Quarterly Activities and Cash Flow Report
Perth, May 1, 2017 AEST (ABN Newswire) - Catalyst Metals Ltd (
ASX:CYL) is pleased to provide the Company's Quarterly activities and cash flow report.
SUMMARY
- Very high grade gold mineralisation intersected at Boyd's Dam at Four Eagles Gold Project:
o 6m @ 50.4g/t Au including 1m @ 247.0g/t Au
o 19m @ 9.5g/t Au including 1m @ 100.0g/t Au
- Further high grade gold intersections confirm Boyd North Prospect:
o 4m @ 20.0g/t Au
o 5m @ 8.0g/t Au
- RC Blade/Hammer and Air Core drilling programmes still in progress at Four Eagles Gold Project and Tandarra Gold Project
- Four applications lodged for TARGET exploration funding from Victorian Department of Economic Development, Jobs, Transport and Resources
- Share placement to St Barbara Limited for $1,500,000
INTRODUCTION
The March 2017 Quarter involved almost continual drilling activity with air core and reverse circulation drills in operation. RC Blade/Hammer drilling focussed on the Boyd's Dam Prospect and Air Core drilling was carried out at Boyd North, Hayanmi and Discovery Prospects. Because of the extensive quartz development at Boyd North, RC Hammer drilling follow-up was also required where air core was unable to penetrate the structure.
Boyd's Dam and Boyd North have produced some excellent gold intersections with two zones assaying in excess of 100 g/t Au over one metre intervals (maximum 247.0g/t Au). The drilling appears to have confirmed that Boyd's Dam and Boyd North are the same structure although drill spacing in the latter area is still 150 metres along strike. Air Core drilling at the northern end of Hayanmi produced some significant gold intersections however the major RC Blade drilling programme at Hayanmi did not commence until April 2017.
Further modelling of the shapes of the gold mineralisation was undertaken on the Tomorrow Zone at the Tandarra Gold Project to assess the viability of potential open pit development and an RC drilling programme in April 2017 will test the shallow sections of this zone.
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 in Victoria. Catalyst Metals Limited (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 (see Figure 1 in the link below).
To view the full report, please visit:
http://abnnewswire.net/lnk/W8W1255B
About Catalyst Metals Ltd
Catalyst Metals Limited (ASX:CYL) is an Australian public company which is listed on the Australian Securities Exchange (Trading code CYL).
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.
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