Classic Minerals Ltd: Annual Report to Shareholders
18.09.2020 | ABN Newswire
Perth, Australia - Classic Minerals Ltd.'s (ASX:CLZ) main thrust of exploration at the Forrestania belt has been the Lady Ada and Lady Magdalene (Ladies) tenements.Classic has made a major discovery at the 100% owned Kat Gap tenements about 50 km to the South East of the Ladies.
Here very significant high-grade gold intersections have been made. Classic has upgraded the potential of Kat Gap and is making it the main focus of Its exploration. Classic has great faith in Kat Gap and has made arrangements to purchase a Gekko Gravity Feed Plant to exploit it. Kat Gap is now the Flagship project of the Company.
The FGP Tenements (excluding Kat Gap) are registered in the name of Reed Exploration Pty Ltd, a wholly owned subsidiary of ASX-listed Hannans Ltd (ASX:HNR). Classic has acquired 80% of the gold rights on the FGP Tenements from a third party, whilst Hannans has maintained its 20% interest m the gold rights.
Classic Minerals owns a 100% interest in the gold rights on the Kat Gap Tenements and also non-gold rights including but not limited to nickel, lithium and other metals.
Classic has a Global Mineral Resource of 8.24 Mt at 1.52 g/t for 403,906 ounces of gold, classified and reported in accordance with the JORC Code (2012) with a recent Scoping Study (see ASX Announcement released 2nd May 2017) suggesting both the technical and financial viability of the project. The current post-minimg Mineral Resource for Lady Ada, Lady Magdalene and Kat Gap is tabulated in the report*.
*To view the Annual Report, please visit:
https://abnnewswire.net/lnk/GCAHH14I
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).
Source:
Classic Minerals Ltd.
Contact:
Classic Minerals Ltd. T: +61-8-6305-0221 E: contact@classicminerals.com.au WWW: www.classicminerals.com.au