Catalyst Metals Limited (ASX: CYL) has obtained more strong drilling results at its Four Eagles Gold Project in Victoria.
The results, which include intersections of up to 150g/t, are important because they will form part of a maiden JORC Resource. This Resource estimate will in turn underpin a decision on whether to establish an exploration tunnel to enable another ramp up in drilling.
Air core, RC and diamond drilling resumed at Four Eagles in November 2021, with deeper diamond drilling and shallow RC drilling at Boyd’s Dam and air core drilling at the northern extremities of the Boyd’s Dam structure.
While further drilling results are to come, the RC programme is already showing some strong zones of gold mineralisation at the relatively under-drilled northern portion of the Boyd’s Dam structure.
It is also continuing to confirm the high-grade gold zone in the top 100 metres of the deposit. Deeper diamond drilling at Boyd’s Dam and Hayanmi has identified structures with gold mineralisation, although drilling is still insufficient to establish continuity.
It may be necessary to drill from an underground tunnel to thoroughly test these highly promising positions. The first reconnaissance air core drilling programme at the company’s Boort Exploration Licence (EL006670), which is a 50/50 joint venture with Gold Exploration Victoria Pty Ltd (a subsidiary of Hancock Prospecting Pty Ltd), has encountered a possible trend of gold mineralisation at least a kilometre long that will require further testing.
Air core drilling has returned significant intersections at the gravity target BTG02, the most remarkable being 3m @ 18.25g/t Au.
There are currently two diamond rigs, one RC rig and one air core rig in operation on the Catalyst managed tenements in Victoria.
These latest results at Four Eagles support our strategy to complete a JORC Resource and assess the merits of establishing an underground tunnel,” Technical Director, Bruce Kay, said.
“This would enable us to accelerate drilling further and unlock the value of this project in a rapid and highly efficient manner.
“At the Boort Project, the discovery of gold mineralisation in the first-ever drilling programme is testament to its excellent potential and we look forward to following up this work.”
Four Eagles Joint Venture (Catalyst 50%)
The Four Eagles Gold Project is situated along the Whitelaw Gold Corridor, which is considered to be a major structural control of gold mineralisation north of Bendigo.
In Victoria, Catalyst manages the entire Whitelaw Gold Belt and has interests in thirteen Exploration Licences and two Retention Licences which extend for 75 kilometres along the Whitelaw and Tandarra Faults north of Bendigo and in other areas north of the Fosterville and Inglewood gold fields.