Classic Strikes Vital Processing Water In First Drill Hole
The discovery of substantial quantities of water is another major milestone for the Company and a vital ingredient for the gold processing plant. Strategically the water bore is located adjacent to the main haul road 1,100m from the processing plant. This will make pumping of the water to the processing plant relatively simple with limited infrastructure required.
The water bore hole targeted a substantial fault zone identified from detailed aeromagnetic data.
The fault zone is a regional structure and is expected to hold large quantities of ground water.
Further drilling along this structure will be carried out soon to locate additional water supplies once formal approvals have been received. Testing of the water quality is currently underway.
ABOUT THE FORRESTANIA GOLD PROJECT
The FGP Tenements (excluding Kat Gap) are registered in the name of Reed Exploration Pty Ltd, a wholly owned subsidiary of ASX listed Hannans Ltd (ASX:HNR). 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.
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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).
Classic Minerals Limited