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CLASSIC MINERALS LTD — Capital/Financing Update 2021
Jun 29, 2021
64664_rns_2021-06-29_19ad6a03-f37f-46e1-b046-e19b869ef972.pdf
Capital/Financing Update
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CLASSIC MINERALS LIMITED 71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77 119 484 016 [email protected]
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30 June 2021
ASX Announcement
DEEP INFILL RC DRILLING DELIVERS FURTHER - HIGH GRADE GOLD INTERCEPTS AT KAT GAP
Highlights:
Deeper infill RC drilling at Kat Gap returns high-grade gold intercepts . Better results include:
-
4m @ 18.97 g/t Au from 76m including 2m @ 33.75 g/t Au from 77m.
-
4m @ 16.93 g/t Au from 101m including 1m @ 58.40 g/t Au from 101m.
-
6m @ 7.72 g/t Au from 78m including 1m @ 26.20 g/t Au from 83m.
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6m @ 5.30 g/t Au from 84m including 1m @ 17.40 g/t Au from 88m.
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5m @ 7.95 g/t Au from 103m including 1m @ 24.90 g/t Au from 107m.
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2m @ 10.73 g/t Au from 74m including 1m @ 19.90 g/t Au from 74m.
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2m @ 10.30 g/t Au from 100m including 1m @ 10.60 g/t Au from 101m.
A single shallow Infill RC hole drilled for advanced metallurgical and R & D studies has returned the highest ever recorded intercept at Kat Gap.
▪ 10m @ 40.54 g/t Au from 26.50m including 0.50m @ 592.00 g/t Au from 28.50m.
Deeper infill RC holes were conducted on 20m x 10m and 10m x 10m spacings. This detailed coverage will provide the data necessary for final resource modelling and optimisation work leading to the penultimate Open Pit design.
INTRODUCTION
WA-focused gold exploration and development company Classic Minerals Limited (ASX. CLZ) ("Classic", or "the Company") is pleased to announce that it has received assays results from its deeper infill RC drilling program conducted in May 2021 at its Forrestania Gold Project (FGP) in Western Australia. The Company completed a total of 29 holes for 2,588 metres at Kat Gap.
Drilling results from Kat Gap continued to deliver significant zones of high-grade gold mineralisation . The results in this announcement are concentrated between 20-120m north of the cross-cutting Proterozoic dyke. The infill RC drilling was conducted on a 10m x 10m and 20m x 10m pattern.
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CLASSIC MINERALS LIMITED 71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77 119 484 016 [email protected]
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Significant results from the latest drilling program are tabled below:
| Hole | Northing | Easting | From (m) | To (m) | Width (m) | Grade (g/t) |
|---|---|---|---|---|---|---|
| FKGRC350 | 6372368 764688 71 78 7 2.67g/t Au |
|||||
| including 76 77 1 11.80g/t Au |
||||||
| FGKRC351 | 6372384 764701 94 82 8 1.98g/t Au |
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| FKGRC352 | 6372365 764698 72 89 17 1.65g/t Au |
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| FKGRC355 | 6372327 764675 37 39 2 2.72g/t Au |
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| FGKRC358 | 6372347 764697 60 63 3 3.38g/t Au |
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| FKGRC359 | 6372354 764703 70 72 2 4.43g/t Au |
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| FKGRC360 | 6372367 764717 101 104 3 6.74g/t Au |
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| including 102 103 1 15.00g/t Au |
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| FKGRC361 | 6372381 764731 121 125 4 1.95g/t Au |
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| FKGRC362 | 6372342 764707 76 80 4 18.97g/t Au |
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| including 77 79 2 33.75g/t Au |
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| FKGRC367 | 6372295 764704 74 76 2 10.73g/t Au |
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| including 74 75 1 19.90g/t Au |
||||||
| FKGRC368 | 6372313 764725 69 70 1 14.20g/t Au |
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| FKGRC371 | 6372320 764750 81 88 7 2.86g/t Au |
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| FKGRC372 | 6372331 764765 101 105 4 16.93g/t Au |
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| including 101 102 1 58.40g/t Au |
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| FKGRC373 | 6372310 764755 84 90 6 5.30g/t Au |
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| including 88 89 1 17.40g/t Au |
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| FKGRC375 | 6372300 764763 78 84 6 7.72g/t Au |
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| including 83 84 1 26.20g/t Au |
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| FKGRC376 | 6372295 764769 82 88 6 3.86g/t Au |
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| FKGRC376 | 6372295 764769 100 102 2 10.23g/t Au |
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| including 101 102 1 10.60g/t Au |
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| FKGRC377 | 6372310 764782 103 108 5 7.95g/t Au |
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| including 107 108 1 24.90g/t Au |
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| FKGRC378 | 6372276 764739 26.5 36.5 10 40.54g/t Au |
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| including 28.5 29 0.5 592.00g/t Au |
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CLASSIC MINERALS LIMITED 71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77 119 484 016 [email protected]
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Figure 1: FGP and Kat Gap tenure shown in red.
KAT GAP DRILLING
Classic has received assay results from its recent deep infill RC drilling program, completed back in April 2021. The drilling programs consisted of 28 deep infill holes for 2,548m and a single shallow RC hole for 40m.
Deep Infill RC drilling
The 28-hole deep infill RC drilling program (FKGRC350-377) covered an area approximately 120m along strike to the north of the Proterozoic dyke (See Figure 2.0). The infill holes were focused on testing a gap that had been artificially created between previous shallow RC holes testing the oxide profile and much deeper previous RC holes testing the down-dip extent of the main granite-greenstone contact lode. If the gap could be filled in by zones of gold mineralisation, then final optimisation work may drive pit designs deeper allowing access to more minable gold bearing ore. The holes were drilled to an average depth of 100m below surface and were drilled on 20m x 10m and 10m x 10m grid spacings.
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CLASSIC MINERALS LIMITED 71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77 119 484 016 [email protected]
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Figure 2: Recent Infill RC Drilling at Kat Gap (Red dots).
The drilling intersected significant zones of gold mineralisation in the gap between previous shallow RC holes and deeper RC holes testing the down-dip / down plunge extents (See figures 3, 4, 5 and 6). Further work will now be urgently undertaken to include these new gold intersections into the current resource model. Once this has been completed further optimisation work will be carried out. This work coupled with the outcomes of the bulk sampling program will aid greatly in final pit design work.
Better results from the deep infill holes include:
7m @ 2.67g/t Au from 71m in FKGRC350
3m @ 6.74g/t Au from 101m including 1m @ 15.00g/t Au from 102m in FKGRC360. 4m @ 18.97g/t Au from 76m including 2m @ 33.75g/t Au from 77m in FKGRC362. 2m @ 10.73g/t Au from 74m including 1m @ 19.90g/t Au from 74m in FKGRC367. 1m @ 14.20g/t Au from 69m in FKGRC368.
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CLASSIC MINERALS LIMITED 71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77 119 484 016 [email protected]
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4m @ 16.93g/t Au from 101m including 1m @ 58.40g/t from 101m in FKGRC372. 6m @ 5.30g/t Au from 84m including 1m @ 17.40g/t Au from 88m in FKGRC373. 6m @ 7.72g/t Au from 78m including 1m @ 26.20g/t Au from 83m in FKGRC375. 5m @ 7.95g/t Au from 103m including 1m @ 24.90g/t from 107m in FKGRC377.
Shallow RC Drill hole
A single shallow RC hole (FKGRC378) was completed to a depth of 40m. The hole was drilled close to existing high-grade holes FKGRC061 which returned 9m grading 15.21 g/t from 22m and FKGRC018 which returned 10m grading 30.78 g/t from 28m (See Figure 4). The hole was drilled to provide additional material for advanced metallurgical testwork and aid in further Research and Development studies.
The hole FKGRC378 returned the highest-grade intersection ever recorded at Kat Gap:
10m grading 40.54 g/t gold from 26.50m including 0.50m grading 592.00 g/t gold from 28.50m.
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Figure 3: Zoomed in look at Recent Infill RC Drilling at Kat Gap (Red dots).
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CLASSIC MINERALS LIMITED 71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77 119 484 016 [email protected]
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Figure 4: Kat Gap Cross-section 92710N (Local Grid) Looking North.
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Figure 5: Kat Gap Cross-section 92730N (Local Grid) Looking North
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CLASSIC MINERALS LIMITED 71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77 119 484 016 [email protected]
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Figure 6: Kat Gap Cross-section 92780N (Local Grid) Looking North
Classic will be heading back to Kat Gap in mid-July to conduct further deeper drilling down dip and down plunge of the current inferred resource. The program will entail drilling around 10-15 holes ranging in depth from 150m to 200m for approximately 2,200m.
ABOUT THE FORRESTANIA GOLD PROJECT
The FGP Tenements (excluding Kat Gap) are registered in the name of Reed Exploration Pty Ltd, a wholly owned subsidiary of ASX listed Hannans Ltd (ASX: HNR). Classic has acquired 80% of the gold rights on the FGP Tenements from a third party, whilst Hannans has maintained its 20% interest in the gold rights. For the avoidance of doubt Classic Ltd owns a 100% interest in the gold rights on the Kat Gap Tenements and also non-gold rights including but not limited to nickel, lithium and other metals.
Classic has a Global Mineral Resource of 8.24 Mt at 1.52 g/t for 403,906 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 Kat Gap is tabulated below.
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CLASSIC MINERALS LIMITED 71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77 119 484 016 [email protected]
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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 18[th] December 2019, 21[st] January 2020, and 20 April 2020.
| Indicated | Inferred | Total | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Prospect | Tonnes | Grade | Ounces | Tonnes | Grade | OuncesAu | Tonnes | Grade | Ounces |
| (Aug/t) | Au | (Aug/t) | (au) | ||||||
| LadyAda | 257 | 2.01 | 16,600 | 1,090,800 | 1.23 | 43,100 | 1,348,100 | 1.38 | 59,700 |
| Lady Magdalene |
5,922,700 | 1.32 | 251,350 | 5,922,700 | 1.32 | 251,350 | |||
| Kat Gap | 975,722 | 2.96 | 92,856 | 975,722 | 2.96 | 92,856 | |||
| Total | 257 | 2.01 | 16,600 | 7,989,222 | 1.50 | 387,306 | 8,246,522 | 1.52 | 403,906 |
Notes:
The Mineral Resource is classified in accordance with JORC, 2012 edition The effective date of the mineral resource estimate is 20 April 2020. The mineral resource is contained within FGP tenements Estimates are rounded to reflect the level of confidence in these resources at the present time. The mineral resource is reported at 0.5 g/t Au cut-off grade Depletion of the resource from historic open pit mining has been considered
On behalf of the board,
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Dean Goodwin CEO
Forward Looking Statements
This announcement may contain certain “forward-looking statements” which may not have been based solely on historical facts, but rather may be based on the Company’s current expectations about future events and results. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith and believed to have reasonable basis. However, forward looking statements are subjected to risks, uncertainties, assumptions and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to Resource risk, metals price volatility, currency fluctuations, increased production costs and variances in ore grade or recovery rates from those assumed in mining plans, as well as political and operational risks in the Countries and States in which we operate or sell product to, and governmental regulation and judicial outcomes. For a more detailed discussion of such risks and other factors, see the Company’s annual reports, as well as the Company’s other filings. Readers should not place undue reliance on forward looking information. The Company does not undertake any obligation to release publicly any revisions to any “forward-looking statements” to reflect events or circumstances after the date of this announcement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
Competent Persons Statement
The information contained in this report that relates to Mineral resources and Exploration Results is based on information compiled by Dean Goodwin, a Competent Person who is a Member of the Australian Institute of Geoscientists (AIG). Mr Goodwin is a consultant exploration geologist with Reliant Resources Pty Ltd and consults to Classic Minerals Ltd. Mr. Goodwin has sufficient experience that is relevant to the style of mineralisation and the type of deposit under consideration, and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”. Mr. Goodwin consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.
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CLASSIC MINERALS LIMITED 71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77 119 484 016 [email protected]
Drill Hole Details:
| HOLE ID | Northing | Easting | Dip | Azi | Depth |
|---|---|---|---|---|---|
| FKGRC350 | 6372368 | 764688 | -60 | 222 | 100 |
| FKGRC351 | 6372384 | 764701 | -60 | 222 | 120 |
| FKGRC352 | 6372365 | 764698 | -60 | 222 | 100 |
| FKGRC353 | 6372312 | 764660 | -60 | 222 | 30 |
| FKGRC354 | 6372319 | 764668 | -60 | 222 | 50 |
| FKGRC355 | 6372327 | 764675 | -60 | 222 | 50 |
| FKGRC356 | 6372333 | 764682 | -60 | 222 | 60 |
| FKGRC357 | 6372341 | 764691 | -60 | 222 | 70 |
| FKGRC358 | 6372347 | 764697 | -60 | 222 | 80 |
| FKGRC359 | 6372354 | 764703 | -60 | 222 | 90 |
| FKGRC360 | 6372367 | 764717 | -60 | 222 | 110 |
| FKGRC361 | 6372381 | 764731 | -60 | 222 | 140 |
| FKGRC362 | 6372342 | 764707 | -60 | 222 | 90 |
| FKGRC363 | 6372326 | 764704 | -60 | 222 | 70 |
| FKGRC364 | 6372338 | 764718 | -60 | 222 | 90 |
| FKGRC365 | 6372319 | 764712 | -60 | 222 | 90 |
| FKGRC366 | 6372334 | 764726 | -60 | 222 | 110 |
| FKGRC367 | 6372295 | 764704 | -60 | 222 | 78 |
| FKGRC368 | 6372313 | 764725 | -60 | 222 | 100 |
| FKGRC369 | 6372303 | 764722 | -60 | 222 | 60 |
| FKGRC370 | 6372308 | 764728 | -60 | 222 | 70 |
| FKGRC371 | 6372320 | 764750 | -60 | 222 | 110 |
| FKGRC372 | 6372331 | 764765 | -60 | 222 | 120 |
| FKGRC373 | 6372310 | 764755 | -60 | 222 | 100 |
| FKGRC374 | 6372320 | 764768 | -60 | 222 | 130 |
| FKGRC375 | 6372300 | 764763 | -60 | 222 | 100 |
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CLASSIC MINERALS LIMITED 71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77 119 484 016 [email protected]
| FKGRC376 | 6372295 | 764769 | -60 | 222 | 110 |
|---|---|---|---|---|---|
| FKGRC377 | 6372310 | 764782 | -60 | 222 | 120 |
| FKGRC378 | 6372276 | 764739 | -60 | 222 | 40 |
Figure 7: Recent drilling activity at Kat Gap.
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CLASSIC MINERALS LIMITED 71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77 119 484 016 [email protected]
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Drill Samples Grading >0.80 g/t
| Sample No | HoleID | N(MGA94Z50) | E(MGA94Z50) | From | To | **Sample Type ** | **Au_ppm ** | ||
|---|---|---|---|---|---|---|---|---|---|
| 477326 | FKGRC350 | 6372368 | 764688 | 63.0 | 64.0 | 1m samples | 0.80 | ||
| 477333 | FKGRC350 | 70.0 | 71.0 | 1m samples | 0.94 | ||||
| 477334 | FKGRC350 | 71.0 | 72.0 | 1m samples | 3.60 | ||||
| 477335 | FKGRC350 | 72.0 | 73.0 | 1m samples | 1.02 | ||||
| 477339 | FKGRC350 | 76.0 | 77.0 | 1m samples | 11.80 | ||||
| 477343 | FKGRC350 | 79.0 | 80.0 | 1m samples | 0.84 | ||||
| 477346 | FKGRC350 | 82.0 | 83.0 | 1m samples | 3.78 | ||||
| 477347 | FKGRC350 | 83.0 | 84.0 | 1m samples | 0.81 | ||||
| 477348 | FKGRC350 | 84.0 | 85.0 | 1m samples | 1.18 | ||||
| 477351 | FKGRC350 | 87.0 | 88.0 | 1m samples | 2.09 | ||||
| 477340 | FKGRC350 | standard 245 | 24.50 | ||||||
| 477454 | FKGRC351 | 6372384 | 764701 | 88.0 | 89.0 | 1m samples | 0.84 | ||
| 477461 | FKGRC351 | 94.0 | 95.0 | 1m samples | 1.01 | ||||
| 477462 | FKGRC351 | 95.0 | 96.0 | 1m samples | 1.81 | ||||
| 477465 | FKGRC351 | 98.0 | 99.0 | 1m samples | 4.29 | ||||
| 477466 | FKGRC351 | 99.0 | 100.0 | 1m samples |
6.94 | ||||
| 477468 | FKGRC351 | 101.0 | 102.0 | 1m samples |
1.11 | ||||
| 477472 | FKGRC351 | 105.0 | 106.0 | 1m samples |
1.02 | ||||
| 477476 | FKGRC351 | 109.0 | 110.0 | 1m samples |
1.32 | ||||
| 477420 | FKGRC351 | standard 245 | 25.10 | ||||||
| 477561 | FKGRC352 | 6372365 | 764698 | 72.0 | 73.0 | 1m samples |
3.66 | ||
| 477565 | FKGRC352 | 76.0 | 77.0 | 1m samples |
4.94 | ||||
| 477567 | FKGRC352 | 78.0 | 79.0 | 1m samples |
2.70 | ||||
| 477569 | FKGRC352 | 80.0 | 81.0 | 1m samples |
1.79 | ||||
| 477570 | FKGRC352 | 81.0 | 82.0 | 1m samples |
1.06 | ||||
| 477573 | FKGRC352 | 84.0 | 85.0 | 1m samples |
2.48 | ||||
| 477574 | FKGRC352 | 85.0 | 86.0 | 1m samples |
1.40 | ||||
| 477577 | FKGRC352 | 88.0 | 89.0 | 1m samples |
8.01 | ||||
| 477581 | FKGRC352 | 91.0 | 92.0 | 1m samples |
2.15 | ||||
| 477500 | FKGRC352 | standard 245 | 25.30 | ||||||
| 477580 | FKGRC352 | standard 245 | 25.30 | ||||||
| 477648 | FKGRC354 | 6372319 | 764668 | 27.0 | 28.0 | 1m samples |
1.05 | ||
| 477666 | FKGRC354 | 44.0 | 45.0 | 1m samples |
2.45 | ||||
| 477660 | FKGRC354 | standard 245 | 25.40 | ||||||
| 477706 | FKGRC355 | 6372327 | 764675 | 33.0 | 34.0 | 1m samples |
1.09 | ||
| 477710 | FKGRC355 | 37.0 | 38.0 | 1m samples |
1.59 | ||||
| 477711 | FKGRC355 | 38.0 | 39.0 | 1m samples |
3.84 | ||||
| 477772 | FKGRC356 | 6372333 | 764682 | 48.0 | 49.0 | 1m samples |
1.69 | ||
| 477773 | FKGRC356 | 49.0 | 50.0 | 1m samples |
0.86 | ||||
| 477740 | FKGRC356 | standard 245 | 25.00 | ||||||
| 477831 | FKGRC357 | 6372341 | 764691 | 45.0 | 46.0 | 1m samples |
2.14 | ||
| 477838 | FKGRC357 | 52.0 | 53.0 | 1m samples |
0.92 | ||||
| 477846 | FKGRC357 | 60.0 | 61.0 | 1m samples |
1.61 | ||||
| 477820 | FKGRC357 | standard 245 | 25.20 |
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CLASSIC MINERALS LIMITED 71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77 119 484 016 [email protected]
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| Sample No | HoleID | N(MGA94Z50) | E(MGA94Z50) | From | To | **Sample Type ** | **Au_ppm ** | |
|---|---|---|---|---|---|---|---|---|
| 477911 | FKGRC358 | 6372347 | 764697 | 53.0 | 54.0 | 1m samples | 0.87 | |
| 477918 | FKGRC358 | 60.0 | 61.0 | 1m samples | 2.48 | |||
| 477919 | FKGRC358 | 61.0 | 62.0 | 1m samples | 3.72 | |||
| 477920 | FKGRC358 | 62.0 | 63.0 | 1m samples | 3.95 | |||
| 477925 | FKGRC358 | 67.0 | 68.0 | 1m samples | 0.94 | |||
| 477927 | FKGRC358 | 69.0 | 70.0 | 1m samples | 1.02 | |||
| 477928 | FKGRC358 | 70.0 | 71.0 | 1m samples | 1.82 | |||
| 477900 | FKGRC358 | standard 245 | 24.90 | |||||
| 478010 | FKGRC359 | 6372354 | 764703 | 70.0 | 71.0 | 1m samples | 1.25 | |
| 478011 | FKGRC359 | 71.0 | 72.0 | 1m samples | 7.50 | |||
| 477980 | FKGRC359 | standard 245 | 25.30 | |||||
| 478129 | FKGRC360 | 6372367 | 764717 | 96.0 | 97.0 | 1m samples | 1.27 | |
| 478135 | FKGRC360 | 102.0 | 103.0 | 1m samples | 15.00 | |||
| 478136 | FKGRC360 | 103.0 | 104.0 | 1m samples | 4.46 | |||
| 478060 | FKGRC360 | standard 245 | 25.30 | |||||
| 478140 | FKGRC360 | standard 245 | 25.30 | |||||
| 478233 | FKGRC361 | 6372381 | 764731 | 87.0 | 88.0 | 1m samples | 6.57 | |
| 478261 | FKGRC361 | 114.0 | 115.0 | 1m samples | 2.53 | |||
| 478265 | FKGRC361 | 118.0 | 119.0 | 1m samples | 1.14 | |||
| 478268 | FKGRC361 | 121.0 | 122.0 | 1m samples | 2.64 | |||
| 478269 | FKGRC361 | 122.0 | 123.0 | 1m samples | 2.89 | |||
| 478271 | FKGRC361 | 124.0 | 125.0 | 1m samples | 1.97 | |||
| 478220 | FKGRC361 | standard 245 | 25.20 | |||||
| 478354 | FKGRC362 | 6372342 | 764707 | 65.0 | 66.0 | 1m samples | 2.59 | |
| 478355 | FKGRC362 | 66.0 | 67.0 | 1m samples | 1.61 | |||
| 478356 | FKGRC362 | 67.0 | 68.0 | 1m samples | 5.13 | |||
| 478365 | FKGRC362 | 76.0 | 77.0 | 1m samples | 5.97 | |||
| 478366 | FKGRC362 | 77.0 | 78.0 | 1m samples | 31.80 | |||
| 478367 | FKGRC362 | 78.0 | 79.0 | 1m samples | 35.70 | |||
| 478368 | FKGRC362 | 79.0 | 80.0 | 1m samples | 2.41 | |||
| 478300 | FKGRC362 | standard 245 | 25.50 | |||||
| 478440 | FKGRC363 | 6372326 | 764704 | 59.0 | 60.0 | 1m samples | 1.21 | |
| 478380 | FKGRC363 | standard 245 | 25.10 | |||||
| 478526 | FKGRC364 | 6372338 | 764718 | 73.0 | 74.0 | 1m samples | 4.07 | |
| 478540 | FKGRC364 | standard 245 | 25.20 | |||||
| 478460 | FKGRC364 | standard 245 | 25.50 | |||||
| 478632 | FKGRC365 | 6372319 | 764712 | 86.0 | 87.0 | 1m samples | 1.19 | |
| 478620 | FKGRC365 | standard 245 | 25.40 | |||||
| 478712 | FKGRC366 | 6372334 | 764726 | 74.0 | 75.0 | 1m samples | 0.82 | |
| 478722 | FKGRC366 | 84.0 | 85.0 | 1m samples | 2.58 | |||
| 478700 | FKGRC366 | standard 245 | 24.90 |
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CLASSIC MINERALS LIMITED 71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77 119 484 016 [email protected]
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| Sample No | HoleID | N(MGA94Z50) | E(MGA94Z50) | From | To | **Sample Type ** | **Au_ppm ** | |
|---|---|---|---|---|---|---|---|---|
| 478772 | FKGRC367 | 6372295 | 764704 | 23.0 | 24.0 | 1m samples | 3.88 | |
| 478804 | FKGRC367 | 54.0 | 55.0 | 1m samples | 1.12 | |||
| 478813 | FKGRC367 | 63.0 | 64.0 | 1m samples | 3.59 | |||
| 478825 | FKGRC367 | 74.0 | 75.0 | 1m samples | 19.90 | |||
| 478826 | FKGRC367 | 75.0 | 76.0 | 1m samples | 1.55 | |||
| 478780 | FKGRC367 | standard 245 | 24.90 | |||||
| 478890 | FKGRC368 | 6372313 | 764725 | 60.0 | 61.0 | 1m samples | 0.83 | |
| 478891 | FKGRC368 | 61.0 | 62.0 | 1m samples | 1.14 | |||
| 478899 | FKGRC368 | 69.0 | 70.0 | 1m samples | 14.20 | |||
| 478860 | FKGRC368 | standard 245 | 25.40 | |||||
| 478963 | FKGRC369 | 6372303 | 764722 | 31.0 | 32.0 | 1m samples | 0.83 | |
| 478976 | FKGRC369 | 44.0 | 45.0 | 1m samples | 1.62 | |||
| 478985 | FKGRC369 | 52.0 | 53.0 | 1m samples | 0.83 | |||
| 478940 | FKGRC369 | standard 245 | 25.30 | |||||
| 479146 | FKGRC371 | 6372320 | 764750 | 81.0 | 82.0 | 1m samples | 8.77 | |
| 479148 | FKGRC371 | 83.0 | 84.0 | 1m samples | 1.38 | |||
| 479149 | FKGRC371 | 84.0 | 85.0 | 1m samples | 5.46 | |||
| 479151 | FKGRC371 | 86.0 | 87.0 | 1m samples | 1.91 | |||
| 479152 | FKGRC371 | 87.0 | 88.0 | 1m samples | 1.32 | |||
| 479100 | FKGRC371 | standard 245 | 25.10 | |||||
| 479279 | FKGRC372 | 6372331 | 764765 | 101.0 | 102.0 | 1m samples | 58.40 | |
| 479280 | FKGRC372 | 102.0 | 103.0 | 1m samples | 1.75 | |||
| 479281 | FKGRC372 | 103.0 | 104.0 | 1m samples | 5.48 | |||
| 479282 | FKGRC372 | 104.0 | 105.0 | 1m samples | 2.09 | |||
| 479288 | FKGRC372 | 110.0 | 111.0 | 1m samples | 4.40 | |||
| 479289 | FKGRC372 | 111.0 | 112.0 | 1m samples | 1.27 | |||
| 479180 | FKGRC372 | standard 245 | 25.00 | |||||
| 479260 | FKGRC372 | standard 245 | 25.00 | |||||
| 479385 | FKGRC373 | 6372310 | 764755 | 84.0 | 85.0 | 1m samples | 1.47 | |
| 479387 | FKGRC373 | 86.0 | 87.0 | 1m samples | 8.34 | |||
| 479388 | FKGRC373 | 87.0 | 88.0 | 1m samples | 2.91 | |||
| 479389 | FKGRC373 | 88.0 | 89.0 | 1m samples | 17.40 | |||
| 479390 | FKGRC373 | 89.0 | 90.0 | 1m samples | 1.14 | |||
| 479340 | FKGRC373 | standard 245 | 24.60 | |||||
| 479426 | FKGRC374 | 6372320 | 764768 | 24.0 | 25.0 | 1m samples | 0.80 | |
| 479505 | FKGRC374 | 101.0 | 102.0 | 1m samples | 2.91 | |||
| 479506 | FKGRC374 | 102.0 | 103.0 | 1m samples | 1.88 | |||
| 479511 | FKGRC374 | 107.0 | 108.0 | 1m samples | 2.68 | |||
| 479500 | FKGRC374 | standard 245 | 24.60 | |||||
| 479420 | FKGRC374 | standard 245 | 24.90 |
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CLASSIC MINERALS LIMITED 71 Furniss Rd, Landsdale Western Australia 6065
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ASX: CLZ | ABN 77 119 484 016 [email protected]
| Sample No | HoleID | N(MGA94Z50) | E(MGA94Z50) | From | To | **Sample Type ** | **Au_ppm ** | |
|---|---|---|---|---|---|---|---|---|
| 479612 | FKGRC375 | 6372300 | 764763 | 75.0 | 76.0 | 1m samples | 1.14 | |
| 479615 | FKGRC375 | 78.0 | 79.0 | 1m samples | 6.72 | |||
| 479616 | FKGRC375 | 79.0 | 80.0 | 1m samples | 9.26 | |||
| 479617 | FKGRC375 | 80.0 | 81.0 | 1m samples | 1.22 | |||
| 479618 | FKGRC375 | 81.0 | 82.0 | 1m samples | 1.59 | |||
| 479619 | FKGRC375 | 82.0 | 83.0 | 1m samples | 1.35 | |||
| 479580 | FKGRC375 | standard 245 | 25.00 | |||||
| 479621 | FKGRC375 | standard 245 | 26.20 | |||||
| 479722 | FKGRC376 | 6372295 | 764769 | 82.0 | 83.0 | 1m samples | 7.79 | |
| 479723 | FKGRC376 | 83.0 | 84.0 | 1m samples | 3.68 | |||
| 479726 | FKGRC376 | 86.0 | 87.0 | 1m samples | 9.66 | |||
| 479727 | FKGRC376 | 87.0 | 88.0 | 1m samples | 1.20 | |||
| 479741 | FKGRC376 | 100.0 | 101.0 | 1m samples | 9.86 | |||
| 479742 | FKGRC376 | 101.0 | 102.0 | 1m samples | 10.60 | |||
| 479740 | FKGRC376 | standard 245 | 24.90 | |||||
| 479660 | FKGRC376 | standard 245 | 25.10 | |||||
| 479856 | FKGRC377 | 6372310 | 764782 | 103.0 | 104.0 | 1m samples | 1.12 | |
| 479857 | FKGRC377 | 104.0 | 105.0 | 1m samples | 2.33 | |||
| 479858 | FKGRC377 | 105.0 | 106.0 | 1m samples | 6.75 | |||
| 479859 | FKGRC377 | 106.0 | 107.0 | 1m samples | 4.67 | |||
| 479861 | FKGRC377 | 107.0 | 108.0 | 1m samples | 24.90 | |||
| 479820 | FKGRC377 | standard 245 | 25.20 | |||||
| 479927 | FKGRC378 | 6372276 | 764739 | 26.5 | 27.0 | 1/2m samples | 1.66 | |
| 479929 | FKGRC378 | 27.5 | 28.0 | 1/2m samples | 5.52 | |||
| 479931 | FKGRC378 | 28.5 | 29.0 | 1/2m samples | 592.00 | |||
| 479932 | FKGRC378 | 29.0 | 29.5 | 1/2m samples | 9.09 | |||
| 479933 | FKGRC378 | 29.5 | 30.0 | 1/2m samples | 1.58 | |||
| 479934 | FKGRC378 | 30.0 | 30.5 | 1/2m samples | 9.84 | |||
| 479935 | FKGRC378 | 30.5 | 31.0 | 1/2m samples | 15.60 | |||
| 479936 | FKGRC378 | 31.0 | 31.5 | 1/2m samples | 47.30 | |||
| 479937 | FKGRC378 | 31.5 | 32.0 | 1/2m samples | 2.90 | |||
| 479938 | FKGRC378 | 32.0 | 32.5 | 1/2m samples | 11.40 | |||
| 479939 | FKGRC378 | 32.5 | 33.0 | 1/2m samples | 9.47 | |||
| 479940 | FKGRC378 | 33.0 | 33.5 | 1/2m samples | 3.70 | |||
| 479941 | FKGRC378 | 33.5 | 34.0 | 1/2m samples | 69.90 | |||
| 479942 | FKGRC378 | 34.0 | 34.5 | 1/2m samples | 22.10 | |||
| 479943 | FKGRC378 | 34.5 | 35.0 | 1/2m samples | 1.02 | |||
| 479945 | FKGRC378 | 35.5 | 36.0 | 1/2m samples | 1.44 | |||
| 479946 | FKGRC378 | 36.0 | 36.5 | 1/2m samples | 5.73 | |||
| 479949 | FKGRC378 | 37.5 | 38.0 | 1/2m samples | 1.31 |
Page 14 of 21
CLASSIC MINERALS LIMITED
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71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 119 484 016 [email protected]
Appendix 1: JORC (2012) Table1
Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Sampling techniques |
• Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information. |
• The samples were taken by a RC face sampling hammer drill. All RC holes were sampled at one-metre intervals. • Care was taken to control metre delineation, and loss of fines. • The determination of mineralisation was done via industry standard methods, including RC drilling, followed by splitting, crushing and fire assaying |
| Drilling techniques |
• Drill type (eg core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc). |
• All drilling was completed using reverse circulation method, using a Schramm 645 model rig and 6m Remet Harlsen 4 ½ inch rods. The rig mounted Airtruck has 1150 cfm 500 psi auxiliary couples with a hurricane 7t Booster 2400 cfm /1000 psi booster. The bit size was 5 5/8, |
| Drill sample recovery |
• Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. |
• Recoveries from the drilling are not known, as sample weights were not recorded at this stage of exploration, but visual inspection of samples in the field indicate that recoveries were sufficient. • The shroud tolerance was monitored, and metre delineation was kept in check. Loss of fines was controlled through mist injection. • It is not clear whether a relationship between recoveryandgrade occurs |
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CLASSIC MINERALS LIMITED
71 Furniss Rd, Landsdale Western Australia 6065
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ASX: CLZ | ABN 119 484 016 [email protected]
| as recovery data was not collected (e.g. bagweights). |
||
|---|---|---|
| Logging | • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged. |
• Core and chips were logged to a level of detail to support the Mineral Resource estimation. • Logging was qualitative in nature. • All intersections were logged |
| Sub-sampling techniques and sample preparation |
• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled. |
• The nature and quality of the sampling suits the purpose, being exploration. The laboratory preparation is standard practice and has not been further refined to match the ore. • QC in the lab prep stage was limited to taking pulp duplicates (e.g. no coarse crush duplicates were submitted) • The sample split sizes (4-5 kg are regarded as more than adequate for the nature and type of material sampled. |
| Quality of assay data and laboratory tests |
• The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established. |
• Standard 50g fire assays with an AAS finish were used to get assay results. This is a total technique, and considered appropriate for this level of exploration. • Quality control was carried out by inserting blanks and standards into the sampling chain and 5% intervals. These all showed acceptable levels of accuracy and precision. |
| Verification of sampling and assaying |
• The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. |
• Significant intersections have not been validated by independent or alternative personnel. • No twin holes were included in this programme,as it is not relevant to |
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CLASSIC MINERALS LIMITED
71 Furniss Rd, Landsdale Western Australia 6065
ASX: CLZ | ABN 119 484 016 [email protected]
| • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. |
the stage of exploration and purpose of this drilling. • All primary data was collected on spread sheets which have been validated for errors and included into an Access database. • Assaydata has not been adjusted |
|
|---|---|---|
| Location of data points |
• Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. |
• Drill hole locations were determined by GPS in the field in UTM zone 50. • Topographic control is available through a detailed satellite-derived DTM. |
| Data spacing and distribution |
• Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. |
• Holes were not drilled on a pattern and there was no specific drill hole spacing. In general holes are drilled within 50m from previous intersections. • The data spacing is considered sufficient to demonstrate geological and grade continuity for estimation procedures. • Samples were not composited. |
| Orientation of data in relation to geological structure |
• Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. |
• The orientation of sampling has achieved unbiased sampling of structures, with drilling perpendicular to the dip and strike of the mineralised zones • The relationship between the drilling orientation and the orientation of key mineralised structures is not considered to have introduced a samplingbias. |
| Sample security |
• The measures taken to ensure sample security. | • Samples were immediately dispatched to the laboratory and have at all times been in possession of CLM or its designated contractors. Chain of custody was maintained throughout. |
| Audits or reviews |
• The results of any audits or reviews of sampling techniques and data |
• No audits of any of the data have been carried out. |
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CLASSIC MINERALS LIMITED
71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 119 484 016 [email protected]
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Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Mineral tenement and land tenure status |
• Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. |
• The FGP Tenements (containing the Van Uden West prospect) are registered in the name of Reed Exploration Pty Ltd, which is a wholly owned subsidiary of ASX- listed Hannans Ltd (ASX code: HNR). Classic has acquired 80% of the gold rights only, with the remaining 20% of the gold rights held free-carried by Hannans Ltd until a decision to mine. Hannans Ltd also holds all of the non-gold rights on the FGP tenements including but not limited to nickel, lithium and other metals • The acquisition includes 80% of the gold rights (other mineral rights retained by tenement holder) in the following granted tenements: E77/2207; E77/2219; E77/2239; P77/4290; P77/4291; E77/2303; E77/2220. • Lady Lila is situated upon 100% owned CLZ tenements P77/4325 and P77/4326 (details in announcement dated 21 March 2017) • Kat Gap is situated upon E74/467, held by Sulphide Resources Pty Ltd. CLZ has an option to acquire 100% of this tenement (details in announcement dated 13July2017) |
| Exploration done by other parties |
• Acknowledgment and appraisal of exploration by other parties. |
• All exploration was carried out by previous owners of the tenements (Aztec Mining, Forrestania Gold NL, Viceroy Australia, Sons of Gwalia, Sulphide Resources PtyLtd) |
| Geology | • Deposit type, geological setting and style of mineralisation. |
• The deposit is a Archean shear-zone hosted gold deposit. • Geological interpretation indicates that the general stratigraphy consists of metasediments, BIF’s and cherts to the east of the tenement, overlying an older sequence of metamorphosed |
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CLASSIC MINERALS LIMITED
71 Furniss Rd, Landsdale Western Australia 6065
ASX: CLZ | ABN 119 484 016 [email protected]
komatiitic and high-magnesian basalts to the west. Black shales/pelites occur as small interbedded units throughout the stratigraphy, which dips gently to the east (10-35°) and strikes N-S, bending in a NNW direction in the far north of the tenement.
• An Archaean-aged quartz dolerite unit (informally the ‘Wattle Rocks Dolerite’) is emplaced along a contact between high-MgO basalt to the west and low-MgO ultramafic to the east, in the western part of the tenement and is the host rock for the Lady Ada (and Lady Magdalene) mineralisation. Strongly magnetic Proterozoic dolerite dykes cross-cut the stratigraphy in an east-west direction, splaying to the ENE, following fault directions interpreted from the aeromagnetics. A number of narrow shear zones lie subparallel to the shallow-dipping metasedimentmafic contact within the host stratigraphy and are important sites and conduits for the observed mineralisation. The Sapphire shear zone strikes approximately ENE, dipping to the SE at about 25°, and appears to crosscut all lithologies. This shear zone and associated shears host the bulk of the gold mineralisation at Wattle Rocks. Similar flat-dipping shears are known to crosscut the Lady Magdalene area. Approximately 8- 12 metres of transported sands and a gold depleted weathering profile of saprolitic clays overly the Lady Ada and Lady Magdalene mineralisation.
- Structurally, the Wattle Rocks area is quite complex and is positioned near the intersection of several major breakages and flexures in the regional stratigraphy in this part of the Forrestania Greenstone belt.
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CLASSIC MINERALS LIMITED
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71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 119 484 016 [email protected]
| Numerous shear zones are evident throughout the area, particularly at changes of rock stratigraphy where there are rheological differences. Narrow, stacked, flat-dipping shear zones are evident within the quartz dolerite unit and may have resulted from thrusting of the younger sedimentary sequence over the mafic package from east to west. A similar model is predicted for Van Uden (10 km northwards) where mineralised quartz veins appear to ‘stack’ through a host ferruginous metasediment. |
||
|---|---|---|
| Drill hole Information |
• A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: oeasting and northing of the drill hole collar oelevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar odip and azimuth of the hole odown hole length and interception depth ohole length. • If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain whythis is the case. |
• This information is provided in attached tables |
| Data aggregation methods |
• In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. |
• High grades were not cut in the reporting of weighted averages in this Report. • Summary drill hole results as reported in figures and in the appendix 2 to this Report are reported on a 2m internal dilution and 0.5 g/t Au cuto-off. |
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CLASSIC MINERALS LIMITED
71 Furniss Rd, Landsdale Western Australia 6065
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ASX: CLZ | ABN 119 484 016 [email protected]
| Relationship between mineralisation widths and intercept lengths |
• These relationships are particularly important in the reporting of Exploration Results. • If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported. • If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg ‘down hole length,true width not known’). |
• In almost all cases, the drill holes are perpendicular to the mineralisation. The true width is not expected to deviate much from intersection width. |
|---|---|---|
| Diagrams | • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. |
• Appropriate images have been provided in the Report. |
| Balanced reporting |
• Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results. |
• Figures represent specific selected drill intervals to demonstrate the general trend of high grade trends. Cross sections show all relevant result in a balanced way. |
| Other substantive exploration data |
• Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances. |
• No other relevant data is reported |
| Further work | • The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling). • Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commerciallysensitive. |
• Further RC drilling is being considered. • Figures clearly demonstrate the areas of possible extensions |
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