Classic Minerals Ltd: Infill Drilling Results

WA-focused gold exploration and development company Classic Minerals Ltd. (ASX:CLZ) is pleased to announce that it has received all the outstanding assays results from its August - September and November - December RC drilling programs at its Forrestania Gold Project (FGP) in Western Australia have now been received. The Company completed a total of 99 holes for 8,704 metres at Kat Gap.

Drilling results from Kat Gap continued to deliver significant zones of high-grade gold mineralisation from infill and deeper drilling programs. The results in this announcement are concentrated 100-300m north of the cross-cutting Proterozoic dyke. The infill RC drilling was conducted on a 10m x 10m and 20m x 10m pattern. The down plunge deeper RC program was focussed on an area just north of the dyke.

Classic has finally received all outstanding assay results from its infill and deep extensional RC drilling programs completed back in August-September and November-December 2020. The drilling programs consisted of 81 infill holes for 5,588m and 18 deeper holes for 2,824m.

Infill RC drilling

The 81-hole infill RC drilling program (FKGRC207-228, FKGRC231-245 and FKGRC267-313) covers an area approximately 300m along strike to the north of the Proterozoic dyke (See Figure 2.0*). The infill drilling was focused on testing the main granite-greenstone contact lode within the existing inferred resource to an average depth of 75m below surface. 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.

Infill drilling has confirmed continuity of mineralised zones within the inferred resource model north of the Proterozoic dyke.

Better results from the infill holes include:

- 1m @ 10.10g/t Au from 54m in FKGRC218

- 4m @ 5.00g/t Au from 35m including 1m @ 11.40g/t Au from 38m in FKGRC222

- 4m @ 7.96g/t Au from 77m including 1m @ 20.90g/t Au from 77m in FKGRC222

- 5m @ 3.05g/t Au from 26m including 1m @ 11.20g/t Au from 27m in FKGRC239

- 9m @ 2.70g/t Au from 28m in FKGRC240

- 5m @ 4.77g/t Au from 48m including 1m @ 21.60g/t from 48m in FKGRC269

- 9m @ 2.40g/t Au from 49m including 1m @ 15.10g/t Au from 57m in FKGRC303

- 6m @ 2.52g/t Au from 45m including 1m @ 10.70g/t Au from 46m in FKGRC310

- 7m @ 4.20g/t Au from 60m including 1m @ 22.00g/t from 61m in FKGRC313

Deep RC Drilling

Deeper RC holes testing the down plunge potential are all located within 100m north along strike from the cross cutting Proterozoic dyke and form part of the much larger future deeper drilling program (See Figure 2.0*). A total of 18 holes for 2,824m (FKGRC320 - 333 and FKGRC 339 - 342) were completed during November and December last year. Interpretation of the recently received assay data has confirmed a northerly plunge of about 55 degrees closely linked to the flattening or rolling of the granite-greenstone contact. The gold is associated with smokey grey quartz veins within weakly sheared granite some 10-15m in from the main granite-greenstone contact. The plunge line is completely open to the north.

Better results from the deeper RC holes include:
- 11m @ 3.63g/t Au from 76m including 1m @ 11.80g/t Au from 83m in FKGRC320

- 5m @ 4.37g/t Au from 121m including 1m @ 13.40g/t Au from 122m in FKGRC321

- 10m @ 4.58g/t Au from 133m including 1m @ 10.60g/t Au from 133m in FKGRC323

- 3m @ 6.63 g/t Au from 113m including 1m @ 11.60g/t Au from 113m in FKGRC329

- 5m @ 6.60g/t Au from 159m including 1m @ 20.60g/t Au from 159m in FKGRC330

- 3m @ 12.00g/t Au from 127m including 1m @ 17.90g/t Au from 127m in FKGRC331

- 2m @ 9.45g/t Au from 174m including 1m @ 17.80g/t Au from 175m in FKGRC332

- 3m @ 5.62g/t Au from 155m including 1m @ 11.70g/t Au from 156m FKGRC339

Previous Infill RC Drilling

Previously drilled infill RC holes FKGRC248 - 266 were announced back in October 2020 (See ASX release dated 20th October 2020). These holes were located 100m to 200m north along strike from the cross cutting Proterozoic dyke and formed part of the much larger infill drilling pattern (See Figure 2.0*). These holes were drilled on a 20m x 10m and 10m x 10m grid spacings.

Better results from previously reported infill drilling include:

- 7m @ 2.33g/t Au from 33m in FKGRC249

- 3m @ 2.47g/t Au from 26m in FKGRC250

- 15m @ 2.97g/t Au from 38m including 4m @ 9.13g/t Au from 38m in FKGRC251

- 2m @ 16.57 g/t Au from 46m including 1m @ 30.30g/t Au from 46m in FKGRC252

- 6m @ 4.07g/t Au from 61m including 1m @ 16.10g/t Au from 65m in FKGRC254

- 2m @ 6.22g/t Au from 56m in FKGRC257

- 4m @ 8.97g/t Au from 46m including 1m @ 23.40g/t Au from 46m in FKGRC262

- 10m @ 3.24g/t Au from 54m including 1m @ 18.40g/t Au from 54m FKGRC263

- 3m @ 3.87g/t Au from 63m in FKGRC264

Classic will be heading back to Kat Gap in late March to conduct further deeper drilling down dip and down plunge of the current inferred resource. The program will entail drilling around 10-15 holes ranging in depth from 150m to 250m for approximately 3,000m. Shallow RC drilling is also planned out in the granite west of the granite-greenstone contact following up the large auger soil gold anomaly. Classic plans to drill around 15-20 holes for 1500m.

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.

*To view all tables and figures, please visit:
https://abnnewswire.net/lnk/D015WRYG

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.classicminerals.com.au