FYI | Jul 10 2020
–The below is a company sponsored announcement–
ASX-listed gold junior Classic Minerals Limited ((CLZ)) has intersected a new high-grade gold lode at its 100%-owned Kat Gap Project, which is part of its Forrestania Gold Project (FGP) in WA’s Forrestania Greenstone Belt.
The company has now completed a total of 21 holes for 1,304 metres at the Kat Gap project in a continuation of the infill and extensional drilling program interrupted by the onset of COVID-19. Classic confirmed that most holes returned gold mineralisation striking in a northwest-southeast direction.
The infill drilling has confirmed continuity of mineralised zones within the current inferred resource model north of the Proterozoic dyke. Mineralisation remains open in all directions.
Standout results from the drilling program include 4 metres grading 76.7 g/t gold from 79 metres — including 1 metre grading 304 grams per tonne gold from 82 metres.
So far Classic has not only identified high-grade mineralisation but has located a new high grade zone to the west of the main target out into the granite. Further deeper drilling will be conducted to determine the extent and significance of this new potential footwall gold lode.
Consequently, the upcoming drilling program has the potential to add significantly to the length of strike ahead of future open pit optimisation studies.
In the interim, management is spoilt for choice in terms of choosing drilling targets with the potential to strike more high-grade gold through exploring this new territory, and conducting infill and extensional drilling to the north and south of the current drill pattern.
CEO Dean Goodwin commented on the significance of drilling to date:
“This new very high-grade intersection out into the granite is an exciting development for the Kat Gap Project. We decided to extend some of our planned drill holes west of our current drill pattern to see if further gold lodes were lurking out in the granite.
“We were right. Now we just have to work out what orientation this new lode is running at. We had a feeling something was out there as we had a handful of old historical drill holes along strike that had a few lower grade sniffs out in the granite.
“This new intersection really bodes well for our future drilling programs that will be conducted out in the granite following up the historical auger geochemical anomalies. We also started a program of infill drilling north of the Proterozoic dyke in readiness for future open pit optimisation studies. Existing RC drilling is a little far apart to get meaningful data, so we need to infill drill for about 400m of strike.
“These new results are only the start of that extensive program with many more results to come over the next few months. We will also be conducting extensional RC drilling to the north and south of our current drill pattern. This should hopefully see the deposit grow another 200m or so.”
Classic completed 10 separate drilling campaigns at Kat Gap prior to this most recent RC drilling program.
Between May 2018 and March 2020, a total of 174 holes for 13,074m was completed all returning significant high-grade gold intercepts with the majority of the drilling being relatively shallow (down ~70m vertical).
Further drilling ahead at Kat Gap
Upcoming rounds of RC drilling at Kat Gap will focus mainly on infill testing the main granite-greenstone contact north of the Proterozoic dyke for a strike length of some 400 metres.
This work will assist engineers in conducting more accurate open pit optimisation studies prior to future mining operations.
The further RC drilling will also test the northerly and southerly extensions for another 100 metres to 200 metres along strike. It will test the extent of the recently discovered supergene horizon south of the Proterozoic dyke out in the granite. Further drilling will then be conducted to determine the source of this new supergene zone.
RC drilling programs will also be carried out in the granite to test the large five kilometre geochemical anomaly identified in previous historical auger soil sampling.
The initial program will focus around the cross-cutting Proterozoic dyke where high auger values were returned along with a site located in the north-eastern most area of the geochemical anomaly.
Historical RC drilling at Kat Gap is mostly on 100 metres to 200-metre line spacings.
There is strong potential for additional mineralisation to be identified up-dip, down-dip and along strike, both outside of and within the existing historical RC drill coverage.
That means there’s plenty of newsflow ahead with the potential for numerous share price catalysts as the extensive exploration campaign progresses.
Earlier today the corporate announcement above was publicly released. FNArena is acting as a partner in distribution to broaden the reach. No journalists have been involved in the re-publication of this announcement.
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