Quarterly Activities and Cashflow Report
The company also completed an updated resource estimate for Lady Ada increasing the existing resource by 71% to 1.35 million tonnes grading 1.38g/t for 59,700 ounces of gold. (see Table on page 11 for full results)
The Company is looking forward to continuing its developments at the Forrestania Gold Project during the 4th Quarter FY2020 and aims to:
- Continue RC drilling at Kat Gap along strike to the north and south from existing Classic drilling along the granite-greenstone contact.
- Continue programs of deeper RC drilling to define the plunge component of shallower high-grade gold mineralization at Kat Gap.
- Look at scoping studies for a potential gold mining operation at Kat Gap.
- Commence exploration on priority targets within the FGP.
- Continue to raise capital & pay down debt & liabilities to improve the financial position of the Company.
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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).
Classic Minerals Ltd