Half Yearly Report and Accounts
Perth, Mar 13, 2020 AEST (ABN Newswire) - The directors of Classic Minerals Ltd (
ASX:CLZ) submit herewith the financial report for the half-year ended 31 December 2019.
Forrestania Gold Project, Western Australia.
The Forrestania Gold Project (FGP) contains an existing Minerals Resource of 5.9mt at 1.32g/t for 215,350 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.
The Company's 2019 drilling campaigns at the Forrestania Gold Project commenced at Kat Gap on July 1st, 2019 and ended on the 30th December 2019 These programs were designed to extend high-grade mineralized gold zones.
- Kat Gap: 38 RC holes for 3,460m
- Kat Gap: 3 diamond holes for 527.55m
- Lady Ada/Magdalene: 7 RC holes for 640m
- Stormbreaker: 3 RC holes for 270m.
The company 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.
In addition to the RC drilling at 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 drilling program were submitted to local laboratory's for chemical analysis. The results obtained are detailed in the Company's 2019 Quarterly report announcements.
- RC drilling programs within the Lady Magdalene resource area to locate potential high-grade 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;
- 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.
In June 2019 Classic Minerals Ltd entered into an Earn in and Joint Venture Agreement ("Agreement') over the Company's Fraser Range tenements, with Independence Newsearch Pty Ltd, a 100% owned subsidiary of Independence Group NL (ASX:IGO) (together "Independence").
Under the Agreement, Independence will continue to advance the Fraser Range Project allowing Classic to focus exploration efforts on its emerging high-grade Kat Gap Gold Project located in the Forrestania area of Western Australia.
To view the report, please visit:
https://abnnewswire.net/lnk/O8VDT16B
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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