Partners with CSIRO
Partners with CSIRO
Perth, July 17, 2018 AEST (ABN Newswire) - WA-focused gold exploration and development company Classic Minerals Limited (ASX:CLZ) ("Classic", or "the Company") is pleased to announce that it has entered into an innovative agreement with Australia's national science agency CSIRO to investigate the relationship between tree size and gold mineralisation at its Forrestania Gold Project (FGP) in Western Australia.

Highlights:

- Classic and CSIRO enter into agreement to undertake study of tree size in Forrestania and the subsequent relationship to gold mineralisation

- CSIRO and Innovation Connections to fund majority of research project

- Potential to rapidly generate new targets without ground-disturbing exploration

1. INTRODUCTION

In 2017, Classic noticed that there appeared to be a correlation between tree size and gold mineralisation at the FGP - the major deposits and prospects (Lady Magdalene, Lady Ada, Stormbreaker and Lady Lila) are (or, in the case of Lady Ada, were) all covered by large gum trees. Whereas the barren areas are covered by typical Yilgarn shrubs/bush. Classic has devoted much research and effort into proving this theory and has built up a considerable amount of data/knowledge underpinning the hypothesis that gold mineralisation is linked to tree size at Forrestania.

The aims of the project are to determine the relationship between the distribution of tree size in Forrestania, the landscape, the geology and the mineralisation at depth. This will greatly assist Classic in more rapid, non-ground disturbing exploration and target generation.

The 6-month project involves such activities as:

- Production of a distribution map in tree sizes by image analysis

- Hylogging and additional sampling of selected holes

- Extensive rockchip, regolith sampling throughout the project

- Generation of high-quality mineralogical and geochemical dataset including integration of geology database

- Determination of the spatial relationships between the tree sizes, the landscape and the mineralised areas through statistical data analysis

The deliverables and knowledge generated by the project will help guide Classic with geochemical sampling and geochemical data interpretation of the surface as well as a knowledge and statistics driven assessment of the mineralisation at depth and the relationship to landscape and tree size.

Classic CEO Dean Goodwin said:

We are extremely pleased to have entered into this Research Agreement with CSIRO, who are recognised as the preeminent scientific/innovation leaders in Australia. It quickly became apparent from field work that there appears to be a relationship between tree-size and mineralisation at FGP - we are glad to follow up this theory with CSIRO because it will help us better understand the geology and controls on mineralisation in FGP.

As an exploration geologist, it is always exciting to be adding to the datasets available to us for target generation and geological theories.

Having CSIRO undertaking this research project alongside Classic will allow us to share and validate our own hypothesis and research efforts/data that we have been working on for the past 12+ months. In addition, in a climate where "typical" exploration techniques are no longer uncovering major deposits, we are proud to be employing out-of-box thinking to better understand the local geology and continue to deliver fantastic results to our shareholders.

2. ABOUT THE FORRESTANIA GOLD PROJECT

The FGP Tenements (excluding Kat Gap and Lady Lila) are registered in the name of Reed Exploration Pty Ltd, a wholly owned subsidiary of ASX listed Hannans Ltd (ASX:HNR). Classic has acquired 80% of the gold rights on the FGP Tenements from a third party, whilst Hannans has maintained its 20% interest in the gold rights. For the avoidance of doubt Hannans Ltd owns a 100% interest in non-gold rights on the FGP Tenements including but not limited to nickel, lithium and other metals.

The FGP contains an existing Mineral Resource of 5.3 Mt at 1.39 g/t for 240,000 ounces of gold, classified and reported in accordance with the JORC Code (2012), with a recent Scoping Study (see ASX Announcement released 2nd May 2017) suggesting both the technical and financial viability of the project. The current post-mining Mineral Resource for Lady Ada, Lady Magdalene and Lady Lila is tabulated below. Additional technical detail on the Mineral Resource estimation is provided, further in the text below and in the JORC Table 1 as attached to ASX announcements dated 14th March 2017 and 21st March 2017.

To view tables and figures, please visit:
http://abnnewswire.net/lnk/BC74GNM5


About Classic Minerals Ltd

Classic Minerals Ltd ASX CLZClassic 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).

 


Contact

Classic Minerals Ltd
T: +61-8-6305-0221
E: contact@classicminerals.com.au
WWW: www.classicminerals.com.au



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