- Very high grade gold mineralisation (1.0 metre @ 247g/t Au) intersected at Boyd's Dam
- Gold mineralisation confirmed over 1.8 kilometres at Boyd's Dam/Boyd North
- Visible gold in association with quartz and arsenopyrite recorded during drill rig sampling
- Hayanmi RC Drilling and Gravity Reconnaissance Air Core drilling in progress
- Bulk Leach confirmation assays still awaited
- Major new shareholder St Barbara Limited (SBM) site visit
Ten holes contained intersections greater than 20 gram metres and confirm that the structure has good gold grades throughout the 1.8 kilometre strike length. Catalyst's 2017 drilling programme is still in progress with two drill rigs currently working on the Tandarra Gold Project located about 15 kilometres to the south. The Four Eagles Gold Project drilling will resume after the completion of the Tandarra Gold Project drilling programme.
This announcement only covers results that have been received for most of the RC Blade/Hammer programme at Boyd's Dam and also the Air Core programme at Boyd North and a northern section at Hayanmi. Assay results are still outstanding for RC Blade follow up drilling at Boyd North and for the major drilling programme at Hayanmi. Further announcements will be reported in the coming month as sufficient assay resultss are received from a project area to provide meaningful interpretation.
Catalyst retains a 50% interest in the Four Eagles Gold Project whilst Gold Exploration Victoria Pty Ltd (GEV) (a subsidiary of Hancock Prospecting Pty Ltd) is earning up to a 50% interest from Providence Gold and Minerals Pty Ltd by spending $4.2 million on exploration. To date, GEV has already earned a 25% interest in the Four Eagles Gold Project by spending $2.1 million and should complete the remaining expenditure during 2017.
The Four Eagles Gold Project and the Tandarra Gold Project are situated about 15 kilometres apart along the Whitelaw Fault Corridor which is considered to be a major structural control of gold mineralisation north of Bendigo. Catalyst manages the entire Whitelaw Gold Belt and has interests in eight Exploration Licences which extend for 75 kilometres along the Whitelaw and Tandarra Faults north of Bendigo in Victoria (see Figure 1 in the link below).
RC BLADE/HAMMER DRILLING
This programme involves the drilling of angled large diameter air core holes (RC Blade/Hammer) on the Hayanmi and Boyd's Dam gold structures to give a better understanding of the shapes of the gold mineralisation. Approximately 10,000 metres of drilling will test strike lengths of 1.2 kilometres on Hayanmi and about 900 metres on Boyd's Dam (see Figures 2a and 2b in the link below) at a traverse spacing of about 50 metres. This announcement refers mostly to the programme at Boyd's Dam and Boyd North.
Boyd's Dam - Boyd North Prospects
Drilling on the Boyd's Dam and Boyd North Prospects commenced in January 2017 and was designed to test a 900 metre long strike length at Boyd's Dam at a traverse spacing of about 50 metres using RC Blade/Hammer. This spacing should enable gold mineralised shapes to be interpreted. In addition to the RC Blade/Hammer programme, air core drilling was carried out at Boyd North where two previous intersections 600 metres apart contained significant gold intersections (3 metres @ 154g/t Au in FE732 and 1 metre @ 6.2 g/t Au in FE728). The objective of the air core programme was to test the 800 metre long structure at a traverse spacing of about 150 metres.
A total of 3,510 metres of RC Blade in 24 holes at Boyd's Dam and a further 23 holes (2,427 metres) at Boyd North are reported in this announcement. A further 13 holes on the northern end of the Hayanmi trend using the smaller diameter air core rig are also discussed. Most of the assays quoted are from 25 gram samples using aqua regia digest and AAS but where available, the bulk leach assay on a 2 kilogram sample are used.
These two assay methods have tended to show good correlation in the past and indicate that the gold is finely distributed and much less nuggetty than present at Bendigo. Although data is still pending and cross sections still need to be completed, the following significant intersections have been recorded. They are shown in plan view on Figure 3 (see the link below) and diagrammatically on the longitudinal projection as Figure 4 (see the link below). A full list of drill results is set out in Table 1 and Table 2 (see the link below):
- 6.0 m @ 50.4g/t Au including 1.0 m @ 247g/t Au from 114 metres (FERC152)
- 19.0m @ 9.5g/t Au including 1.0m @ 100.0g/t Au from 59 metres (FERC158)
- 4.0m @ 20.0g/t Au including 1.0m @ 70.6g/t Au from 110 metres (FE776)
- 10.0m @ 6.4g/t Au from 42 metres (FERC147)
- 4.0m @ 9.3g/t Au from 83 metres (FERC153)
- 5.0m @ 7.97g/t Au from 50 metres (FE782)
- 10.0m @ 3.4g/t Au from 109 metres (FERC154)
- 13.0m @ 2.9g/t Au from 81 metres (FERC155)
- 1.0 m @ 30.9g/t Au from 91 metres and 1.0m @14.1g/t Au from 112 metres(FERC149)
- 2.0m @ 6.3g/t Au from 95 metres (FERC146)
- 5.0m @ 4.4g/t Au from 98 metres (FE766)
- 6.0m @ 2.4g/t Au from 84 metres (FERC161)
- 9.0m @ 1.7g/t Au including 1.0m @10.0g/t Au from 100 metres (FERC157)
- 6.0m @1.32g/t Au from 90 metres (FE816)
These results show strong gold mineralisation in the core section of Boyd's Dam and also confirm the high gold grades obtained at Boyd North with air core in 2016. The total length of the Boyd's Dam Boyd North structure is now about 1.8 kilometres long with sporadic high gold grades scattered over the entire length. Boyd North is still only tested at 150 metre intervals and will require RC hammer drilling to penetrate the common quartz veins that occur along the structure.
Mr Bruce Kay, Catalyst's Technical Director, stated, "The drilling programme at Boyd's Dam and Boyd North has produced some of the best intersections yet recorded at Four Eagles. Spectacular grades of greater than 100 g/t Au in an area where cover depth is only 20 to 40 metres deep are very encouraging".
Hayanmi North Air Core Drilling
Thirteen Air Core holes were drilled at the northern end of the Hayanmi Trend to test a 300 metre long section of the strike length (see Figure 5 in the link below). Most holes were drilled at a 60 degree angle to the west with one vertical hole (FE792). Gold mineralisation was present on most traverses with one hole west of the structure showing a significant gold intersection (6.0 metres @ 4.6g/t Au in FE797). Significant drill intersections from the 2017 drill programme are highlighted on the Hayanmi Longitudinal Projection in Figure 6 (see the link below).
Assays received from the three holes show the following intersections:
- 8m @ 2.1 g/t Au from 79 metres (FE789)
- 6.0m @ 4.6 g/t Au including 1.0m @ 17.7g/t Au from 76 metres (FE797)
- 2.0m@ 3.1g/t Au from 118 metres (FE787)
- 1.0m @ 4.9g/t Au from 107 metres (FE791)
A complete interpretation will not be possible on the Hayanmi Structure until the RC Blade/Hammer programme is completed and all assays are received. This is unlikely to be before the end of May 2017.
Full location data on the RC Blade/Hammer holes is shown on Table 1 (see the link below) and a Summary of Sampling Techniques and Reporting of Exploration Results according to the JORC Code 2012 Edition are tabulated in Appendix 1 (see the link below). Previous intersections shown on Figures 2a and 2b (see the link below) have been reported under the 2004 JORC Code. Maximum gold values in each hole are tabulated in Appendix 1 (see the link below).
Location data is also included for the air core drill holes in Table 2a and 2b (see the link below) and a Summary of Sampling Techniques and Reporting of Exploration Results according to the JORC Code 2012 Edition are tabulated in Appendix 2 (see the link below). Maximum gold values in each hole are tabulated in Appendix 2 (see the link below).
Regional Air Core Drilling
Air core drilling is also in progress on the Discovery Zone and to test regional gravity geophysical targets at the Four Eagles Gold Project. This programme will not be completed until mid-May 2017 and very few assays are currently available.
To view tables and figures, please visit:
About Catalyst Metals Ltd
Catalyst has established a dominant position in one of the best gold provinces in Australia and controls a strike length of almost 80 kilometres along the Whitelaw Gold Belt north of Bendigo in Victoria. The Whitelaw Fault is believed to be an important factor in the formation of the Bendigo goldfield which was the second largest gold producer in Australia with production of 22 million ounces of gold at a grade of 15 g/t Au. Catalyst controls two virgin gold discoveries at Four Eagles and Tandarra where high gold grades up to 100 g/t Au have been discovered at shallow depths of less than 50 metres. A transaction with Gold Exploration Victoria Pty Ltd (a subsidiary of Hancock Prospecting Pty Ltd) will see up to $4.2 million spent on Four Eagles in coming years as well as co-operation with Catalyst on other gold projects in a large designated area.
Catalyst has a tight capital structure, a strong Board and management and is well placed to increase shareholder value by developing and mining shallow gold deposits using the favourable infrastructure of the area. Six existing gold processing plants lie within 100 kilometres of the tenement areas.
Catalyst Metals Ltd