Classic Minerals Limited (ASX:CLZ) Kat Gap Drilling Results and Goldvalley Extension

WA-focused gold exploration and development company Classic Minerals Limited (ASX:CLZ) (FRA:2I7) (OTCMKTS:CSMRF) is pleased to announce that it has received assay results from its extensional RC drilling program at its Kat Gap Gold Project in Western Australia. The Company completed a total of 15 holes for 1,552 metres during its extensional drilling campaign at Kat Gap.

Classic drilled 47 holes for 4,422m at Kat Gap during October and November finishing up the much larger 109-hole infill drilling campaign. This announcement covers the fifteen extensional RC holes (FKGRC471-479 and FKGRC500-505) drilled separately from the 109-hole infill program. Subsequent holes will be reported on in due course when assays become available.

The extensional RC holes FKGRC471-479 and FKGRC500-505 are in the central portion of the northern infill drilling area and were drilled to test for potential deeper down dip open pit mineable material below existing high grade shallower gold mineralization. These latest holes are situated around 200m north of the cross cutting Proterozoic dyke and form part of a separate drilling program from the infill work (See Figure 1*).

The drilling has shown that high grade gold mineralization extends at depth below the current shallow oxide mineralization intersected during the infill RC drilling and highlights the potential for further down dip mineable ore material to be discovered. Further RC drilling is required to follow up these latest results.

Update on Goldvalley Brown Stone Transaction (Goldvalley):

Classic refers to the binding terms sheet entered into on the 9th of September 2022. The terms sheet was conditional the completion of satisfactory due diligence within 120 days and the entering into a formal financing agreement. Classic would like to advise that the due diligence being conducted by Goldvalley was delayed due to circumstances beyond anyone's control and that Goldvalley and Classic have agreed to an extension of the due diligence period up to 31 March 2023.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/5629OA86

Classic Minerals Ltd
T: +61-8-6305-0221
E: contact@classicminerals.com.au
WWW: www.classicminerals.com.au