Catalyst Metals (ASX:CYL) can potentially execute a mine plan after bolstering the Mineral Resource Estimate (MRE) for 2 deposits within its Plutonic Gold Belt in Western Australia.
At the Plutonic Main deposit area, the updated mineral resource stands at 17.9 million tonnes (Mt) @ 2.9 grams per tonne (g/t) gold for 1.654 million ounces, and its ore reserves include 5.2Mt @ 2.9g/t gold for 490,000 ounces.
Meanwhile, at the Trident deposit, the updated mineral resource includes 4.2Mt @ 3.7g/t Au for 508,000 ounces.
Trident’s resource has increased by 24%, but Catalyst notes the grade has been reduced from the previous estimates.
The $180.52 million market capitalisation company is now planning further work to re-evaluate the Plutonic Main deposit’s open pit potential.
Catalyst Metals Managing Director and Chief Executive Officer (CEO) James Champion de Crespigny says although Trident’s resource is different than expected, it reflects what the company believes is an improved approach to estimating such a deposit, updated drilling, and a lower cut-off grade in a higher gold price environment.
“This resource will form the basis of the pending Trident Definitive Feasibility Study. That study is well progressed and the company remains committed to its development as quickly as possible given its high-grade and the latent mill capacity that currently exists at Plutonic.”
The Plutonic Gold Belt hosts several open-pit and underground deposits that have previously been estimated by others, yet those deposits are awaiting to be re-estimated.
Catalyst Metals is a gold producer and explorer focused on its multiple assets spread across Australia that are considered ‘highly prospective’ for gold.
As of 30 September 2023, the company had $22.823 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Catalyst Metals