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Shallow Trident drilling returns 38m at 2.9g/t Au

Catalyst assessing an alternative development strategy to Trident potentially lowering capital costs and development risk

  • Drilling of 44 holes has been completed immediately above the Trident Deposit

  • Results suggest mineralisation is shallow and above the existing Trident deposit

  • Catalyst to assess the potential for a small open pit that would also provide a portal position for the Trident underground mine

  • If the assessment is positive, this could allow an alternate approach that could lower upfront capex and overall development risk for Trident

  • The significant intercepts1 of the drill program included:
    35m at 7.6g/t Au (8.8m true width)   13m at 4.4g/t Au (10.3m true width)
    18m at 5.0g/t Au (3.9m true width)   17m at 3.9g/t Au (11.5m true width)
    43m at 2.9g.t Au (38.3m true width) 16m at 3.4g/t Au (2.2m true width)

PERTH, Australia, May 20, 2024 /PRNewswire/ - Catalyst Metals Limited (Catalyst) (ASX: CYL) is pleased to announce that recent results from a drilling program have returned high grades at shallow depths directly above the Trident Deposit (Trident), including peak grades of 35m @ 7.6g/t Au and 18m at 5.0g/t Au (true widths 8.8m at 7.6g/t and 3.9m at 5.0g/t respectively).

These results allow Catalyst to assess the potential for a small open pit above the existing Trident underground deposit.  This small open pit could then provide a suitable location for a mining portal and production decline to the Trident underground mine.  This near surface mineralisation could reduce the upfront capital costs of Trident's development.

ADVERTISEMENT

Catalyst believes it can increase gold production to 200koz per annum.  The Trident project is one of the many potential ore sources to achieve this.  Trident has a resource of 508koz at 3.7g/t and includes indicated resources of 257koz at 5.0g/t Au.  Trident's development will allow Catalyst to increase its gold production from its current run rate of 110koz2 pa to nearer 200koz3 pa by processing Trident ore through the underutilised Plutonic processing plant.

Catalyst's Managing Director & CEO,  James Champion de Crespigny, commented:

"We are pleased that these latest drilling results have opened up a new approach for Catalyst to assess in the development of the Trident Deposit, with the potential to reduce both cost and risk.

"The Plutonic Gold Mine is performing well and our new operating team has stabilised operations.  Strong cash generation has provided Catalyst the opportunity to invest in a drilling program to assess alternative ways to optimise the Trident development.

Trident's development remains key to our future growth strategy with more results to come in the near future"

Summary of Drilling Program

During April drilling contractors were mobilised to the Trident deposit to undertake a drilling program.  The objective of the program was to undertake infill drilling to better understand the existing, known mineralisation above the underground orebody.

Figure 1: Trident plan and section (CNW Group/Catalyst Metals LTD.)
Figure 1: Trident plan and section (CNW Group/Catalyst Metals LTD.)

Trident Deposit Development

The Trident deposit is located on existing mining leases, approximately 30km north-east of the Plutonic gold mine.  An existing, well maintained haul road connects Trident to the Plutonic mill (refer to Figure 2).

Figure 2: Plutonic Belt Map showing Trident location (CNW Group/Catalyst Metals LTD.)
Figure 2: Plutonic Belt Map showing Trident location (CNW Group/Catalyst Metals LTD.)

Trident hosts a Mineral Resource Estimate (MRE)1 of 4.2Mt @ 3.7g/t Au for 508koz at a 2.0g/t cut-off, comprising:

  • Indicated Mineral Resource of 1.6Mt at 5.0g/t Au for 257koz Au

  • Inferred Mineral Resource of 2.6Mt at 3.0g/t Au for 251koz Au

In July 2023, Catalyst released a Scoping Study2 which was based on the previous Trident MRE3.  The study contemplated an underground development at Trident, with ore transported and processed through the Plutonic mill.  Catalyst considers that whilst the updated MRE would result in changes to the results published in the Scoping Study, the study does provide a conceptual indication of the deposit's development.

Plutonic's published Ore Reserve Estimate1 used a 2.0g/t cut-off grade however, performance over the past nine month's of ownership has indicated that Plutonic's economic mining cut-off grade is closer to 1.5g/t Au.  This gives Catalyst confidence that a higher proportion of inferred material at Trident (2.0g/t cut-off) will convert to reserve over time.  Trident's inferred Resource stands at 251koz at 3.0g/t.

Trident is expected to be, relative to other gold projects, a lower cost development. It will be able to  leveraging the latent mill capacity and fixed cost base of Plutonic's existing operations and transport will occur via the existing, and well maintained, 30km haul road established by Plutonic's previous owners. As such, all infrastructure for Trident's development is already in place.

Figure 3: Trident long section showing latest drill results above the underground deposit (CNW Group/Catalyst Metals LTD.)
Figure 3: Trident long section showing latest drill results above the underground deposit (CNW Group/Catalyst Metals LTD.)

This announcement has been approved for release by the Board of Directors of Catalyst Metals Limited.

_______________________________________

1

ASX Announcement 8 December 2023 "Plutonic and Trident Mineral Resource and Ore Reserve – Updated"

2

ASX announcement 19 July 2023 "Trident Scoping Study demonstrates Plutonic's potential"

3

ASX announcement 22 February 2023 "Marymia Gold Project Mineral Resource – Updated"

Competent person's statement

The information in this report that relates to exploration results is based on information compiled by Mr Paul Quigley, a Competent Person, who is a registered practicing geologist of the Australian Institute of Geoscientists.  Mr Quigley is an employee of the Company and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code).  Mr Quigley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

JORC 2012 Mineral Resources and Reserves

Catalyst confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the original market announcements.

APPENDIX 1: TRIDENT GOLD DEPOSIT DRILLHOLE DATA

Table 1:  Trident Deposit diamond drill hole collars

Hole

Easting
(MGA)

Northing
(MGA)

RL

Depth

Azimuth
(MGA)

Dip

Target

Drill Type

TRR1003

765,273.35

7,213,491.13

598.3

35

151.7

-       61.0

Trident

RC

TRR1004

765,264.62

7,213,507.51

597.9

35

152.7

-       62.0

Trident

RC

TRR1005

765,254.94

7,213,525.67

597.8

41

153.2

-       60.0

Trident

RC

TRR1006

765,245.61

7,213,542.88

597.6

53

153.9

-       60.0

Trident

RC

TRR1007

765,287.33

7,213,522.51

598.9

35

155.5

-       71.0

Trident

RC

TRR1008

765,282.33

7,213,552.73

598.8

47

154.9

-       81.0

Trident

RC

TRR1009

765,301.52

7,213,547.85

598.3

53

158.9

-       71.0

Trident

RC

TRR1010

765,299.39

7,213,566.06

598.2

63

152.6

-       71.0

Trident

RC

TRR1011

765,353.74

7,213,527.93

599.0

29

153.6

-       67.0

Trident

RC

TRR1012

765,332.12

7,213,555.40

598.7

65

150.7

-       67.0

Trident

RC

TRR1013

765,324.09

7,213,570.95

598.6

62

150.9

-       67.0

Trident

RC

TRR1014

765,312.91

7,213,579.35

598.4

62

152.7

-       67.0

Trident

RC

TRR1015

765,301.63

7,213,562.19

598.3

63

154.5

-       66.0

Trident

RC

TRR1016

765,373.80

7,213,532.51

599.5

27

150.9

-       62.0

Trident

RC

TRR1017

765,364.25

7,213,539.26

599.3

40

152.6

-       60.0

Trident

RC

TRR1018

765,358.67

7,213,559.55

599.1

64

154.1

-       61.0

Trident

RC

TRR1019

765,330.86

7,213,591.33

598.7

86

157.1

-       72.0

Trident

RC

TRR1020

765,335.33

7,213,582.55

598.7

75

153.3

-       62.0

Trident

RC

TRR1021

765,383.34

7,213,534.70

599.6

28

153.6

-       65.0

Trident

RC

TRR1022

765,379.93

7,213,552.84

599.6

63

153.2

-       65.0

Trident

RC

TRR1023

765,372.96

7,213,566.49

599.5

72

155.1

-       65.0

Trident

RC

TRR1024

765,365.76

7,213,580.51

599.4

80

152.8

-       65.0

Trident

RC

TRR1025

765,358.84

7,213,594.12

599.2

79

153.7

-       65.0

Trident

RC

TRR1026

765,344.59

7,213,622.33

598.8

95

153.7

-       65.0

Trident

RC

TRR1027

765,368.04

7,213,617.46

599.3

103

152.4

-       75.0

Trident

RC

TRR1028

765,375.78

7,213,602.35

599.3

93

150.6

-       74.0

Trident

RC

TRR1029

765,383.78

7,213,587.75

599.6

90

155.5

-       75.0

Trident

RC

TRR1030

765,400.04

7,213,557.59

600.1

51

152.1

-       80.0

Trident

RC

TRR1031

765,385.81

7,213,554.88

599.8

43

152.7

-       62.0

Trident

RC

TRR1032

765,415.76

7,213,577.82

600.4

63

156.4

-       78.0

Trident

RC

TRR1033

765,410.00

7,213,589.74

600.1

74

152.4

-       73.0

Trident

RC

TRR1034

765,388.78

7,213,591.73

599.7

90

150.5

-       85.0

Trident

RC

TRR1035

765,351.94

7,213,607.59

599.0

85

152.9

-       65.0

Trident

RC

TRR1036

765,429.97

7,213,579.19

600.2

40

152.7

-       63.0

Trident

RC

TRR1037

765,423.16

7,213,591.42

600.1

60

152.2

-       73.0

Trident

RC

TRR1038

765,428.48

7,213,623.01

599.8

58

153.8

-       61.0

Trident

RC

TRR1039

765,419.23

7,213,639.62

599.8

90

153.9

-       60.0

Trident

RC

TRR1040

765,408.53

7,213,658.85

599.8

125

155.5

-       61.0

Trident

RC

TRR1041

765,376.41

7,213,716.54

599.8

128

155.1

-       64.0

Trident

RC

TRR1055

765,387.83

7,213,574.76

599.8

68

335.6

-       64.9

Trident

RC

TRR1056

765,380.99

7,213,544.51

600.0

100

334.7

-       65.2

Trident

RC

TRR1057

765,370.56

7,213,537.22

599.8

100

336.2

-       60.6

Trident

RC

TRR1058

765,365.28

7,213,543.37

599.9

100

27.8

-       60.4

Trident

RC

TRR1059

765,417.12

7,213,559.29

601.7

114

332.1

-       60.4

Trident

RC

Table 2:  Trident Deposit intervals4

Hole

From
(m)

To
(m)

Interval
(m)

Au
(ppm)

True Width

TRR1003

18

19

1

0.27

0.92

TRR1004

20

21

1

0.34

0.91

TRR1005

16

17

1

0.7

0.92

TRR1005

21

22

1

0.56

0.92

TRR1006

24

28

4

0.67

3.70

TRR1007

9

18

9

1.06

7.55

TRR1008

34

38

4

0.61

2.90

TRR1009

17

23

6

0.53

5.00

TRR1009

24

25

1

0.57

0.83

TRR1009

37

44

7

1.97

5.79

TRR1010

24

39

15

1.65

12.60

TRR1010

45

48

3

0.76

2.52

TRR1011

23

24

1

0.32

0.87

TRR1012

9

14

5

1.23

4.36

TRR1012

20

27

7

0.57

6.11

TRR1012

35

36

1

0.81

0.87

TRR1012

52

54

2

0.67

1.74

TRR1012

56

57

1

0.59

0.87

TRR1013

23

37

14

1

12.15

TRR1013

41

58

17

2.35

14.73

TRR1014

35

48

13

1.12

11.36

TRR1014

55

58

3

1.39

2.63

TRR1015

21

31

10

1.02

8.79

TRR1015

37

38

1

1.07

0.88

TRR1015

45

47

2

0.89

1.76

TRR1016

7

8

1

0.7

0.91

TRR1017

10

16

6

0.59

5.52

TRR1017

21

23

2

1.57

1.84

TRR1017

29

30

1

0.77

0.92

TRR1018

7

15

8

1

7.37

TRR1018

20

23

3

0.58

2.76

TRR1018

51

52

1

2.15

0.92

TRR1018

62

64

2

0.85

1.85

TRR1019

52

53

1

2.61

0.85

TRR1019

61

62

1

0.65

0.85

TRR1020

55

56

1

2.13

0.91

TRR1020

61

62

1

0.8

0.91

TRR1021

4

5

1

0.72

0.89

TRR1022

0

2

2

1.01

1.77

TRR1022

7

12

5

1.62

4.44

TRR1022

16

17

1

1.38

0.89

TRR1023

8

12

4

0.75

3.56

TRR1023

18

19

1

0.56

0.89

TRR1023

32

44

12

0.68

10.71

TRR1023

57

72

15

0.87

13.38

TRR1024

20

21

1

0.63

0.89

TRR1024

31

74

43

2.94

38.26

TRR1025

27

32

5

0.79

4.48

TRR1025

39

43

4

0.98

3.58

TRR1025

58

62

4

1.46

3.59

TRR1025

67

68

1

0.53

0.89

TRR1026

78

95

17

1.04

15.32

TRR1027

84

90

6

0.51

4.86

TRR1027

98

100

2

1.59

1.63

TRR1028

31

36

5

0.74

3.98

TRR1028

41

54

13

4.37

10.34

TRR1028

71

75

4

8.71

3.19

TRR1028

82

83

1

1.31

0.80

TRR1029

14

16

2

0.71

1.60

TRR1029

20

22

2

1.92

1.60

TRR1029

26

29

3

0.63

2.41

TRR1029

33

34

1

0.52

0.80

TRR1029

52

53

1

0.83

0.79

TRR1029

63

64

1

1.57

0.79

TRR1029

70

71

1

0.55

0.79

TRR1030

28

29

1

2.8

0.74

TRR1031

5

6

1

1.4

0.91

TRR1031

28

29

1

0.52

0.91

TRR1031

36

37

1

0.68

0.91

TRR1032

25

31

6

2.29

4.63

TRR1033

28

29

1

0.35

0.82

TRR1034

22

26

4

2.9

2.73

TRR1034

37

38

1

0.83

0.68

TRR1034

43

46

3

0.56

2.03

TRR1034

53

54

1

1.1

0.67

TRR1034

60

77

17

3.89

11.45

TRR1035

22

23

1

0.64

0.89

TRR1035

73

78

5

0.74

4.50

TRR1036

21

22

1

1.08

0.90

TRR1037

25

26

1

4.59

0.82

TRR1038

37

38

1

0.31

0.92

TRR1039

67

71

4

1.23

3.70

TRR1040

53

54

1

0.56

0.93

TRR1040

110

116

6

3.84

5.58

TRR1041

113

114

1

1.38

0.91

TRR1041

119

120

1

1.21

0.91

TRR1055

12

13

1

0.79

0.22

TRR1055

24

32

8

1.05

1.76

TRR1055

39

46

7

2.71

1.51

TRR1056

0

8

8

0.82

1.83

TRR1056

12

14

2

0.82

0.45

TRR1056

28

29

1

0.54

0.22

TRR1056

34

52

18

5.01

3.92

TRR1056

57

58

1

2.58

0.21

TRR1056

67

72

5

0.51

1.05

TRR1056

74

75

1

0.54

0.21

TRR1056

79

80

1

0.74

0.21

TRR1056

95

97

2

0.75

0.40

TRR1057

2

3

1

0.72

0.15

TRR1057

9

10

1

0.64

0.15

TRR1057

12

13

1

0.66

0.15

TRR1057

22

23

1

0.62

0.15

TRR1057

25

26

1

0.55

0.14

TRR1057

29

30

1

0.71

0.14

TRR1057

34

39

5

1.22

0.70

TRR1057

43

44

1

0.63

0.14

TRR1057

52

53

1

1.06

0.13

TRR1057

65

66

1

2.17

0.13

TRR1057

74

75

1

0.62

0.13

TRR1058

8

12

4

0.54

1.06

TRR1058

14

15

1

0.73

0.26

TRR1058

22

23

1

1.29

0.26

TRR1058

34

45

11

1.72

2.85

TRR1058

49

84

35

7.61

8.77

TRR1059

21

22

1

0.74

0.15

TRR1059

28

30

2

0.64

0.29

TRR1059

44

60

16

3.36

2.22

TRR1059

75

80

5

0.87

0.65

TRR1059

84

89

5

1.86

0.65

TRR1059

103

109

6

0.83

0.75

______________________________________

4

True Width is estimated using a nominal mineralisation orientation of 52o-->340o

APPENDIX 2: JORC 2012 Tables

Section 1 Sampling Techniques and Data
Trident Deposit
(Criteria in this section apply to all succeeding sections.)

Criteria

Commentary

Sampling techniques

•         RC drilling assays are from 1 m samples split on the cyclone for the ultramafics. 1 m splits are taken over entirety of each drill hole using a 1/8 riffle splitter.

Drilling techniques

•         Reverse Circulation drilling was conducted utilizing 5.75 inch face sampling bit.

 

Drill sample recovery

•         RC drilling was bagged on 1 m intervals and an estimate of sample recovery has been made on the size of each sample.

•         No assessment of RC chip sample recoveries was undertaken on historical data however a comprehensive historical review of sampling procedures was undertaken which indicates that standard procedures where enacted to ensure minimal sample loss. Where limited information on the recoveries has been recorded, they have been consistent with those noted by recent drilling.

Logging

•         Reverse Circulation holes are being logged on 1 m intervals.

•         Magnetic Susceptibility (KT 10) recorded.

 

Sub-sampling techniques and sample preparation

•         RC Drilling sampled on 1 m samples using a cone splitter within the cyclone.

 

Quality of assay data and laboratory tests

•         Samples analysed at ALS Laboratories using a 50 g Fire Assay method.

•         Samples are dried, crushed and pulverised prior to analysis.

•         Standards submitted every 20 samples of tenor similar to those expected in the sampling.

•         Blanks were inserted every 20 samples.

 

Verification of sampling and assaying

•         RC drilling is verified by the geologist first and then the database administrator before importing into the main database.

 

Location of data points

•         Downhole surveys are visually inspected for anomalous changes in drill trace, (eg does the drill hole apparently bend inordinately).

•         All drill collars have been accurately located by a licensed surveyor using DGPS. Recent downhole survey data collected by Westdrill using an Axis Mining Technology Champ North Seeking Gyro tool.

 

Data spacing and distribution

•         Drill spacing of approximately 25 m (along strike) by 20 m (on section) was considered adequate to establish both geological and grade continuity.

•         Broader spaced drilling has also been modelled but with lower confidence. Some sections have closer spacing in high grade zones confirming the continuity and structural understanding.

Orientation of data in relation to geological structure

•         The orientation of a majority of the drilling is approximately perpendicular to the strike and dip of the mineralisation and is unlikely to have introduced any sampling bias.

•         Certain holes have drilled parallel to key structures, but density of drilling and drilling on other orientations has allowed detailed geological modelling of these structures and hence any sampling bias in a single hole has been removed.

Sample security

•         Samples were bagged and labelled by company geologists or geological assistants and sealed in bulk bags with a security seal that remains unbroken when delivered to the lab.

 

Audits or reviews

•         A review of standards, blanks and duplicates indicate sampling and analysis has been completed with no issues discovered.

 

Section 2 Reporting of Exploration Results
Trident Deposit
(Criteria listed in the preceding section also apply to this section.)

Criteria

Commentary

Mineral tenement and land tenure status

•         Located in the Marymia - Plutonic Greenstone Belt ~218 km northeast of Meekatharra in the Midwest mining district in WA

•         M52/217 – granted tenement in good standing.

•         The tenement predates Native title interests but is covered by the Gingirana Native Title claim.

•         The tenement is 100% owned by Vango Mining Limited and subsidiary Dampier (Plutonic) Pty Ltd.

•         Gold production will be subject to a 2.5% government royalty.

Exploration done by other parties

•       Comprehensive drilling of the deposit was first undertaken by Resolute Limited from 1995 to 1998 completing approximately 263 RC and 37 DD holes.

•       From 1999 Homestake and then later Barrick Gold (2002) completed numerous drilling campaigns at Trident.

•       Dampier Gold completed RC and DD programs at Trident from 2012 until 2014 when Vango Mining took over the project completing 6 DDholes for 946 metres plus three RC holes for 747 metres.

•       Catalyst consolidated the belt in 2023 following the successful acquisition of Vango Mining and the merger with Superior Gold Inc. 

•       Catalyst has undertaken in 2023 a comprehensive infill and extensional DD program which has been included in an MRE update.

Geology

•       Gold mineralisation at Trident Extended is orogenic, hosted within a sheared contact zone in ultramafic rocks. High grade 'shoots' of mineralisation are associated with flexures in the mineralised host shear zones between steeply dipping structures.

Drill hole Information

•      Location of drillholes based on historical reports and data, originally located on surveyed sites, and DGPS.

•      Northing and easting data generally within 0.1 m accuracy

•      RL data +-0.2 m

•      Down hole length =+- 0.1 m

Data aggregation methods

•       Drillhole data has been aggregated to provide significant intervals for reporting.  Aggregation adopts a 0.5g/t cutoff and will accept up to 3m of continuous subgrade samples as internal dilution.

Relationship between mineralisation widths and intercept lengths

•       Widths of mineralisation have been reported as both downhole intervals and true width and not as calculated horizontal widths, due to the complexity of the geometry of mineralisation.

•       True Width is estimated using a nominal mineralisation orientation of 52o-->340o

Diagrams

•       Diagrams in this release are as follows:

•       Figure 1: Trident plan view of drilling

•       Figure 3: Trident long section showing latest drill results above the underground deposit

Balanced reporting

•       Drillholes that did not provide significant intervals (as defined at a 0.5g/t cutoff) have been included in tabulations with the maximum grade achieved.

Other substantive exploration data

•       No additional exploration data is included in this releases.

Further work

•       Ongoing mineral resource estimation and feasibility work will be completed beyond this release.

 

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SOURCE Catalyst Metals LTD.