Catalina Resources Ltd - Quarterly Activity Report - June 2024
CATALINA RESOURCES LTD (CTN) Share Update July 2024 Tuesday 23rd
Catalina Resources Ltd Announces Promising Gold and REE Results from Laverton Project
Catalina Resources Ltd (ASX: CTN) has released its quarterly activity report for the period ending 30th June 2024, highlighting significant progress and promising results from its Laverton and Lachlan Fold Belt projects.
Instant Summary:
- Significant gold and REE findings at Laverton Project.
- Best gold results include 1m @ 2.42g/t Au from 75m and 3m @ 1.07g/t Au from 49m.
- Best REE results include 1m @ 16,426ppm TREO from 28m and 5m @ 2,777ppm TREO from 52m.
- Follow-up aircore drilling planned to delineate gold and REE targets.
- Diamond drilling scheduled for Lachlan Fold Belt Project in spring 2024.
Laverton Project
The Laverton Project saw significant advancements with the resampling of mineralized gold and REE intervals. The best gold results included 1m @ 2.42g/t Au from 75m in hole LVAC009 and 3m @ 1.07g/t Au from 49m in hole LVAC012. Gold mineralization is associated with veining and alteration within the Barnicoat Shear Zone.
For REEs, the best results included 1m @ 16,426ppm TREO from 28m in hole LVAC023 and 5m @ 2,777ppm TREO from 52m in hole LVAC022. The REE mineralization is hosted in intrusive rocks just 2km north of the Mt Weld carbonatite REE mine.
Lachlan Fold Belt Project
At the Lachlan Fold Belt Project, site works were completed as per the Aboriginal Heritage Impact Permit (AHIP) conditions at EL9155, Rock Lodge Project. Diamond drilling is scheduled for the spring season of 2024, following the rainy winter season. The NSW Resources Regulator has granted approval for the planned exploration activities at EL9155.
During the quarter, Catalina received the necessary approvals from the NSW Resource Regulator for the planned exploration. The regulator has revoked the Suspension Notice issued in mid-2022, as the company has complied with the stipulated conditions, including engaging third-party consultants for reviews and obtaining an AHIP.
The promising gold and REE results from the Laverton Project are likely to positively impact Catalina Resources' stock price. The successful identification of significant mineralization zones enhances the project's potential, which could attract investor interest and increase stock value. The planned follow-up drilling and the upcoming diamond drilling at the Lachlan Fold Belt Project further strengthen the company's exploration prospects.
Investor Reaction:
Investors and analysts have shown a positive reaction to the announcement. The significant findings at the Laverton Project, particularly the high-grade REE results, are seen as a strong indicator of the project's potential. The planned follow-up drilling and the strategic approach to exploration have been well-received, with expectations of further positive outcomes in the coming months.
Conclusion:
Investors should keep a close watch on Catalina Resources' upcoming drilling activities and the results from the Laverton and Lachlan Fold Belt projects. The company's strategic focus on gold and REE exploration positions it well for potential growth. Subscribing to updates and monitoring the company's progress will be crucial for making informed investment decisions.