Classic Minerals Ltd: Infill Drilling Delivers High Grade Au Intercepts at Kat Gap

Perth, Australia - WA-focused gold exploration and development company Classic Minerals Ltd. (ASX:CLZ) is pleased to announce that it has started receiving assay results from its August - September RC drilling programs at its Forrestania Gold Project (FGP) in Western Australia. The Company has completed a total of 99 holes for 6,354 metres - 83 holes for 5,280 metres at Kat Gap, 13 holes for 834 metres at Tangerine Trees and 3 holes for 240 metres at Van Uden West.

Highlights:

- Recent infill RC drilling at Kat Gap returns high-grade gold intercept from shallow depths. Best results from most recent drilling include:

o 15m @ 2.97 g/t Au from 38m including 1m @ 23.20 g/t Au from 38m

o 10m @ 3.24 g/t Au from 54m including 1m @ 18.40 g/t Au from 54m

o 6m @ 4.07 g/t Au from 61m including 1m @ 16.10 g/t Au from 65m

o 4m @ 8.97 g/t Au from 46m including 1m @ 23.40 g/t Au from 46m

o 2m @ 6.22 g/t Au from 56m

o 2m @ 16.57 g/t Au from 46m including 1m @ 30.30 g/t Au from 46m

- Infill RC drilling at Kat Gap conducted over 300m of strike north of the cross cutting Proterozoic dyke. Over 60 drill holes totalling some 4100 samples still awaiting assays.

- Infill RC holes conducted on 20m x 10m and 10m x 10m spacings to provide more accurate resource model data for final pit design work.

- Maiden RC drilling program at Tangerine Trees prospect returns encouraging results. System is open in all directions. Better results include:

o 6m @ 1.57 g/t Au from 31m

0 5m @ 1.92 g/t Au from 62m

0 4m @ 1.61 g/t Au from 54m

0 4m @ 1.47 g/t Au from 37m

0 2m @ 3.12 g/t Au from 28m

Drilling results from Kat Gap continued to impress with significant zones of high-grade gold mineralisation emerging from the infill drilling program. First ever RC drilling at Tangerine Trees prospect, which is located 21km north-west of Kat Gap along strike, yielded interesting results from shallow depths. Significant results from these two drilling programs are tabled in link below.

Classic CEO Dean Goodwin said:

Kat Gap is really shaping up nicely as a near surface high-grade gold deposit with so much remaining upside potential. We have been infill drilling solidly now for about 2 months and have drilled in excess of 80 holes covering some 400m of strike immediately north of the cross cutting Proterozoic dyke. The drilling program is necessary to bring the near surface parts of the inferred resource up to indicated status prior to final pit design work. We are still waiting on more than 60 holes totalling some 4,100 samples. The Labs have been totally run of their feet due to the surge in exploration activity throughout WA and have large backlogs of samples to process. It's all been a little nuts lately.

Tangerine Trees, which is located approximately 21km north-west of Kat Gap on the same granite-greenstone contact, is an old favourite of mine going back more than 20 years. We decided to follow-up on some old historical shallow RC and RAB drilling conducted back in the late 80's that had some interesting gold numbers. The results were encouraging delineating a consistent low angle structure gently dipping back to the east. The mineralisation looks just right with all the typical goodies you'd expect from Forrestania except the grade is a little on the low side. We just don't know yet where we are in the system. Hopefully more drilling will give us better results along strike, but I think with a little more patience we could be onto a winner.

Classic drilled 83 holes for 5,588m at Kat Gap during August and September with several short breaks due to bad weather. This announcement only covers 19 RC holes (FKGRC248 - 266) for 1,260m of the total 83 holes drilled. The remaining holes will be reported on in due course when assays become available.

Infill RC holes FKGRC248 - 266 are located 100m to 200m north along strike from the cross cutting Proterozoic dyke and form part of the much larger infill drilling pattern. The holes have been drilled on 20m x 10m and 10m x 10m grid spacings to bring the near surface parts of the inferred resource to indicated status prior to final pit design work. The total 83-hole infill RC drilling program covers an area 400m along strike to the north of the Proterozoic dyke.

The infill drilling is focused on testing the main granite-greenstone contact lode within the existing inferred resource to an average depth of 75m below surface.

Better results from these holes include:

o 7m @ 2.33g/t Au from 33m in FKGRC249
o 3m @ 2.47g/t Au from 26m in FKGRC250
o 15m @ 2.97g/t Au from 38m including 4m @ 9.13g/t Au from 38m in FKGRC251
o 2m @ 16.57 g/t Au from 46m including 1m @ 30.30g/t Au from 46m in FKGRC252
o 6m @ 4.07g/t Au from 61m including 1m @ 16.10g/t Au from 65m in FKGRC254
o 2m @ 6.22g/t Au from 56m in FKGRC257
o 4m @ 8.97g/t Au from 46m including 1m @ 23.40g/t Au from 46m in FKGRC262
o 10m @ 3.24g/t Au from 54m including 1m @ 18.40g/t Au from 54m FKGRC263
o 3m @ 3.87g/t Au from 63m in FKGRC264

Classic will be heading back to Kat Gap early in November to conduct deeper drilling down dip and down plunge of the current inferred resource. The program will entail drilling around 30-40 holes ranging in depth from 120m to 250m for approximately 4,000m.

DRILLING AT TANGERINE TREES

Tangerine Trees forms part of the FGP and is located some 21km north-west of Kat Gap. It lies on the western margin of the Forrestania greenstone belt adjacent to the granite - greenstone contact similar in geological setting to Kat Gap (see figure 3). Classic drilled 13 RC holes FTTRC001-013 for 834m back in early August following up historical RC drill holes containing anomalous gold assays close to surface. The historical holes were completed back in the late 1980's. Classics recent drill results indicate a shallow east dipping shear system within footwall amphibolites containing intense biotite alteration and heavy silicification similar in style to other gold occurrences in the Forrestania area (see figure 4). Transported clays and sands around 4-5m thick cover the primary gold mineralisation making it difficult at this early stage to ascertain where we might be in the overall gold mineralisation system.

Better results from Classics recent holes include:

o 2m @ 3.12g/t Au from 28m in FTTRC002
o 6m @ 1.57g/t Au from 31m in FTTRC003
o 4m @ 1.47g/t Au from 37m in FTTRC007
o 4m @ 1.61g/t Au from 54m in FTTRC008
o 5m @ 1.92g/t Au from 62m in FTTRC009

VAN UDEN WEST DRILLING

Van Uden West prospect is surrounded by historic gold mines Van Uden and Teddy Bear and is situated 11km NW along strike from Lady Magdalene and Lady Ada.

Classic postulated back in April 2018 that anomalous gold mineralisation identified in historic air-core drill hole FTBAC037 potentially represented an undiscovered gold zone shallowly dipping to the east. Drilling conducted by Classic back in April 2018 suggested this was the case with strong gold mineralisation intersected in RC holes VUWRC001 which returned 13m grading 0.41g/t and VUWRC002 which returned 12m grading 5.75g/t.

Recently Classic completed 3 RC holes for 240m (VUWRC003-005) following up on RC holes VUWRC001 and VUWRC002. Unfortunately, only narrow zones of anomalous gold mineralisation were intersected suggesting Classics original interpretation of shallow east dipping mineralisation was incorrect. It's quite possible the high-grade gold mineralisation intersected in the April 2018 drilling may well have an east-west strike similar to that of Lady Ada instead of the originally interpreted north-south strike. Further RC drilling will be required to test this new theory.

ABOUT THE FORRESTANIA GOLD PROJECT

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 in the gold rights. For the avoidance of doubt Classic Ltd 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- mining Mineral Resource for Lady Ada, Lady Magdalene and Kat Gap is tabulated below.

Additional technical detail on the Mineral Resource estimation is provided, further in the text below and in the JORC Table 1 as attached to ASX announcements dated 18th December 2019, 21st January 2020, and 20 April 2020.

To view tables and figures, please visit:
https://abnnewswire.net/lnk/XHL6E307

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