Annual Report to Shareholders
The principal activity of Classic Minerals Limited during the financial year was the exploration of mineral resource based projects, focussing on gold and nickel.
The sale of the Doherty's project was concluded on 5 July 2017 with the receipt of the remaining $50,000 part of final instalment of $1,200,000. The project tenure has been transferred to the buyer and the Company no longer holds a stake in this project. Classic will receive a 7.5% net smelter return royalty from production.
Forrestania Gold Project
The Forrestania Gold Project ("FGP") contains an existing Mineral Resource of 5.9Mt at 1.25g/t for 240,000 ounces of gold, classified and reported in accordance with the JORC Code (2012). A completed scoping study has indicated both the technical and financial viability of the project.
In the reporting year Classic engaged both RSC Mining & Mineral Exploration ("RSC") and Mr. Dean Goodwin (Consulting Geologist) to advance the resource base of the project. A total of 70 holes for 10591m were completed in the reporting year.
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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