DRILLING DISCOVERS NEW HIGH GRADE ZONE IN WA
DRILLING DISCOVERS NEW HIGH GRADE ZONE AT LADY MAGDALENE DEPOSIT, FORRESTANIA GOLD PROJECT, WA
· Drilling at Forrestania Gold Project identifies new high-grade zone at Lady Magdalene deposit – reaffirming near-term strategy to systematically increase existing current mineral resource estimate (refer to ASX announcement dated 14th March 2017 for mineral resource estimate)
· Best results to date for Lady Magdalene deposit include:
o 7m @ 4.95 g/t Au from 138m – including 3m @ 10.0 g/t Au from 141m
o 12m @ 2.08 g/t Au from 139m – including 3m @ 4.6 g/t Au from 142m
o 4m @ 4.66 g/t Au from 76m
· Lady Magdalene deposit previously subject to shallow, surface drilling only – previous drilling programs missed newly defined high grade zone
· Newly defined high grade zone remains open at depth and along strike – warranting further follow up activity in the near-term
· Initial results from Phase 1 drilling at both Lady Ada and Lady Magdalene deposits highlights significant potential for Classic to unlock a large-scale gold system at FGP
· Additional drill results from Phase 1 program expected to be released over coming weeks
WA-focused gold exploration and development company Classic Minerals Limited (ASX. CLZ) (“Classic“, or “the Company“) is pleased to advise that it has received preliminary results from the Phase 1 drilling program at the Company’s Forrestania Gold Project (“FGP”) in Western Australia.
Drilling at Lady Magdalene was designed to target mineralisation outside of the current resource model as well as high-grade extensions below and adjacent to the current pit design. Importantly, results from initial holes have identified an additional zone of high grade mineralisation outside of the current resource which extends at depth and along strike, reaffirming management’s view that the FGP has the potential to host a much larger gold system that can be unlocked through further targeted drilling.
These latest results follow on from the robust initial assays returned from the Lady Ada deposit within FGP (see ASX announcement 4 July 2017), and further underpin Classic’s near-term growth strategy aimed at sufficiently growing its resource base to a size that supports establishment of an on-site processing facility at FGP (see Scoping Study announcement released 2 May 2017).
The Reverse Circulation (“RC”) program at FGP drilled to date has comprised a total of 18 holes for 3,670m (MARC001 – MARRC018). Results are presented for 8 holes (MARC005 – MARC013). Assay results for the remaining intersections and holes are expected to be announced as they are received.
Importantly, all the drill holes intersected quartz veining as well as zones of silicified/bleached gabbro (which appear to host mineralisation) within the targeted alteration zones.
An additional POW (“Program of Works”) lodged with the DMP (“Department of Mines and Petroleum”) for an in-fill and extensional drilling program has now been approved. This will allow Classic to rapidly move to the next phase of exploration and development at the FGP. The Company will update the market accordingly.
Classic’s Managing Director, Justin Doutch, commented:
“When we made the decision to proceed with the acquisition of the FGP project earlier this year, we were very confident of the potential to discover additional high-grade zones and deposits within the project area, given the lack of previous exploration for this style of mineralisation.
“As can be seen in Figure 1, majority of the previous drilling to the east and south east of Lady Ada and Lady Magdalene was superficial shallow RAB drilling. Our exploration team saw this is a great opportunity to assess the project with a fresh set of eyes and follow up trends we had identified as having potential to increase in grade at depth.
“To this end, these initial Lady Magdalene results, coupled with the positive recent results from Lady Ada, are very exciting, and point to a potentially large, underexplored good system.
“With drilling approvals already in place, preparations are now underway to commence follow up drilling to define the extent of this mineralised zone in the near future.”