Classic Minerals and AuResources Launch $60M Blockchain Gold Venture


In an era where the marriage of technology and finance increasingly transforms industries, two forward-thinking companies have embarked on a financial venture set to fortify the very bedrock of the gold mining sector. Classic Minerals Limited, an established Australian gold exploration stalwart, has joined forces with AuResources AG, a Swiss fintech innovator, launching a groundbreaking $60 million funding project harnessing the power of blockchain to energize not just gold mining, but the fintech realm itself.

The strategic collaboration between Classic and AuResources is poised to catalyze the development of Classic’s cornerstone gold ventures, among them the promising Kat Gap Project and the robust Forrestania Gold Project, both nestled in Western Australia’s mineral-rich terrain. Eschewing the conventional routes of commodity trade financing, this partnership heralds a new avenue for project advancement. It’s an unconventional path that leapfrogs over the traditional financial systems, where AuResources, with the backing of the digitization-savvy Black Manta Capital, infuses an initial capital of $10 million.

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This influx of funds is set to bolster the operational prowess of the Kat Gap project, bracing it for enhanced gold production while simultaneously driving the exploration and potential development of the adjacent Lady Magdalene and Lady Ada deposits. Here, the use of blockchain technology is the linchpin, fostering an innovative business model that harmonizes with the ethos and objectives of both companies.

Classic Minerals stands on the brink of an auspicious phase at the Kat Gap project. Around 170 kilometers south of Southern Cross, this site glistens with promise, boasting proven reserves valued at $41 million, with a gold grade of 2.5 grams per tonne. But that’s not all. The surrounding territory teems with inferred resources estimated at $120 million, at an impressive grade of 2.19 grams per tonne, signaling untapped riches awaiting the touch of expert exploration.

Recently, the fruits of the Kat Gap project have begun to bear gold, quite literally, following an effective trial mining stint in the balmy days of mid-August 2023. Its success is no mere trifle – gold sales have soared, tipping scales at over $967,000 across the financial quarters bookending 2023. The union with AuResources is envisioned as a catalyst, an ingredient to propel this venture to explore richer veins of precious metal.

Simultaneously, Classic Minerals has strategically spread its dominion to encompass sole ownership of the expansive 500 square kilometers Forrestania Gold Project Properties. The Forrestania Project is steeped in a history of bounteous production, where gold lies in wait both near the surface and in identified deeper seams. This acquisition serves as a ripe platform for the implementation of blockchain-backed financing, stoking the fires of exploration and development even further.

The flux of the financial world towards the digital dimension is palpable here. Ian Cooper, CEO of AuResources, in a statement infused with a spirit of triumph, heralds this milestone as the crest of two years of assiduous labor, seasoned with the steadfast support of their investors. The pride of the team is evident, as is their elation in aligning with Classic Minerals for this trailblazing endeavor.

Equally ardent in his response is John Lester, Chairman of Classic Minerals, whose words weave gratitude towards AuResources and Black Manta Capital Partners. He speaks of the launch of this funding round as the linchpin that securely plants Classic on the international dais, setting the stage for a spectacle of unprecedented value for all stakeholders involved.

This partnership, along with its novel approach to funding, underscores a broader narrative – the increasing entrenchment of blockchain technology not only within the realms of the crypto asset industry but also within the traditional finance sector, where it weaves its way through the historic tapestry of commodities like gold. The innovation resonates across financial landscapes, reflecting in the daily charts that plot the total crypto market capitalization at a staggering $2.6 trillion. The discourse of finance is changing, and with it, the very essence of industries as timeless as gold mining itself.