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Classic Minerals secures toll treatment, MOU for JV at Forrestania gold project

Classic Minerals Ltd. secured a toll treatment agreement for ore from its 80%-owned Forrestania gold project in Western Australia with the Lakewood processing plant owned by Golden Mile Milling, under a preferred client agreement.

The company noted in its April 10 statement that Forrestania ore will not be blended with other ore, enabling the collection of metallurgical and processing data for feasibility studies.

Classic Minerals also signed a MOU with GNO Pty. Ltd., a private third-party group affiliated with Golden Mile Milling. Under the agreement, the companies will form a joint venture to divide and carry specific mining, haulage and treatment costs in exchange for a proportionate share of profits from the Forrestania project.

The formation of the joint venture is subject to binding agreements.

In March, the company acquired two tenements adjacent to the Forrestania property after completing an initial scoping study.