Catalyst Metals (ASX:CYL) has intersected shallow high-grade gold at the Tomorrow Gold Zone, part of the Tandarra Gold Project in Victoria.
The results were from a shallow drilling program to test the potential for open pit mineralisation.
In September 2014, Catalyst and Navarre Minerals (ASX:NML) entered into an agreement for Catalyst to earn a 51% interest in the tenement by spending $3 million on exploration over a period of 4 years.
Several drill holes have confirmed gold mineralisation at <20 metres depth from surface with individual gold grades up to 98.4 g/t gold and wider zones of gold mineralisation averaging greater than 5 g/t gold.
The best intersections returned were:
- 11 metres at 17.8 g/t gold from 47 metres down;
- 17 metres at 6.6 g/t gold from 30 metres down hole; and
- 21 metres at 6.9 g/t gold from 27 metres down hole.
Importantly, Catalyst hit mineralisation at 19 metres vertical depth from surface with confirmatory bulk leach re-assays for gold zones currently awaited.
Modelling of the gold zones will now be carried out and it is expected that these intersections will improve the overall grade of the shallow gold mineralisation within a potential open pit mining shape.
The company’s shares were last trading 4% higher intra-day, at $0.52.