High Grade Gold Discovered at Classic Minerals' Forrestania Project
Classic Minerals (ASX:CLZ) this morning announced that its recentRC drilling program has unearthed high grade gold at the Forrestania GoldProject (FGP) in Western Australia.
The company drilled a total of 11 holes for 750m, including twoholes for 174m at new prospect Van Uden West, five holes for 366m at Lady Lila,and four holes for 210m at Kat Gap. The aim of the program was to uncover a newgold system (at Van Uden West) and improve/increase the known mineralisation atLady Lila and Kat Gap.
The project has an existing JORC (2012) Mineral Resource ofexisting Mineral Resource of 5.3 Mt at 1.39 g/t for 240,000 ounces of gold.
Assays results confirm the compelling new gold discovery and discoveryof a significant new zone of gold mineralisation at the project's Van Uden Westprospect. The drilling results included 12m at 5.75 g/t gold from 59m including1m at 25.60 g/t gold from 59m.
Preliminary interpretation suggests that the prospect is similarin geological characteristics to Kat Gap with gold mineralisation sittingadjacent to the granite/greenstone contact.
Drilling at the Kat Gap tenement delivered significant high-graderesults and remains open along strike. Results include 5m at 14.10 g/t goldfrom 17m including 1m at 48.40 g/t gold from 20m.
Get the latest articles straight to your inboxkeep me postedLady Lila drilling returned excellent results too andmineralisation remains open along strike. Results at Lady Lila include 14m at3.70 g/t gold from 71m, including 1m at 13.20 g/t gold from 79m, and 8m at 3.21g/t gold from 70m, including 1m at 11.40 g/t gold from 72m.
Here are the program's drill sites:
Of course, as with all minerals exploration, success is notguaranteed - consider your own personal circumstances before investing, andseek professional financial advice.
Here are the assay highlights:
The maiden drilling program proved to be quite cost effective asit cost CLZ less than $50,000 to drill the 11 holes for 750 metres, andincluded all assays and related tech work.
CLZ CEO Dean Goodwin said, "First pass regional drilling campaignsdon't get any better than this. We encountered thick, high grade zones ofmineralisation at each of the drill targets which all remain open along strikewith high priority zones requiring urgent follow up. This is a great positionfor the company to be in: we don't know how big these targets are and can'twait to get stuck back into drilling.
"The campaign absolutely reinforces how good a project the FGPtruly is - our first venture beyond the "flagship" deposits of Lady Magdaleneand Lady Ada has been incredibly successful, and we look forward to headinginto the next phase of the company's growth and success.
"We should also point out that this drilling program, along withall associated assays and additional technical work cost less than $50,000 AUD.This is a great testament to CLZ's "new" approach to exploration planning andspending at FGP - we carefully plan all exploration activities and keep a tightcontrol on costs to ensure shareholder funds are wisely spent with the goal ofdelivering value to all shareholders."