Half Yearly Report
Perth, Mar 15, 2019 AEST (ABN Newswire) - The directors of Classic Minerals Ltd (
ASX:CLZ) submit herewith the financial report for the half-year ended 31 December 2018.
Exploration Activities
During the half year ended 31 December 2018, below are the activities conducted by the Company.
Forrestania Gold Project, Western Australia.
The Forrestania Gold Project (FGP) contains an existing Minerals Resource of 5.9mt at 1.25g/t for 240,000 ounces of Gold, classified and reported in accordance with the JORC code (2012), with the recent scoping study indicating both the technical and viability of the project.
Operations
Phase 4 Drilling Program:
The Company's Phase 4 drilling program commenced at the Forrestania Gold Project on August 8th , 2018 and was completed on 6t h September 2018. It was designed to follow-up high-grade extensions at Lady Magdalene, Lady Lila and the Kat Gap deposits identified during the Phase 1-3 drilling programs.
Phase 4 drilling at FGP
- 5 RC holes totaling 454 m at Lady Magdalene;
- 5 RC holes totaling 366 m at Lady Lila, and
- 18 RC holes totaling 1,588 m at Kat Gap.
In addition to the RC drilling at Lady Magdalene, Lady Lila and Kat Gap deposits, on-going geological work including detailed prospect scale mapping, rock chip sampling and prospecting activities were also carried out.
Samples from the Phase 4 drilling program were submitted to local laboratory's for chemical analysis. The results obtained are detailed in the Company's 29th October 2018 announcement.
Phase 5 Drilling Program:
The Company's Phase 5 drilling program commenced at the Forrestania Gold Project on 3rd November 2018 and was completed on 8th November 2018. This program was designed to extend high-grade mineralized gold zones at Kat Gap. These drill holes were designed around the exceptional intersections returned from the Phase 4 drilling Program.
Phase 5 drilling at FGP
- 23 RC holes totaling 1,155 m at Kat Gap.
Samples from the Phase 5 drilling program were submitted to local laboratory's for chemical analysis. The results obtained are detailed in the Company's 12th December 2018 announcement.
Ongoing work at Forrestania Gold Project:
Following the completion of the 2018 operational programs, Classic will be focused on building it's resources inventory and improving the JORC classification for minerals contained within its tenements.
Upcoming activities will include:
- RC drilling programs within the Lady Magdalene resource area to locate potential highgrade Lady Ada style cross-cutting mineralization;
- Drill programs at Kat Gap to extend known gold mineralized zones further along strike to increase resource size together with testing new zones hosted within granite;
- Drill programs at Lady Lila to increase resource size;
- Shallow aircore/RAB drilling programs testing 6 regional high priority exploration targets;
- Further research and data review.
Fraser Range Project.
Classic's Fraser Range Project (E28/1904) is 40km to the north east of Sirius' Nova deposit on the Fraser-Albany Mobile Belt, 160 km east southeast of Kambalda. Classic holds a 28 km strike across 84 km2. To date it has identified 19 conductors across the tenement and made two key discoveries.
Operations
During the half yearly reporting period activities at the Fraser Range project included a mapping program targeting potential graphite Ni, Cu, and gold indicators.
Desktop studies included computer applications, modelling, a review of data bases. Additional work included exploration target generation, geological interpretation, literature review and review of historic exploration results.
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http://abnnewswire.net/lnk/JS056SR4
About Classic Minerals Limited
Classic Minerals Limited (ASX:CLZ) 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).
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