Highlights

• Resampling of mineralised gold and rare earth element (REE) intervals has significantly upgraded the targets at the Laverton Project.
• A follow-up aircore drilling campaign is planned at the Laverton Project to target gold and REE mineralisation.
• A program of work (POW) has been granted for drilling 25 holes covering 1,500 metres, with drilling scheduled for mid-2024.

Catalina Resources Limited (ASX: CTN) has reported significant advancements following the resampling of mineralised intervals at the Laverton Project (EL38/3697). The resampling evaluation has notably upgraded gold and REE targets, signifying promising prospects for future exploration endeavours. The resampling was conducted using the 1m split samples.

These results stem from aircore drilling covering 25 holes in February 2024, testing gold and REE targets on the exploration licence EL38/3697.

The company now intends to conduct follow up aircore drilling to refine gold and REE targets before initiating proposed reverse circulation (RC) drilling.

Details of the upgraded gold targets

The aircore drilling campaign focused on the interpreted strike of the Barnicoat Shear Zone to identify the supergene mineralisation within the laterite profile. Notably, a 300m wide supergene gold anomaly was identified north of the Prendergast Well South gold prospect.

Hole LVAC012 intersected 16m @ 0.43g/t Au from 44m including 4m @ 0.95g/t Au from 48m. Gold mineralisation was also encountered in holes LVAC009, LVAC011 and LVAC013.

Key results following sampling and evaluation of mineralised intervals using 1m sample splits include:  

• LVAC009 1m @ 2.42g/t Au from 75m
• LVAC012 3m @ 1.07g/t Au from 49m

Furthermore, multiple high-grade gold zones have been identifiedthrough analysis of 1m intervals using fire assay method.

Additional in-fill and reconnaissance drilling is planned to delineate the extent of the supergene anomaly to the south and north of LVAC012. This will be followed by deeper RC drilling to assess mineralisation in fresh rock below the anomaly.

In-fill drilling to 50m spacing along the traverse comprising LVAC009 and LVAC012 is expected to intersect superior mineralisation..

Details of the re-sampling of REE targets

Previously, during REE mineralisation testing, a mafic rock was intersected in hole LVAC023, reporting 3m @ 3,710ppm TREO from 28m to the end of hole at 31m. Elevated REEs were also intersected in hole LVAC022, assayed at 4m at 3,162ppm TREO from 52m and 12m at 0.13% Ni from 48m.

Resampling of mineralised REE intervals has returned significant result, including:

• LVAC023 1m @ 16,426ppm TREO from 28m
• LVAC022 1m @ 2,633ppm TREO from 37m
• LVAC022 5m @ 2,777ppm TREO from 52m
• LVAC009 1m @ 7,220ppm TREO from 43m
• LVAC009 4m @ 2,506ppm TREO from 75m

The grade of the intersection in the hole LVAC023 has increased to 1m at 16,426ppm TREO, after analysis of the 1m split using the more precise peroxide fusion assay method.  

Image source: Company update

Given these significant results, the company plans to conduct extensional and deeper drilling around the significant REE intersections, LVAC022 and LVAC023, to test bullseye magnetic anomalies and obtain further samples of the mafic intrusive rock.

CTN shares traded at AU$0.003 apiece on 29 May 2024.