ASX ANNOUNCEMENT 28 JULY 2016
HIGH GRADE GOLD INTERSECTIONS CONTINUE FROM RC DRILLING AT FOUR EAGLES GOLD PROJECT
Further high grade gold mineralisation intersected at Hayanmi Gold Prospect
5m @ 6.1g/t Au, 2m @ 13.9g/t Au, 1m @ 14.6g/t Au, 1m @ 9.5g/t Au
Bulk Leach assays not yet received
Drilling programme will not resume until after grain harvesting in December 2016
Full data review and interpretation in progress
Catalyst Metals Limited (Catalyst or the Company) (ASX: CYL) is pleased to advise that initial gold assays from a RC Blade/Hammer programme carried out at the Company's Four Eagles Gold Project during May and June 2016 further confirms the presence of significant gold mineralisation. Although only 2,331 metres (17 holes) were drilled before the onset of wet winter weather, intersections of greater than 1g/t Au were present in fourteen (14) of the completed holes. Most of the drilling was done at the northern end of the Hayanmi Gold Zone and generally confirmed previously reported mineralised zones.
Catalyst retains a 50% interest in the Four Eagles Gold Project whilst Gold Exploration Victoria Pty Ltd (GEV) 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. The Four Eagles Gold Project is situated in the Whitelaw Gold Fault Corridor where Catalyst controls tenements over a 75 kilometre strike length north of Bendigo in Victoria (Figure 1).
RC BLADE/HAMMER DRILLING
This programme involved the drilling of angled large diameter air core holes (RC Blade/Hammer) on the Hayanmi Structure and was a continuation of the programme commenced in January 2016. The Hayanmi Gold Zone is one of three gold trends identified at the Four Eagles Gold Project (Figure 2a and 2b). The overall objective of the programme is to complete drill traverses every 50 to 100 metres along the mineralised corridor to enable geological modelling of the gold mineralisation.
A programme of approximately 4,000 metres of RC Blade/Hammer was planned but only 2,331 metres was completed between 17 May 2016 and 7 June 2016 before successive rain events and grain sowing caused the programme to be curtailed. The following significant gold intersections have been recorded and are shown diagrammatically on the plan and longitudinal projection in Figures 3 and Figure 4.
10.0m @ 3.7g/t Au including 2.0m @ 13.9g/t Au from 61 metres (FERC043)
4.0m @ 4.15g/t Au including 1.0m @ 14.6g/t Au from 65 metres (FERC042)
44 Kings Park Road, West Perth WA 6005 PO Box 778, Claremont WA 6910 Telephone: (61-8) 6263 4423 Facsimile: (61-8) 9284 5426
www.catalystmetals.com.au ABN 54 118 912 495
5.0m @ 6.1g/t Au including 1.0m @ 20.6g/t Au from 71 metres (FERC058)
4.0m @ 2.8g/t Au including 1.0m @ 7.9g/t Au from 116 metres (FERC041)
1.0m @ 9.5g/t Au from 111 metres and 2.0m @ 3.5g/t Au from 123 metres (FERC054)
5.0m @ 2.34g/t Au from 73 metres including 1.0m @ 7.91g/t Au (FERC061)
1.0m @ 8.4g/t Au from 73 metres (FERC057)
6.0m @ 1.52g/t Au from 130 metres (FERC056)
1.0m @ 4.8g/t Au from 110 metres (FERC064)
4.0m @2.6g/t Au from 106 metres including 1.0m @ 6.04g/t Au (FERC059)
The longitudinal projection in Figure 4 suggests that the gold mineralisation has a generally flat or gentle plunge, possibly to the south but this cannot be confirmed without diamond drilling. These flat or gentle plunges are a characteristic of the total Bendigo-Fosterville district because the mineralisation is generally related to the intersection of steep fault structures with gently plunging anticlines. It is informative to look at this early stage information at Hayanmi in comparison to known gold mineralisation structures at Bendigo and Fosterville. On Figures 5 and 6, the current longitudinal projection at Hayanmi is shown at the same scale as the Bendigo New Chum lode and Fosterville respectively. Each of these known ore deposits contained gently plunging shoots that contained greater than one million ounces of gold over similar strike lengths to that observed at Hayanmi. It is hoped that further drilling at Hayanmi will better define the ore shoots within this 2.9 kilometre long structure.
It is also likely that the Boyd's Dam and Discovery gold zones at the Four Eagles Gold Project will have similar plunging morphology but additional future drilling will be required to establish this.
All of the assays quoted above have been obtained using a 25 gram sub-sample and an Aqua Regia digest followed by ICP-MS analysis but anomalous assays are being re-assayed by bulk leaching the total
± 2 kilogram sample. This provides an excellent check of the variability of gold at the Four Eagles Gold Project which tends to be fine grained and shows a low "nugget effect" compared to the Bendigo Goldfield.
Mr Bruce Kay, Catalyst's Technical Director, stated, "It is disappointing that more drilling could not be completed before the start of the wet season but the Four Eagles Joint Venture will be well placed to resume drilling on this prospective trend after the crops have been harvested in December 2016".
Full location data on the 17 RC Blade/hammer holes is shown on Table 1 and a Summary of Sampling Techniques and Reporting of Exploration Results according to the JORC Code 2012 Edition are tabulated in Appendix 1. Previous intersections shown on Figures 2a, 2b and 3 have been reported under the 2004 JORC Code. Maximum gold values in each hole are tabulated in Appendix 1.
For further information contact:
Steve Boston Bruce Kay
Chairman Technical Director
Telephone: +61 409 574 515 +61 400 613 180
Competent person's statement
The information in this report that relates to exploration results is based on information compiled by Mr Bruce Kay, a Competent Person, who is a Fellow of the Australasian Institute of Mining and Metallurgy. Mr Kay is a non-executive director 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 Kay consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
Much of the historical information relating to the Four Eagles project was prepared and first disclosed under the JORC Code 2004. This information has not been updated since to comply with the JORC Code 2012 on the basis that the information has not materially changed since it was reported.
Figure 1: Four Eagles Gold Project Location Map
Catalyst Metals Limited published this content on 28 July 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 28 July 2016 01:01:02 UTC.