Drilling results from Kat Gap continued to impress with significant zones of gold mineralisation located on the granite-greenstone contact. Recent drilling at Kat Gap also showed that high-grade gold mineralisation projects very close to surface and continue down-dip with increasing width.
The Kat Gap Project is strategically located approximately 70km south-south east of the Company's Forrestania Gold project containing the Lady Magdalene and Lady Ada gold resources. Kat Gap adjoins the Forrestania Nickel project currently operated by Western Areas Ltd.
Classic recently purchased the Kat Gap project from private company Sulphide Resources Pty Ltd for a total consideration of A$250,000 plus GST, and a 2% NSR royalty on production from E74/422 and E74/467 (or any replacement tenements).
Classic CEO Dean Goodwin said:
Kat Gap is now starting to show its true colours delivering more terrific results for Classic and its shareholders. I'm absolutely rapt with the extended zones of ore-grade gold intersections along strike to the north together with the great results we are now starting to see down dip at depth. Only a handful of deep holes have been drilled at Kat Gap to date. These new results clearly demonstrate that the system has great potential. The northern extension drilling focused on testing the granite-greenstone contact at shallow depths down to only 50m vertical below surface. If these ore-grade zones continue further down dip and along strike for another 200-300m, we'll have a real tiger by the tail.
The next stage for Kat Gap is to continue an aggressive RC drilling program extending the known mineralised zone further north and south from our current drilling area. The plan is to focus our attention on testing the northerly extensions for another 300m. We will also probe at depth down dip along the entire 400m of gold mineralised granite-greenstone contact we have delineated to date. This work should give us a pretty good idea of how good this system really is. A few deep diamond holes to collect valuable structural data will also be incorporated into the program to probe at depth 200-300m below existing drill coverage.
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About Classic Minerals Ltd
Classic Minerals Ltd (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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