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Plutonic Gold Belt, Western Australia - Numerous High-Grade gold intercepts from Trident drilling program

06.09.2023  |  CNW

High-grade results, incl. 9m @ 64 g/t and 9m @ 33 g/t Au

Results fill gaps within Trident Mineral Resource, providing a strong basis for Definitive Feasibility Study (DFS)

Key Points

  • 40 drill holes have been completed, infilling various gaps in the Trident Mineral Resource
  • Initial results from these holes report significant intersections, with further results to be released as available
  • Results will be used to update the Trident Mineral Resource as part of the ongoing Trident DFS
  • Recent Trident Scoping Study demonstrated potential for high grade (6.7 g/t head grade), low AISC (A$1,046/oz) and low capital intensity (preproduction capital of A$36m) project
  • Trident DFS due in CY 2024

, Sept. 5, 2023 /CNW/ - Catalyst Metals Ltd. (Catalyst) (ASX: CYL) is pleased to announce it has received the first batch of results from a Mineral Resource infill drilling campaign at Trident.

The drilling program will provide important data to support Catalyst's Definitive Feasibility Study of Trident.

Catalyst's MD/CEO, James Champion de Crespigny, said: "This infill drilling program at Trident is an important step for Catalyst to progress the Trident DFS. One might describe this drilling as comfort drilling - there were gaps within the Trident Resource where Catalyst preferred to have closer spaced drilling. This infill drilling closes those gaps, giving greater comfort to the Mineral Resource and ultimately the DFS."

Drilling highlights:

  • 14m @ 2.550 g/t Au (from 144m)
  • 3m @ 4.270 g/t Au (170m)
  • 9m @ 3.260 g/t Au (177m)
  • 8m @ 10.050 g/t Au (190m)
  • 9m @ 33.310 g/t Au (155m)
  • 12m @ 6.1 g/t Au From (139m)
  • 7m @ 4.6 g/t Au From (149m)
  • 12m @ 12.89 g/t Au (149m)
  • 9m @ 64.39 g/t Au (180m)

Summary of Drilling Program

During July, drilling contractors were mobilised at the Trident deposit to complete a reverse circulation (RC) and diamond drilling program (RC collars with diamond tails), targeting priority areas in the known mineralisation.

The objective of the program was to improve the density of drill coverage within the Trident Mineral Resource.

The drilling results will also be used for further metallurgical testing and geotechnical assessment as part of the DFS.

The drill results are in areas where the mineralisation was estimated to be very high grade. However, the drill density was low. In these important parts of the Resource, closer spaced drilling was important. The fact that these intercepts are returning high-grade results, and as such confirming the continuity of this high-grade mineralisation, is very encouraging.

TDR0050: Example of infill drilling closing a gap in Trident Resource model. Note the continuation of high-grade zones within the gap, increasing the confidence in the drill data upon which the Resource is based.

Catalyst has reviewed drillhole data made available through the acquisition of the Vango Mining tenure, and applied the previous verification performed by Vango technical personnel. Vango Mining had announced on 4 April 2017 and 2 May 2017 results of their data review including contributions from Resolute Mining (ASX: RSG - 1997), Homestake Mining (2000), and Dampier Gold (ASX: DAU - 2011).

Trident Deposit & Scoping Study

The Trident deposit is located on existing mining leases, approximately 25km north-east of the Plutonic gold mine. An existing, well maintained haul road connects Trident to the Plutonic mill.

Trident hosts an Indicated Mineral Resource of 945kt at 9.4g/t Au for 285koz Au1 and an Inferred Mineral Resource of 645kt at 6g/t Au for 125koz Au. Catalyst recently released the results of a Scoping Study at Trident which utilised a 230koz of the 410koz Mineral Resource. This study demonstrated the potential for strong cashflows with low upfront development capital. Catalyst has commenced a DFS, which the results of the drilling program will support.

The details of the scoping study are below.

Financial outputs (at A$2,700 gold price)



NPV (5%)

A$m

245

IRR

%

132 %

Payback (yrs)

Yrs

1

Undiscounted free cashflow

A$m

294

C1 cash cost

A$/oz

817

AISC

A$/oz

1,046

Operational outputs



LOM

yrs

4.3

LOM tonnes

ktpa

1,073

LOM grade

g/t Au

6.7

LOM gold production

oz

229,521

Recoveries

%

89 %

LOM recovered ounces

oz

204,274




Production from indicated resources

%

87 %

Pre-production capital

A$m

36

LOM capital

A$m

69




Average annual tonnes mined

ktpa

264,488

Average annual grade

g/t Au

6.7

Average annual gold production

oz

57,005

Average annual free cashflow

A$m

82

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

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 Fellow of the Australasian Institute of Mining and Metallurgy. Mr Quigley is a 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

ABOUT CATALYST METALS

Catalyst Metals is an ASX listed gold producer and explorer. Catalyst has a multi-asset strategy and controls three high grade, highly prospective and strategic gold belts in Australia:

  • In Western Australia, the Plutonic Gold Project, which holds the Plutonic Gold Mine and +40km of neighbouring high-grade, underexplored tenements. The project hosts a NI 43-101 Measured and Indicated Mineral Resource of 2.6Moz at 3.5g/t Au and Inferred Mineral Resources of 4.3Moz at 3.7g/t Au.
  • In Victoria, a large, contiguous and dominant Four Eagles Gold Project, covering 75 kilometres of strike length immediately north of the proven +22Moz Bendigo goldfields and near Agnico Eagle's high grade Fosterville gold mine; and
  • In Tasmania, a strategic tenement package covering 25 kilometres of the under explored Henty fault and operates the high-grade Henty Gold Mine which has produced 1.4Moz of gold at a head grade of 8.9 g/t Au.

APPENDIX 1: TRIDENT GOLD DEPOSIT DRILLHOLE DATA

Table 1a: Trident diamond drill hole collars as available at the time of reporting

Hole

Easting
(MGA)

Northing
(MGA)

Level

Depth

Dip

Azimuth

Status

TRD0036

765948

7214156

600.4

113

70

152.3

Abandoned

TRD0037

765920

7214173

600.2

171.6

-68.6

152.3

Completed

TRD0038

765894

7214147

600.1

180.5

-67.6

153.5

Completed

TRD0039

765958

7214238

600.5

171.6

-57.1

152.7

Completed

TRD0040

765936

7214230

600

180.7

-56.1

152.6

Completed

TRD0041

765661

7213996

601.6

201.7

-64.6

151.6

Completed

TRD0042

765540

7213930

601.3

207.6

-72.4

153.6

Completed

TRD0043

765566

7213873

601.7

186.8

-70.4

152.6

Completed

TRD0044

765567

7213868

601.8

153.6

-61.2

152.8

Completed

TRD0045

765594

7213892

602.2

207.7

-70.4

156

Completed

TRD0046

765512

7213843

601.3

168.7

-69.6

153

Completed

TRD0047

765575

7213735

602.1

168.6

-68.3

334.3

Completed

TRD0048

765549

7213860

601.5

174.6

-61

152.5

Completed

TRD0049

765586

7213883

602.2

177.5

-63.2

153.5

Completed

TRD0050

765600

7213921

602

215.6

-68.8

152.5

Completed

TRD0051

765607

7213962

601.5

225.6

-66.4

151.3

Completed

TRD0052

765452

7213816

600.5

180.7

-60.4

150.6

Completed

TRD0053

765503

7213778

599.9

150.7

-66.4

153.6

Completed

TRD0054

765476

7213812

600.5

162.6

-64.4

152.8

Completed

TRD0055

765529

7213851

601.6

183

-60.3

150.6

Completed

TRD0056

765504

7213827

601.1

204.3

-62

150.9

Completed

TRD0057

765424

7213867

600.4

165

-60

150.9

Completed

TRD0058

765455

7213781

600

111

-62

150.9

Pre-collar only

TRD0059

765438

7213770

599.7

114

-63

150.9

Pre-collar only

TRD0060

765848

7214146

604.8

183.1

-67.3

153.2

Completed

TRD0061

765748

7214064

605.1

159

-66

150.9

Pre-collar only

TRD0062

765714

7214068

605.8

216.7

-63.4

152.3

Completed

TRD0063

765681

7214033

601.5

213.6

-65

150.9

Completed

TRD0064

765682

7213995

601.6

177

-68

150.9

Completed

TRD0065

765645

7213985

601.7

204.8

-65

150.9

Completed

TRD0066

765605

7213995

601.1

225.7

-63

150.9

Completed

TRD0067

765566

7213943

601.5

221.4

-66

150.9

Completed

TRD0068

765525

7213870

601.5

107

-69

149.86

Pre-collar only

TRD0069

765483

7213854

601.5

180.4

-62

149.86

Completed

TRD0070

765470

7213889

601.5

170

-66

149.86

Pre-collar only

TRD0071

765453

7213733

601.5

96

-61

149.86

Pre-collar only

TRD0072

765442

7213722

601.5

90

-60

149.86

Pre-collar only

TRD0073

765419

7213722

601.5

90

-67

149.86

Pre-collar only

TRD0074

765423

7213674

601.5

90

-61

149.86

Pre-collar only

TRD0075

765444

7213667

601.5

75

-66

149.86

Pre-collar only

Table 1b: Trident significant intervals using fire assay (ALS Code Au-AA26) as available at the time of reporting. Intervals determined using 1.0ppm Au cutoff with a maximum of 3m internal dilution. Holes without a significant intersection are listed against the highest grade achieved.

Hole

From
(m)

To
(m)

Interval
(m)

Au
(ppm)

TRD0036

72

76

4

0.03

TRD0037

136

137

1

1.22

TRD0038

126

127

1

1.73

TRD0039

127

128

1

2.9

TRD0039

135

140

5

1.59

TRD0039

144

158

14

2.55

TRD0040

139

140

1

1.69

TRD0040

146

147

1

3.75

TRD0041

170

173

3

4.27

TRD0041

177

186

9

3.26

TRD0042

190

198

8

6.58

TRD0043

155

164

9

33.3

TRD0044

112

114

2

1.59

TRD0044

121

125

4

1.01

TRD0045

Awaiting assay

TRD0046

139

151

12

6.1

TRD0047

103

104

1

1.37

TRD0047

118

120

2

2.39

TRD0047

149

156

7

4.6

TRD0048

129

131

2

2.29

TRD0048

149

161

12

12.9

TRD0049

Awaiting assay

TRD0050

180

189

9

64.4

TRD0050

207

212

5

1.96

JORC 2012 Edition, Table 1 Checklist Diamond Drilling

Diamond Core Sampling
Techniques and Data

Criteria

Explanation

Aspects of previous exploration (Homestake Mining, Dampier Gold) were
verified and reported to ASX by Vango Mining (4 April 2017, 2 May 2019)

Sampling techniques

  • All 2023 RC pre-collars were sampled as either 4-metre composites or 1-
    metre samples beneath the granite contact. RC samples were riffle split to
    3kg for submission to an external laboratory.
  • Previous RC drilling was sampled as 1m intervals.
  • 2023 Diamond core was cleaned and sampled as 1-metre intervals.
  • 2023 Diamond core was either sampled as cut half-core or sampled in
    entirety when project scheduling requires expeditious data turnaround.
  • Previous explorers sampled drill core as variable intervals to 1m maximum.

Drilling techniques

  • All 2023 holes were pre-collared using 5.5" RC hammer. At end-of-
    precollar depth, the rod string was removed from the hole and steel HQ
    casing is installed and shoed into the base-of-hole. NQ triple tube barrel
    and NQ drill rods were installed to precollar depth. Beyond this depth the
    holes were drilled to final depth with DDH drilling techniques, generally
    employing three-metre barrel and rods. Where ground conditions were
    poor, 1.5-metre runs were employed to alleviate core loss during tube
    extraction.
  • Previous explorers drilled using RC hammer or NQ diamond drilling

Drill sample recovery

  • 2023 Core runs were documented by the driller, and recoveries measured
    by the geologist/assistants to ensure recovery was known and strategies
    implemented to maximise recovery (target being above 90%). Drillers
    were under instruction to monitor recovery and rectify core loss through
    adjusting drill rig operation. All diamond core was drilled using triple tube
    equipment to assist in delivering acceptable core recovery.
  • No information available for previous explorers

Logging

  • 2023 Diamond core was geologically logged for lithology, alteration,
    sulphide mineralisation to a standard acceptable for subsequent
    interpretation for use in estimation. Geological logging aspects were
    qualitative with exception of sulphide content which was estimated semi-
    quantitatively. Drill core structural measurements were logged prior to
    cutting/sampling. Drill core orientations were performed on each core
    run, and where successful were applied to structural measurements to
    provide known orientations of structures.
  • No information available for previous explorers

Sub-sampling techniques and
sample preparation

  • 2023 Lab submission samples collected as described above. No quarter
    coring was routinely required. Samples dispatched to commercial assay
    laboratory (Catalyst have used ALS Pty Ltd exclusively); samples crushed,
    dried, and pulverised in entirety, with 50g charges selected for analysis
    (laboratory repeat splits historically demonstrate acceptable
    reproducibility and hence accuracy for this style of mineralisation)
  • Dampier gold exploration samples were assayed by an unknown
    laboratory. Assays were performed on 50g fire assay charges.
  • Homestake Mining exploration samples were assayed by Amdel
    (contractor). Assays were performed on 50g fire assay charges.

Diamond Core Sampling
Techniques and Data
Criteria

Explanation
Aspects of previous exploration (Homestake Mining, Dampier Gold) were
verified and reported to ASX by Vango Mining (4 April 2017, 2 May 2019)

Quality of assay data and
laboratory tests

  • 2023 Gold assay determined by AAS via 50g fire assay (ALS code Au-AA26).
    Duplicate analysis has shown this method to be appropriate for fine
    grained and well disseminated gold population of the mineralisation.
    Laboratory and client certified reference materials (standards) were
    implemented every 20th sample. Performances outside 2 standard
    deviations as per specification would be reviewed with the laboratory, and
    3 standard deviations default to a re-assay. No such errors were
    encountered.
  • Previous explorers employed 50g fire assay for gold determination.

Verification of sampling
and assaying

  • 2023 Data management procedures are in place. Data management has
    been outsourced to a specialist provider. There has been no verification of
    significant intersections by independent nor alternative company
    personnel. Drillhole sampling and geological data logged electronically and
    imported electronically into the master database. There have been no
    adjustments to data as provided by the commercial assay laboratory.
  • Verification performed by previous explorers is unknown.

Location of data points

  • All 2023 drillhole location coordinates are measured using differential GPS
    to MGA94 Zone 52. Collar locations to within an estimated precision of
    10mm horizontally and 20mm vertically. All drillholes are downhole
    surveyed by gyroscopic instrument. Drilling orientation established prior
    to collaring with clinometer and compass.

Data spacing and distribution

  • Diamond drillholes drilled at a section spacing of approximately 40 - 50
    metres to provide for infill coverage down to 25m. This spacing is designed
    to be of a sufficient density to ultimately be included in resource
    estimation.
  • For the purpose of the reporting of exploration results, assays are
    aggregated to reflect continuously sampled zones of significant anomalism
    for gold.
  • Dampier Gold employed a 40m grid spacing for drilling, which formed the
    basis for subsequent 2023 infill drilling pattern.

Orientation of data in relation to
geological structure

  • Drillhole sections were aligned approximately 90 degrees from the strike of
    mineralisation. Holes were generally inclined 55 - 75 degrees to the south
    to provide cross-strike investigation within holes and to establish
    continuity of north-dipping mineralisation.
  • Similar orientations are apparent for previous explorers.

Sample security

  • All 2023 samples were controlled by the responsible geologist and stored
    in secured facility prior to despatch to the laboratory. Samples were
    transported directly to laboratory by a commercial transportation
    contractor with security in place. Sample number receipt information from
    laboratory cross-referenced and rationalised against sample number
    dispatch information.
  • Previous explorers employed unknown security measures.

Audits or reviews

  • No processes or data used in developing the release of 2023 exploration
    results have been subject to audit or review by non-company personnel or
    contractors to reduce costs and timelines for reporting. Catalyst Metals
    Limited currently reserve this process for release of Mineral Resource and
    Ore Reserve statements.
  • Previous explorers employed unknown levels of audit and review.

Reporting of Exploration Results

Criteria

Explanation

Aspects of previous exploration (Homestake Mining, Dampier Gold) were
verified and reported to ASX by Vango Mining (4 April 2017, 2 May 2019)

Mineral tenement and land
tenure status

  • The Trident project is within mining lease M52/217 25km to the northeast
    of the Plutonic Gold Mine, Western Australia. The lease is held by Vango
    Mining Pty Ltd, a 100% subsidiary of Catalyst Metals Ltd.
    (ASX:CYL)M52/217 is in good standing, and due for expiry on 19/03/2033,
    and covers 913.1 ha. This lease is located on freehold grazing pasture.

Exploration done by other
parties

  • Previous drilling has been extensive and completed by Resolute Mining
    (1997), Homestake (2000), Dampier Gold NL (2011)

Geology

  • Gold mineralisation is hosted within a shear zone within ultramafic rock.
    The high-grade core of mineralisation associated with a steepening and
    thickening of the mineralised zone within the host shear zone - referred to
    as a 'ramp'

Drillhole Information

  • Appendix 1, Table 1a: Collar location coordinates, downhole depths,
    azimuths, declinations
  • Appendix 1, Table 1b: Downhole intervals of resource, gold grade of
    intervals

Data aggregation methods

  • No top-cutting was applied to assay data. Zones of significance were
    identified as those with assays in excess of 1ppm and internal dilution of
    three consecutive metres or less. Reported zones are continuous, with no
    sample or assay gaps.

Relationship between
mineralisation widths and
intercept lengths

  • The strike of mineralisation is demonstrated to be generally 60 degrees
    east of north (MGA94 Zone 52 grid). The dip of mineralisation is expected
    to be variably north-west-dipping with two generalised domains
    demonstrating a 30-degree dip and a sub-vertical dip.
    Diamond drillholes were oriented with a dip to the south (rotated local
    grid) to provide effective geometry with respect the described geometry of
    mineralisation.
  • Due to the complexity of geometry of the gold mineralisation, the true
    width of mineralisation has not been resolved. As such, significant
    mineralised intersections have been reported as downhole intervals.

Diagrams

  • Figure 1 shows cross section 19,550mE
  • Figure 2 shows the Trident drilling program collar locations in plan view
  • Figure 3 shows project area in long section

Balanced reporting

  • Table 1b shows all 2023 drilling including those that did not demonstrate
    significant gold intercepts.

Other substantive exploration
data

  • No other exploration results that have not previously been reported, are
    material to this report.

Further work

  • Deep diamond drilling will continue through to further delineate identified
    mineralisation

View original content to download multimedia:https://www.prnewswire.com/news-releases/plutonic-gold-belt-western-australia---numerous-high-grade-gold-intercepts-from-trident-drilling-program-301918557.html

SOURCE Catalyst Metals Ltd.



Contact
Investors and Media: James Champion de Crespigny, Managing Director and CEO, T: +61 (8) 6107 5878, admin@catalystmetals.com.au; Andrew Rowell, White Noise Communications, T: +61 400 466 226, andrew@whitenoisecomms.com
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