(MENAFN- ABN Newswire) RC Drilling Delivers Outstanding High-Grade Gold Intercepts at Forrestania Gold Project, WA
High Grade Results at Forrestania Perth, July 24, 2018 AEST (ABN Newswire) - WA-focused gold exploration and development company Classic Minerals Limited ( 500km2 landholding. Classic will continue to track this unexpected high-grade granite-hosted gold mineralisation in its upcoming drill program at Kat Gap and elsewhere throughout the project area.

Historical RC drilling is currently on 100m - 200m line spacings. There is strong potential for additional mineralisation to be identified up-dip, down-dip and along strike, both outside of and within the existing RC drill coverage. Only about half of the 5 km long >50 ppb Au gold-in-soil anomaly has been tested by RC drilling along the granite/greenstone contact.

There is a further 5 km of strike of prospective granite-greenstone contact along-strike from the Kat Gap zone within E74/467 that has seen little or no exploration.

Classic has already planned follow up drill holes to be commenced in early August.

3. DRILLING AT LADY MAGDALENE - CHASING TRANSFORMATIVE HIGH-GRADE MINERALISATION

Lady Magdalene hosts high-grade cross-cutting lodes in a similar orientation to Lady Ada (600m to the south). Structural readings taken from recent orientated diamond holes MADD003 and MADD004 (see ASX announcement dated 22 March 2018) revealed several quartz veins and narrow shear zones exhibiting similar orientation characteristics to Lady Ada. Classic drilled 10 RC holes for 938m on two north-south oriented traverses, as opposed to all historical drilling which is east-west, in an attempt to locate east-west striking Lady Ada style high-grade cross-cutting quartz veins. Of the 10 holes completed, 3 intersected quartz veining in a potential east-west orientation. These holes returned high-grade results including: 1m @ 13.40 g/t Au from 64m in MARC058; 1m @ 9.36 g/t Au from 44m in MARC059 and 4m @ 3.90 g/t Au from 46m in MARC056. The 3 new cross-cutting quartz veins initially appear narrow but have the potential to thicken rapidly over short strike lengths similar to Lady Ada.

RC drilling also intersected thick zones of lower grade gold mineralisation similar to that intersected previously during the recent resource definition drilling. Typically, Lady Magdalene alteration assemblage consists of strong biotite alteration, silicification with fine disseminated sulphides arsenopyrite and pyrite. These lower grade mineralised zones are typified by the absence of quartz veining. Results received from within the Lady Magdalene ore zone include: 11m @ 2.39 g/t Au from 38m in MARC059; 12m @ 2.12 g/t Au from 55m in MARC058; 10m @ 2.10 g/t Au from 43m in MARC056; 15m @ 1.41 g/t Au from 36m in MARC057 and 10m @ 1.51 g/t Au from 65m in MARC061.

The latest drilling confirms the existence of significant gold-bearing quartz veins between existing drill lines. As with Lady Ada's high-grade sapphire shear zone, these veins are low angle reverse thrust faults that dip gently to the south. In upcoming drilling, Classic will track the quartz veins from east to west and will also drill south of the existing lines to determine how many additional lodes are located within the Lady Magdalene resource footprint. This is a very important development for the company as the drilling confirms that the current large, modestly graded Lady Magdalene deposit hosts high grade cross cutting zones of gold mineralisation which are analogous to the high-grade Lady Ada mine.

Follow up drilling will commence in early August.

4. KAT GAP - LITHIUM PROSPECTIVITY

With the Forrestania belt hosting world class LCT-Pegmatites (KDR/SQM's Earl Grey deposit and multiple Li prospects), Classic embarked on a lithium orientation sampling program of previous historical RC holes at Kat Gap. 12 holes were selected based on pegmatites being logged in the hole. No previous assays had been undertaken for lithium.

2 composite RC chip samples were collected from the 12 holes containing pegmatites, 6 holes approximately 300m north and 6 holes approximately 300-500m south of the current gold drilling. The northern composite sample (355150) returned no significant values but the composite sample (355149) collected from the southern 6 RC holes returned anomalous lithium results.

Results of the composite sample 355149 include:
---------------------------------------------------------------- Element Assay (ppm) ---------------------------------------------------------------- Lithium Oxide (Li2O) 2,260 ppm Tantalum 58 ppm Titanium 100 ppm Caesium 123 ppm Tin 20 ppm ---------------------------------------------------------------- A number of pegmatites were mapped during Dean Goodwin's targeting and mapping project completed in the early 2000's. Classic plans to continue field work to test these pegmatites and identify more potentially li-bearing pegmatites at its 100% owned Kat Gap project. This will involve ongoing field mapping and soil geochemical sampling. The company will keep the market appraised of any meaningful updates but sees exciting potential for Li mineralisation at Kat Gap, particularly as the Li anomaly is along strike from Western Area's ( <>

The FGP contains an existing Mineral Resource of 5.3 Mt at 1.39 g/t for 240,000 ounces of gold, classified and reported in accordance with the JORC Code (2012), with a recent Scoping Study (see ASX Announcement released 2nd May 2017) suggesting both the technical and financial viability of the project. The current post-mining Mineral Resource for Lady Ada, Lady Magdalene and Lady Lila is tabulated below.

Additional technical detail on the Mineral Resource estimation is provided, further in the text below and in the JORC Table 1 as attached to ASX announcements dated 14th March 2017 and 21st March 2017.

To view tables and figures, please visit:
http://abnnewswire.net/lnk/644XV3VM


About Classic Minerals Ltd

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