Catalyst Metals (ASX: CYL) has completed an aircore drill program at Four Eagles Gold Project in Victoria with assays results due in June after a shallow basement was confirmed north of Hayanmi prospect.
The Four Eagles Gold Project, located 70 kilometres north of Bendigo in Victoria is a virgin gold discovery in an area never previously mined or explored.
The longer term aim is to discover a +1 million ounce resource at Four Eagles.
Previous drilling results in 2011 and 2012 were highly encouraging north of the Hayanmi Prospect in 2012 including high gold mineralisation including 3.0m at 5.96g/t gold and 9.0m at 7.9g/t gold including 3.0m at 20.5g/t gold.
Drilling focused on a 3 kilometre long section of Eagle 3 Trend where basement depth is 20 to 50 metres.
The follow up program saw 28 aircore holes show large areas with basement depths of less than 30 metres.
A total of 674 samples were submitted for assay.
Interestingly and as a pointer to the future, for the first time at the Four Eagles Gold Project, angled aircore drilling was successfully used and all holes were able to penetrate both the Murray Basin cover sequence and the oxidised basement rocks.
Catalyst has earned an entitlement to a 50% interest in Four Eagles Gold Project after spending over $2.1 million in drilling the Four Eagles Gold Project.
Exploration was focused on northern extension of high grade Hayanmi prospect of Eagle 3 and Eagle 4 for shallow open pit potential.
Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.