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Highlights
- The re-analysis and sampling of 1m split samples at Laverton have confirmed a broad supergene gold mineralisation in laterite clay above the bedrock.
- Gold Discovery: LVAC049 yielded 28m @ 1.09g/t gold, including 1m @ 9.69g/t gold, confirming a supergene gold zone above bedrock.
- Upgraded REE Results: LVAC037 reported 9m @ 7,565ppm TREO, with a peak of 4m @ 13,406ppm (1.34%) TREO using advanced peroxide fusion analysis.
- Unexpected REE in Gold Area: High REE values were found near the Mt. Weld carbonatite, even without prominent magnetic anomalies.
- Next Steps Planned: CTN is set to explore gold and REE sources through targeted and extensional drilling programs.
Catalina Resources Ltd (ASX:CTN) has announced findings from re-sampling and analysis of mineralised intervals from the aircore drilling program finalised at the Laverton Project (E38/3697) in September 2024. The results highlighted significant gold and rare earth element (REE) mineralisation.
Gold Target Area
Re-sampling and analysis have confirmed the intersections previously reported by CTN in November 2024. The company employed a fire assay method to re-analyse 1m splits, with key results including-
Hole LVAC049 - 28m @ 1.09g/t gold (Au) from 57m, including 1m @ 9.69g/t Au from 61m
This broad zone of supergene gold mineralisation occurs in laterite clay above the bedrock source and supports future targeted drilling. Additionally, nearby hole LVAC012 intersected veined and altered sediments at the bottom, suggesting the presence of a hydrothermal system.
Best gold intersections from the analysis of the 1m split samples.
Image source: Company update
Upgraded REE Results
Re-sampling and analysis of 1m split samples using a more accurate peroxide fusion method have upgraded the total rare earth element outcomes.
Key results include:
- LVAC037: 9m @ 7,565ppm TREO from 47m, including 4m @ 13,406ppm (1.34%) TREO.
- LVAC044: 5m @ 4,880ppm TREO from 63m, including 1m @ 10,689ppm (1.06%) TREO.
- Multiple intersections ranged from 1,000ppm to 8,500ppm TREO.
REE exploration at E38/3697 initially targeted magnetic anomalies associated with potential intrusions, likely linked to the Mt. Weld carbonatite. Results confirmed high REE concentrations in laterite profiles and unexpected REE intersections in the gold target area.
Grid-pattern aircore drilling around three initial holes revealed highly anomalous REE values in the laterite profile. The most consistent results were found in follow-up holes LVAC026-LVAC028 near LVAC025.
Key findings include:
- LVAC026: 1m @ 3,179ppm TREO from 28m, 1m @ 2,197ppm TREO from 30m, and 4m @ 2,237ppm TREO from 35m.
- LVAC027: 3m @ 2,720ppm TREO from 32m.
- LVAC028: 7m @ 2,029ppm TREO from 40m.
Surprisingly, anomalous REE values were also identified in the gold target area near the Mt. Weld carbonatite, despite the lack of prominent magnetic anomalies.
Key results include:
- LVAC037: 9m @ 7,565ppm TREO from 47m, including 4m @ 13,406ppm (1.34%) TREO from 49m.
Heavy REE (HREO) results from two additional aircore holes include:
- LVAC027: 2m @ 2,429ppm HREO from 33m.
- LVAC046: 1m @ 1,701ppm HREO from 38m.
September 2024 aircore holes with REE results from 1m split sample analysis.
Image source: Company update
Next Steps
The company has initiated plans for further drilling to explore the source of gold mineralisation. The structural and lithological control of the mineralisation is considered to be caused by a fault splay of the Barnicoat Shear Zone.
Additionally, CTN is planning extensional drilling programs to better understand the source of REE mineralisation.
CTN shares were trading at AU$0.004 per share at the time of writing on 8 January 2025.
