Classic Minerals Ltd.: March 2018 Quarterly Activities Report
30.04.2018 | ABN Newswire
Perth - During the quarter, Classic Minerals Ltd. (ASX:CLZ) completed 2 orientated diamond drill holes at Lady Magdalene and advised the market of the Phase 2 RC drill results from the Forrestania Gold Project ("FGP") in Western Australia which returned high-grade results from outside the current Scoping study pit design. These results highlighted significant potential to expand current Mineral Resource estimate at FGP.The Company entered into a MOU with Tianye SXO Gold Mining Pty Ltd in regard to processing FGP ore at the Marvel Loch Processing Plant.
In addition, the company completed a successful capital raise via an SPP to shareholders raising in excess of $1M AUD.
The Company is looking forward to continuing its developments at the Forrestania Gold Project and Rubys Reward during the 4th Quarter (April - June 2018) and aims to:
- Continue drilling at FGP. Particularly at Lady Magdalene, where orientated diamond holes have confirmed the presence of high grade mineralisation previously missed by prior land holders.
- Continue drilling regional exploration targets at FGP including the Van Uden West prospect and the Lady Lila and Kat Gap deposits.
- Carry out additional sampling at mapping at Rubys Reward in the Fraser Range following data review that yielded high grade cobalt rock chip samples.
- Continue to pay down debt/liabilities.
The Company closed the quarter with $309,195 cash and following the SPP, reduced liabilities by approximately $395,000 during the quarter.
To view the full report, please visit:
http://abnnewswire.net/lnk/3GB5Q6GL
About Classic Minerals Ltd:
Classic Minerals Ltd. (ASX:CLZ) is an exploration and development company focused on gold deposits in Western Australia's famous Goldfields region. In March 2017, Classic acquired the Forrestania Gold Project, with seven tenements stretching across 450km2. Strategically located in a very prospective region, the FGP is an underexplored package surrounded by multimillion ounce deposits such as Bounty (2Moz) and Yilgarn Star (1.5Moz).
Contact:
Classic Minerals Ltd.
T: +61-8-6305-0221
E: contact@classicminerals.com.au
www.classicminerals.com.au