CLASSIC MINERALS BOOSTS RESOURCES AT FORRESTANIA

Upgrade in Confidence for Gold Deposits at FGP

Classic Minerals Ltd (ASX: CLZ) has announced a significant upgrade in gold resources at its Forrestania Gold Project (FGP), particularly in the Lady Ada and Lady Magdalene deposits.

Highlights include:

  • Combined Ladies Indicated Resource of 69,966 oz.
  • 227,613 oz combined Ladies Inferred Resources.
  • Cadre Geology and Mining Pty Ltd confirms total FGP Resource base to be 297k oz.
  • Total Kat Gap and FGP Indicated Resources of 90,454 oz.
  • Combined Kat Gap and FGP Indicated and Inferred Resources of 8,091,920t @ 1.45g/t for 377,946 oz.

Classic Minerals Ltd is pleased to announce a significant confidence upgrade in the gold resource at its FGP Project. Classic recently announced the successful grant of mining lease M77/1310 over the project area, which has had a significant upgrade of resources to Indicated. This is a pivotal milestone in the project’s advancement towards further development.

The enhanced resource confidence level, resulting from re-estimation following the integration of additional 2021 drill data focused on twinning and infill drilling around historic drill holes, has confirmed grades from the historic dataset align with stated values. Statistical analysis on the new drilling showed it was agreeable with historic drilling from the provided dataset which lacked QAQC information. This analysis provided confidence in the historic work carried out by prior operators and increases confidence in the dataset in these areas. This new information informed the current mineralogical model and resource estimation was completed by ordinary kriging within the 3D modelled mineralisation wireframes and block modelling in Surpac by Cadre Geology and Mining Ltd.

A comparison of the mineral resource upgrades since 2020 is highlighted in the tables below with all resources reported at a 0.5g/t cut-off to represent a possible minimum mining cut-off grade for initial open-pit operations, although optimisation and financial assessment are still in progress.

2024 Mineral Resources:

  • Lady Ada: 540,339 tonnes @ 1.62 g/t Indicated, 809,642 tonnes @ 1.23 g/t Inferred.
  • Lady Magdalene: 956,494 tonnes @ 1.36 g/t Indicated, 4,644,033 tonnes @ 1.31 g/t Inferred.

2020 Mineral Resources:

  • Lady Ada: 257,300 tonnes @ 2.01 g/t Indicated, 1,090,800 tonnes @ 1.23 g/t Inferred.
  • Lady Magdalene: 5,922,700 tonnes @ 1.32 g/t Inferred.

Classic Minerals Ltd is determined to further optimise the project and upgrade resource categories, which could be achieved through additional drilling.

Read the full announcement

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