Catalyst Metals Limited (ASX:CYL) Mobilises Drill Rigs for New Exploration at Plutonic Gold Belt
Catalyst Metals Limited (ASX:CYL) has mobilised six exploration drill rigs to the Plutonic Gold Belt to conduct extensive exploration programs, totalling 180,000 metres throughout the financial year. This initiative includes an exciting initial step-out drilling program at the Hermes Resource, yielding high-grade results, such as 16m at 10.6g/t Au and 2m at 20.8g/t Au.
Drilling Results and Future Plans
The initial drilling program at Hermes has shown promising mineralisation results, confirming the thesis that the project has potential for resource extensions. In March 2025, drilling will resume with plans to target deeper mineralisation. In addition to the Hermes project, exploration rigs will continue to explore other areas including Trident and Plutonic underground.
Managing Director & CEO, James Champion de Crespigny, stated, “For some time now, Catalyst has been taking the steps to build out the growth platform of the business. These results indicate the potential for extensions to the known Resource.”
Production and Growth Outlook
Catalyst aims to stabilise Plutonic operations to achieve production of 200,000 ounces of gold annually within the next 12 to 18 months, through the development of three new mining areas. With current annual production from both Plutonic and Henty operations at 110,000 ounces, Catalyst has structured to bring in a total capital investment of A$31 million for these new projects, leveraging existing processing facilities.
The company reports reserves and resources with a notable Mineral Resource Estimate of 3.6 million ounces at 2.8g/t Au and has cash available of A$58 million with no debt.
Catalyst Metals (ASX:CYL) mobilises six drill rigs to the Plutonic Gold Belt, achieving high-grade results at the Hermes project as exploration efforts expand.
Motley Fool contributor Abbie Stokes has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
This article was generated using GPT-4o mini, a Large Language Model (LLM), to generate summaries of investing news. While AI is generating the content, we know better than to blindly trust our future robot overlords, and every article is edited and fact-checked by an editor holding the appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content of everything published by The Capital Club.