Highlights

• Anomalous REE and gold results returned through aircore drilling conducted at the Laverton Project.
• The best result of 4m at 0.95g/t Au from 48m reported through initial 4m composite sampling.
• Planned re-sampling of 1m split samples will be followed by additional aircore drilling.

Catalina Resources Limited (ASX: CTN) has released  promising assay results for the aircore drilling campaign recently conducted at the Laverton Project. This drilling intersected gold and rare earth elements (REE) at the project.

During February 2024, the Company conducted drilling operations, comprising 25 aircore holes spanning 1,593 metres. The drilling program aimed to assess both gold and REE prospects on EL38/3697.

The gold prospects are situated along the inferred path of the Barnicoat Shear Zone, while the REE prospects were identified in connection with localised magnetic anomalies, believed to signify intrusive formations.

Gold targets at Laverton Project

Holes LVAC009 to LVAC016 were drilled at a 100m spacing in the east-west traverse. The findings at LVAC012 include 16m at 0.43g/t Au from 44m including 4m at 0.95g/t Au from 48m. LVAC009, LVAC011 and LVAC013 holes also encountered noteworthy gold anomalies at or near the bottom of hole at laterite profile’s base.

The zone of supergene gold mineralisation is more than 300m wide. After reaching refusal, the holes encountered significantly weathered siltstone and sandstone exhibiting iron-stained stringer veins and signs of bleaching, potentially indicating carbonate alteration.

REE targets

Five aircore drillings (LVAC0017, LVAC022-25) were planned to investigate magnetic anomalies pinpointed as potential intrusions. These intrusions were speculated to have the potential to host REE mineralisation, resembling the geological characteristics of the Mt. Weld mine located approximately 4km to the south.

Gabbroic rocks have been intersected across holes LVAC022-25, ranging in composition from ultramafic to mafic. In LVAC023, at aircore refusal, the 3m composite sample of gabbro encountered 3m at 0.37% TREO from 28m. While hole LVAC022 intersected 4m at 0.32% TREO from 52m and 16m at 0.13% Ni from 48m.

The company highlighted that reassessment of the samples using different method like the custom peroxide fusion method, might upgrade the results at REE targets.

Samples extracted from the gabbroic rock formations encountered in drillings LVAC022-25 have been dispatched for petrographic analysis. The objective is to ascertain whether these samples bear any resemblance or connection to the carbonatite intrusive rocks found at Mt. Weld.

Next steps – additional aircore drilling

For the aircore program, the company used a 4m composite sampling technique and 1m samples were also collected using a three-tier splitter at the same time. Composite samples measuring 4m, which displayed anomalous values for gold, REE, or nickel, will undergo re-assaying using 1m splits. Applying a threshold of 0.1 parts per million (ppm) for gold, 0.1% for nickel, and 0.1% Total Rare Earth Oxides (TREO), approximately 180 samples are slated for re-analysis.

Gold samples will undergo fire assay, while the REE samples will be subjected to the peroxide fusion method. Collection of the 1-m sample splits from the site is scheduled for the next week, with assay results expected within 6 to 8 weeks thereafter.

Further aircore drilling is planned for REE and gold targets, however, it depends on the results from the analysis of the 1m split samples.

Further exploration will be conducted to investigate the extensive zone of supergene gold mineralization spanning from traverses LVAC009 to LVAC016. Additional traverses will be carried out both to the north and south to delineate the full extent of the laterite gold anomaly before proceeding with deeper reverse circulation drill testing.

The company plans to undertake a follow up of the 0.37% TREO intersection in the bottom of the hole sample in LVAC022 and LVAC023.

CTN shares traded at AU$0.004 apiece at the time of writing on 5 April 2024.