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.
|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