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.