Catalyst Metals Limited (ASX: CYL) has announced a highly positive update from the diamond drilling program at its Four Eagles Gold Project in Victoria.
The company reported that the diamond drilling intersected high-grade gold mineralisation at the southern plunge extension of Boyd’s Dam on Four Eagles Gold Project.
Significant intersects include 11.0 metres @ 37.2g/t Au including 1.0 metre @ 247g/t Au and 1.0 metre @ 150.5g/t Au; and 1.0 metres @ 24.3g/t Au.
The company also reported that small RC and diamond drilling programme at Pickles extends gold zone by 200 metres to the south with low grade gold in three diamond drillholes.
CYL reported that the geotechnical diamond drilling has been finalised at Boyd’s Dam.
Four Eagles gold project
The Four Eagles gold project is located along the Whitelaw Gold Corridor in Victoria. Catalyst holds a 50% interest in the project with the other 50% held by gold exploration Victoria Pty Ltd (GEV). The exploration is jointly funded by Catalyst and GEV.
Catalyst has interests in thirteen Exploration Licences and two Retention Licences (RL) which extend for 75 kilometres along the Whitelaw and Tandarra Faults north of Bendigo in Victoria and in other areas north of Fosterville and Inglewood gold fields.
Four Eagles gold project covers an envelope of gold mineralisation about 6 kilometres long and 2.5 kilometres wide including three prospects which have produced high grade gold mineralisation; Hayanmi, Boyd’s Dam, and Pickles – formerly known as Discovery.
The Boyd’s Dam gold zone was the focus of air core, RC and limited diamond drilling which has delineated a zone of gold mineralisation approximately two kilometres long with some very high grade gold intersections.
High-grade results from drilling at Boyd’s Dam
CYL said that diamond drilling was carried out at Boyd’s Dam with the completion of four holes (FEDD028 to FEDD031) for 1,208.9 metres at the southern end of the known mineralisation.
Catalyst reported that three of the four holes contained gold mineralisation. Significant hits include 11.0 metres @ 37.2g/t Au including 1.0 metre @ 247g/t Au and 1.0 metre @150.5g/t Au from 145 metres; 3.4 metres @ 7.5g/t Au including 0.7 metres @ 34.0g/t Au from 70 metres; and 1.0 metre @ 24.3g/t Au from 109 metres.
The company said that two shallow geotechnical diamond drill holes for 220.8 metres, FEDD026, and FEDD027, were drilled at Boyd’s Dam to quantify the physical characteristics of the overburden and oxidised basement for future mining studies.
Drilling at Pickles prospect
The company reported that diamond drilling was carried out at the Pickles Prospect with the completion of four holes (FEDD022 to FEDD025) for 1,178.3 metres.
CYL said that minor gold mineralisation was intersected, but due to the complicated nature of Pickles prospect, with three parallel structures over a one-kilometre strike length, it would require considerable further drilling.
The company reported that deep RC drilling was trialled this year at Pickles, with the drilling of two holes FERC267 and FERC268 on the southern extension, reaching depths of 169 and 174 metres respectively.
Catalyst reported that low grade gold were intersected in three holes, FEDD024, FEDD022, and FERC268. Significant intersections include 0.3 metres @ 11.95g/t Au from 143.7 metres in FEDD024; 4.7 metres @ 1.0g/t Au from 175.3 metres in FEDD022; and 5.0 metres @ 1.0g/t Au from 102 metres in FERC268.
CYL noted that the low-grade gold intersection in FERC268 which contained 5 metres @ 1g/t Au from 124 metres downhole shows that the Pickles structure extends at least another 200 metres to the south.
Next steps
Catalyst reported that RC drilling, diamond drilling and air core drilling will recommence at Four Eagles in December 2019.
Management statements
Catalyst’s Technical Director, Bruce Kay said: “The presence of high grade gold mineralisation at the very south end of the Boyd’s Dam system confirms the shallow plunge and shows that the gold zones are open to the south as well as having the potential for multiple stacked zones beneath. Grades of greater than 20g/t Au represent excellent underground targets.”
