Catalina Resources Initiates Aircore Drilling at Laverton Project
CTN (CTN) Share Update September 2024 Wednesday 18th
Catalina Resources Begins New Aircore Drilling Campaign at Laverton Project
Catalina Resources Limited (ASX: CTN) has announced the commencement of a new aircore drilling campaign at its Laverton Project, targeting both gold and rare earth elements (REEs).
Instant Summary:
- New aircore drilling campaign at E38/3697.
- Follow-up to February 2024 drilling with promising gold and REE results.
- Gold mineralization associated with Barnicoat Shear Zone.
- REE mineralization found in intrusive rocks near Mt Weld carbonatite REE mine.
- Potential for discovering carbonatite bodies similar to Mt Weld.
Drilling Campaign Details
The new aircore drilling campaign at E38/3697 is a follow-up to the successful drilling completed in February 2024. The previous campaign yielded significant results, including 1m at 2.42g/t Au from 75m and 3m at 1.07g/t Au from 49m.
Gold mineralization is associated with veining and alteration within the Barnicoat Shear Zone. Additionally, the February 2024 drilling revealed promising REE intervals, such as 1m at 16,426ppm TREO from 28m and 5m at 2,777ppm TREO from 52m.
Geological Context
The Laverton Project is located in the Laverton Gold Province, an area known for its rich deposits of gold, nickel, and rare earth elements. The region hosts several world-class deposits, including Sunrise Dam, Wallaby, Windara Nickel, and the Mt Weld REE deposit.
The Mt Weld REE mine, one of the highest-grade rare-earth deposits globally, is hosted by a magnetic, alkaline intrusive rock known as carbonatite. The new drilling campaign aims to explore similar carbonatite bodies within the project area.
Exploration Targets
The compilation and review of previous exploration data have identified several targets for gold, nickel, and REEs. These include shear zone-hosted gold within the Barnicoat Shear Zone, potential Mt Weld-style magnetic carbonatitic bodies, and anomalous nickel geochemistry within the Pelican Ultramafic Unit.
The commencement of the new drilling campaign is a positive development for Catalina Resources. The promising results from the February 2024 drilling have set high expectations for this follow-up campaign. Successful identification of new mineralized zones could significantly enhance the company's resource base and positively impact its stock price.
Investor Reaction:
Analysts are likely to react positively to the news, given the potential for discovering high-grade gold and REE deposits. The proximity to the world-class Mt Weld REE mine adds further credibility to the exploration efforts. Investors will be keenly watching the drilling results for any signs of significant mineralization.
Conclusion:
Investors should keep a close eye on the progress of the new aircore drilling campaign at the Laverton Project. The potential for discovering valuable gold and REE deposits could offer substantial returns. Stay tuned for further updates as the drilling progresses.