Site construction has now progressed to surface earthworks which Classic expects will wrap up – along with final testing – during the first quarter of 2023.

Over the Christmas break, Classic Minerals (ASX:CLZ) says work will continue with heavy machinery building and constructing TSF, internal roads, waste rock dumps, ROM pads, office and administration area pads and workshop areas.

The stage 1 TSF is approved to hold up to 70,000 tonnes of tailings with capacity for intense cyanidation recovering up to 96% gold from the Kat Gap ore.

CLZ has also acquired six Cyanide Leaching Tanks (CIL), which are being positioned and installed at the processing site.

The CIL capability will provide ~96% recovery of gold from Kat Gap ore.

“We look forward to providing regular updates to investors as the construction and commissioning program progresses over the next five months,” CLZ says.

Well-funded and perfectly placed to accelerate exploration

This milestone comes hot on the heels of a $20.1mn institutional funding package for the fast track of this phase-1 development work.

Earlier this month, funding was received in the form of $15m in equity capital signed with US institutional investment group LDA Capital via put option agreement and $5.1m in a convertible note issue.

It means the company can accelerate its RC and diamond drilling exploration programs across the greater Forrestania area to increase its total gold resource base.



This article was developed in collaboration with Classic Minerals (ASX:CLZ), 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.