Catalina (ASX: CTN) shares jump on Laverton project update, drilling due in 1Q - Kalkine Media

Highlights

• The Department of Mines (DMIRS) has granted approval for drilling at exploration licence E38/3697.
• For E38/3697 and E38/3698, aboriginal heritage surveys have been finalised.
• Aircore drilling is planned in 1Q24.

Catalina Resources Limited (ASX: CTN) has received approval from the DMIRS for a programme of work at its Western Australia-based exploration licence E38/3697. The company has also finalised aboriginal heritage surveys for exploration licence E38/3697 and E38/3698.

To test targets on E38/3697 in the Laverton district, an aircore drilling campaign has been scheduled for the first quarter of 2024.

Spread over ~45km², E38/3697 sits within the Laverton Gold province, a highly prospective region in the Eastern Goldfields. The region hosts multiple deposits of nickel, gold, rare earth elements such as Sunrise Dam, Wallaby, Windara nickel and the Mt Weld REE deposit.

Target areas identified within E38/3697

Multiple compelling targets have been identified within E38/3697 with potential for gold, nickel and REE. These targets were identified through the integration of aeromagnetic images, ground gravity images, geological interpretations, and historical exploration data.

Additionally, the company referred to genetic models designed for nearby mineral deposits. The analysis showed that historical drilling within E38/3697 has been non-systematic and sporadic with considerable geochemical anomalies not followed up.

Further processing and modelling of the aeromagnetic data was done by Southern Geoscience, geophysical consultants. The aim was to boost understanding of the lithological and structural setting of the targets located.

Large portion of the tenement is covered by alluvium and colluvium, while only little area of outcrop is in the northwest corner. This has made difficult to verify and drill the targets, leading to increased focus on the detailed assessment and modelling of the aeromagnetic data.

The company has shared the list of the drill targets for three commodity groups-

Data source: Company update

CTN shares trade higher

Triggered by the update, CTN share price jumped by ~14.29% to trade at AU$0.004 apiece during the early trading hours on 11 December 2023.