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Catalyst Metals Ltd.
Summary
| Project: | Golden Camel | |
|---|---|---|
| Deposit: | Golden Camel | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 10/18/2018 | |
| Report Code: | JORC | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 18-10-2018: Catalyst Metals Ltd. announces an Exploration/Drilling Update report for its Golden Camel deposit at the Golden Camel project. Drilling results incl. 6m @ 4.2g/t Au from 12m. During May and June 2018, Catalyst Metals Limited (Catalyst or the C | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Bruce Kay (Internal) | |
| ABSTRACT: | During May and June 2018, Catalyst Metals Limited (Catalyst or the Company) (ASX: CYL) carried out the first reconnaissance programmes on the Golden Camel Project and the Drummartin Project both located east of the Whitelaw Gold Belt. Limited previous exploration has been carried out on these areas and the RAB and Air Core drilling programmes are primarily designed to test basement depth and confirm bedrock geology. Despite being a very early stage of exploration, RAB drilling intersected a shallow zone of gold mineralisation at the Golden Camel Project (6.0 metres @ 4.2g/t Au from 12 metres depth in RGB040) located in an area over three kilometres along strike from known mineralisation. GOLDEN CAMEL PROJECT FARM-IN AGREEMENT In July 2018 the Company entered into an agreement with a private company, Golden Camel Mining Pty Ltd, to earn a 50.1% interest in Exploration Licences EL5449 and EL5490. The expenditure of $55,000 in the first quarter of the 2019 financial year satisfies Catalyst’s obligation under Phase 1 of this agreement and has generated results providing sufficient encouragement to justify the Company embarking on Phase 2 of the Agreement. Phase 2 entitles the Company by the expenditure of $650,000 over the next four years, to earn a 50.1% interest in the two exploration licences. The tenements cover a large area of over 25km north-south x 3km wide, totalling 85 square kilometres, located approximately 15 km east of the Fosterville gold mine (Figure 1). Included in the Golden Camel tenement package are Mining Leases MIN5548 and MIN5570 covering the Golden Camel gold mine. In 2017, Golden Camel Mining successfully mined and processed approximately 6,000 tonnes of ore between surface and 10 metres depth from the Golden Camel mine. Historical drill results demonstrate the continuation of gold mineralisation to greater depth. Phase 2 of Catalyst’s earn-in agreement includes the option to purchase a 50.1% interest in the Mining Leases for $1 million after expenditure of $350,000 and the completion of 1,200 metres of diamond/RC precollar at the Golden Camel and Tolleen mine sites. | |
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