Gold explorer Classic Minerals (ASX:CLZ) has produced its first gold concentrate from the Butchart table within its Kat Gap processing facility within its Kat Gap Gold Project in Western Australia.
The $7.92 million market capitalisation company reports the first parcel of ore was processed through the trommel, spinners, jigs, and then the Butchart table.
Classic says smelting the gold concentrate into a gold bar will generate revenue, which will enable stage one mining at the Kat Gap pit to be financed, along with facilitating targeted exploration efforts to unlock additional ounces at the project.
The company also says this milestone, which was achieved through a collaboration with Gekko Solutions, signifies its transition to a gold producer.
Classic Minerals is an Australian gold explorer focused on its Forrestania and Kat Gap gold projects which cover a combined 578km-square of tenements in Western Australia.
On 6 July 2023, Classic submitted a capital call notice to US-based financier LDA Capital to draw down $550,000 under a $15 million put option agreement. This funding will be applied to Kat Gap.
Write to Harry Mulholland at Mining.com.au
Images: Classic Minerals Ltd