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CLASSIC MINERALS LTD — Capital/Financing Update 2022
Oct 6, 2022
64664_rns_2022-10-06_c33fe22a-cff2-496f-95fb-0c5c174565de.pdf
Capital/Financing Update
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CLASSIC MINERALS LIMITED
71 Furniss Rd, Landsdale Western Australia 6065 ASX: CLZ | ABN 77119 484 016 [email protected]
07 October 2022
ASX Announcement
NOTICE OF EXTENSION OF CLOSING DATE OF ENTITLEMENT OFFER
Classic Minerals Limited (ASX:CLZ) ( Company ) advises an extension of the closing date of the Entitlement Offer (see CLZ announcement of 19 September 2022) as per timetable below.
| Wednesday, 26 October 2022 | Closing date |
|---|---|
| Thursday, 27 October 2022 | Shares quoted on a deferred settlement basis |
| Wednesday, 02 November 2022 | Classic notifies ASX of under-subscriptions |
| Wednesday, 02 November 2022 | Issue Date |
| Wednesday, 02 November 2022 | Quotation of New Shares issued under the Offer |
This announcement has been approved by the Board. ENDS:
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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.
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 | Indicated | Inferred | Tot | ||||||
|---|---|---|---|---|---|---|---|---|---|
| al | |||||||||
| Prospect | Tonnes | Grade | Ounces | T | Grade | Ounces | T | Grade | Ounces |
| (Aug/t) | Au | onnes | (Aug/t) | Au | onnes | (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:
1. The Mineral Resource is classified in accordance with JORC, 2012 edition
2. The effective date of the mineral resource estimate is 20 April 2020.
3. The mineral resource is contained within FGP tenements
4. Estimates are rounded to reflect the level of confidence in these resources at the present time.
5. The mineral resource is reported at 0.5 g/t Au cut-off grade
6. Depletion of the resource from historic open pit mining has been considered
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.
The Company confirms that it is not aware of any new information or data that materially affects the information included in this market announcement and, that all material assumptions and technical parameters underpinning the estimates in the relevant market announcement continue to apply and have not materially changed.
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