(MENAFN- PR Newswire) 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 varigaps 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 /PRNewswire/ - Catalyst Metals Limited ( 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.
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FIGURE 1: INFILL DRILLING HOLE 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. (CNW Group/Catalyst Metals LTD.)
Figure 2: Plan view showing Trident Mineral Resource, preliminary mine design, and locations of recent significant drillhole intervals. (CNW Group/Catalyst Metals LTD.)
Figure 3: Trident long section showing Indicated and Inferred Mineral Resources (CNW Group/Catalyst Metals LTD.)
(CNW Group/Catalyst Metals LTD.)
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 previverification 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 Limited.
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, contiguand dominant Four Eagles Gold Project, covering 75 kilometres of strike length immediately north of the proven +22Moz Bendigo goldfields and near AgnEagle'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 previexploration (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. PreviRC 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 expeditidata turnaround. Previexplorers sampled drill core as variable intervals to 1m maximum.
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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. Previexplorers drilled using RC hammer or NQ diamond drilling
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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 previexplorers
|
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 previexplorers
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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.
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Diamond Core Sampling Techniques and Data Criteria | Explanation Aspects of previexploration (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. Previexplorers employed 50g fire assay for gold determination.
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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 previexplorers is unknown.
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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.
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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.
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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 previexplorers.
|
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. Previexplorers employed unknown security measures.
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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. Previexplorers employed unknown levels of audit and review.
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Reporting of Exploration Results Criteria | Explanation Aspects of previexploration (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 Limited (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.
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Exploration done by other parties | Previdrilling has been extensive and completed by Resolute Mining (1997), Homestake (2000), Dampier Gold NL (2011)
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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'
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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
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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.
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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.
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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
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Balanced reporting | Table 1b shows all 2023 drilling including those that did not demonstrate significant gold intercepts.
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Other substantive exploration data | No other exploration results that have not previously been reported, are material to this report.
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Further work | Deep diamond drilling will continue through to further delineate identified mineralisation
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SOURCE Catalyst Metals LTD.
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