Catalina Resources (ASX: CTN) March quarter update: gold and rare earth findings at Laverton - Kalkine Media

Highlights

• CTN advanced drilling across the Laverton project in March quarter.
• The drilling yielded anomalous findings for both gold and rare earth elements (REE).
• Further aircore drilling for gold and REE is planned.
• Heritage NSW granted the Aboriginal Heritage Impact Permit (AHIP) at EL9155, Rock Lodge Project, facilitating exploration activities.
• CTN’s application for a promising gold exploration tenement was selected first in the ballot.

Catalina Resources Limited (ASX: CTN) made significant strides in its drilling operations at the Laverton Project during the quarter ended 31 March 2024, unveiling gold and rare earth findings. Additionally, activities at the EL9155, Rock Lodge Project within the Lachlan Fold Belt Project progressed notably during this period.

At the end of the March quarter, the company maintained a cash and cash equivalent balance of AU$2.74 million.

Gold and rare earth anomalies at Laverton Project

During the quarter, the company conducted drilling across 25 aircore holes spanning a total of 1,593m. These holes aimed to test potential gold and rare earth element (REE) deposits on EL38/3697. The gold targets, tested under the program in holes LVAC009 to LVAC016 at100m spacing in an east-west traverse, yielded promising results.

The LVAC012 hole encountered 16m at 0.43g/t Au from 44m including 4m at 0.95g/t Au from 48m. Nearby drill holes LVAC009, LVAC011, and LVAC013 also revealed significant gold anomalies. This anomalous zone of supergene gold mineralisation spans over 300m in width.  

Notably, LVAC018 to LVAC021 reported the most promising outcome of 4m @ 0.2g/t of gold starting from a depth of 28m, potentially indicating the presence of supergene mineralisation near the Lily Pond Well prospect/resource.

In terms of REE targets, five aircore holes were designed to examine point source magnetic anomalies. Holes LVAC022-25 encountered gabbroic rocks with varying compositions ranging from mafic to ultramafic.

Data source: Company update

Samples of the gabbroic rocks have been submitted for petrographic analysis to ascertain any potential association with the carbonatite intrusive rocks at Mt. Weld.

Further aircore drilling for gold and REE is scheduled, contingent upon the findings from the 1m split samples assessment.

AHIP for Rock Lodge Project

Heritage NSW granted the Aboriginal Heritage Impact Permit (AHIP) at Rock Lodge EL9155.

The company has submitted a new application for exploration activity using the Assessable Prospecting Operation (APO) application form for diamond drilling, incorporating AHIP requirements and other agreed recommendations.

Gold exploration tenement

During the quarter, the company's application for a promising gold exploration tenement, E38/3847, was selected first in the ballot conducted by the Mining Warden.   

Additionally, the company successfully negotiated and executed an access agreement with Focus Minerals Pty Ltd, which holds existing tenements covering parts of the areas within E38/3847.

CTN has demonstrated significant progress and promising findings during the March quarter, particularly with its exploration endeavours at the Laverton Project. The discovery of gold and rare earth elements underscores the company's commitment to advancing its mineral exploration efforts. 

CTN shares traded at AU$0.003 apiece on 22 April 2024.