CYL 6.25% $2.72 catalyst metals limited

exciting uranium...here is ann

  1. 23,992 Posts.
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    Company Announcements Office
    Australian Stock Exchange Limited
    4th Floor
    20 Bridge Street
    SYDNEY NSW 2000
    Dear Sir or Madam,
    EXCITING NEW URANIUM TARGETS
    AT MINNIE CREEK
    • Michelles Well exploration licence granted
    • Covers area of 330km2
    within Minnie Creek Project area
    • Calcrete and hard rock uranium targets identified
    Catalyst is pleased to announce that the Michelles Well exploration licence, which is
    located within the Minnie Creek project area and is 330km2 in area, has been granted.
    This tenement is an important land holding within Minnie Creek as it covers a host of
    uranium, copper and gold prospects identified by historic workings and radiometric
    surveys.
    Several areas of calcrete prospective for palaeo-channel uranium mineralisation have
    been outlined by previous field reconnaisance, geological mapping and airborne
    radiometric surveys. Previous limited exploratory drilling for uranium at one of the
    calcrete prospects has shown that within the project area they can attain thicknesses of
    12 metres. Such calcrete deposits are attractive targets for Yeelirie-style uranium
    deposits (35mt at 0.15% U3O8) and exploration to test for these and other primary
    hosted deposits of uranium are scheduled to commence in the new field season.
    Catalyst Metals Ltd.
    ASX Code: CYL
    Capital Structure
    CYL Ordinary Shares 23,000,000
    Incentive Shares 8,000,000
    Options 11,500,000
    (20 cent) expiring Dec 2008
    Cash Balance
    Dec 06 $2,900,000
    Contact Details
    T +61 8 9415 1714
    F +61 8 9481 2200
    Level 1, 89 St.George’s Tce
    PERTH WA 6000
    GPO Box 2508
    PERTH WA 6000
    Further Information
    [email protected]
    www.catalystmetals.com
    Catalyst Metals Ltd
    ASX Release ! ! ! ! ! ! ! ! Date 20/2/07
    No. of pages lodged: 4
    The uranium prospects are identified on the attached map and include:
    - Lisa Prospect, which is a strong discrete 2km uranium-channel airborne radiometric
    anomaly amongst 8km of Tertiary age calcrete deposits at the confluence of the
    Mangaroon Creek, Lyons River and Minnie Creek drainages. Minor historic drilling
    targeting uranium showed the calcrete in this location to attain thickness of 12m.
    - Veronica Prospect, which is a 10km x 3km zone of uranium-channel airborne
    radiometric anomalies in granitoids and associated drainage systems with potential for
    outcropping and near surface uranium mineralisation in recent sediments including
    calcrete, as well and basement rocks. This area occurs along sheared and faulted
    granitoids and metasediments, within a regional scale tectonic lineament, providing a
    target for primary uranium deposits in the underlying basement.
    It is noted that recent activity by Aurora Minerals is targeting uranium mineralisation in the
    Minnie Creek area, where they have reported significant results from historical work. Their
    prospects lie in the same drainage system that runs through Catalyst’s Michelle Well
    licence for 8km and are potentially related to the calcrete hosted Lisa uranium prospect.
    The Michelles Well licence also contains historic workings for copper and gold that have
    received only cursory exploration in the past. Exploration is now able to commence at the
    Michelles Well copper prospect where a historic 'pit' has exposed granite-hosted
    copper mineralisation flanked by zones of historic gold and barite workings, suggestive
    of a larger mineralised system present in the prospective intrusive rocks. These base and
    precious metal prospects extend 55km along strike of the Minnie Springs mineralisation
    where a large hydrothermal system containing molybdenum, copper and tungsten has
    been outlined by Catalyst. Work to test for porphyry-style deposits will be undertaken as
    high priority on the Michelles Well exploration licence.
    Catalyst looks forward to testing the uranium targets in conjunction with work on its
    molybdenum, copper, gold and tungsten prospects in the upcoming field season.
    Yours faithfully
    Mark Thompson
    Executive Director - Exploration
    For further information on the company please visit www.catalystmetals.com
    Catalyst Metals Ltd.
    ASX Code: CYL
    Capital Structure
    CYL Ordinary Shares 23,000,000
    Incentive Shares 8,000,000
    Options 11,500,000
    (20 cent) expiring Dec 2008
    Cash Balance
    Dec 06 $2,900,000
    Contact Details
    T +61 8 9415 1714
    F +61 8 9481 2200
    Level 1, 89 St.George’s Tce
    PERTH WA 6000
    GPO Box 2508
    PERTH WA 6000
    Further Information
    [email protected]
    www.catalystmetals.com
    ASX Release ! ! ! ! ! ! ! ! Date 20/2/07
    page 2 of 4
    Please direct enquiries to:
    Mark Thompson – Exploration Director
    Phone +61 8 9415 1714
    Information in this report has been reviewed by a Competent Person as defined in the JORC Code,
    being Mr Howard Dawson B.App.Sc SFFINSIA AIG, who has sufficient experience in mineral
    resource estimation relevant to the style of mineralisation and type of deposit under consideration
    and to the activity to which he is undertaking, and consents to the inclusion in the public release of
    the matters based on their information in the form and context in which it appears. Gold
    equivalents are calculated using current published prices of Technical Moly Oxide (MoO3) at US
    $24.50/lb and Gold US $607/oz. Technical Moly Oxide is approximately 57% Mo.
    About Catalyst Metals Ltd
    Catalyst is an ASX listed mineral explorer focussed on the highly prospective Minnie
    Creek project in Western Australia, where significant new mineralised zones of molybdenum,
    gold, copper, tungsten and uranium have been recently discovered within a
    972km2 area. Catalyst has cash on hand to aggressively test these discoveries and a
    capital structure designed to offer investors high leverage to further exploration success.
    About Molybdenum
    Molybdenum (chemical symbol Mo - commonly called “Moly”) is a silvery-white metal
    used primarily to increase the strength and durability of steel, producing steel alloys such
    as stainless steel and corrosive resistant pipelines for the gas and oil industries. It is finding
    growing ‘clean technology’ use as an important catalyst to ‘crack’ hydrocarbons and
    clean up low-quality fossil fuels. In the energy market molybdenum is in demand where
    its strength and high melting point suit use in linings and pipes for both nuclear fission
    reactors and experimental nuclear fusion reactors.
    Molybdenum is obtained principally from porphyry-type deposits and occurs in very low
    grade percentages. Primary molybdenum operations such as Endako in B.C mine
    grades of 0.06% Mo to depths of 300m open pit.
    The price of molybdenum has increased over 500% since 2000 on increasing consumption
    and dwindling supply. Main producers include Rio Tinto, Teck-Cominco, Phelps
    Dodge, Codelco and Jinduicheng. In 2006 the production of 3 primary mines and 6 byproduct
    mines in North America alone was 60,500 tonnes worth US$3.2 billion. Molybdenum
    is not traded on the LME but is exchanged by private contract. Price information
    can be obtained at www.platts.com
    Catalyst Metals Ltd.
    ASX Code: CYL
    Capital Structure
    CYL Ordinary Shares 23,000,000
    Incentive Shares 8,000,000
    Options 11,500,000
    (20 cent) expiring Dec 2008
    Cash Balance
    Dec 06 $2,900,000
    Contact Details
    T +61 8 9415 1714
    F +61 8 9481 2200
    Level 1, 89 St.George’s Tce
    PERTH WA 6000
    GPO Box 2508
    PERTH WA 6000
    Further Information
    [email protected]
    www.catalystmetals.com
    ASX Release ! ! ! ! ! ! ! ! Date 20/2/07
    page 3 of 4
    Plan. Tenements and Uranium prospects on U-radiometrics, Minnie Creek Project.
    ASX Release ! ! ! ! ! ! ! ! Date 20/2/07
    page 4 of 4
    Catalyst Metals Ltd.
    ASX Code: CYL
    Capital Structure
    CYL Ordinary Shares 23,000,000
    Incentive Shares 8,000,000
    Options 11,500,000
    (20 cent) expiring Dec 2008
    Cash Balance
    Dec 06 $2,900,000
    Contact Details
    T +61 8 9415 1714
    F +61 8 9481 2200
    Level 1, 89 St.George’s Tce
    PERTH WA 6000
    GPO Box 2508
    PERTH WA 6000
    Further Information
    [email protected]
    www.catalystmetals.com
 
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