This picture helped push Classic Minerals shares up 40pc
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Classic Minerals jumped 40 per cent today after the gold explorer completed a drilling program and published pictures of visible gold in rock samples.
The shares settled at 0.7c.
The day’s two other biggest ASX small cap gainers — Sacgasco (up 41 per cent) and Carbine Tungsten (up 37.5 per cent) — were both queried by the ASX.
Sacgasco (ASX:SGC) closed up 4.5c at 15.5c, while Carbine Tungsten (ASX:CNQ) was up 0.3c to 1.1c.
Neither could offer the ASX an explanation for their price rises.
Meanwhile Classic (ASX:CLZ) issued a drilling report from its Forrestania Gold Project in Western Australia and images of gold flecks in quartz rocks found nearby.
Prospecting around a deposit known as Lady Ada revealed the quartz samples which feature visible gold.
“The team has collected a number of samples showing clearly visible gold — reaffirming the deposit’s high-grade nature and potential,” Classic told investors.
After reviewing drilling data Classic believed there was “significant potential” to uncover ore between Lady Ada and a nearby ore body called Lady Magdalene.
“The potential identification of an additional ore body linking both the Lady Ada and Lady Magdalene deposits would result in is a significant increase to the existing mineral resource base — unlocking a gold system approximately 1.7km in length,” Classic told investors.
Classic owns 80 per cent of the gold rights on the Forrestania Gold Project, though the tenements (and the other 20 per cent of gold rights) are held by ASX-listed Hannans (ASX:HNR).