Catalina Resources (ASX: CTN) gets all approvals to drill at Laverton, shares jump - Kalkine Media

Highlights

• All the required approvals for the proposed drilling campaign at Laverton’s E38/3697 have been secured.
• Adjacent tenement holders have given access consents.
• For initial aircore program, a drilling contractor has been selected.
• The campaign would drill test gold and rare earth targets.
• CTN shares jumped 25% on 14 February 2024.

Catalina Resources Limited (ASX: CTN) has received all the necessary approvals for conducting the planned drill program at the Laverton Project on exploration licence E38/3697.

Moreover, the company informed that Martin Bennett will be joining the board as a director  with immediate effect.

Approvals received for drilling program at Laverton

The company has got access consents from neighbouring tenement holders for using their infrastructure such as haul or access road, to access its exploration tenement.

In November 2023, a Program of Work (POW) approval was secured, and following the grant of E38/3697, heritage surveys were finalised.

Gold and REE targets

As part of the drill program, around 25 holes will be drilled for nearly 1,250m to test rare earth element (REE) and gold targets.

Data source: company

Five drillholes will test selected magnetic anomalies that represent REE bearing carbonatite intrusive, modelled by Southern Geoscience Consultants.

In subsequent drilling programs, other targets generated will be assessed.

For the initial aircore program, a drilling contractor has been selected and mobilisation is due in the coming few weeks.

E38/3697 is a 15 sub-block tenement, located within the Laverton Gold Province, Western Australia. The region hosts multiple world-class deposits of REE, gold, and nickel. The region also hosts the Mt Weld REE deposit, which is amongst the highest-grade rare-earth deposits worldwide with mineral resource of 54.7 Mt at 5.3% TREO.

New addition to the Board

Mr. Martin Bennett, a seasoned mining industry executive with a solid technical background and significant experience in project management and leadership, is joining the CTN board as a director. Bennett was associated with the company as a technical director and chief geologist in 2021.

With a proven track record of successful discovery and acquisition, his experience spans Southeast Asia, Canada, Africa, and Australia.

Recently, he has been extending his services to CTN through a consultancy agreement as a consultant geologist.

Shares trade higher

CTN shares traded at AU$0.005 apiece on 14 February 2024, up 25% from the last close.