Catalina Resources (ASX: CTN) Reports Promising Gold Assays from Laverton Project

Highlights

• CTN has recorded a notable 44m intersection at 1.01g/t gold in hole LVAC049 at the Laverton Project.
• The latest drilling has expended the rare earth mineralisation associated with magnetic anomalies, highlighting potential.
• Catalina plans to conduct deeper RC drilling to explore the source of gold mineralisation beneath the laterite.

Catalina Resources Ltd (ASX: CTN) has received promising assay results from aircore drilling at the Laverton Project (E38/3697) in Western Australia. The September 2024 drilling programme has revealed a significant gold mineralised zone along the interpreted Barnicoat Shear Zone and expanded the footprint of rare earth element (REE) mineralisation.

Significant gold assays

The most notable result was a 44m -gold intersection at 1.01g/t in hole LVAC049, including 4m at 2.22g/t gold from 48m, 4m at 1.96g/t from 64m, and 8m at 1.45g/t from 72m. The assays significantly upgrade the prospectivity of the gold target area.

The higher gold grades, along with the wide intersection, indicate that the hole LVAC049 is close to the bedrock source of the gold mineralisation, supporting future drilling targets.

Additional nearby holes also encountered mineralisation, including 4m at 0.33g/t in LVAC043, 4mat 0.54g/t in LVAC038, and 4m at 0.38g/t in LVAC039. These holes delineate a significant gold anomalism zone with north-northwest trend, potentially aligned with the Barnicoat Shear Zone.

The drilling programme, comprising 27 holes totalling 1,801m, aimed to infill and extend a drilling program undertaken in March 2024, which also intersected promising REE and gold values.  

Rare Earth Element (REE) mineralisation

The September drilling also targeted REE potential, with 12 additional holes spaced 100 metres apart around the original holes. Previous drilling had revealed REE mineralisation linked with point source magnetic anomalies modelled by Southern Geoscience Consultant. Significant results included 3m at 6,794ppm TREO from 28m, including 1m at 16,426ppm TREO and LVAC009 1m at 7220ppm TREO from 43m.

The September 2024 drilling has extended the REE mineralisation footprint, although some holes encountered barren sediments, suggesting a limited near-surface extent of the mafic intrusions. The best REE result was observed in hole LVAC026 with 8m at 2,350ppm TREO.

Significantly, REE values were also present within the gold-targeted area, including 8m at 6,132ppm TREO in LVAC037 and 4m at 6,632ppm TREO in LVAC044. These results support the correlation between REE occurrences and magnetic anomalies, driven by mafic-ultramafic intrusions. Further, the program confirmed the REE mineralisation discovered in the previous aircore drilling campaign.

Plans ahead

CTN plans to conduct a reverse circulation (RC) drilling program to explore the bedrock beneath the weathered laterite. The goal is to identify the primary source of the gold mineralisation and gain insights into the structural and lithological controls. Planning for the next phase of exploration and regulatory approvals for RC drilling are expected to begin immediately.

Additionally, the company has collected 1m sample splits for mineralised 4m composite samples from the field and sent them for more precise Fire Assay assessments for gold and peroxide fusion analysis for REEs. Results are anticipated in the coming weeks.

CTN shares traded at AU$0.003 apiece at the time of writing on 1 November 204.