Classic Minerals expands Forrestania Gold Project footprint
Classic Minerals (ASX:CLZ)yesterday revealed it has secured new tenements in a proven gold and lithiumregion at its Forrestania Gold Project in Western Australia.
These recently granted tenements,which are host to gold exploration targets identified by CLZ, have added some 50square kilometres to CLZ's holdings, bringing the total area to 500 squarekilometres.
This will be expanded further onceCLZ is granted the still pending E77/2470 and E77/2471 tenements, which are expectedin the coming weeks, making it a major land holder in the highly prospectiveForrestania region.
The Forrestania Gold Projectcontains an existing JORC-compliant Mineral Resource of 5.3 Mt at 1.39 gramsper tonne for 240,000 ounces of gold. A recent scoping study has also confirmedthe project's technical and financial viability.
Of course, aswith all minerals exploration, success is not guaranteed. Consider your ownpersonal circumstances before investing, and seek professional financialadvice.
The map below shows CLZ's tenure - the existing tenements are marked in blue andthe new in yellow:
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On top of the new tenements, CLZ hasalso revealed that it is set to begin drilling on April 16. The company hasplanned its maiden drill programs at the Lady Lila and Kat Gap deposits, aswell as at a new target, Van Uden West.
Lady Lila is a BIF-hosted golddeposit that is geologically similar to Bounty and Blue Vein - prolific, high-grade gold deposits in theregion held by the $633.5 million capped Kidman Resources (ASX:KDR).
Kat Gap contains a shallowunmined gold deposit discovered in the 1990s, which was the subject of resourceestimations and scoping study by Sons of Gwalia in 2003. High grade ReverseCirculation (RC) drill intercepts include 15 metres at 15.1 grams per tonne ofgold from 39 metres depth and 6 metres at 19.1 grams per tonne from 17 metresdepth.
The open-ended deposit lieswithin a 5 kilometre long geochemical gold anomaly that has seen very littledrill testing, and there is potential for the discovery of a substantial golddeposit within the project area.
CLZ expects that the drilling sequencewill be as follows: Van Uden West, Lady Lila, Kat Gap, and then Lady Magdalene.
CLZ CEO, Dean Goodwin, said: "Weare very happy to be securing additional tenure in the highly prospectiveForrestania region. We see the belt as being underexplored in terms of gold andlithium and the new tenements host attractive greenfields targets which will befollowed up in due course.
"We see the potential formultiple examples of gold mineralisation in the region - fortuitously, theeastern applications host existing exploration targets identified as part of thelarge-scale review carried out in the early 2000s," added Goodwin.
"These tenements are also alongstrike from Kidman/SQR's major Earl Grey lithium discovery, which explains why there was competition for the ground, resulting in a ballot being drawn in theWardens Court to determine priority."
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