Perth, Australia, June 4, 2020 - (ABN Newswire) - WA-focused gold exploration and development company Classic Minerals Limited (ASX:CLZ.AX - News) is pleased to announce that it has recommenced RC drilling at its 100% owned Kat Gap Gold Project covering exploration licences E74/422 and E74/467.
- Up to 3000m of RC drilling in two separate programs underway at Kat Gap after highly successful campaigns in January and February 2020;
- Hole depths ranging from 30m to 100m;
- Assay results expected late-June;
- Infill RC Drilling program consisting of 21 holes for 1,400m designed to increase resource modelling confidence over a strike length of 100m north of the cross cutting Proterozoic dyke;
- Results from infill RC drilling will aid in potential pit design while Mining Lease approval is awaited;
- Extensional RC Drilling comprising 20 holes for 1,600m testing a further 200m of potential strike north and south of current drill coverage bringing the overall potential strike length of the Kat Gap system to over 800m;
- Previous RC drilling by Classic at Kat Gap has returned outstanding high-grade gold intercepts from shallow depths including:
Classic CEO Dean Goodwin said:
We are very pleased to be drilling again at Kat Gap after a bit of a break due to COVID 19. It's great to back at it following up on the great results of our last two drilling programs, including multiple high-grade gold hits close to the surface, extensions at depth down plunge and along strike south of the dyke. This round will comprise of two separate programs focused solely on Kat Gap which has delivered outstanding results from the previous 9 drill campaigns.
Drilling will again focus on the main granite - greenstone contact of which only 600m of a total 3.5km of potential strike has been tested by the Company.
The first program will focus on infill drilling 100m of strike north of the cross-cutting Proterozoic dyke as we increase the confidence of our current resource model in readiness for future open pit mining operations. The second program will be carried out 100m north and 100m south of existing drill coverage in an attempt to increase the overall strike of known gold mineralisation to 800m. The south side of the dyke has received very little attention to date. The program is designed to probe between 40m and 90m below surface.
Classic has completed 9 separate drilling campaigns at Kat Gap prior to the most recent RC drilling program. A total of 166 holes for 12,493m was completed between May 2018 and February 2020 all returning significant high-grade gold intercepts. The majority of the drilling is relatively shallow, down to approximately 60m vertical depth below surface and covered a strike length of the granite - greenstone contact of approximately 500m. The main area of drilling has been focused primarily on and adjacent to both contacts of a cross-cutting Proterozoic dyke where it intersects the main granite-greenstone contact. At this location the gold mineralisation has been significantly enriched.
ABOUT THE FORRESTANIA GOLD PROJECT (FGP)
The FGP Tenements (excluding Kat Gap and Lady Lila) are registered in the name of Reed Exploration Pty Ltd, a wholly owned subsidiary of ASX listed Hannans Ltd (ASX:HNR.AX - News). Classic has acquired 80% of the gold rights on the FGP Tenements from a third party, whilst Hannans has maintained its 20% interest in the gold rights.
For the avoidance of doubt Classic Ltd owns a 100% interest in the gold rights on the Kat Gap Tenements and also non-gold rights including but not limited to nickel, lithium and other metals.
Classic has a Global Mineral Resource of 8.24 Mt at 1.52 g/t for 403,906 ounces of gold, classified and reported in accordance with the JORC Code (2012), with a recent Scoping Study (see ASX Announcement released 2nd May 2017) suggesting both the technical and financial viability of the project.
*To view tables and figures, please visit:
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).
Classic Minerals Ltd
Classic Minerals Ltd
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