Classic Minerals Limited ASX Code: CLZ

Classic Minerals Limited ASX Code: CLZ Building a Significant Western Australia Gold Business
- Forrestania Gold Project

Located 160 km ESE of Kambalda and in the Fraser-Albany Mobile Belt, which further to the north hosts the 6.4 million ounce Havana and Tropicana gold deposits and 40 km to the south hosts the recently discovered and highly significant Sirius Resources NL Nova Nickel/Copper sulphide deposit.

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Perth
Perth, WA
6000

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WA-focused gold exploration and development company Classic Minerals Limited (ASX: CLZ) has confirmed high-grade gold in the zones at the Forrestania gold project are similar in orientation to Lady Ada, another deposit under CLZ's tenements.

CLZ identified several mineralisation controls that upgrade the depth and strike potential of the 2km-long Lady Magdalene/Lady Ada gold camp. CLZ are planning follow up RC drilling for next quarter.

Classic Minerals is poised for further success at its flagship project, the Forrestania Gold Project (FGP) in WA. FGP is an advanced asset situated smack bang in the heart of the abundantly mineralised Southern Cross Belt, which hosts a known gold endowment of more than 10 million ounces. This project is already JORC-compliant with an existing Mineral Resource of 5.3 million tonnes at 1.4 grams per tonne for 240,000 ounces of gold. In CLZ’s repertoire are two major deposits, Lady Ada and Lady Magdalene, which it owns via joint venture partnership. In addition to these deposits, which have been subject to drilling campaigns and a compelling scoping study in 2017, CLZ also holds additional JORC resources in the region and a cluster of exploration targets. These include the Lady Lila deposit and the Matrix target.

However, the exploration upside is huge. Classic’s CEO, Mr Dean Goodwin, completed a detailed geological mapping and targeting exercise over the entire Forrestania greenstone belt in the early/mid 2000’s. The targeting study resulted in a ranking system and the identification of more than 300 exploration targets. Apart from Lady Ada, all of the “Western Belt’s” targets (of which CLZ holds 80% of the gold rights) have remained untouched and undrilled since the study was completed due to changes in ownership and the resulting loss of data/technical reports that come with asset sale transactions and tenement surrenders. This will be the first time in more than 17 years in which the original mapping and targeting study has been re-visited.