At the end of February we last had the Australian gold explorer Classic Minerals (ASX CLZ / WKN A0NA2L) reported. Then Corona came and you had to take precautions in Australia too. The further work of Classic Minerals has not been spared from the consequences of the pandemic.
Now the exploration work on the Kat Gap project in Western Australia is running again and the news from the region sounds more than exciting! Classic Minerals has drilled 21 new holes there with a total depth of 1,304 meters. They also looked for possible mineralization a little to the west of the previous locations and presumably landed a direct hit in an area that had previously hardly been explored.
Drill hole FKGRC184 has 76.72 grams of gold per ton of rock over 4 meters at a depth of 79 meters. From meter 82, this includes mineralization of 304 grams of gold per ton of rock over a meter. If you consider that normally just a few grams can be considered a good result, then this find can hardly be described in words.
Classic CEO Dean Goodwin therefore speaks of an exciting development for the Kat Gap project. He explains that the decision was made to drill a few holes to the west of the previous drilling area. They wanted to see if there were any gold veins there. It was based on a kind of feeling that was developed after analyzing historical drilling data. And Goodwin didn’t cheat on the feeling. Now it has to be tested in which direction this possible wire will develop. Further drilling in the area is planned. With these holes, one also wants to go deeper.
In addition to the western drilling, new drilling has also been carried out in the north. Existing gaps were wanted to be filled here, some of the previous holes were too far apart. The drilling program there is also expected to continue in the coming months. The aim is to build the largest open-cast mine possible. An expansion of the previous drilling area to the north and south is planned for upcoming work. The hope is to be able to enlarge the area by around 200 meters.
In addition to the more than 300 grams of gold on hole FKGRC184, the latest drilling has also resulted in a number of other double digit discoveries. Hole FGKRC186 mines 8.69 grams gold / ton between 14 and 23 meters. 21.8 grams are found between 18 and 19 meters. FKGRC195 is 10.97 grams gold / ton at a depth of 50 meters over 3 meters. Here in the section between 51 and 52 meters there are 30.0 grams of gold / ton. This list could be continued.
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