Classic Minerals publishes market update; management bullish on Forrestania Gold Project

  • Apr 03, 2019 AEDT
  • Team Kalkine
Classic Minerals publishes market update; management bullish on Forrestania Gold Project

The Australia based exploration and development company Classic Minerals Ltd (ASX: CLZ), today published its market update. First up, the company informs the exchange that the company’s board has formulated a plan that would see Classic Minerals exploit its major assets in the Southern Forrestania Gold belt.

Further, on the financing front, the company informs the investors that it has been working closely with a leading financier regarding a directive to guide and perform a financing program to aid the launch of an exploration plan. The program is designed to considerably increase the know-how and scale of the high-quality gold Kat Gap project.

Additionally, to focus its attention on Forrestania gold project (FGP) Classic is in the process of divesting itself of non-core assets.

The company provided updates on its FGP exploration plan as well, and it stated that the high-grade Kat Gap prospect remains its major focus exploration program. Also, the company now fully owns Kat Gap via the exercise of its options. Moreover, drilling in 2018 by the company provided best high-grade/shallow gold results realized in the greenstone province.

The CEO, Dean Goodwin shared some details on the drilling campaigns, and he said that over the past six months, the drilling campaigns at Kat Gap had shown the high-grade potential of the project. The CEO is bullish on the prospects of the project. He also highlighted that the next step is to begin Reverse Circulation drilling program. He further stated that the company plans to concentrate on an eight-hundred-meter-long unit of the main granite-greenstone contact where existing past drilling is on hundred-meter spaced lines. The CEO strongly believes that major gold mineralisation is beneath these old drill lines.

Furthermore, on the Lady Magadalene update, the company announced that the recent drilling had established the existence of major gold-bearing quartz veins.

Additionally, in the future drill operations, the company would track the quartz veins of existing drill lines to confirm the layers that are located in the Lady Magdalene resource track.

Moreover, on the FGP the company reported the existing Mineral resource of 5.3 Mt at 1.39 g/t for 0.24 million ounces of gold, classified and reported in accordance with the JPRC code, with a 2017 scoping study suggesting both technical and financial viability of the project.

The company in its investor update highlighted that in view of maximising the shareholder return,s CLZ has taken upon a program to strengthen its board. It has already approached high profile corporate and gold mining executives to join the CLZ board.

Finally, the company believes that the Southern Forrestania goldfield is one of the last few undeveloped greenstone belts in WA and is near Perth, and the region has substantial infrastructure access including sealed roads/water/power and underutilised processing plants.

The company recently published its half-yearly report, and it reported a loss for the six-month period ended 31 December 2018 of $3,274,662 vs. loss of $2,245,596 in 1HFY18. The company recorded cash and cash equivalents at $0.30 million for 1HFY19.

Classic Minerals has a current market cap of ~ AUD 3.01 million with ~ 3.01 billion outstanding shares. On April 3rd, 2019, the CLZ stock price closed flat at AUD 0.001 on ASX as compared to previous trading day close price.


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