Classic Minerals unearths high-grade, shallow gold grading 3m at 13.23g/t at Kat Gap
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These results are from an infill reverse circulation drilling program conducted over 200m of strike at the Kat Gap Gold Project in Western Australia.
A total of 10 holes for 555m have been drilled to gain a higher level of confidence in the overall resource block model, which will allow for an upgrade from the current inferred status to indicated as well as aid greatly in final pit design work.
Drilling highlights include:
Kat Gap currently has a resource of 93,000oz of contained gold, a substantial portion of the company’s global resource of 8.24Mt at 1.52g/t for 403,906oz of contained gold.
The company recently produced 6,504 tonnes of gold bearing ore at an average grade of 4.82g/t for a total of 1,011 ounces of contained gold during bulk sample mining.
Notably, the ore was easily distinguished from the waste material during mining due to the alteration, which when combined with clear footwall and hanging wall contacts, made it easy to extract with minimal dilution.
It was around this time last month that Classic Minerals (ASX:CLZ) struck water adjacent to the main haul road and only 1,100m from the processing in its first exploratory hole at the flagship project.
A hole in one which will make water pumping operations a relatively simple joy.
The ~$7.652mm market cap explorer had targeted a substantial fault zone identified from detailed aeromagnetic data.
This fault zone is a regional structure and – with the success of the first hole – is expected to hold large quantities of ground water.
Further drilling along this structure will be carried out soon to locate additional water supplies once formal approvals have been received while testing of the water quality is currently underway.
While around 99 RC drill holes totalling 6,555m remain to be drilled, CLZ says deeper holes down to 100-140m will be carried out to extend the known gold mineralisation to greater depths down dip.
This work will hopefully add additional mineable ounces and a potentially larger final open pit design.
The overall infill RC drilling program consists of 109 holes for 7,110m and should take about 4-6 weeks to complete, weather permitting.
This article was developed in collaboration with Classic Minerals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.