Confidence high as Classic upgrades 378,000oz Forrestania resource

Historical dataset reviews boost resources to 8.09Mt @ 1.45g/t for 377,946oz gold at Classic Minerals’ Forrestania project
Gold grade increases, higher confidence indicated resources jump >20koz up to 90,454oz
Focus to return to Kat Gap for ongoing exploration work

Special Report: Classic Minerals increases resources at its Forrestania project to 377,946oz gold after further defining the Lady Ada and Lady Magdalene deposits.

Classic Minerals’ (ASX:CLZ) 500km2 FGP tenements cover ~50km strike of the Forrestania greenstone belt ~120km south of Southern Cross.

Before the increase, Forrestania, including Lady Ada, Lady Magdalene and Kat Gap had a known combined resource of 7.27Mt @ 1.33g/t for 311,050oz of contained gold.

The company was recently granted a 21-year mining lease for Lady Ada and Lady Magdalene gold projects at Forrestania and raised $2m for exploration and development.

Resource increase

Data integration from 2021 exploration activities has significantly increased the higher confidence indicated resources at both Lady Ada and Lady Magdalene for a now combined 69,966oz and an inferred 277,613oz.

The evaluation focused on twinning and infill drilling around historic drill holes and now, including Kat Gap, the total Forrestania resource has been upgraded to 8.09Mt @ 1.45g/t for 377,946oz, with 90,454oz in the indicated category.

3D modelled mineralisation wireframes and block modelling in Surpac by Cadre Geology and Mining was conducted and represented a confidence in the historical drilling.

Classic Minerals (ASX:CLZ) — 3D oblique view of Lady Ada mineralisation used to aid the resource upgrade. Pic supplied: (CLZ)

“The expansion of Classics indicated resource base at Lady Ada and Lady Magdalene is a significant development for the company affording it operational flexibility when combined with its existing gold operation at Kat Gap,” CLZ says.

“It’s a testament to the quality of its assets in the Forrestania area and bodes well for future discoveries in the region.”

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.