ASX-listed Classic Minerals has confirmed more high-grade gold at its Forrestania project in Western Australia. The results come from a short infill reverse circulation drilling campaign conducted in November last year. The company plunged 13 holes for 1,419 metres at the Lady Ada and Lady Magdalene prospects.
Significant intercepts from Lady Ada include a 1m high-grade hit at a rich 74.8 grams per tonne gold within a larger interval of 5m going 27.76 g/t gold from 101m. Another 2m intercept yielded 14.27 g/t gold from 110m that contained a high-grade section of 1m giving up 23.9 g/t gold.
Lady Magdalene also threw up a number of notable intersections with an 18m hit going 3.3 g/t gold from a shallow 28m and a broader 24m at 1.2 g/t gold was also uncovered.
Classic says the reverse circulation holes were drilled as infill and twins to existing holes to re-confirm historical assay data before upgrading the resource. The holes were designed to intersect close to existing high and low-grade zones within the known inferred resources at the two prospects.
The junior says it will be prepared to roll out the rig again in late April if further infill drilling is required to upgrade the resource.
Classic’s flagship Forrestania gold project is in the southeast of Western Australia’s Wheatbelt region and the company has designed its fence lines to strategically elongate over the ancient Southern Cross – Forrestania greenstone belt. According to the company the belt is brimming with over 10 million ounces of gold.
Classic is not the only gold-enthused junior in the area. Over the fence to the east lies the ASX-listed Forrestania Resources which is chasing something similar to Classic’s Kat Gap deposit.
Between the two juniors lies the Bounty gold mine that has recorded historical production of 1.3 million ounces of gold and the Earl Grey lithium deposit which was discovered in 2016 by the previously ASX-listed Kidman Resources.
The lithium deposit now stands tall at a whopping 189Mt grading 1.5 per cent lithium oxide. Kidman was acquired in 2019 by the ASX-listed Wesfarmers and the Earl Grey project soon became a joint venture between the Australian conglomerate and Chilean lithium giant Sociedad Química y Minera.
Importantly Classic has retained exposure to the booming lithium market with a 20 per cent interest in the white metal on its Kat Gap tenements.
Classic’s three prospects Lady Ada, Lady Magdalene and Kat Gap bring together a combined project mineral resource of 8.24 million tonnes grading 1.52 g/t gold that contains about 404,000 ounces of the precious metal.
With the gold price currently sitting above $2,800 per ounce and ongoing flight-to-safety capital flow expected, there should be more than a few interested observers when Classic unveils its ungraded resource numbers.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
