Gold miner Catalyst Metals (ASX:CYL) has delivered a maiden mineral resource of 665,000 tonnes @ 7.7g/t for 163,000 ounces of gold (Au) for its Four Eagles Gold Project in Victoria, Australia.
The company reports the mineral resource comes from two prospects in the project area and includes the ‘exceptional high-grade’ Iris Zone, containing 70,000 ounces @ 26.2g/t Au.
Commenting on the maiden mineral resource, Catalyst Metals Chief Executive Officer and Managing Director James Champion de Crespigny says: “This is a significant milestone for Catalyst Metals. The discovery of the Iris Zone demonstrates the true potential of the Bendigo Goldfields.
“The discovery of the Iris Zone demonstrates the true potential of the Bendigo Goldfields“
Iris has been known for a long time. There are many similar nearby prospects already with high-grade intercepts. These need to be tested. Further, the location of Iris — in close proximity to both Boyd’s Dam and the proposed exploration tunnel — is significant, as it has the potential to underwrite the cost of the proposed exploration tunnel.”
Catalyst anticipates further drilling will be required at both the Boyd’s Dam and Iris Zone prospects to produce estimates at a local scale, and this is expected to provide information crucial for mine planning, which in turn will determine the appropriate scale of the ultimate mining operation.
The company says the overall new mineral resource comprises an indicated resource of 455,000 tonnes @ 5.0g/t Au for 73,000 ounces of Au and inferred mineral resource of 210,000 tonnes @ 13.4g/t Au for 91,000 ounces Au.
For several years, the Boyd’s Dam prospect has been a ‘key’ focus of the Four Eagles Gold Project. Meanwhile, Catalyst says the first ‘meaningful’ drill intersection at the Iris Zone was uncovered about 5 years ago and represents 1 of several ‘high-grade’ targets across the company’s Bendigo tenements.
Four Eagles Gold is located along the Whitelaw Gold Corridor, 70km north of the historic Bendigo Goldfield. The project contains several gold prospects including Boyd’s Dam, Iris Zone, Hayanmi, Pickles, Cunneens, Eagle 5, and Bullock.
Catalyst is an ASX-listed gold company that controls 3 ‘high-grade’ and ‘highly prospective’ gold belts within Australia. These include the Marymia Gold Project in Western Australia, the Four Eagles Gold Project in Victoria, and the Henty Gold Mine in Tasmania.
Write to Aaliyah Rogan at Mining.com.au
Images: Catalyst Metals Ltd
