20,488oz of the previous Inferred Gold Resource has been successfully upgraded to Indicated. This is a pivotal milestone in the project's advancement towards stage 1 extraction, processing and monetization
The enhanced resource confidence level, resulting from re-estimation following the integration of two years' worth of additional drill data which has seen approximately 360 more holes drilled across the deposit by Classic since the 2020 estimate. This new dataset informed the current mineralogical model and resource estimation was completed by ordinary kriging within the 3D modelled mineralisation wireframes and block modelling in Surpac.
This underscores
The resource is estimated and reported at 0g/t cut-off grade to represent the global resource estimate at Kat Gap comparable to the maiden 2020 estimate at the same cut-off. There is also a nominal reported 0.7g/t cut off to closer represent a possible minimum mining cut-off grade for initial open-pit operations, although optimization and financial assessment is still in process. Classic now plans to undertake detailed staged mine planning activities, paying particular attention to this new Indicated resource for initial stage one trial mine extraction, which will provide a strong foundation for future mining operations at the deposit. The Company's 100% owned, state-of-the-art processing facility is a crucial component of the mine planning detail, facilitating in-house control over ore processing and gold production. Classics' robust infrastructure provides a competitive advantage, enhancing its ability to capitalize on the upgraded resource and further expand its gold production capabilities. Mr.
This is a game-changer for
About
Expanding its focus from exploration to mining, West Australian-based, minerals house
ABOUT THE FORRESTANIA GOLD PROJECT
The FGP Tenements (excluding Kat Gap) are registered in the name of
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 Person Statement
The information in this report that relates to Exploration Targets, Exploration Results, Mineral Resources or Ore Reserves is based on information compiled by Mr Ben Pollard, a Competent Person who is a Member of the
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