Company Announcements OfficeAustralian Stock Exchange Limited4th...

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