CLASSIC PROCEEDS WITH KAT GAP FARM-IN
WA-focused gold exploration and development company Classic Minerals Limited (ASX. CLZ) (“Classic“, or “the Company“) advises that it has executed a binding agreement to secure the option to acquire a 100% interest in two exploration licences held by Sulphide Resources Pty Ltd which host a combined area of 37.5km² known as the Kat Gap Project.
The Kat Gap Project is strategically located approximately 50km south-south east of the Company’s recently acquired Forrestania Gold project (see CLZ announcement 21st March 2017), and adjoins the Forrestania Nickel project currently operated by Western Areas Ltd.
Kat Gap contains a shallow unmined gold deposit discovered in the 1990s, which was the subject of resource estimations and scoping study by Sons of Gwalia in 2003. High grade RC drill intercepts include 15m @ 15.1 g/t Au from 39m depth and 6m @ 19.1 g/t from 17m depth. The open-ended deposit lies within a 5km long geochemical gold anomaly that has seen very little drill testing, and there is potential for the discovery of a substantial gold deposit within the project area. Previous exploration work includes airborne geophysical surveys; Aircore, RAB, RC and diamond drilling; and soil geochemical surveys.
Classic lodged a POW with the DMP to undertake the drilling – this is currently under assessment.