Quarterly Activities and Cash Flow Report
Perth, Jan 29, 2021 AEST (ABN Newswire) - Classic Minerals Ltd (
ASX:CLZ) has made further progress at Kat Gap during the quarter as it strives to become a gold producer.
Highlights of the quarter include:
- Deeper RC drilling testing potential plunge of high-grade gold mineralisation completed at Kat Gap;
- Shallow RC drilling program conducted out in the granite testing the southern extent of recent auger geochemical work;
- Continuing metallurgical test work on mineralised samples at Kat Gap;
- Advancing mining studies at Kat Gap, and
- IGO Ltd (ASX:IGO) have made further progress at Classic's Fraser Range Project.
A total of 29 RC holes were drilled for a total of 3,903m during the quarter.
RC drilling was focused solely on Kat Gap with work concentrating on the deeper drilling of the potential down plunge of high-grade gold mineralisation plus shallow RC drilling out in the granite. The company is still waiting on infill drilling results undertaken in September. Results are expected sometime in January 2021.
IGO have reported the discovery of a high conductance discrete EM anomaly over the Thylacine and Sabretooth area within a broader stratigraphic conductor. The feature has generated a 15,000S plate at 140m depth with dimensions of 100m wide by 300m long.
The development of the Forrestania Gold Project will continue to advance in Q3 FY2021 concentrating on:
- Targeting the interpreted plunge component of high-grade gold mineralisation with deeper RC drilling;
- Drilling priority targets out in the granite within the large auger soil gold anomaly west of the main granite-greenstone contact at Kat Gap;
- Advancing all aspects of the mining plan at Kat Gap;
- Acquisition of necessary mining equipment for Kat Gap, and
- Continuing to raise capital & pay down debt & liabilities to improve the financial position of the Company.
To view the quarterly report, please visit:
https://abnnewswire.net/lnk/2H5327AX
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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