GOLD INTERSECTIONS IDENTIFIED AT LADY ADA

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 for the initial holes drilled at the Lady Ada deposit as part of the Phase 1 drilling program at the Company’s Forrestania Gold Project (“FGP”) in Western Australia.

Importantly, all the drill holes intersected quartz veining as well as zones of silicified/bleached gabbro (which appear to be host mineralisation) within the targeted alteration zones.

The strong results point to both an increase and an upgrade in resources at the Forrestania Gold Project. The drilling 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, in line with Classic’s strategy to sufficiently grow its Mineral Resources to a size that supports establishment of an on-site processing facility at FGP.

The Reverse Circulation (RC) drill program drilled to date comprised a total of 18 holes for 3,670m (MARC001 – MARRC018). Results are presented for 8 holes (MARC001 – MARC004; MARC014 – MARC018).  Assay results for the remaining holes are expected to be announced in coming weeks as they are received.

An additional POW (“Program of Works”) was lodged with the DMP (“Department of Mines and Petroleum”) for an extensive in-fill and extensional drilling program. This has now been approved, allowing Classic to rapidly move to the next phase of exploration and development at the FGP.

 

Hole From To Length Results Comment
MARC003 64 76 12 12m @ 1.74 from 64m Including 3m @ 2.03 from 72m
MARC015 109 111 2 2m @ 9.77 from 109m Including 1m @ 18.6 from 109m
MARC002 65 75 10 9m @ 1.30 from 66m Including 2m @ 3.58 from 73m
MARC004 47 48 1 1m @ 3.82 from 47m  
MARC003 55 56 1 1m @ 3.51 from 55m Starting in mineralisation, pending laboratory results
MARC004 119 123 4 4m @ 0.65 from 119m  

Table 1: Best Lady Ada drill results received to date

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