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Catalina Resources Ltd (ASX:CTN) has discovered a substantial zone of gold mineralisation through aircore drilling completed earlier in the year at its Laverton project in Western Australia.
An assay from the program completed in September included an intersection of 44 metres at 1.01 grams per tonne (g/t) of gold in one hole (LVAC049), which included four metres at
2.22g/t of gold, four metres at 1.96g/t, and eight metres at 1.45g/t.
The discovery was identified along the interpreted trend of the Barnicoat Shear Zone, and Catalina intends to run a program of reverse circulation (RC) drilling at the site to test this mineralised zone at depth.
Excitingly, the recently drilled hole (LVAC049) is proximal to two other holes (LVAC012 and LVAC009) which yielded three metres at 1.07g/t of gold and one metre at 2.42g/t of gold from the company’s previous drilling work in February.
Catalina executive chairman Sanjay Loyalka said the company was encouraged by these results at Laverton.
“The gold intersection in LVAC049 confirms the previous results in holes LVAC012 and LVAC009 and in combination with the intersections in LVAC038, LVAC039 and LVAC043
appears to suggest a broad NNW trending zone, primarily in the laterite (supergene) and significantly upgrades the prospectivity of the gold target area,” he said.
“This intersection is a material upgrade to the width and grades reported in the previous program with one four-meter interval greater than 2g/t Au. While providing confirmation of the original intersection in LVAC012 and LVAC009, it also suggests the hole is closer to the source of the gold mineralization which is interpreted to be a splay of the Barnicoat Shear Zone.”
Catalina shares fell following the news, and at 12:57 AEDT, they were trading at 0.3 cents – a fall of 12.5% since the market opened.
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