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Classic Minerals Ltd (ASX:CLZ) Quarterly Activities and Cashflow Report

Perth, Australia, Jan 31, 2020 - (ABN Newswire) - During the quarter, Classic Minerals Ltd (ASX:CLZ.AX - News) completed another successful drill campaign at the Forrestania Gold project ("FGP") in Western Australia which returned consistently high-grade results. These results highlighted significant potential to expand current Mineral Resource estimate at FGP.

The company also completed an updated resource estimate for Lady Magdalene increasing the existing resource by 38% to 5.92 million tonnes grading 1.32g/t for 251,350 ounces of gold.

The Company is looking forward to continuing its developments at the Forrestania Gold Project during the 3rd Quarter 2020 and aims to:

- Continue RC drilling at Kat Gap along strike to the north and south from existing Classic drilling along the granite-greenstone contact.

- Continue programs of deeper RC drilling to define the plunge component of shallower high-grade gold mineralisation.

- Complete an updated resource estimate for Lady Ada.

- Commence exploration on priority targets within the FGP.

- Continue to raise capital & pay down debt & liabilities to improve the financial position of the Company.

To view the quarterly report, please visit:
https://abnnewswire.net/lnk/47W60ENQ


About Classic Minerals Ltd:

Classic Minerals Ltd (ASX:CLZ.AX - News) is an exploration and development company focused on gold deposits in Western Australia's famous Goldfields region. In March 2017, Classic acquired the Forrestania Gold Project, with seven tenements stretching across 450km2. Strategically located in a very prospective region, the FGP is an underexplored package surrounded by multimillion ounce deposits such as Bounty (2Moz) and Yilgarn Star (1.5Moz).

Contact:

Classic Minerals Ltd
T: +61-8-6305-0221
E: contact@classicminerals.com.au
WWW: www.classicminerals.com.au


Source:

Classic Minerals Ltd

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