Classic Minerals makes another high-grade gold discovery at Forrestania

Classic Minerals ASX CLZ Forrestania gold project discovery
Classic Minerals' CEO Dean Goodwin on site at the Forrestania gold project conducting exploration field work.

Classic Minerals (ASX: CLZ) has made a high-grade gold discovery from maiden drilling across three new targets at its Forrestania gold project in Western Australia.

According to Classic Minerals the new target years had been untouched for 18 years, with the high-grade discovery at Van Uden West returning 12m at 5.75 grams per tonnes gold from 59m, including a 1m interval comprising 25.60g/t gold from 59m.

According to Classic Minerals, the discovery was covered by transported sands and clays, which masked the mineralisation from surface detection.

Classic Minerals’ preliminary interpretation of the mineralisation is that it is similar to gold found at the Kat Gap target within the project.

In addition to identifying Van Uden West, the 11-hole RC program unearthed more gold at the Kat Gap and Lady Lila prospects, which were found in the 1990s.

Classic Minerals’ drilling at Kat Gap uncovered 5m grading 14.10g/t gold from 17m, with a 1m interval comprising 48.40g/t gold from 20m.

Over at Lady Lila, drilling unearthed 14m grading 3.70g/t gold from 71m, including 1m grading 13.20g/t gold from 79m. It also pulled up 8m grading 3.21g/t gold from 70m including 1m grading 11.40g/t gold from 72m.

Mineralisation at Lady Lila also remains open along strike.

“First pass regional drilling campaigns don’t get any better than this,” Classic Minerals chief executive officer Dean Goodwin said.

“We encountered thick, high-grade zones of mineralisation at each of the drill targets, which all remain open along strike with high priority zones requiring urgent follow up,” Mr Goodwin noted.

He added the company doesn’t know how big the targets are yet, but he “can’t wait” to start the next drilling program.

Mr Goodwin also pointed out the drilling program and associated assays and technical work cost the company less than A$50,000.

“This is a great testament to Classic Minerals’ new approach to exploration planning and spending at Forrestania gold project – we carefully plan all exploration activities and keep a tight control on costs to ensure shareholder funds are wisely spent with the goal of delivering value to all shareholders,” he said.

Forrestania gold project

Classic Minerals has secured an 80% interest in the gold rights of the Forrestania gold project. The other party Hannans (ASX: HNR) owns 20% and is free carried to a decision to mine.

Forrestania encompasses 500 square kilometres in exploration licences after the company secured 50sq km of new tenements last month.

The project has an existing resource of 5.36 million tonnes grading 1.39g/t gold for 240,650 contained ounces, which was calculated in December 2016.

By late afternoon trade, Classic Mineral’s share price remained up 25% at A$0.005.

Lorna has more than 10 years' experience as a finance journalist and editor. She has written for numerous industry publications reporting on various sectors, including: resources, energy, construction, biotech, pharma, science and technology, agriculture, and chemicals. Specialising in resources, Lorna has also covered a myriad of small and large cap ASX and dual-listed stocks.