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Classic Minerals exercises option to acquire Kat Gap gold project

Classic Minerals Ltd. exercised its option to acquire the Kat Gap gold project in Western Australia from Sulphide Resources Pty Ltd.

Consideration comprises A$250,000, including goods and services tax, and a 2% net smelter royalty on gold production from exploration licenses E74/422 and E74/467.

The acquisition allowed the company to control over 480 square kilometers of the highly prospective Forrestania region. Kat Gap, which covers 37.5 square kilometers, is located 70 kilometers south-south east of Classic's Forrestania gold project, where it intersected high-grade gold in October 2018.

Classic has drilled a total of 57 holes for 3,891 kilometers at Kat Gap from May 2018 to November 2018. Highlights of its latest drilling program in November 2018 included 3 meters grading 38.33 g/t of gold from a depth of 21 meters, including 1 meter grading 111.00 g/t of gold.

The company said Jan. 9 that it plans to commence a reverse circulation drilling program that will extend the known mineralized zone north and south from the current 200 meters long drilling area.