Fraser Range Update
Perth, June 2, 2021 AEST (ABN Newswire) - Classic Minerals Limited (ASX:CLZ) (the Company or Classic) is pleased to announce that, in accordance with the terms of its Earn In and Joint Venture Agreement (Agreement) with IGO Newsearch Pty Ltd, a wholly-owned subsidiary of IGO Limited (ASX:IGO) (together, IGO) (CLZ announcement to ASX dated 17 June 2019 refers), IGO has notified Classic of:
(a) its election to acquire a 51% interest in the Company's Fraser Range tenements (Tenements), having earnt that interest by spending $1,500,000 on exploration of the Tenements; and
(b) its intention to spend a further $1,000,000 exploring the Tenements over the next 2 years to take its joint venture interest to 70%.
Under the terms of the Agreement, upon the transfer of the 51% interest, IGO will pay Classic $500,000.
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).