Catalina Resources (ASX: CTN) reports significant progress across projects in FY23

Highlights

• At Nelson Bay River Iron Ore Project, the focus is on re-permitting of the DSO project.
• The company uncovered a 600m long drill target at Oak Hill.
• Significant rare earth assays were reported at Dundas project.
• Desktop studies are progressing across Laverton project.

Catalina Resources Ltd (ASX: CTN) has been focused on advancing developments across its projects during the financial year ended 30 June 2023. A key priority during the reported year has been progressing re-permitting of the direct shipping ore (DSO) project at the Nelson Bay River Iron Project.  

Let’s look at the progress made across the projects in FY23.

Nelson Bay River Iron Ore Project (NBR)

The NBR project is located in Tasmania, near the Burnie port. The DSO project at NBR was developed in 2013, with the first ore shipment in January 2014. After a significant fall in iron ore prices, the project was put on care and maintenance in June 2014.

In early June 2023, the company lodged a referral application under the Environment Protection and Biodiversity Conservation (EPBC) Act, 1999, after concluding an additional targeted Autumn Fauna survey in April 2023 and receiving the report in May 2023.

The department has informed CTN about receiving and completing validation of the application.  

Meanwhile, the company continues to engage with stakeholders to advance the NBR project.

Read here for more details.

Lachlan Fold Belt project

The Oak Hill tenement is situated in New South Wales. The total JORC 2012 Mineral Resource of the Elm Park and Stoney Park gold prospects stand at 154koz Au.

Under a regional mapping program in April 2023, the company gathered 65 soil samples and 15 rock chip samples from the tenement.

Follow-up exploration studies are planned over the project, including reverse circulation (RC) drilling at Oak Hill.

Laverton project

The project lies within the Laverton Province and covers seven tenements. In FY23, the company was focused on advancing negotiations for multiple access agreements with native title parties and neighbouring companies. Access agreements were negotiated and executed with few of the parties.

In addition to this, a heritage agreement was negotiated and executed with NTS Goldfields Limited as an agent for native title party Nyalpa Pirniku.

The exploration plan is expected to be finalised after all the ELAs are converted into ELs. In the meantime, desktop studies are advancing over the project.

Dundas Project

In December 2022, the company concluded a 105-hole air core drill program over the project for an area of 2,909m. Air core re-splits from the air core drilling campaign at the Dundas project reported an assay of more than 1% TREO (total rare earth element oxides).

The latest assay results have reported a heavy rare earth elements ratio of 19% TREO/HREO and critical magnet metals NdPr + DyTb ratio of 24% of total REE. For detailed results, read here.

In essence, the company remains committed to identifying and evaluating exploration and early development opportunities in lithium, rare earths, gold, and base metals projects.

CTN shares traded at AU$ 0.004 on 25 September 2023.