- Classic Minerals (CLZ) has received results from ongoing reverse circulation drilling at its Forrestania Gold Project in WA
- Drilling at the Kat Gap prospect has delivered a significant zone of high-grade gold mineralisation
- This is located 1.2 kilometres along strike from Forrestania
- Previous drilling at Kat Gap has returned results of up to 38 grammes per tonne of gold
- After exiting a trading halt, Classic's share price has gained 25 per cent and is trading for 0.3 cents each
Classic Minerals (CLZ) has received assay results from ongoing reverse circulation (RC) drilling at its Forrestania Gold Project in WA.
The Forrestania Gold Project is located approximately 120 kilometres south of Southern Cross in Western Australia and covers an area of 450 square kilometres.
It has an existing mineral resource of 5.9 million tonnes at 1.25g/t gold for 240,000 ounces of gold.
Drilling results from the Kat Gap prospect have delivered a significant zone of high-grade gold mineralisation located 1.2 kilometres south along strike from Forrestania.
To date, Classic has drilled three RC holes, for 221 metres, on this 1.2 kilometre strike length.
These holes were drilled to follow-up on a single historical RC hole which returned 1 metre at 11.20g/t gold as well as to test for high grade gold lying further into the granite area.
Historical RC holes were not drilled deep enough with many only penetrating 8-12 metres deep.
"This result is an exciting development for Kat Gap and the company," CEO Dean Goodwin commented.
"To head south 1.2 kilometres away from our main drilling area and test a theory that historical RC drilling hadn't penetrated deep enough to intersect gold in the granite with only three drill holes has been extremely satisfying," he added.
Prior to this most recent drilling at Kat Gap, Classic had completed eight separate drilling campaigns.
A total of 143 holes, for 11,044 metres, was completed between May 2018 and January 2020 with all holes returning significant high-grade gold intercepts.
However, the majority of this drilling is relatively shallow, drilled down to a vertical depth of 60 metres.
Highlights from this program include 3 metres at 38.33g/t gold from 21 metres, 10 metres at 30.78g/t gold from 28 metres, and 7 metres at 24.34g/t gold from 24 metres.
After coming out of a trading halt today, Classic's share price has gained a significant 25 per cent with shares trading for 0.3 cents apiece.