Catalyst Metals Limited (ASX: CYL) announced that the diamond drilling at Boyd’s Dam prospect within its Four Eagles Gold Project in Victoria’s Whitelaw gold corridor has continued to demonstrate gold mineralisation at depth with gold-bearing structures presenting at key target locations.
The company reported that the diamond drilling continued to encounter gold in parallel structures at depth at Boyd’s Dam. Significant results included 3.0 metres @ 10.0g/t Au including 1.0 metre @ 21.5g/t Au; and 2.0 metres @ 9.0g/t Au.
CYL said that new structures were discovered between Hayanmi and Boyd’s Dam with gold mineralisation. Important results included 1.0 metre @ 8.5g/t Au.
The company said that the Golden Camel gold mineralised zone was intersected in diamond drilling, with results including 9.0 metres @ 5.0g/t Au.
CYL reported that Toolleen RC drilling confirmed high-grade gold mineralisation with depth potential. Important results included 6.0 metres @ 9.7g/t Au including 2.0 metres @ 27.7g/t Au.
Four Eagles gold project
The Four Eagles Gold Project is within RL006422 in the vicinity of Mitiamo Victoria, 50% owned by Kite Gold Pty Ltd (subsidiary of Catalyst Metals Ltd) and 50% owned by Gold Exploration of Victoria Pty Ltd (subsidiary of Hancock Prospecting Pty Ltd). Exploration activities were confined to free-hold farmland.
The Four Eagles Gold Project is situated along the Whitelaw Gold Corridor which is considered to be a major structural control of gold mineralisation north of Bendigo. Catalyst manages the entire Whitelaw Gold Belt and has interests in thirteen Exploration Licences and two Retention Licences which extend for 75 kilometres along the Whitelaw and Tandarra Faults north of Bendigo in Victoria and in other areas north of the Fosterville and Inglewood gold fields
Catalyst has extended the size of the gold footprint which is now around 6 kms long by 2.5 kms wide. Within this footprint, at least three north south trending gold zones were defined (Eagle 2, Eagle 3, and Eagle 4). Within the gold trends, prospects, Discovery, Pickles, Hayanmi, and Boyd’s Dam have been identified for further work. The company recently intersected high-grade gold mineralisation at Cunneens to the south-west and Eagle 5 to the east.
The Golden Camel open pit is within MIN5548 (and EL5549) in the vicinity of Colbinabbin Victoria and is owned by Golden Camel Mining Pty Ltd (private entity). Exploration activity was confined to private land.
The Toolleen prospect is within EL5449 in the vicinity of Colbinabbin Victoria and is owned by Golden Camel Mining Pty Ltd.
Drilling at Boyd’s Dam prospect
The company had commenced RC drilling and diamond drilling at Boyd’s Dam prospect, with continued encounters of fault development and significant gold grades.
The drilling program through 2020 had reported significant moderate to deep investigations, which included the intersection in FERC284, demonstrating 23.0 metres at 18.3g/t Au.
Further gold in parallel structures at depth
CYL said that the subsequent diamond drilling at greater depth has returned further evidence of the gold-bearing network of geological structures, most notably drillhole FEDD042 which returned five significant intersections including 3.0 metres @ 10.0g/t Au and 2.0 metres @ 4.69g/t Au.
The company said that the deeper intersection in FEDD038 (2.0 metres @ 9.0g/t Au from 191 metres) may be the plunge equivalent of the deep gold zone in FEDD015 (2.0m @ 10.0g/t Au) and the shallow high grade gold zones at Boyd North (9.0m @ 22.7g/t Au; 3.0m @ 19.3g/t Au; 9.0m @ 8.2g/t Au; 5m @ 7.9g/t Au).
The company noted that the diamond drilling at the south end of the Boyd’s Dam system (FEDD035, FEDD036) was unable to extend the intersection in FEDD031 which contained 11.0 metres @ 23.7g/t Au and will require further interpretation of possible fault influence.
Oblique structures
The company said that the 2020 seismic survey across the Four Eagles Gold Project has presented evidence of an oblique structural network in the region. CYL said that this drilling result provides a basis to further explore the importance of these oblique structures.
New structures between Hayanmi and Boyd’s Dam
The company announced that four diamond drill holes were completed to the west of Boyd’s Dam to test for structures between Boyd’s Dam and the advanced Hayanmi prospect.
CYL said that two further fold anticlines and three fault zones were identified; one of which presented a significant intersection of 1.0 metre @ 8.5g/t Au in FEDD041.
The company said that this zone provides strong encouragement that there may be parallel resource positions in close proximity to Boyd’s Dam which could be exploited in the event of a future mine development.
Drilling at Golden Camel pit, Toolleen Gold Mine
The 2020 exploration program included drilling into the deeper potential beneath the existing Golden Camel pit, and potential along strike and at depth in the vicinity of the historical Toolleen Gold Mine.
Toolleen Gold Mine
The company said that six drill holes were completed at the Toolleen Gold Mine. Among that, drill hole GCR001 returned a significant intersection of 6.0 metres @ 9.7g/t Au (including 2.0 metres @ 27.7g/t Au) at depth below the historical mine.
Golden Camel pit
CYL said that the previously successful RC drilling beneath the Golden Camel pit was followed up with three diamond drill holes. The company said that GCD001, GCD002, and GCD003 were designed to provide coverage of this intersection both along strike and at depth.
Catalyst reported that all three holes intersected strong zones of shearing with quartz, arsenopyrite, pyrite which were anomalous in gold and arsenic. Significantly, GCD002 delivered an intersection of 9.0 metres @ 5.0g/t Au from 162 metres; a good demonstration of depth potential.
CYL reported that GCD001 and GCD003 produced zones up to 11 metres in length with gold values up to 1g/t Au and several values in the 0.2 to 0.8g/t Au range with associated arsenic geochemistry.
The company said that these zones indicate that the gold arsenic shear zones are persistent to the north and south of GCD002 and may produce higher grade gold at different structural positions.
Next steps
The company announced that follow-up RC drilling diamond drilling is planned for the 2021 field season.
CYL said that planning is progressing towards the next round of drilling, which will include further deep drilling beneath and to the west of Boyd’s Dam. The company said that this and a groundwater pumping test with associated hydrogeological assessment will provide critical inputs into future mining studies.
Catalyst said that it plans to recommence the Toolleen drilling program in 2021, with greater focus on the down-plunge target which appears to have a strike length of about 200 metres.
Management comments
Bruce Kay, Technical Director of Catalyst said, “Drilling east and west of Boyd’s Dam and at depth by diamond drilling continues to provide encouragement that a complex system of fold anticlines and fault structures are present that can add to the gold mineralisation in the broader Boyd’s Dam – Boyd North area”.