CYL 6.25% $2.72 catalyst metals limited

ASX Release3 November 2006No. of pages lodged: 3Via Electronic...

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    ASX Release
    3 November 2006
    No. of pages lodged: 3
    Via Electronic Lodgement
    ASX code: CYL
    Company Announcements Office
    Australian Stock Exchange Limited
    4th Floor, 20 Bridge Street
    SYDNEY NSW 2000
    CATALYST DISCOVERS NEW GOLD TARGET AT MINNIE CREEK
    - Up to 21.5g/t Au at surface
    Catalyst Metals Ltd (“Catalyst”) (ASX code: CYL) is pleased to announce further
    exciting results from recent exploration at the Minnie Creek project in the
    Gascoyne region of Western Australia.
    The ‘Woods’ prospect was one of four new zones of gossanous outcrop
    discovered during reconnaissance soil and rock geochemical surveys and
    announced to the ASX on 20 September 2006.
    Assay results received from 5 samples of the discovery gossan at ‘Woods’ were
    significantly anomalous for gold and copper, with the gold grade ranging from
    0.15g/t Au to 21.5g/t Au. Each sample was a rock grab of 1-2kg from outcrop
    and details are in table 1 below.
    Table 1.
    The outcrop occurs as a 50m long area of massive gossan, sulphidic chert and
    quartz veining exposed on the edge of a creek system, within a zone of
    structurally disrupted granite expressed as an aeromagnetic geophysical
    anomaly.
    SAMPLE NORTHING EASTING Au g/t Cu ppm
    CR6050 7334339 377432 21.50 2240
    CR6051 7334334 377435 0.49 428
    CR6052 7334327 377433 0.30 260
    CR6053 7334311 377431 0.15 179
    CR6054 7334336 377437 1.09 290
    These gold grades are amongst the highest returned to date from the 972Km2
    project area held by Catalyst, where a number of gold and polymetallic
    gossans have been located since 1995. Some of the most notable gold
    prospects include:
    ‘Neptune’ - a sulphidic vein stockwork discovered in granite returned anomalous
    gold and copper values up to 7.0 g/t Au.
    ‘Harpo’ – an untested 1500m to 4000m long gold in soil anomaly along a
    sheared and altered granite/metasediment contact.
    From the perspective of the exploration potential of the Minnie Creek project
    area it is very encouraging that all 5 chip samples were anomalous in gold and
    copper. Nevertheless, much more work is required to determine the significance
    of the zone.
    In this regard these prospects will be further explored in the upcoming field
    seasons in conjunction with work progressing the Minnie Springs molybdenum
    prospect, where drilling is scheduled to commence shortly.
    (Samples were analysed by ALS Chemex in Perth for Cu by 4-acid digest/ICPAES
    finish and for Au by 30gm charge Fire Assay with AAS.)
    Yours faithfully
    Howard Dawson
    Chairman
    For further information on the company visit www.catalystmetals.com
    Please direct enquiries to:
    Mark Thompson – Exploration Director
    Phone +61 8 9415 1714
    Mob 0424 043 380
    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.
    FIGURE 1.
    LOCATION OF NEW ‘WOODS’ PROSPECT AND OTHER TARGETS WITHIN MINNIE CREEK PROJECT
 
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