“Outstanding” high grade gold results for CLZ

By Meagan Evans. Published at Jul 24, 2018, in Mining

WA-focused gold exploration and development company Classic Minerals Limited (ASX:CLZ) today announced that it has received assays results from its recent RC drilling program at its Forrestania Gold Project (FGP) in Western Australia’s Goldfields region.

The RC drilling program, which commenced at Forrestania on June 12, has delivered what the company described as “outstanding” high grade gold intercepts at FGP.

In this round of drilling, the company drilled a total of 22 holes for 1990m — 12 holes for 1052m at the Kat Gap prospect and 10 holes for 938 metres at Lady Magdalene with the aim of improving or increasing known mineralisation at the two deposits.

Drilling results from Kat Gap confirms the discovery of a significant new zone of gold mineralisation within the granite which was previously thought to be barren. It also showed that high-grade gold mineralisation has effectively dammed up against a cross-cutting Proterozoic dyke.

Drilling at Lady Magdalene yielded impressive results further confirming the existence of a number of high-grade, cross-cutting gold lodes previously missed due to the wide spaced drilling.

Although the outcomes of the drilling are speculative at this stage, so investors should seek professional financial advice if considering this stock for their portfolio.

CLZ drilled 12 holes for 1052m at Kat Gap and confirmed that eleven holes returned gold mineralisation striking in a north-south direction. The drilling was conducted over approximately 140m of strike with mineralisation open in all directions.

The majority of this drilling was focused on testing the main granite-greenstone contact which has been the sole focus of drilling since the prospect was discovered by previous holders.

Here’s a summary of what has happened and will happen:

The following video showcases the resource models, previous drilling and upcoming targets:

Drilling at Lady Magdalene uncovers three potential cross-cutting quartz veins similar in orientation to the high-grade Lady Ada deposit.

Here are the drill highlights at Kat Gap (FKGRC005-FKGRC015) and Lady Magdalene (MARC054- MARC063):

Classic CEO Dean Goodwin said: “The Forrestania Gold Project continues to deliver fantastic results for Classic and its shareholders. We encountered 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. Kat Gap is shaping up to become a prolific shallow high-grade gold deposit with so much remaining upside potential. We have only tested 140m of 3.5km of potential strike along this granite-greenstone contact and received excellent gold grades from 11 of the 12 holes drilled.

“At Lady Magdalene, we have proven the existence of 3 potentially new high-grade cross-cutting quartz veins. As previously posited, these quartz veins could be analogous to those at Lady Ada – reinforcing the view that plenty more high-grade ounces are potentially hiding between the existing drill lines at Lady Magdalene. We will track these new quartz lodes both east-west and test for additional cross-cutting veins all the way south to Lady Ada.

“We are planning to restart drilling at Kat Gap and Lady Magdalene in early August. This program will also include the drilling at Lady Lila and Van Uden West so there is plenty of good results to look forward to.

“These new results bode well for the whole Forrestania project given that the main granite-greenstone contact, of which we have 40 km of strike, has been largely overlooked. I’m quite confident that new, high-priority gold targets will come to light elsewhere within the project area.

“We should also point out that this drilling program, along with all associated assays and additional technical work cost less than A$150,000. This is another notable example of 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.”

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.

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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.

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