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Classic Minerals (ASX:CLZ) - CEO, Dean Goodwin
CEO, Dean Goodwin
Source: Classic Minerals
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  • Gold exploration company Classic Minerals (CLZ) has restarted reverse circulation drilling at its Kat Gap Gold Project in Western Australia
  • Following two successful programs in January and February, up to 3000 metres will now be drilled
  • The aim of this drilling is to increase the resource modelling confidence at Kat Gap
  • The results from the exploration work are expected in late June
  • Classic Minerals shares have dropped by 50 per cent today, currently trading for 0.1 cents each

Micro-cap gold exploration company Classic Minerals (CLZ) has restarted reverse circulation (RC) drilling at its Kat Gap Gold Project.

Kat Gap is made up of two exploration licences and covers an area of 37.5 square kilometres. It is located roughly 50 kilometres south-southeast of Classic’s Forrestania Gold Project in Western Australia.

Following two successful drilling programs in January and February, up to 3000 metres will now be completed in two separate programs.

The first program will focus on infill drilling 100 metres of strike to increase the confidence of the current resource model and subsequently aid in future open-pit mining operations.

The second program will aim to increase the overall strike of known gold mineralisation to 800 metres.

Hole depths will range between 30 to 100 metres and results are expected in late-June.

Between May 2018 and January 2020, 166 holes, for 12,493 metres, were drilled at Kat Gap and all holes returned significant high-grade gold intercepts.

Better results include three metres at 62.10 grams per tonne of gold from 36 metres including one metre at 181 grams per tonne of gold, and three metres at 38.33 grams per tonne of gold from 21 metres including one metre at 111 grams per tonne of gold.

“We are very pleased to be drilling again at Kat Gap after a bit of a break due to COVID-19. It’s great to be back at it following up on the great results of our last two drilling programs,” Classic CEO Dean Goodwin said.

“This round will comprise of two separate programs focused solely on Kat Gap which has delivered outstanding results from the previous nine drill campaigns,” he added.

Classic Minerals has dropped 50 per cent today, with trading for 0.1 cents each at 12:34 pm AEST.

CLZ by the numbers
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