Based in Landsdale, Classic Minerals Ltd (ASX: CLZ) is an exploration and development company with focus on projects related to mineral resources including gold and nickel. The company has tenements covering a total area of 178 square kilometres in the Western Australia provinces of Fraser Range, Murchison and Eastern Goldfields.
CLZ is scheduled to hold the general meeting of shareholders on Friday, 18 October 2019 in Perth, while its annual general meeting is due in November 2019.
Classic Minerals’ Major Projects:
i) Forrestania Gold Project – Located ~120 kilometres south of Southern Cross, the project was acquired by CLZ in March 2017. The project, in which the company holds 80% gold rights (binding agreement signed), contains JORC (2012) Mineral Resource of 5.9 million tonnes at 1.25 grams per tonne for 240,000 ounces of gold.
ii) Fraser Range Project – The project, located in the Fraser-Albany Mobile Belt, is highly prospective for zinc, nickel, copper and gold. For this project, the company has identified seven targets (high priority) from eighteen electromagnetic conductors.
iii) Kat Gap Project – Located ~50 kilometres south-south east of Forrestania Gold Project, for the Kat Gap Project, the company has identified high-grade gold mineralisation projects very close to surface.
Appointment of New Corporate and Technical Advisor:
In order to ensure that activities with respect to its project portfolio are advancing in the right direction, on 19 September 2019, Classic Minerals announced to have appointed Mr Klaus Eckhof as a Corporate and Technical Advisor, effective immediately.
Commenting on the new addition, Classic Minerals Chairman, Mr John Lester, stated that the integrity, dynamism and global network of Mr Eckhof would guide, direct and enhance the vision of CLZ, as Mr Eckhof would serve as a trusted and capable advisor, bringing a new and exciting vision to the company’s board and management.
Mr Eckhof would be tasked with advising CLZ particularly on the Kat Gap Project and generally on the Forrestania Gold Project. His addition would boost the company’s expertise in technical and international fundraising, as CLZ progresses with exploration activities at the two projects. He would also manage marketing activities related to the company and its projects in Europe and North America.
Mr Klaus Eckhof – Past Experience
As a geologist, Mr Eckhof holds an immense experience of over 25 years in the development of mineral deposits in Africa and other countries.
He founded companies, including
- Lafayette Mining Ltd and Spinifex Gold Ltd in 1994, which were successful in delineating the deposits of gold and base metals.
- Moto Goldmines in 2003, which acquired DRC-based project, Moto Gold. Later, the company was acquired by Randgold Resources, which delivered first gold in September 2013.
Apart from above mentioned companies, Mr Eckhof also worked for several other organisations, serving them as:
- Business Development Manager at Mount Edon Gold Mines Ltd before its acquisition by Teck, a Canada-based mining player.
- Executive Chairman of mineral exploration company, AVZ Minerals Limited (ASX: AVZ), which is developing the Manono Project with the largest JORC Measured and Indicated Lithium hard rock resource, globally.
Classic Minerals also decided to issue performance rights in three tranches to the new corporate and technical advisor. The performance rights, which are in lieu of any cash-based remuneration, are scheduled to expire on 31 December 2020. Additionally, the rights would be issued after the company’s placement capacity under the ASX listing rules is refreshed, which is anticipated at its November 2019 annual general meeting.
Encouraging Results at Kat Gap Project:
In early September 2019, the company announced encouraging results for its Western Australia based project, Kat Gap, as considerable gold mineralisation zones were located on the granite-greenstone contact.
- High-grade gold mineralisation projects found in the proximity to surface and continued to down-dip with increasing width.
- Average depth of gold mineralisation reached to 90-110 metres in the area adjacent to the cross-cutting Proterozoic dyke.
- Total 17 holes drilled, including 12 holes (from FKGRC090 to FKGRC098 and FKGRC104 to FKGRC106) along the granite-greenstone contact and five holes (from FKGRC099 to FKGRC103) out into the granite 300-400 metres west of the current drilling area.
Better results from the 12 drill holes are as depicted in the table below:
Drill Highlights (Source: Company’s Report)
Way forward at the Kat Gap Project:
- Test the main granite – greenstone contact further north and south along strike from the existing drilling area.
- Test northerly and southerly extensions for another 200-300m along strike under few RC drilling programs.
- Conduct Aircore and RC drilling programs for testing the large 4.4 kilometres long geochemical anomaly that was unveiled in historical auger soil sampling.
- Follow up RC and diamond holes with drilling due for mid-October.
More about the recent development at the project can be READ here.
With a market cap of AUD 14.69 million and ~4.9 billion outstanding shares, the stock of CLZ traded flat at AUD 0.003 on 19 September 2019. The last three-month and six-month return of the stock stands at 200% and 100%, respectively, while on a year-to-date basis, the stock has delivered 50%.
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