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.

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 and other metals. Classic has a Global Mineral Resource of 8.24 Mt at 1.52 g/t for 403,906 ounces of gold, classified and reported in accordance with the JORC Code (2012), with a Scoping Study (see ASX Announcement released 2nd May 2017) suggesting both the technical and financial viability of the project. The current post- mining Mineral Resource for Lady Ada, Lady Magdalene and Kat Gap is tabulated below. Additional technical detail on the Mineral Resource estimation is provided, further in the text below and in the JORC Table 1 as attached to ASX announcements dated 18th December 2019, 21st January 2020, and 20 April 2020

Contact:

Classic Minerals Limited

T: (08) 6305 0221

Email: contact@classicminerals.com.au

PO Box 1318, Wangara DC, WA 6947

71 Furniss Road, Landsdale, WA 6065

ACN 119 484 016

(C) 2023 Electronic News Publishing, source ENP Newswire