Classic Minerals Limited (ASX: CLZ) is a part of the metal and mining industries. It is into the exploration and development of gold deposits in Western Australia’s Goldfields region. In March, the company has made an acquisition of the new Forrestania Gold project. The project includes seven tenements stretching across an area of 450 square km. The Forrestania Gold project is an underexplored package surrounded by rich deposits.
The company has completed another successful drill campaign at the Forrestania Gold project in Western Australia during the quarter which returned consistently high-grade results. There is significant potential to expand current mineral resource estimate at FGP as per the results displayed by the drill campaign in Forrestania Gold project, with the company looking forward to, continuing the developments at the Forrestania Gold Projects during the third quarter (Jan 2019 – March 2019).
The company is aiming to continue its focus and target for the drilling at Forrestania Gold project, specifically at the Kat Gap. Moreover, it is targeting for further advance interpretation and discovery of new zones which has gold mineralization within the granite at Kat Gap.
Lady Magdalene has shown impressive results from its drilling. These results are a confirmation of the existence of several high-grade, cross-cutting gold lodes. However, these observations were previously missed due to the wide spaced drilling. The company is further aiming to drill regional exploration targets at FGP, which includes several prospects like the Van Uden West, Lady Lila, and Lady Magdalene. The aim of the company also includes its continuation to raise capital and reduce debts and liabilities to improve its financial position.
Twenty-Three holes have been drilled by the company at Kat Gap for 1,155 meters. The company gave confirmation that the gold mineralization striking in a northwest-southeast direction has been found from the eighteen drill holes, with the drilling now extending the strike coverage to 200 meters.
Drilling programs going forward at Kat Gap is primarily focussed in testing an 800m long section of the main granite and greenstone contact where the gap between current drill line are 100m apart. The drilling in 2018 was mainly concentrated in the center of this 800m long section. However, interpretation suggests that significant gold mineralization exists between these sections, as demonstrated by the results in the last four drilling programs. To advance structural understanding of the mineralization, several deep orientated diamond holes have been designed to probe the system up to 300m below the surface.
Now let us quickly have a glance at the Classic Minerals Limited’s stock performance and the return it has posted over the last few months. The stock last traded at a price of $0.002 with a market capitalization of ~$5.43 million. The stock has yielded a negative return of 60.0% and 33.33% over the last six months, and three months period respectively. It has a 52-week high price of $0.007 and a 52-week low of $0.002, with an average volume of 9,823,789 approximately.
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