Catalina Resources (ASX: CTN) first half focuses on advancing drilling at Laverton - Kalkine Media

 Highlights

• CTN commenced aircore drilling at Laverton Project on 26 February 2024.
• The aircore drilling would be undertaken on 25 holes testing gold and rare earth targets.
• Referral decision concerning the Nelson Bay River (NBR) Iron Project was received in November last year.
• CTN ended the first half with over AU$3 million in cash.

Catalina Resources Limited (ASX: CTN), an exploration and mine development company, has released its half yearly results for the financial year 2024, shedding light on the developments undertaken in the six-month period ended 31 December 2023. During the first half, the company made advances to commence drilling across its prospective exploration licence E38/3697 near Laverton. Subsequent to the first half, the company commenced the aircore drilling campaign at the project.

Laverton drilling to test gold and rare earth targets  

After the finalisation of required access agreements, the company secured E38/3697 and E38/3698 exploration licences in the Laverton district.

The company also received green light for its Programme of Work (PoW) at the exploration licence E38/3697, which is a 15 sub-block tenement in the Western Australian region.

Data source: company update

On 26 February 2024, the company commenced initial aircore drilling at E38/3697. The drilling campaign is designed to test 25 holes for nearly 1,500 metres to test rare earth element and gold targets. Other targets will be assessed in further drilling programs.

Here's the summary of targets generated at E38/3697-

Data source: company update

During the reported first half, the company concluded aboriginal heritage surveys for E38/3697 and E38/3698 exploration licences.

NBR Project

The NBR project sits within a well-known mineral province in the NW of Tasmania.

Catalina Resources submitted an EPBC referral application for the NBR project in June 2023, based on guidance from the Department of Climate Change, Energy, the Environment, and Water. The project involves completing a partially mined direct shipping ore (DSO) open-cut pit and related activities to facilitate the extraction and sale of hematite ore in north-west Tasmania.

After a period of public consultation, the department informed the company in November 2023 that a delegate of the Minister has determined the proposed action to be a controlled action. Consequently, further assessment is required under the EPBC Act 1999. Additionally, the delegate, has mandated an Environmental Impact Statement (EIS) for the evaluation of the proposed action.

The Company is collaborating with the Department to obtain the finalised tailored EIS guidelines, which will serve as the foundation for developing the draft EIS.

The company’s portfolio of exploration projects lies within world-class mineral provinces. Catalina Resources is focused on advancing exploration across its projects.

CTN shares last traded at AU$0.005 apiece on 26 February 2024.