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CLASSIC MINERALS LTD — Interim / Quarterly Report 2014
Jan 30, 2014
64664_rns_2014-01-30_855b2af5-3dbf-44d3-98fe-f3367391f5e2.pdf
Interim / Quarterly Report
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ACN 119 484 016
Corporate StruCture
ASX Code: CLZ - CLZO ABN: 77 119 484 016
Shares: 209,780,570 Options: 101,137,607
Share price: $0.06 (at 29/01/2014) Option price: $0.013 (at 29/01/2014)
Quarterly report 30 JANuAry 2014
Quarterly aCtIVItIeS report: DeCember 2013
- New nickel-copper mineralised horizon discovered close to surface on the Fraser Range
boarD & maNaGemeNt
Justin Doutch, Managing Director Stanislaw Procak, Non-Executive Director Kent Hunter, Company Secretary and Non-Executive Director
INVeStmeNt
Tenements cover an area of 380 km[2] in the highly-prospective Eastern Goldfields and Fraser Range provinces of WA.
Flagship Fraser Range Project in WA is 40 km from Sirius Resources’ Nova and Bollinger discoveries.
-
‘Mammoth’ target represents a new target style of magmatic nickel-copper mineralisation on the Fraser Range
-
Drilling has intersected thick zones of highly visible nickel and copper sulphides up to 23m wide at shallow depth
-
Disseminated, blebby, vein and semimassive styles of sulphides evident
-
All holes return wide, disseminated nickel sulphide intercepts up to:
-
» 2m @ 1.0% Ni from 106m in FRRC040
Experienced board and management team.
CoNtaCt
Unit 7, 30 Hasler Road Osborne Park WA 6017 PO Box 487, Osborne Park WA 6917
Tel: +61 (0) 8 9445 3008 Fax: +61 (0) 8 9445 3008
-
» 1m @ 1.4% Cu from 42m in FRRC039; and » 5m @ 0.1% Co from 10m in FRRC036
-
Drilling to date has only been in the top 135m and grades are variable, perhaps related to northeast plunging ore shoots.
-
Diamond drilling undertaken to determine style and geometry of the main zones.
Web: www.classicminerals.com.au Email: [email protected]
INVeStor relatIoNS
Neil Le Febvre Tel: 08 9468 0255
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ACN 119 484 016
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Quarterly report 30 JANuAry 2014
Summary
Exploration for the Quarter focused on the Fraser Range projects with stage 2 RC drilling following up on 5 priority targets from 18 conductors identified from VTEM surveys in the previous Quarter.
This led to the discovery of a new nickel-copper mineralised horizon close to surface at the Mammoth target with drilling intersecting thick zones of pyrrhotite and nickel and copper sulphides with pentlandite (nickel sulphide) and chalcopyrite (copper iron sulphide) clearly visible.
Hole FRRC040 intersected a two metre wide massive intercept of 1.0% Ni from 106m. This is the deepest intersection to date at Mammoth.
Hole FRRC041 has returned a 23m wide zone of disseminated nickel-copper sulphide, highlighting the significant width of the target horizon.
Hole FRRC036, has also returned a strong interval for Cobalt of 5m of 0.1% Co from 5 to 10m down hole.
Nickel and copper sulphides have been intersected in all holes at Mammoth in December and the mineralisation is open along strike to northeast and southwest and at depth.
The discovery of this new nickel-copper mineralized horizon represents a new target style of magmatic nickel-copper mineralisation within mafic sills in the Fraser Range.
Fraser range project (100% owned)
programme overview
Classic Minerals’ 100% owned Fraser Range Project (tenement E28/1904) was the main focus of exploration during the Quarter following on from the discovery of sulphides in some of the 14 airborne electromagnetic survey (VTEM) during drilling in the previous Quarter.
The Fraser Range tenement is situated 40km north from Sirius Resources’ Nova and Bollinger discoveries. The tenement is 84sq km and has 14 VTEM conductors highlighted for exploration in June this year. Drilling is currently focusing mainly on 2 core conductors at the north end of the tenement being Mammoth and Alpha deposits. Drilling was also undertaken at Targets A7,A8, A13, A15 and at a magnetic anomaly in the centre of the ‘Eye’ structure at the south end of the tenement.
The Phase Two RC drilling program commenced in the previous Quarter continued in the December Quarter, with seven further holes completed across 6 targets (FRRC027 to FRRC033) for 1,065 metres by late October.
Down hole electromagnetic surveys (DHEM) were undertaken on selected holes to give a more accurate estimation of the positions of the conductors for planning the Stage 3 RC drilling programme which commenced mid-November.
Stage 3 RC drilling was primarily aimed at delineating the copper mineralisation at the Alpha copper deposit and to follow up at other promising VTEM targets including Mammoth.
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ACN 119 484 016
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Quarterly report 30 JANuAry 2014
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Figure 1: Location of Classic’s Mammoth, Alpha and A17 target
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540 000 545 000 550 000 555 000
Fraser Range Project Mammoth
VTEM Targets
Alpha
A17
6530 000
A10 A18
E&W A3
0 5km A4
A5
A7
A6
6525 000
A8 A9
A11
A12
6520 000
TARGET LEGEND
Priority 1:
Strong bedrock anomalies
A13 Priority 2:
Moderate bedrock anomalies
possibly stratographic
Priority 3:
6515 000 A16 A15 Fraser Range Tenement Short strike length weak anomaliesEye Structure - highly magnetic anomaly target
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Figure 2: Classic has 18 conductors identified on its Fraser Range tenement
mammoth Nickel Copper Deposit
Drilling at the Mammoth target has discovered a new nickel-copper mineralized horizon which represents a new target style of magmatic nickel-copper mineralisation within mafic sills on the Fraser Range.
19 RC holes and one partly cored hole were completed at Mammoth during the Quarter for 2031m.
The holes were drilled oriented at -60 degrees dip to 311 degrees True to intersect the subvertical EM conductor at oblique angles, and these are not true thicknesses . Holes were drilled in eight lines 20m apart, with holes 15m apart along lines, so that intersections were about 30m apart vertically on the same section.
The Mammoth target is sub vertical and parallel to the regional metamorphic foliation aligned to 040 degrees True. The depth of weathering is 20-25 metres, and sulphides are visible in samples from immediately below the major weathering. The sulphides are mainly weakly magnetic pyrrhotite, with minor pentlandite and chalcopyrite.
All holes have intersected nickel and copper sulphides in a mixed zone of gneiss and mafic amphibolites with garnets often present.
The details of RC holes and the diamond core hole drilled during the quarter are listed in Table 1, Drillhole Locations. The hole locations at Mammoth are shown in Figure 4, Mammoth Deposit, Drill Collar Locations.
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ACN 119 484 016
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Quarterly report 30 JANuAry 2014
Figure 3: Core shows Semi massive, blebby and minor disseminated mixed sulphides in sheared mafic rock with red garnets
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Figure 4: Mammoth Deposit, Drill Collar Locations
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FRRC018
FRRC053
FRRC052
FRRC051
6531300 mN
FRRC048
FRRC049
FRRC044
FRRC038
FRRC007
FRRC050
FRRC041
FRRC036
FRRC040
FRDH001
FRRC034
Diamond
FRRC039 FRRC037
6531250 mN
FRRC042
FRRC043
FRRC045
FRRC046
Mammoth Deposit
0 30m FRRC047 Drill Collar Locations
Cross Section
553500 mE 553550 mE 553600 mE 553650 mE
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ACN 119 484 016
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Quarterly report 30 JANuAry 2014
Significant reSultS
Drilling to date has concentrated on shallower holes 60m to 135m deep and stepping out to find the strike length of the deposit, which is currently over 140m long. The deposit is open in both strike directions and is open at depth.
Hole FRRC040 intersected a two metre wide intercept of 1.0% Ni from 106m. This is the deepest mineralised intersection to date at Mammoth.
Hole FRRC041 has returned a 23m wide zone of disseminated nickel-copper sulphide, highlighting the significant width of the target horizon.
Hole FRRC036, has also returned a strong interval for Cobalt of 5m of 0.1% Co from 5 to 10m down hole and copper values as high as 1.4% Cu at 42-43m.
The sulphides are present in a variety of forms, from disseminated to blebs, veins and massive sulphides. See Figure 3.
One diamond core hole FRDH001 (Figure 3) was partly cored from 39 to 51 metres, adjacent to RC hole FRRC036 and intersected visible sulphides including pyrrhotite, pentlandite and chalcopyrite with disseminated through to semi-massive sulphides.
Figure 5: Cross Section of Mammoth Deposit looking North East
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0 30m
Elevation
240m
RL OF HOLES 238M
Surface
Regolith
220m
Base of Major Weathering
200m
FRRC044 FRRC041
30-55m 60-79m
25m @ 1255 ppm Ni 19m @ 1786 ppm Ni
555 ppm Cu 808 ppm Cu
86 ppm Co 124 ppm Co 180m
Regolith 160m
FRRC040
Quartz Gniess 88m 103-109m
Mafic 100m 6m @ 4420 ppm Ni2087 ppm Cu 140m
287 ppm Co
Quartz Garnet
inc 2m @ 1.02% Ni
Gabbro 105-107m
Gneiss
Mineralised Zone 136m Mammoth Prospect (A1)
Mineralised Intercept Cross Section Looking North East
FRRC040
FRRC044 FRRC041
553599 mE 6531284 mN 5535609 mE 6531275 mN 553619x mE 6531264 mN
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ACN 119 484 016
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Quarterly report 30 JANuAry 2014
The holes were sampled as 5m composites in unmineralised zones and as 1m samples in zones with visible sulphide mineralisation. One sample in 20 was taken as a duplicate. The samples were sent to registered laboratories for fine pulverising, digestion by mixed acid digest, and analysis by Inductively Coupled Plasma (ICP) Mass Spectrometry for Ag, As, Bi, Co, Mo, Ni, Pb, Cu, W and Zn. Cr was determined by ICP Optical Emission Spectrometry.
The significant results received during the quarter are listed in Table 2, Significant Results and this includes analyses from holes drilled late in the previous quarter, and excludes analyses for holes drilled in mid December which were not received by the end of the December quarter.
A Program Of Work for an additional 100 RC/diamond core holes for the Fraser Range project was submitted to the Department of Mines and Petroleum in December.
alpha copper DepoSit
Drilling at the Alpha copper deposit (Figure 6) was paused during the Quarter when the drilling bit shanked at 76m on hole FRRC035 and drilling was diverted to the Mammoth target which monopolised the focus during the Quarter.
The RC drilling at the Alpha Copper Deposit to date has demonstrated the existence of a substantial pyrrhotite-copper deposit with grades up to 1.95% Cu and minor zinc occurring, starting from oxidised outcrops at the south end and plunging 30 degrees north for over 270m. See 3D Interpretation of Alpha Copper Deposit in Figure 6 below.
Figure 6: Alpha Copper Deposit, 3D Interpretation
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FRRC021 FRRC023 FRRC016 FRRC025a FRRC027 FRRC015 FRRC001
18-28m 35-37m 21-29m 56-62m 65-66m 64-67m 103-104m
18m @ 0.32% Cu 2m @ 0.12% Cu 8m @ 0.38% Cu 0.32% Cu 1m @ 0.05% Cu 3m @ 0.13% Cu 1.95% Cu
0.14% Zn 0.14% Zn 0.20% Zn 0.12% Zn 0.11% Zn 0.13% Zn 0.11% Zn
114 ppm Co 78 ppm Co 120 ppm Co 130 ppm Co 60 ppm Co 99ppm Co 4.5 g/t Ag
40-42m including 64-65m 108 ppm Co
2m @ 0.07% Cu 1m @ 1.04% Cu 0.39% Cu
0.10% Zn 0.06% Zn
55 ppm Co 47 ppm Co
Looking Due West
FRRC022
23-24m
1m @ 0.25% Cu
0.12% Zn
73 ppm Co 0 50m
FRRC017
87-89m
FRRC014 4m @ 0.23% Cu
0.06% Zn
42-49m 7m @ 0.40% Cu 73ppm Co
0.14% Zn
180 ppm Co
LEGEND
Surface
FRRC026a FRRC024 FRRC013
Drill Collars
50-55m 36-38m 78-84m
Drill Hole with total depth 0.04% Cu0.10% Zn 2m @ 0.13% Zn0.79% Cu 6m @ 0.15% Zn0.49% Cu
Copper Mineralised Zone 47 ppm Co 144 ppm Coincludes 167 ppm Co
Cu Intersections from 550-1999 ppm 1m @ 1.27% Cu Alpha Copper Deposit
Copper Intersections > 2000 ppm 3D Interpretation
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ACN 119 484 016
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Quarterly report 30 JANuAry 2014
See Figure 7, Cross Section of Alpha Copper Deposit.
Drilling has intersected up to 20% sulphides in some samples, with mineralised zones up to 18m thick.
The deposit is currently drilled to over 60m width and is truncated to the west by a fault, but is open to the north and east. Further drilling is planned for this deposit during the March 2014 Quarter to delineate the full extent of the deposit.
Figure 7: Cross Setion of Alpha Copper Deposit
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280m
Surface 260m
Copper Mineralised Zone
240m
FRRC016
21-29m
8m @ 3845 ppm Cu
1961 ppm Zn 220m
50m 120 ppm Co
27-28m
includes 1m @ 1.04% Cu
200m
Legend
FRRC014
Gabbro 42-49m
7m @ 3960 ppm Cu
Gneiss 90m 1303 ppm Zn 180m
180 ppm Co
Mafic Rock
Mineralised Zone 160m
121m
Fault
Alpha Deposit (A2)
Mineralised Intercept Cross Section Looking North-East
FRRC023 FRRC014 FRRC016
550250 mE 6529350 mN 550300 mE 6529300 mN 550350 mE 6529250 mN 550400 mE
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ACN 119 484 016
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Quarterly report 30 JANuAry 2014
other projects
During the December Quarter, only planning and administration activities were undertaken at Doherty Gold Project, Maitland Uranium Project and Cowarna Rocks Hematite Project. All these projects are in good standing.
Doherty Gold project
Compiling of old exploration data showed that accurate collar and downhole surveys had not been undertaken on all RC holes, some of which intersected the high grade gold bearing quartz vein. Arrangements were made to have these holes accurately surveyed early in 2014, so accurate plans and cross-sections can be drawn up, and then additional drilling planned. A topographic survey will be undertaken in the immediate area of the old workings at Doherty underground gold mine, in case an open cut pit is considered.
maitland uranium project
Plans have been made for an aircore drilling programme across the calcrete area of the valley to test for uranium minerals. These planned holes are on north-south lines 2km apart with holes 400m apart across the whole valley. Prior requirements to drilling have largely been completed, and only the Aboriginal Heritage Survey needs to be done early in 2014 prior to submitting a programme of work to DMP to drill the planned 197 holes.
Cowarna rocks Hematite project
Mapping in the previous quarter indicated extensive alluvial hematite in the valley of Cowarna Creek. The hematite extends for 3.4km up to the north boundary of the tenement, and is about 700m wide. The depth of the hematite deposit is unknown. A drill pattern of 110 aircore holes has been planned during the December Quarter, with east-west lines 200m apart, with holes 100m apart along lines. A program of work to drill these holes has been submitted to the DMP. These holes are planned to be drilled in the March 2014 Quarter.
Corporate
During the Quarter, the Company completed the shortfall in accordance with Section 1.10 of the Prospectus dated 19 August 2013 including the Supplementary Prospectus dated and lodged with ASIC on 30 August 2013. The Company placed 56,122,254 Options exercisable at $0.20 on or before 30 June 2015 to raise a further $561,222.
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ACN 119 484 016
Quarterly report 30 JANuAry 2014
Financial summary
table 1. Drillhole locations
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Hole Number Easting MGA Northing MGA RL Depth Dip Azimuth True Target
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| Hole Number | EastingMGA | NorthingMGA | RL | Depth | Dip | Azimuth True | Target |
|---|---|---|---|---|---|---|---|
| FRRC027 | 550312 | 6529430 | 258 | 130 | -60 | 131 | A2 |
| FRRC028 | 538345 | 6515060 | 282 | 170 | -60 | 131 | MagEye |
| FRRC029 | 540154 | 6516197 | 281 | 130 | -60 | 131 | A13 |
| FRRC030 | 540010 | 6516053 | 280 | 130 | -60 | 131 | A13 |
| FRRC031 | 538536 | 6514345 | 286 | 210 | -60 | 131 | A15 |
| FRRC032 | 538153 | 6513887 | 288 | 210 | -60 | 131 | A15 |
| FRRC033 | 549467 | 6526160 | 273 | 110 | -60 | 131 | A7S |
| FRRC034 | 553595 | 6531258 | 238 | 85 | -60 | 131 | A1 |
| FRRC035 | 550504 | 6529467 | 255 | 76 | -60 | 131 | A2 |
| FRRC036 | 553595 | 6531262 | 238 | 88 | -60 | 311 | A1 |
| FRRC037 | 553605 | 6531252 | 238 | 112 | -60 | 311 | A1 |
| FRRC038 | 553653 | 6531283 | 238 | 135 | -60 | 311 | A1 |
| FRRC039 | 553574 | 6531252 | 238 | 60 | -60 | 311 | A1 |
| FRRC040 | 553619 | 6531264 | 238 | 136 | -60 | 311 | A1 |
| FRRC041 | 553609 | 6531275 | 238 | 100 | -60 | 311 | A1 |
| FRRC042 | 553584 | 6531244 | 238 | 100 | -60 | 311 | A1 |
| FRRC043 | 553560 | 6531240 | 238 | 94 | -60 | 311 | A1 |
| FRRC044 | 553599 | 6531284 | 238 | 88 | -60 | 311 | A1 |
| FRRC045 | 553570 | 6531234 | 238 | 100 | -60 | 311 | A1 |
| FRRC046 | 553548 | 6531226 | 238 | 75 | -60 | 311 | A1 |
| FRRC047 | 553562 | 6531218 | 238 | 106 | -60 | 311 | A1 |
| FRRC048 | 553611 | 6531297 | 238 | 124 | -60 | 311 | A1 |
| FRRC049 | 553622 | 6531290 | 238 | 100 | -60 | 311 | A1 |
| FRRC050 | 553634 | 6531278 | 238 | 134 | -60 | 311 | A1 |
| FRRC051 | 553637 | 6531308 | 238 | 113 | -60 | 311 | A1 |
| FRRC052 | 553624 | 6531317 | 238 | 124 | -60 | 311 | A1 |
| FRRC053 | 553635 | 6531330 | 238 | 106 | -60 | 311 | A1 |
| FRDH001 | 553571 | 6531253 | 238 | 51 | -60 | 311 | A1 |
table 2. Significant analyses received during the Quarter
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Hole No From To Interval Samp No Co Cu Ni Zn
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| Hole No | From | To | Interval | SampNo | Co | Cu | Ni | Zn |
|---|---|---|---|---|---|---|---|---|
| FRRC027 | 65 | 66 | 1 | FRC1126 | 60 | 566 | 24 | 1140 |
| FRRC029 | 84 | 85 | 1 | FRC1209 | 20 | 320 | 110 | 1730 |
| FRRC030 | 105 | 106 | 1 | FRC1307 | 30 | 533 | 146 | 1060 |
| FRRC033 | 43 | 44 | 1 | FRC1333 | 184 | 1030 | 1050 | 246 |
| FRRC033 | 44 | 45 | 1 | FRC1334 | 175 | 706 | 1010 | 164 |
| FRRC036 | 48 | 49 | 1 | FRC1416 | 91 | 483 | 1170 | 168 |
| FRRC036 | 49 | 50 | 1 | FRC1417 | 80 | 467 | 1050 | 121 |
| FRRC036 | 53 | 54 | 1 | FRC1421 | 94 | 563 | 1088 | 120 |
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ACN 119 484 016
Quarterly report 30 JANuAry 2014
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Hole No From To Interval Samp No Co Cu Ni Zn
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| Hole No | From | To | Interval | SampNo | Co | Cu | Ni | Zn |
|---|---|---|---|---|---|---|---|---|
| FRRC036 | 58 | 59 | 1 | FRC1426 | 90 | 372 | 1324 | 129 |
| FRRC036 | 59 | 60 | 1 | FRC1427 | 93 | 741 | 1148 | 125 |
| FRRC036 | 60 | 61 | 1 | FRC1428 | 146 | 1011 | 2145 | 157 |
| FRRC036 | 61 | 62 | 1 | FRC1429 | 83 | 579 | 1146 | 103 |
| FRRC036 | 62 | 63 | 1 | FRC1430 | 103 | 722 | 1491 | 98 |
| FRRC036 | 63 | 64 | 1 | FRC1431 | 111 | 1006 | 1355 | 132 |
| FRRC036 | 64 | 65 | 1 | FRC1432 | 84 | 777 | 947 | 124 |
| FRRC036 | 65 | 66 | 1 | FRC1433 | 74 | 459 | 848 | 123 |
| FRRC036 | 66 | 67 | 1 | FRC1434 | 243 | 4506 | 3792 | 102 |
| FRRC036 | 67 | 68 | 1 | FRC1435 | 156 | 2159 | 2082 | 197 |
| FRRC037 | 97 | 98 | 1 | FRC1465 | 115 | 685 | 1584 | 125 |
| FRRC037 | 101 | 102 | 1 | FRC1469 | 125 | 565 | 1364 | 261 |
| FRRC037 | 102 | 103 | 1 | FRC1470 | 104 | 243 | 326 | 161 |
| FRRC037 | 103 | 104 | 1 | FRC1471 | 413 | 2815 | 6203 | 231 |
| FRRC037 | 104 | 105 | 1 | FRC1472 | 131 | 353 | 1150 | 191 |
| FRRC038 | 112 | 113 | 1 | FRC1509 | 67 | 140 | 1189 | 106 |
| FRRC039 | 32 | 33 | 1 | FRC1526 | 85 | 532 | 1078 | 116 |
| FRRC039 | 33 | 34 | 1 | FRC1527 | 87 | 845 | 1197 | 125 |
| FRRC039 | 34 | 35 | 1 | FRC1528 | 84 | 510 | 964 | 164 |
| FRRC039 | 35 | 36 | 1 | FRC1529 | 60 | 281 | 543 | 138 |
| FRRC039 | 36 | 37 | 1 | FRC1530 | 98 | 680 | 1486 | 153 |
| FRRC039 | 37 | 38 | 1 | FRC1531 | 97 | 723 | 1424 | 161 |
| FRRC039 | 38 | 39 | 1 | FRC1532 | 103 | 700 | 1505 | 151 |
| FRRC039 | 39 | 40 | 1 | FRC1533 | 85 | 702 | 1180 | 154 |
| FRRC039 | 40 | 41 | 1 | FRC1534 | 80 | 592 | 1270 | 114 |
| FRRC039 | 41 | 42 | 1 | FRC1535 | 79 | 623 | 1152 | 115 |
| FRRC039 | 42 | 43 | 1 | FRC1536 | 207 | 14193 | 3251 | 162 |
| FRRC039 | 43 | 44 | 1 | FRC1537 | 114 | 2531 | 1711 | 148 |
| FRRC039 | 44 | 45 | 1 | FRC1538 | 125 | 1608 | 1792 | 135 |
| FRRC039 | 45 | 46 | 1 | FRC1539 | 386 | 1328 | 6439 | 136 |
| FRRC039 | 46 | 47 | 1 | FRC1540 | 185 | 1190 | 2695 | 245 |
| FRRC039 | 47 | 48 | 1 | FRC1541 | 323 | 2388 | 5218 | 197 |
| FRRC040 | 101 | 102 | 1 | FRC1574 | 96 | 587 | 1467 | 103 |
| FRRC040 | 102 | 103 | 1 | FRC1575 | 177 | 3247 | 2592 | 184 |
| FRRC040 | 103 | 104 | 1 | FRC1576 | 108 | 1523 | 1423 | 113 |
| FRRC040 | 104 | 105 | 1 | FRC1577 | 90 | 777 | 970 | 163 |
| FRRC040 | 105 | 106 | 1 | FRC1578 | 168 | 4550 | 2316 | 195 |
| FRRC040 | 106 | 107 | 1 | FRC1579 | 520 | 2780 | 8733 | 155 |
| FRRC040 | 107 | 108 | 1 | FRC1580 | 702 | 2343 | 11745 | 138 |
| FRRC040 | 108 | 109 | 1 | FRC1581 | 135 | 547 | 1331 | 170 |
| FRRC041 | 60 | 61 | 1 | FRC1607 | 153 | 1104 | 2147 | 127 |
| FRRC041 | 61 | 62 | 1 | FRC1608 | 98 | 668 | 1314 | 106 |
| FRRC041 | 62 | 63 | 1 | FRC1609 | 115 | 1223 | 1803 | 103 |
| FRRC041 | 63 | 64 | 1 | FRC1610 | 86 | 391 | 1026 | 100 |
| FRRC041 | 64 | 65 | 1 | FRC1611 | 73 | 437 | 959 | 151 |
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ACN 119 484 016
Quarterly report 30 JANuAry 2014
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Hole No From To Interval Samp No Co Cu Ni Zn
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| Hole No | From | To | Interval | SampNo | Co | Cu | Ni | Zn |
|---|---|---|---|---|---|---|---|---|
| FRRC041 | 65 | 66 | 1 | FRC1612 | 98 | 624 | 1672 | 157 |
| FRRC041 | 66 | 67 | 1 | FRC1613 | 85 | 707 | 1558 | 118 |
| FRRC041 | 67 | 68 | 1 | FRC1614 | 97 | 760 | 1244 | 137 |
| FRRC041 | 68 | 69 | 1 | FRC1615 | 98 | 577 | 1351 | 104 |
| FRRC041 | 69 | 70 | 1 | FRC1616 | 56 | 305 | 591 | 91 |
| FRRC041 | 70 | 71 | 1 | FRC1617 | 102 | 451 | 1330 | 123 |
| FRRC041 | 71 | 72 | 1 | FRC1618 | 158 | 1491 | 2577 | 126 |
| FRRC041 | 72 | 73 | 1 | FRC1619 | 70 | 541 | 941 | 91 |
| FRRC041 | 73 | 74 | 1 | FRC1620 | 135 | 844 | 1910 | 149 |
| FRRC041 | 74 | 75 | 1 | FRC1621 | 122 | 717 | 1632 | 150 |
| FRRC041 | 75 | 76 | 1 | FRC1622 | 169 | 1281 | 2472 | 151 |
| FRRC041 | 76 | 77 | 1 | FRC1623 | 155 | 1377 | 2254 | 183 |
| FRRC041 | 77 | 78 | 1 | FRC1624 | 183 | 744 | 2730 | 118 |
| FRRC041 | 78 | 79 | 1 | FRC1625 | 297 | 1101 | 4417 | 155 |
| FRRC042 | 64 | 65 | 1 | FRC1691 | 135 | 2493 | 2183 | 197 |
| FRRC042 | 65 | 66 | 1 | FRC1692 | 136 | 1680 | 2194 | 184 |
| FRRC042 | 66 | 67 | 1 | FRC1693 | 82 | 491 | 1246 | 157 |
| FRRC042 | 67 | 68 | 1 | FRC1694 | 105 | 605 | 1622 | 217 |
| FRRC042 | 68 | 69 | 1 | FRC1695 | 133 | 740 | 2087 | 309 |
| FRRC042 | 69 | 70 | 1 | FRC1696 | 54 | 209 | 418 | 174 |
| FRRC042 | 70 | 71 | 1 | FRC1697 | 139 | 1759 | 1865 | 205 |
| FRRC043 | Notyet | sampled | ||||||
| FRRC044 | 30 | 35 | 5 | FRC1660 | 64 | 404 | 1017 | 113 |
| FRRC044 | 35 | 40 | 5 | FRC1661 | 92 | 676 | 1291 | 96 |
| FRRC044 | 40 | 41 | 1 | FRC1645 | 68 | 329 | 1042 | |
| FRRC044 | 41 | 42 | 1 | FRC1646 | 40 | 19 | 126 | |
| FRRC044 | 42 | 43 | 1 | FRC1647 | 89 | 474 | 1239 | |
| FRRC044 | 43 | 44 | 1 | FRC1648 | 108 | 746 | 1683 | |
| FRRC044 | 44 | 45 | 1 | FRC1649 | 119 | 694 | 2111 | |
| FRRC044 | 45 | 46 | 1 | FRC1650 | 83 | 429 | 1231 | |
| FRRC044 | 46 | 47 | 1 | FRC1651 | 79 | 466 | 1279 | |
| FRRC044 | 47 | 48 | 1 | FRC1652 | 84 | 624 | 1464 | |
| FRRC044 | 48 | 49 | 1 | FRC1653 | 71 | 362 | 1017 | |
| FRRC044 | 49 | 50 | 1 | FRC1654 | 134 | 1042 | 2559 | |
| FRRC044 | 50 | 51 | 1 | FRC1655 | 91 | 527 | 1109 | |
| FRRC044 | 51 | 52 | 1 | FRC1656 | 63 | 212 | 574 | |
| FRRC044 | 52 | 53 | 1 | FRC1657 | 66 | 261 | 737 | |
| FRRC044 | 53 | 54 | 1 | FRC1658 | 134 | 1107 | 1931 | |
| FRRC044 | 54 | 55 | 1 | FRC1659 | 135 | 1193 | 1737 | |
| FRRC045 | Notyet | sampled | ||||||
| FRRC046 | Notyet | sampled | ||||||
| FRRC047 | Notyet | sampled | ||||||
| FRRC048 | Notyet | sampled | ||||||
| FRRC049 | 59 | 60 | 1 | FRC1734 | 95 | 507 | 1026 | 157 |
| FRRC049 | 66 | 67 | 1 | FRC1741 | 178 | 1403 | 2990 | 229 |
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ACN 119 484 016
Quarterly report 30 JANuAry 2014
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Hole No From To Interval Samp No Co Cu Ni Zn
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| Hole No | From | To | Interval | SampNo | Co | Cu | Ni | Zn |
|---|---|---|---|---|---|---|---|---|
| FRRC049 | 67 | 68 | 1 | FRC1742 | 208 | 1236 | 3461 | 118 |
| FRRC049 | 68 | 69 | 1 | FRC1743 | 157 | 1211 | 2607 | 117 |
| FRRC049 | 69 | 70 | 1 | FRC1744 | 155 | 1374 | 2529 | 152 |
| FRRC049 | 70 | 71 | 1 | FRC1745 | 44 | 82 | 111 | 165 |
| FRRC049 | 71 | 72 | 1 | FRC1746 | 90 | 552 | 1078 | 174 |
| FRRC049 | 72 | 73 | 1 | FRC1747 | 174 | 1216 | 2618 | 131 |
| FRRC049 | 73 | 74 | 1 | FRC1748 | 183 | 1557 | 2746 | 137 |
| FRRC049 | 74 | 75 | 1 | FRC1749 | 145 | 1638 | 2084 | 169 |
| FRRC049 | 75 | 76 | 1 | FRC1750 | 155 | 1300 | 2202 | 144 |
| FRRC049 | 76 | 77 | 1 | FRC1751 | 114 | 744 | 1585 | 224 |
| FRRC049 | 77 | 78 | 1 | FRC1752 | 230 | 1132 | 3438 | 198 |
| FRRC049 | 78 | 79 | 1 | FRC1753 | 151 | 894 | 1909 | 177 |
| FRRC049 | 79 | 80 | 1 | FRC1754 | 178 | 936 | 2511 | 135 |
| FRRC049 | 80 | 81 | 1 | FRC1755 | 155 | 910 | 2196 | 152 |
| FRRC049 | 81 | 82 | 1 | FRC1756 | 101 | 598 | 1128 | 134 |
| FRRC049 | 82 | 83 | 1 | FRC1757 | 82 | 417 | 835 | 176 |
| FRRC049 | 83 | 84 | 1 | FRC1758 | 94 | 417 | 1007 | 138 |
| FRRC049 | 84 | 85 | 1 | FRC1759 | 105 | 567 | 1058 | 131 |
| FRRC049 | 85 | 86 | 1 | FRC1760 | 142 | 944 | 1821 | 179 |
| FRRC049 | 86 | 87 | 1 | FRC1761 | 127 | 894 | 1606 | 132 |
| FRRC049 | 87 | 88 | 1 | FRC1762 | 99 | 616 | 1202 | 218 |
| FRRC049 | 88 | 89 | 1 | FRC1763 | 178 | 1400 | 2491 | 178 |
| FRRC049 | 89 | 90 | 1 | FRC1764 | 214 | 1685 | 3118 | 139 |
| FRRC050 | 105 | 106 | 1 | FRC1800 | 104 | 525 | 1207 | 164 |
| FRRC050 | 106 | 107 | 1 | FRC1801 | 228 | 1078 | 3344 | 164 |
| FRRC050 | 107 | 108 | 1 | FRC1802 | 107 | 866 | 1321 | 140 |
| FRRC050 | 108 | 109 | 1 | FRC1803 | 149 | 1162 | 2061 | 131 |
| FRRC050 | 109 | 110 | 1 | FRC1804 | 91 | 659 | 1030 | 143 |
| FRRC050 | 110 | 111 | 1 | FRC1805 | 121 | 752 | 1666 | 136 |
| FRRC050 | 111 | 112 | 1 | FRC1806 | 121 | 928 | 1624 | 143 |
| FRRC050 | 112 | 113 | 1 | FRC1807 | 70 | 315 | 649 | 151 |
| FRRC050 | 113 | 114 | 1 | FRC1808 | 152 | 1981 | 1992 | 147 |
| FRRC050 | 114 | 115 | 1 | FRC1809 | 304 | 3857 | 4707 | 150 |
| FRRC050 | 115 | 116 | 1 | FRC1810 | 100 | 545 | 1062 | 167 |
| FRRC051 | Notyet | sampled | ||||||
| FRRC052 | 40 | 41 | 1 | FRC2037 | 156 | 1385 | 1633 | 329 |
| FRRC052 | 41 | 42 | 1 | FRC2038 | 187 | 1585 | 2142 | 196 |
| FRRC052 | 42 | 43 | 1 | FRC2039 | 159 | 1451 | 1810 | 179 |
| FRRC052 | 43 | 44 | 1 | FRC2040 | 213 | 1637 | 2387 | 209 |
| FRRC052 | 49 | 50 | 1 | FRC2046 | 109 | 584 | 1473 | 156 |
| FRRC052 | 50 | 51 | 1 | FRC2047 | 92 | 509 | 1513 | 143 |
| FRRC052 | 58 | 59 | 1 | FRC2055 | 120 | 782 | 1490 | 124 |
| FRRC052 | 59 | 60 | 1 | FRC2056 | 144 | 1180 | 2095 | 106 |
| FRRC052 | 60 | 61 | 1 | FRC2057 | 122 | 924 | 1607 | 97 |
| FRRC052 | 61 | 62 | 1 | FRC2058 | 134 | 1000 | 1789 | 106 |
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ACN 119 484 016
Quarterly report 30 JANuAry 2014
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Hole No From To Interval Samp No Co Cu Ni Zn
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| Hole No | From | To | Interval | SampNo | Co | Cu | Ni | Zn |
|---|---|---|---|---|---|---|---|---|
| FRRC052 | 62 | 63 | 1 | FRC2059 | 120 | 802 | 1540 | 111 |
| FRRC052 | 63 | 64 | 1 | FRC2060 | 128 | 1047 | 1899 | 100 |
| FRRC052 | 64 | 65 | 1 | FRC2061 | 89 | 426 | 972 | 116 |
| FRRC052 | 65 | 66 | 1 | FRC2062 | 97 | 541 | 1105 | 113 |
| FRRC053 | Notyet | sampled | ||||||
| FRDH001 | Notyet | sampled |
about ClaSSIC mINeralS
Depths are downhole depths
Note:
FRRC039 includes 1m (42-43m) at 14193ppm Cu or 1.42% Cu. FRRC040 includes 1m (107-108m) at 11745ppm Ni or 1.17% Ni. FRRC051 has mineralised zone 30m to 95m; analyses awaited. FRDH001 has mineralised zone from 41 to 48m; analyses awaited
Classic Minerals (ASX: CLZ) is a Perth-based mineral exploration Company focused on advancing its Fraser Range project E28/1904, in Western Australia. The Fraser Range Project is approximately 40km northeast of Sirius Resources’ NL (ASX: SIR) Nova and Bollinger nickelcopper discoveries, and has historic nickel-copper-zinc soil anomalies.
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Justin Doutch Managing Director Phone: 08 94453008 [email protected]
Other projects include Doherty’s Gold Project in the East Murchison region of WA, Mt Maitland Project in the Murchison region, which is prospective for uranium, and Cowarna Rocks near Kalgoorlie, which has detrital iron ore potential.
The company listed on the ASX on the 24 May 2013 and is focused on increasing shareholder value through exploration success at its West Australian projects.
Further details of the company’s projects can be found at: www.classicminerals.com.au
CompeteNt perSoNS StatemeNt
The information in this report that relates to Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Sheldon Coates, who is a Member of The Australasian Institute of Mining and Metallurgy. Mr Sheldon Coates is employed by Iron Resources Pty Ltd who is a consultant to Classic Minerals Ltd. Mr Sheldon Coates has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and the activity which he is undertaking 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 Sheldon Coates is a shareholder in Classic Minerals and consents to the inclusion in the report of the matters based on his information in the form and context in which it appears
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ACN 119 484 016
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Quarterly report 30 JANuAry 2014
JorC table
Section 1
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Criteria JORC Code explanation Commentary
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| 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). |
• Reverse Circulation (RC) drilling with face sampling hammer bit accounts for most of Classic’s current drilling at the Fraser Range prospect. One partly cored hole (NQ) FRDH001 has been completed at Mammoth deposit, cored from 39m to 51m. Not oriented. |
| 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 fne/ coarse material |
• RC recoveries are logged visually as a volume percentage. Core recoveries measured, and expressed as a percentage. • RC samples all dry to avoid smearing. Each RC bag was split into 1’8 and 7/8 representative samples through a triple tier splitter.. • N/A |
| 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. |
• RC drilling has been geologically logged to a level of detail to be appropriate for mineral resource estimation. • Logging of RC drilling records lithology, mineralogy, mineralization, weathering, colour and other appropriate features. • All logging is quantitative. All core trays photographed. • All drill holes were logged in full(13 holes logged in full,all other holes are inprocess of logging) |
| Sub-sampling techniques and sample preparation |
• If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether rifed, 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 feld duplicate/ second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled |
• Core cut with diamond saw blade. Half core taken for analysis. • RC samples were cyclone split. Samples were collected mostly dry except for 5 meters from 130m to 136m in hole FRRC040. • The sample preparation of RC samples follows industry best practice. All samples are pulverized to -106microns. • RC samples are collected at 1m intervals from a cyclone and split into 1/8 and 7/8 representative samples. 1m samples of equal volume composited from 1/8 bags into 5m samples using a cup. Certifed Reference Materials (CRM) and/or house controls, blanks, splits and replicates are analysed with each batch of samples. • Field duplicates have been taken as 1 in 20. • Samples sizes are appropriate to the size of the RC chips. |
| 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)andprecision have been established |
• The analytical technique used mixed acid digest and OHM, and is considered nearly total. • No geophysical tools were used to determine any element concentrations in this report. • Sample preparation checks for fneness were carried out by the laboratory as part of internal procedures. Duplicate samples submitted as 1 in 20. Duplicate sample results closely match original results. |
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ACN 119 484 016
Quarterly report 30 JANuAry 2014
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Criteria JORC Code explanation Commentary
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Verifcation of sampling and assaying |
• The verifcation of signifcant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verifcation, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. |
• Signifcant intersections of the RC drilling have been visually verifed by the Managing Director and independent technical consultants. • There have been no twinned holes to date. • Primary data was collected by excel templates using fat fles. • No Adjustments or Calibrations were made to the assaydata reported. |
| 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. • Specifcation of the grid system used. • Quality and adequacy of topographic control |
• Drillhole collars were located by GPS. Elevation values were in AHD. Expected accuracy is +/- 3m for northing and easting and +/-5m for elevation coordinates. • The grid system is GDA94(MGA), zone 51 • The GPS is +/- 3m, and the RL is derived from Google Earth, pending survey pickup . A digital terrain model has been derived from data collected duringthe VTEM surveyof the whole tenement. |
| Data spacing and distribution | • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufcient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifcations applied. • Whether sample compositing has been applied |
• The nominal drill line spacing of 20m on northings and 15m on easting section south east section lines (311/131 True) at Mammoth deposit. Holes at other anomalies are widely separated. • The drilling is at an early stage so there is not sufcient data to establish the degree of geological and grade continuity. • There has been no compositing applied to the exploration results. |
| 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 structures has been identifed, and the drilling is at right angles to strike, but varies to the dip. Drill intersections are not true widths. • N/A |
| Sample security | • The measures taken to ensure sample security. |
• Chain of custody is managed by Classic. Samples are stored on site and either delivered by Classic personnel to a Kalgoorlie laboratory or alternatively to a transport companyto a laboratoryin Perth. |
| Audits or reviews | • The results of any audits or reviews of sampling techniques and data. |
• No audits or reviews have been set up at this stage. |
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ACN 119 484 016
Quarterly report 30 JANuAry 2014
Section 2 reporting of exploration results
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Criteria JORC Code explanation Commentary
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| 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 obtaininga licence to operate in the area. |
• The drilling is located wholly within Exploration Licence E28/1904, The tenement is 100% owned by Classic Minerals Ltd • The tenement is in good standing and no known impediments exist. |
| Exploration done by other parties |
• Acknowledgment and appraisal of exploration by otherparties. |
• Soil sampling, Auger sampling by Homestake Gold Australia |
| Geology | • Deposit type, geological setting and style of mineralisation. |
• Geological setting is in Fraser Zone of Albany Fraser Mobile Belt consisting of gneiss , mafc rocks including gabbro with signifcant garnet in the metamorphic rocks. • This appears to be a magmatic type of deposit, further information is required to fully assess the style of mineralisation. Mineralogy and petrology areplanned. |
| 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: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • If the exclusion of this information is justifed 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. |
• Refer to Table1; Hole Locations. • Refer to Table 2; Signifcant Analyses |
| Data aggregation methods | • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-of 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 clearlystated. |
• All reported assays are a result of 1/8th sample of 1 meter in mineralised zones or 5 meter composite samples aggregated as equal volume from the individual 1/8th samples in non mineralised zone . No top-cuts or cutofs have been applied. • Higher grade nickel and copper intervals internal to broader zones of nickel and copper are reported as included intervals. • No use of metal equivalents has been used in this report. |
| 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 efect(eg‘down hole length,true width not known’). |
• The geometry of the primary mineralization is variable, and intercepts are of holes drilled at -60 dip. These are not true thicknesses. • Downhole lengths only are reported. These are not true widths. |
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ACN 119 484 016
Quarterly report 30 JANuAry 2014
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Criteria JORC Code explanation Commentary
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| Criteria | JORC Code explanation | Commentary |
|---|---|---|
| Diagrams | • Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any signifcant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views. |
• Refer to fgures in the body of text. |
| 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. |
• All signifcant results are reported. |
| 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 contaminatingsubstances. |
• Several drillholes across the tenement have intersected groundwater which is brackish, with TDS up to 11000ppm. • Downhole EM has been used to determine the orientation of the EM conuctors, and if the EM conductor has been intersected. |
| 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. |
• At this stage, mineralisation at Mammoth and Alpha deposits is only broadly understood and requires further DHEM and ground EM surveys, as well as step out RC drilling down to 200m depth of mineralisation then deeper core drilling will be undertaken to extend the deposits at depth |
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