Catalina (ASX:CTN) posts exploration updates for projects through March 2023 Quarter - Kalkine Media

Highlights

• Catalina Resources has released its quarterly report for the March 2023 quarter.
• Grades up to 0.81% (8146 ppm) total TREO, including 0.16% Nd₂O₃, confirmed in hole 22DAC095 from first assays from the maiden AC drill campaign at Dundas.
• The company believes that there lies ‘excellent’ potential for higher grade, better commercial value, hard rock REE mineralisation at Dundas project area.
• The company awaits DBCA review of the revised CMP that was lodged with the Dept in February 2023 for the next phase of exploration.
• Catalina has inked a heritage agreement with NTS Goldfields as agent for the Nyalpa Pirniku.

Catalina Resources Ltd (ASX:CTN), one of the leading diversified mineral exploration and mine development company, has released its activity report for the quarter ended 31 March 2023.

During the quarter, the company continued to achieve its mission of successful exploration of prospective lithium, rare earths, gold, base metals, and iron ore projects and gearing them up for production, so as to build a stronger shareholder value.

Key developments at Dundas Project

In December 2022, the company concluded an air core drill program at the Dundas Project for 2909m with an average depth of 27.7m. The campaign was undertaken to blade refusal for around 105 holes.

The Dundas project is expected to be a major REE and lithium discovery as reflected through the  anomalous REE and lithium assays. The assays suggest presence of substantial REE intersections up to 16m thick and anomalous lithium intersections up to 44m thick.

The prospectivity of the region is reiterated through the coincidence of lithium with the anomalous REE geochemistry. Also, a 6-20m blanket of transported colluvium and lake clays overlies and masks the bedrock geology.

Notably, a geochemical halo to a potentially bigger target at depth has been identified through the air core works. The company will conduct deeper RC drilling to drill underneath and along strike of these air core anomalies.

According to the company, ‘the assays demonstrate an ‘exceptional’ heavy rare earth oxide (HREO) ratio of 19% of NdPr+DyTb to total TREOs. These four REEs are quite valuable as they are used in the production of permanent magnets’.

Details related to regolith and bedrock enrichments

It has been stated in the report that the significant REE enrichment in the regolith at Dundas is because of clay formation induced due to weathering. Most important is the anomalous REE mineralisation in bedrock in multiple holes below the regolith horizons.

The company believes that this enrichment indicates Dundas’ potential for better commercial value, higher grade, and hard rock REE mineralisation. The assays for the last 4m composite sample showed 1386 ppm TREO at the end of hole, illustrating presence of REE mineralisation in fresh rock at Dundas. Also, some one-meter re-splits were taken from the on-site sample piles in March 2023 and sent to the lab for assays. Total 127 samples have been gathered from 8 holes.

Re-split samples collected from the sample piles for air core hole 22DAC073

An update for trial soil geochemistry and CMP

The company also completed a 1.5 km long orientation soil geochemistry traverse over air core hole 22DAC095. The highest grades (4m @ 0.81% TREO) have been intersected at the hole, presenting an ideal opportunity to trial low-level soil geochemistry.

For the next phase of exploration including deeper drilling, the company crafted a new CMP (Conservation Management Plan) and submitted it to the DBCA (Dept Biodiversity Conservation & Attractions) in November 2022. The draft version was revised and sent to DBCA in February 2023. DBCA’s review of the CMP is awaited.

What’s happening at Laverton Project?

Catalina took forward its discussions with neighbouring companies and native title parties for multiple access agreements.  It signed a heritage agreement with NTS Goldfields Limited as agent for the Nyalpa Pirniku.

The company executed an access agreement with GSM Mining Company Pty Ltd, a wholly owned subsidiary of Gold Fields Ltd, having existing tenements (miscellaneous licence) over parts of areas within the ELAs.

Now, the company is following on access agreements with three other tenement owners having existing tenements (miscellaneous licence) within the company’s ELAs.

Lachlan Fold Belt Project

The company has executed an access agreement with one landowner for a part of the area within the tenement at Oak Hill (EL 9346) in NSW. All the exploration activities are being conducted at the site as directed by the Resources Regulator.