Classic Minerals (ASX:CLZ)
Fledgling ASX explorer Classic Minerals Ltd (ASX:CLZ) is making steady progress in its mission to aggressively grow its resource base in gold-encrusted Western Australia.
Underpinning CLZ’s strategy is a focus on gold as a safe haven in the wake of mounting geopolitical tensions. And it’s looking for this most reliable of commodities in one of Australia’s most prestigious lithium and gold mining districts: WA’s renowned Goldfields region.
At the centre of this approach is the Forrestania Gold Project, an advanced asset situated smack bang in the heart of the abundantly mineralised Southern Cross Belt, which hosts a known gold endowment of more than 10 million ounces.
Exploration undertaken thus far suggests CLZ is looking at an extensive gold system spanning at least two kilometres.
This project is already JORC-compliant with an existing Mineral Resource of 5.9 million tonnes at 1.25 grams per tonne for 240,000 ounces of gold. CLZ is looking to double this in the not-so-distant future.
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Forrestania continues to build momentum with CLZ having completed a detailed mapping and targeting study, across more than 90 high-priority targets within the project area.
CLZ is capped at a mere $2 million and it’s only just getting started. Yet with the Australian gold price recently hitting a five-month high, this tiny stock could well be a salient entry point into the ASX gold corridor.