93,000 Oz Inferred Mineral Resource at Kat Gap
Perth, April 20, 2020 AEST (ABN Newswire) - Classic Minerals Limited (
ASX:CLZ) is pleased to announce that the maiden JORC Compliant, Inferred Mineral Resource estimate at its Kat Gap deposit in Western Australia has delivered 1Mt @ 3gpt Au for 93koz (0gpt lower cutoff). Results strengthen the case for near term commencement of mining operations at the FGP to take advantage of historically high AUD gold prices.
Highlights:
- JORC Compliant Inferred Mineral Resource estimate for Kat Gap of 1Mt @ 3gpt Au for 93,000 contained ounces.
- Strong potential for resource upside, current resource is open in all directions and does not include high grade step out drilling results (see ASX announcement, "More High-Grade Gold Intersected North Along Strike at Kat Gap", 30 March 2020).
- Recently discovered, extensive surficial quartz float along the host granite-greenstone contact highlights the regional strike potential of Kat Gap to be greater than 2.5km.
- Geological field observations show a high proportion of free gold in mineralised samples, with positive implications for metallurgy.
- Fast upgrade to Indicated resources post the acquisition of downhole surveying and specific gravity data.
- Paves the way for the application of a mining lease over the Kat Gap deposit.
- Grows the global Mineral Resource inventory for the company's Forrestania Gold Project (FGP) to 8.25 million tonnes grading 1.52gpt Au for 404,000 ounces across all projects.
The maiden resource was primarily calculated to pave the way for the application of a mining lease over the Kat Gap deposit area. Scoping studies, metallurgical testwork and optimisation work on possible open pit scenarios are currently underway potentially underpinning the economics for near term mining operations.
Building on gold exploration efforts in the area since the 1990's, Classic Minerals commenced an ongoing programme of RC and diamond drilling in April 2018. This maiden JORC Compliant Mineral Resource is the culmination of several work programmes since this time. The resource estimate utilises only recent Classic data, omitting the historic information and concentrating on a well drilled, circa 500m zone centered on 6372200N - a zone of strong mineralisation cut by a prominent Proterozoic dolerite dyke. While the dyke is mostly barren in terms of gold mineralisation, there is evidence of localized remobilization and concentration proximal to its contacts with the Kat Gap lode. Mineralisation has been modelled to around 150m below surface and is typically 3m to 4m wide. No prior mining has occurred at the project.
The Mineral Resource for Kat Gap, is tabulated below, with additional technical detail on the Kat Gap deposit shown in Appendix 2*.
Classic's proposed future activities will be focused on the growth of Mineral Resource inventories at the Kat Gap deposit and the advancement of studies and approvals required to transition to gold producer status.
*To view tables and figures, please visit:
https://abnnewswire.net/lnk/5K173SBX
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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