Strong quarter puts Classic Minerals in good shape at Forrestania Gold Project
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
Finfeed has reported extensively on gold explorer Classic Minerals’ (ASX:CLZ) operations over the past quarter. The highlights of which were outlined in its latest quarterly report.
During the quarter, Classic completed a highly successful drill campaign at the Forrestania Gold Project (FGP) in Western Australia.
The program returned consistently high-grade results and highlighted significant potential to expand the current Mineral Resource estimate at FGP.
Read: Classic Minerals continues to discover deep high-grade gold intercepts at Kat Gap https://finfeed.com/small-caps/mining/classic-minerals-continues-discover-deep-high-grade-gold-intercepts-kat-gap/
Classic holds 80% of the gold rights for the FGP which contains the Lady Magdalene and Lady Ada gold resources. It also includes a remnant resource of 543,500 tonnes grading 1.99g/t gold for 34,950 ounces at the Lady Ada deposit, centered about 1km south of Lady Magdalene and located in the same geological rock sequences.
With the recent update to the Lady Magdalene mineral resource, the FGP now comprises existing resources of 6.46Mt at 1.37g/t for 286,300 ounces of gold. Resources are located beneath an existing open pit shell at Lady Ada and the un-mined, near-surface deposits at Lady Magdalene.
CLZ will continue to progress operations at the Forrestania Gold Project during the third quarter 2020, whilst concentrating on RC drilling at Kat Gap along strike to the north and south from existing drilling along the granite-greenstone contact.
Kat Gap is located just circa 70km south-south east of the company’s Forrestania Gold project containing the Lady Magdalene and Lady Ada gold resources.
Classic has drilled a total of 21 RC holes at Kat Gap for 1,580 m and 3 diamond holes for 527.55 m and has confirmed that most holes returned gold mineralisation striking in a northwest-southeast direction.
The drilling has now extended the strike coverage to over 500m with mineralisation open in all directions.
The next RC drilling program will test the northerly and southerly extensions for another 100-200m along strike. RC Drilling will also probe at depth around the existing deeper holes to gain a better understanding of the plunge component to the high-grade ore.
As Classic continues its drilling progress across the FGP and at Kat Gap, the company will also continue to raise capital and pay down debt and liabilities to improve its financial position.
General Information Only
This material has been prepared by StocksDigital. StocksDigital is an authorised representative (CAR 000433913) of 62 Consulting Pty Limited (ABN 88 664 809 303) (AFSL 548573).
This material is general advice only and is not an offer for the purchase or sale of any financial product or service. The material is not intended to provide you with personal financial or tax advice and does not take into account your personal objectives, financial situation or needs. Although we believe that the material is correct, no warranty of accuracy, reliability or completeness is given, except for liability under statute which cannot be excluded. Please note that past performance may not be indicative of future performance and that no guarantee of performance, the return of capital or a particular rate of return is given by 62C, StocksDigital, any of their related body corporates or any other person. To the maximum extent possible, 62C, StocksDigital, their related body corporates or any other person do not accept any liability for any statement in this material.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.
