Classic Minerals Limited: Mining of Bulk Sample Commences

Perth, Australia - Classic Minerals Ltd. (ASX:CLZ) is pleased to announce it has officially commenced bulk sample mining at its 100% owned Kat Gap Gold Project. The processing of this ore sample will assist in calibration of mining and metallurgy parameters prior to full-scale mining and production from its Kat Gap gold project.

Highlights:

- Following recent receipt of mining approvals for a Bulk Sample at Kat Gap Gold project, Classic Minerals Ltd. has officially commenced mining of the Bulk Sample with the first soil officially turned at Kat Gap.

- Bulk sample will provide valuable geological, engineering, and metallurgical data prior to full scale mining and production expected to occur within the 1st quarter of 2022.

- The Bulk Sample will target between 3,000 - 5000 tonnes (t) of ore at between 4 and 6g/t Au for between 350 and 1,000 contained ounces of gold (Au).

- This material is a portion of the current 93koz Mineral Resource and approvals have been obtained to excavate up to 49,000t from Kat Gap under the terms of the underlying (granted) Exploration tenure.

- All earthmoving equipment have been mobilied on site and the bulk sample mining area has been defined (Figures 4, 5, 6 & 7*).

Processing of this bulk sample is an important step ahead of full scale production activites, as it affords the Company the opportunity to test and refine the Gekko plant.

Classic will look to process between 3,000 - 5000 tonnes (t) of ore at between 4 and 6g/t Au for between 350 and 1,000 contained ounces of gold (Au) which is a portion of the current 93koz Mineral Resource. Approvals have been obtained to excavate up to 49,000t from Kat Gap under the terms of the underlying (granted) Exploration tenure.

The Chairman, John Lester said" With earthmoving equipment recently mobilised the Classic Minerals team was delighted to have been on site to witness the first turning of soil which will serve to further de-risk the Project and give the Company and its investors increased confidence in executing the greater mining operation which is on track for commencement in the 1st quarter of 2022."

ABOUT THE FORRESTANIA GOLD PROJECT

The FGP Tenements (excluding Kat Gap) are registered in the name of Reed Exploration Pty Ltd, a wholly owned subsidiary of ASX listed Hannans Ltd (ASX:HNR). Classic has acquired 80% of the gold rights on the FGP Tenements from a third party, whilst Hannans has maintained its 20% interest in the gold rights. For the avoidance of doubt Classic Ltd owns a 100% interest in the gold rights on the Kat Gap Tenements and non-gold rights including but not limited to nickel, lithium and other metals.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/5XS694W1

About Classic Minerals Limited:

Classic Minerals Ltd. (ASX:CLZ) is an exploration and development company focused on gold deposits in Western Australia's famous Goldfields region. In March 2017, Classic acquired the Forrestania Gold Project, with seven tenements stretching across 450km2. Strategically located in a very prospective region, the FGP is an underexplored package surrounded by multimillion ounce deposits such as Bounty (2Moz) and Yilgarn Star (1.5Moz).

Source:
Classic Minerals Ltd.

Contact:

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