Very nice!!Company Announcements OfficeAustralian Stock Exchange...

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Company Announcements Office
Australian Stock Exchange Limited
4th Floor
20 Bridge Street
SYDNEY NSW 2000
Dear Sir or Madam,
SUCCESSFUL DRILL RESULTS CONFIRM RESOURCE
POTENTIAL OF MOLYBDENUM DISCOVERY
• Balance of drilling program results received
• Program confirms mineralisation over 400m strike to 120m depth
• Scoping study to commence
Catalyst Metals Ltd is pleased to advise it has received the balance of assay results from
the initial drilling program of its Minnie Springs molybdenum discovery in Western
Australia. These new results confirm the presence of a higher grade core within a system
that contains widespread porphyry-style Mo mineralisation that has now been
intersected over a 400m strike length by 14 RC drillholes on 9 lines at depths from
surface to 120m downhole.
The recently completed drilling program targeted a 500m portion of a 3250m long
molybdenum geochemical anomaly hosted by a substantial hydrothermal system of
pyrite, molybdenite and minor chalcopyrite in a silicic-potassic altered granitoid. The style
of mineralisation and zoned alteration is similar to low-fluorine type molybdenum porphyry
deposits as being mined in British Columbia and North America.
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 30/1/07
No. of pages lodged: 5
Significant new assay results include drillhole MRC 20 which intercepted 22m at 0.07%
Mo from 42m including 4m at 0.13% Mo from 52m and drillhole MRC14 which although
drilled opposite azimuth to most holes due to topography, provided intersections including
70m at 0.04% Mo from 36m with 2m at 0.16% Mo from 76m and 2m at 0.13%Mo
from 100m.
Drillhole MRC25 intersected a high grade zone of 4m at 0.14%Mo from 62m. Other intersections
include 10m at 0.03% Mo from 38m and 20m at 0.04% Mo from 54m in
MRC27. Within this zone and adjacent to the historical diamond drillhole MSD 3 which
intersected 4m at 0.17% Mo from 16m, new drillhole MRC26 intercepted 36m at 0.03%
Mo including 4m at 0.09%Mo from 16m.
Drill samples in this program were collected every metre and composited to two metres
for molybdenum (Mo) analysis by the XRF pressed powder method.
The original discovery hole at Minnie Springs was MRC 6 which recorded 61m at 0.10%
Mo from 3m including 24m at 0.14% Mo from 11m. The recently completed drill program
has determined that this intersection is part of a higher grade core to a wide zone
of lower grade Mo mineralisation which remains open at depth.
In the previously announced results of the current program drillhole MRC10 intercepted
52m at 0.07% Mo from 10m which included 20m at 0.12% Mo from 24m. High grades
were also intercepted underneath zones of rich surface samples with MRC 7 returning
24m at 0.07% Mo including 8m at 0.17% Mo from 20m depth and MRC 8 returning
34m at 0.07% Mo from 32m including 16m at 0.10% Mo from 32m in the region where
previous surface channel sampling returned 20m at 0.12% Mo.
Significantly the depth of the zone is still open, with historic diamond drilling showing
mineralisation to 198m downhole depth (MSD 2). Along strike there remains an untested
zone of 300m southeast between MRC27 and several historic RC drillholes where intercepts
included MRC1 with 22m at 0.04% Mo from surface including 1m at 0.24% Mo
from 21m.
The drilling results are currently being assessed and in-house scoping studies to
determine the potential economics of the higher grade core will now be conducted.
The location of the 2006 Catalyst reverse circulation drill holes along with historic drilling
locations are shown on the attached Plan. Details of significant results from this last
group of drillholes is shown on the attached Table. For further information on the
company please visit http://www.catalystmetals.com
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 25/1/07
page 2 of 5
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
900km2 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
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
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 25/1/07
page 3 of 5
Table 1. Significant assay results from balance of RC drilling at Minnie Springs
Hole ID Location (AGD84) Depth Azimuth Dip Intersections Length % Mo Equiv.
North East From To Au g/t
MRC 14 7319128 393620 120 45 -60 36 106 70 0.04 1.9
including 76 78 2 0.16 7.8
including 100 102 2 0.13 6.3
MRC 19 7319277 393632 75 225 -60 46 58 12 0.05 2.4
including 54 58 4 0.10 4.9
MRC 20 7319251 393597 75 225 -60 26 74 48 0.05 2.4
including 42 64 22 0.07 3.4
which
included 52 56 4 0.13 6.3
MRC 25 7319329 393400 75 45 -60 including 62 66 4 0.14 6.8
MRC 26 7319124 393761 75 225 -60 8 44 36 0.03 1.5
including 16 20 4 0.09 4.4
MRC 27 7319089 393797 75 225 -60 38 48 10 0.03 1.5
54 74 20 0.04 1.9
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 25/1/07
page 4 of 5
Plan 1. Drillhole locations at molybdenum zone, Minnie Springs.
394000 mE
393500 mE
MRC 1
MRC 2
MRC3
MRC4
MRC 7
MRC 9
MRC 12
MRC 13
MRC 14
MRC 15
MRC 19
MRC 20
MRC 21
MRC 22
MRC 23
MRC 24
MRC25
MRC 26
MRC 27
metres
0 50 100 200
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 25/1/07
page 5 of 5