CLASSIC COMMENCES 13,000M DRILLING PROGRAM

In Drilling, Drilling, Drilling, Exploration, Latest News

CLASSIC COMMENCES 13,000M DRILLING PROGRAM TARGETING LARGE SCALE GOLD SYSTEM AT FORRESTANIA GOLD PROJECT, WA

Highlights:

 

  • Phase 2 drilling program is underway at Forrestania Gold Project and comprises ~13,000 metres of reverse circulation drilling with initial assays from the Phase 2 program expected mid-late August

 

  • Following positive results from Phase 1 drilling at FGP – Phase 2 program will target high-grade extensions along strike and down dip at both Lady Ada and Lady Magdalene deposits

 

  • Drilling to target a repetition of Lady Ada and Lady Magdalene possibly lying between existing Lady Ada and Lady Magdalene ore bodies – potentially delineating a single ore body over 1.7km in length

 

  • Program also includes pattern drilling to establish and increase the confidence in the Mineral Resource at Lady Ada and Lady Magdalene

 

  • Initial results from Phase 1 drilling at both Lady Ada and Lady Magdalene deposits highlights significant potential for Classic to unlock a large-scale gold system at FGP

 

  • Drilling at Lady Ada and Lady Magdalene returned high-grade results from outside the current Scoping Study pit design, highlighting significant potential to expand current Mineral Resource estimate at FGP (refer to ASX announcement dated 14th March 2017)

 

Classic Minerals Ltd has announced that it has commenced its Phase 2 reverse circulation (“RC”) drilling program at the Forrestania Gold Project (“FGP”). The drilling program will comprise ~13,000 metres and has been designed to further test high-grade extensions of both the Lady Magdalene and Lady Ada deposits identified during the recently completed Phase 1 drilling program.

 

Importantly, Classic’s exploration team has also identified the opportunity to target a repetition of the Lady Ada and Lady Magdalene deposits possibly lying between the existing ore bodies – potentially delineating a single ore body over 1.7km in length. This drilling will assist with improving the confidence in the existing Mineral Resource at the Lady Magdalene and Lady Ada deposits respectively, and has the potential to add significant further ounces to the Company’s existing resource base at the FGP.

 

The RC drill rig is on site and drilling at present, with the program expected to be complete within 60 days.

 

The Forrestania Gold Project contains an existing Mineral 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 a recent scoping study (released 1 May 2017) highlighting both the technical and financial viability of the project.

 

Classic’s Managing Director, Justin Doutch, commented:

 

“We are excited to be commencing this next phase of drilling at our flagship Forrestania Gold Project, which will target recently discovered high-grade zones at the Lady Ada and Lady Magdalene deposits respectively.

 

“Furthermore, initial results received from the Phase 1 drilling program have reaffirmed our view that there is significant potential to uncover an additional ore body linking both the Lady Ada and Lady Magdalene deposits, which if discovered, would unlock a gold system that is approximately 1.7km in length – resulting in a substantial increase to the existing FGP Resource.

“Since acquiring the Forrestania Gold Project earlier this year, Classic has been clear in its commitment to increase the Mineral Resource base and improve the positive project economics outlined in the scoping study. Both the Phase 1 and Phase 2 drilling programs will play a key role in advancing this strategy in the near-term.”

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