Quarterly Activities Report
The Company is looking forward to continuing its developments at the Forrestania Gold Project and Fraser Range during the 1st Quarter (July - Sept 2018) and aims to:
- Continue drilling at FGP. Particularly at Kat Gap and Lady Magdalene.
- Drilling results from Kat Gap confirms the discovery of a significant new zone of gold mineralisation within the granite which was previously thought to be barren.
- Drilling at Kat Gap also showed that high-grade gold mineralisation has effectively dammed up against a cross-cutting Proterozoic dyke. Drilling at Lady Magdalene yielded impressive results further confirming the existence of a number of high-grade, cross-cutting gold lodes previously missed due to the wide spaced drilling.
- Continue drilling regional exploration targets at FGP including the Van Uden West prospect and the Lady Lila and Kat Gap deposits.
- Continue to explore the lithium potential at Kat Gap and Classic's 100% owned Forrestania tenements. A mapping and soil geochemistry program is being planned.
- Carry out additional sampling and mapping at Fraser Range following data review that yielded high grade cobalt rock chip samples.
- Continue to pay down debt/liabilities.
The Company closed the quarter with $726,000 cash and reduced liabilities by approximately $600,000 during the quarter.
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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