Classic Minerals kicks off gold quest at Forrestania
Classic Minerals (ASX:CLZ)announced this morning that it has kicked off reverse circulation (RC) drillingat its Forrestania Gold Project in Western Australia.
CLZ will be drilling withthe view to uncover a new gold system at the recently uncovered Van Uden Westprospect, and to enhance known mineralisation at the Lady Lila and Kat Gapprospects.
The targets areas have beenuntouched for some 18 years, making these maiden drill programs especiallypivotal.
Lady Lila is a BIF-hostedgold deposit that is very similar in geological characteristics to thehigh-grade, prolific Bounty and Blue Vein deposits, held by the $649 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 RC drill interceptsinclude 15 metres at 15.1 grams per tonne of gold from 39 metres depth and 6 metresat 19.1 grams per tonne from 17 metres depth. The open-ended deposit lieswithin a 5 kilometres 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.
Get the latest articles straight to your inboxkeep me postedVan Uden West, on the other hand, is a brandnew gold target with similar orientation and geological setting to the high-gradeKat Gap deposit. CLZ's decision to test this targetis based on an anomalous aircore drill result from the late 1990s. The targethas an excellent structural location on the contact between granite andgreenstone, and CLZ belives that the previous shallow, wide-spaced aircoreholes inadequately tested the target.
Drilling will also recommence at the LadyMagdalene prospect once final government approvals have been received.
The RC drill rig is on siteand drilling at present, with this first pass program expected to be completewithin 10 days. Assay results are expected early May.
Of course,as with all minerals exploration, success is not guaranteed. Consider your ownpersonal circumstances before investing, and seek professional financialadvice.
CLZ CEO, Dean Goodwin,said: "As an exploration geologist, I am incredibly excited about theforthcoming drilling at FGP. It has always been my opinion that there is hugescope for brand new discoveries outside of the known deposits and this drillprogram signals Classic's belief in the region and is the initial step towardsour goal of uncovering additional, high quality ounces outside of LadyMagdalene and Lady Ada."
The Forrestania GoldProject contains an existing Mineral Resource of 5.3 Mt at 1.39 grams per toonefor 240,000 ounces of gold, with a recent scoping study confirming both thetechnical and financial viability of the project.
CLZ recently expanded its footprint at Forrestania,securing new tenements that have added some 50square kilometres to CLZ's holdings, bringing the total area to 500 squarekilometres, making it a major land holder in the highly prospective region.
Drill targets at Forrestania
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