Classic Minerals Limited (ASX: CLZ) has recorded a 71% increase in the contained gold ounces, to 1.35 million tonnes grading 1.38g/t gold for 59,700 ounces, at its Lady Ada mineral resource estimate within the Forrestania Gold Project (FGP) in Western Australia.
Classic holds 80% of the gold rights for the FGP, which also includes the unmined Lady Magdalene resource of 5,922,700 tonnes grading 1.32g/t gold for 251,350 ounces, centred about 1km north of Lady Ada and located in the same geological rock sequences.
CEO Dean Goodwin said that with the recent update to the Lady Magdalene mineral resource, the FGP now comprises existing resources of 7.27Mt at 1.33g/t for 311,050 ounces of gold. Resources are located beneath an existing open pit shell at Lady Ada and the unmined, near-surface deposits at Lady Magdalene.
Mr Goodwin said Classic believes the project presents an opportunity for near term mining operations and production.
When a higher cut-off is applied (1g/t gold), it is possible to delineate higher-grade pockets of the mineral resources, particularly at Lady Ada, which was previously mined at an average grade of 8.8 g/t gold.
Mr Goodwin said Classic continues to focus on delineating these higher-grade zones at both deposits, to potentially generate early cash-flow and support the costs associated with mining, haulage and toll treatment.
The FGP tenements cover parts of the southern portion of the well-endowed Archaean Southern Cross – Forrestania Greenstone Belt. The greenstone belt trends north to northwest and has a strike length of over 300 kilometres from Carterton in the north to Hatters Hill in the south.
The FGP currently consists of two major deposits, located approximately 120 km south of Southern Cross and 17km southwest of the historic Bounty Mine site (mined/current resources of +2.0 million ounces of gold).
The area is accessible via historic haul roads which branch off the well maintained unsealed Forrestania-Southern Cross Road.
Classic will now look at undertaking a number of activities across the Lady Ada prospect area to assist with increasing orebody knowledge and confidence in the respective reported resources.
A detailed review of all historical drilling and sampling, together with records on drilling methods, sampling methods, analytical techniques applied, and QAQC regime and results may also be completed.
