LADY ADA EXTENSIONAL DRILLING COMPLETE
Classic Minerals Ltd has announced it has completed the Phase 2 reverse circulation (“RC”) drilling program at the Lady Ada deposit, within the Forrestania Gold Project in Western Australia.
A total of 2,840m has been drilled at Lady Ada with a further ~10,000m to be drilled at Lady Magdalene and ~3,000m to be drilled at Lady Lila in the coming weeks.
The program, which is expected to be completed within 40 days, has been designed to further test high-grade extensions of both the Lady Magdalene and Lady Ada deposits identified during the recently completed Phase 1 drilling program.
Significantly, drill chip sampling from the recently completed drilling program has identified a potential new zone of mineralisation at Lady Ada based on samples from drill holes MARC0031, MARC0032 and MARC0035. A new hole (LAPL003a) was designed a further 50m SE along strike from the original Phase 2 drill holes. This is a highly encouraging outcome for the Company as it represents the possibility of a larger ore body continuing along strike from the current extent of the known mineralisation.
The RC drill rig has now moved to the Lady Magdalene deposit to undertake the holes planned directly between the existing Lady Ada and Lady Magdalene deposits. Classic’s exploration team is investigating the potential for a repetition of the Lady Ada and Lady Magdalene deposits between the existing ore bodies – potentially delineating a single ore body over 1.7km in length.
This Phase 2 drilling will assist with improving the confidence in the existing Mineral Resource at the Lady Magdalene and Lady Ada deposits respectively, and has the potential to add significant further ounces to the Company’s existing resource base at the FGP.
The Forrestania Gold Project 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), with a recent scoping study (released 1 May 2017) highlighting both the technical and financial viability of the project.