Classic Minerals (ASX:CLZ) has poured its first gold bar from its Kat Gap Gold Project in Western Australia, officially moving from an explorer to a producer.
The company, which has a market capitalisation of $9.35 million, says its Gekko System’s advanced gravity separation circuit played an ‘instrumental’ role in the production of the gold bar.
Results of earlier bench-scale metallurgical tests reported a 5% mass recovery and gravity gold recoveries between 65% and 75%.
However, Classic intends to introduce a carbon-in-leach (CIL) leaching circuit with a view to enhance recoveries to 98%. The company says this reflects the synergy between the Gekko plant’s technology and Classic’s ‘operational proficiency’.
Classic notes achieving the first gold bar pour is a ‘monumental’ testament to any gold project’s life cycle.
Commenting on the first gold bar, Classic Minerals Chief Executive Officer (CEO) Dean Goodwin says: “The transformation of our Kat Gap Gold Project, from exploration to mining and now to a gold producing asset, symbolises the realisation of our aspirations and our team’s formidable spirit.
“Our current achievement not only fortifies our belief in the Kat Gap deposit’s high-grade nature but also promises significant returns for our shareholders”
Our current achievement not only fortifies our belief in the Kat Gap deposit’s high-grade nature but also promises significant returns for our shareholders.”
Classic Minerals is a Western Australia-based company with a pipeline of projects covering 578km-square of tenements. As of 30 June 2023, the company had $17,000 cash and cash equivalents at hand and roughly $19 million in unused finance facilities, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Classic Minerals