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Classic Minerals renews Fraser Range polymetallic exploration after Creasy discovery

Last updated: 13:16 07 Aug 2018 AEST, First published: 22:16 06 Aug 2018 AEST

workers operating drill rig
Previous work at Classic's Fraser Range property

Classic Minerals Ltd (ASX:CLZ) is planning follow-up work at priority exploration targets of its Fraser Range nickel-copper-cobalt project following a review of the project data set.

The renewed exploration interest has also been sparked by Mark Creasy’s recent Silver Knight discovery less than 10 kilometres from Classic’s tenure.

Classic will allocate a portion of exploration expenditure to explore new priority targets with significant potential within a major regional conductive target zone.

The company’s nearby Mammoth nickel and Alpha copper deposits remain highly prospective and require further drilling to test underlying mineralisation and extensions.

“Project justifies additional review”

Classic chief executive officer Dean Goodwin said the time was ripe for the company to reassess its Fraser Range project, which has generated exciting targets requiring follow-up.

He said: “With Nova/Bollinger 45 kilometres along strike to the southwest and Creasy’s promising Silver Knight deposit less than 10 kilometres to the south, we feel the project remains an exciting asset.

“Proven nickel, copper and cobalt mineralisation justifies additional review and inclusion in the company’s exploration budget and planning.”

The Silver Knight deposit contains a resource of 4.2 million tonnes at 0.8% nickel, 0.6% copper and 0.04% cobalt, including a higher grade component of 200,000 tonnes at 3% nickel, 1.9% copper and 0.17% cobalt.

Creasy has applied to convert the Silver Knight tenement into a mining lease, suggesting that the deposit is economic and expected to grow.

Tenure surrounding Classic's Fraser Range project

 

Conductive anomalies across tenement

Classic has identified through magnetic surveying an ‘eye’ structure to the south of the tenement, interpreted to be a large mafic intrusion potentially fertile for nickel-copper mineralisation.

Due to its similar nature to the Nova/Bollinger intrusion system, Classic is planning a series of electromagnetic surveys and geochemical sampling to assist drill targeting.

Further geophysical surveying across the tenement has identified 18 conductors in total, as well as a major electromagnetic anomaly 1 kilometre long extending from 40 metres to at least 500 metres deep.

This is a further 350 metres below the depth of existing drilling and Classic considers the anomaly prospective for discovering a large massive sulphide ore body.

The Eye anomaly in the south of the property

 

Genuine nickel-copper system

Drilling at the Mammoth nickel deposit has identified an extension of mineralisation to over 240 metres plunging northeast.

Strongest intercepts to date include 2 metres at 1% nickel from 106 metres; 1 metre at 1.4% copper from 42 metres; and 5 metres at 0.1% cobalt from 10 metres.

Downhole electromagnetic and ground loop survey work has helped determine strike, depth extension and potential feeder structures of the deposit.

Classic will soon drill test the sub vertical mineralisation for strike and depth extensions.

The company believes Mammoth appears to host a genuine mineralised nickel-copper system.

Potential Nova-style mineralisation

The Alpha copper deposit, southwest of Mammoth, is regarded as a potential mineralised vein associated with a larger mineralised zone.

Drilling intersected thicker mixed sulphides, up to 20% in some samples, and identified a mineralised zone over 500 metres long and 100 metres.

A significant intersection at Alpha graded 1 metre at 1.95% copper, 0.11% zinc, 4.5 g/t silver and 13 ppb gold from 103 metres.

The Nova nickel-copper deposit has limited near-surface ore and the ore body plunges to around 300 metres before flattening out into a substantial deposit.

Classic believes deeper drilling should be undertaken at Alpha to explore for such depth extensions to the current mineralisation.

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