The company on Friday said that some 400-million shares were placed at an issue price of 0.45c each to institutional and sophisticated investors.

Following the outstanding results of our last drilling programme, including multiple high-grade gold hits at Kat Gap and Lady Magdalene, we are very excited to be heading back to the Forrestania gold project to undertake an aggressive follow-up drill programme,” said Classic CEO Dean Goodwin.

Goodwin noted that only 140 m of the 3.5 km of potential strike along the granite greenstone contact at Kat Gap has been tested, and had intersected a new zone of mineralisation in the granite.

We are very happy to be continuing the extensional drilling at Lady Magdalene and Lady Lila which remain flagship assets at our Forrestania gold project portfolio.