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Classic boosts WA gold resource by nearly 40%

Classic Minerals' has just given one of its deposit resources at the Forrestania gold project a boost of nearly 40% courtesy of a systematic drilling program that consistently hit the sweet spots. The new resource for the Lady Magdalene prospect now stands at 5.92 million tonnes grading 1.32 grams per tonne gold for 251,350 gold ounces.

The Forrestania gold project also houses the historic Lady Ada open pit mine that produced over 27,000 ounces grading 8.81 grams per tonne for Sons of Gwalia up until 2003.

Lady Ada contained a significant coarse-grained, gravity-recoverable gold component in the high-grade shoots previously mined.

Lady Ada has its own current resource of 543,500 tonnes grading 1.99 grams per tonne gold for 34,950 ounces and Classic is also working on an upgraded resource wrap around to incorporate all the metres the company has been putting into the ground.

Classic Minerals’ has long-held the theory that the high-grade shoots cross-cutting the historic Lady Ada mine might be repeated just up the road at the Lady Magdalene deposit.

The theory appears to have checked out too with the deposit now drilled over about a kilometre down to 400 metres depth.

Lady Ada’s sister deposit, Lady Magdalene sits about a kilometre north of the old pit.

The high-grade shoots at Lady Magdalene need further definition with closer spaced drilling, according to the company. However, a recent drilling intercept of 7 metres grading 9.07 grams per tonne gold that contained visible gold less than 25m from the surface, supports the presence of high-grade zones within the system.

The company says the deposit potentially holds resource upside too with more drilling at depth where the system is still open. Denser drilling into the resource will also increase the company’ confidence in the presence of the high-grade shoots at Lady Magdalene.

With the significant positive gold grade reconciliations that the formerly mined Lady Ada deposit saw, Classic is understandably keen to pin down these “bonanza”-type shoots elsewhere at the project.

 

Is your ASX listed company doing something interesting ? Contact : matt.birney@businessnews.com.au

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