Catayst Metals Limited: Shallow Trident drilling returns 38m at 2.9g/t Au

May 20, 2024

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Catalyst assessing an alternative development strategy to Trident potentially lowering capital costs and development risk

Drilling of 44 holes has been completed immediately above the Trident Deposit
Results suggest mineralisation is shallow and above the existing Trident deposit
Catalyst to assess the potential for a small open pit that would also provide a portal position for the Trident underground mine
If the assessment is positive, this could allow an alternate approach that could lower upfront capex and overall development risk for Trident
The significant intercepts¹ of the drill program included:
35m at 7.6g/t Au (8.8m true width) 13m at 4.4g/t Au (10.3m true width)
18m at 5.0g/t Au (3.9m true width) 17m at 3.9g/t Au (11.5m true width)
43m at 2.9g.t Au (38.3m true width) 16m at 3.4g/t Au (2.2m true width)

PERTH, Australia, May 20, 2024 – Mining Press Release – Catalyst Metals Limited (Catalyst) (ASX: CYL) is pleased to announce that recent results from a drilling program have returned high grades at shallow depths directly above the Trident Deposit (Trident), including peak grades of 35m @ 7.6g/t Au and 18m at 5.0g/t Au (true widths 8.8m at 7.6g/t and 3.9m at 5.0g/t respectively).

Figure 1: Trident plan and section (CNW Group/Catalyst Metals LTD.)

Figure 2: Plutonic Belt Map showing Trident location (CNW Group/Catalyst Metals LTD.)

Figure 3: Trident long section showing latest drill results above the underground deposit (CNW Group/Catalyst Metals LTD.)

These results allow Catalyst to assess the potential for a small open pit above the existing Trident underground deposit. This small open pit could then provide a suitable location for a mining portal and production decline to the Trident underground mine. This near surface mineralisation could reduce the upfront capital costs of Trident’s development.

Catalyst believes it can increase gold production to 200koz per annum. The Trident project is one of the many potential ore sources to achieve this. Trident has a resource of 508koz at 3.7g/t and includes indicated resources of 257koz at 5.0g/t Au. Trident’s development will allow Catalyst to increase its gold production from its current run rate of 110koz² pa to nearer 200koz³ pa by processing Trident ore through the underutilised Plutonic processing plant.

Catalyst’s Managing Director & CEO, James Champion de Crespigny, commented:

“We are pleased that these latest drilling results have opened up a new approach for Catalyst to assess in the development of the Trident Deposit, with the potential to reduce both cost and risk.

“The Plutonic Gold Mine is performing well and our new operating team has stabilised operations. Strong cash generation has provided Catalyst the opportunity to invest in a drilling program to assess alternative ways to optimise the Trident development.

Trident’s development remains key to our future growth strategy with more results to come in the near future”

Summary of Drilling Program

During April drilling contractors were mobilised to the Trident deposit to undertake a drilling program. The objective of the program was to undertake infill drilling to better understand the existing, known mineralisation above the underground orebody.

Trident Deposit Development

The Trident deposit is located on existing mining leases, approximately 30km north-east of the Plutonic gold mine. An existing, well maintained haul road connects Trident to the Plutonic mill (refer to Figure 2).

Trident hosts a Mineral Resource Estimate (MRE)¹ of 4.2Mt @ 3.7g/t Au for 508koz at a 2.0g/t cut-off, comprising:

Indicated Mineral Resource of 1.6Mt at 5.0g/t Au for 257koz Au
Inferred Mineral Resource of 2.6Mt at 3.0g/t Au for 251koz Au

In July 2023, Catalyst released a Scoping Study² which was based on the previous Trident MRE³. The study contemplated an underground development at Trident, with ore transported and processed through the Plutonic mill. Catalyst considers that whilst the updated MRE would result in changes to the results published in the Scoping Study, the study does provide a conceptual indication of the deposit’s development.

Plutonic’s published Ore Reserve Estimate¹ used a 2.0g/t cut-off grade however, performance over the past nine month’s of ownership has indicated that Plutonic’s economic mining cut-off grade is closer to 1.5g/t Au. This gives Catalyst confidence that a higher proportion of inferred material at Trident (2.0g/t cut-off) will convert to reserve over time. Trident’s inferred Resource stands at 251koz at 3.0g/t.

Trident is expected to be, relative to other gold projects, a lower cost development. It will be able to leveraging the latent mill capacity and fixed cost base of Plutonic’s existing operations and transport will occur via the existing, and well maintained, 30km haul road established by Plutonic’s previous owners. As such, all infrastructure for Trident’s development is already in place.

This announcement has been approved for release by the Board of Directors of Catalyst Metals Limited.

_______________________________________
¹	ASX Announcement 8 December 2023 “Plutonic and Trident Mineral Resource and Ore Reserve – Updated”
²	ASX announcement 19 July 2023 “Trident Scoping Study demonstrates Plutonic’s potential”
³	ASX announcement 22 February 2023 “Marymia Gold Project Mineral Resource – Updated”

Competent person’s statement

The information in this report that relates to exploration results is based on information compiled by Mr Paul Quigley, a Competent Person, who is a registered practicing geologist of the Australian Institute of Geoscientists. Mr Quigley is an employee of the Company and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC Code). Mr Quigley consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

JORC 2012 Mineral Resources and Reserves

Catalyst confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements and that all material assumptions and technical parameters underpinning the estimates in the relevant market announcements continue to apply and have not materially changed. The Company confirms that the form and context in which the Competent Persons findings are presented have not been materially modified from the original market announcements.

APPENDIX 1: TRIDENT GOLD DEPOSIT DRILLHOLE DATA

Table 1: Trident Deposit diamond drill hole collars

Hole	Easting (MGA)	Northing (MGA)	RL	Depth	Azimuth (MGA)	Dip	Target	Drill Type
TRR1003	765,273.35	7,213,491.13	598.3	35	151.7	– 61.0	Trident	RC
TRR1004	765,264.62	7,213,507.51	597.9	35	152.7	– 62.0	Trident	RC
TRR1005	765,254.94	7,213,525.67	597.8	41	153.2	– 60.0	Trident	RC
TRR1006	765,245.61	7,213,542.88	597.6	53	153.9	– 60.0	Trident	RC
TRR1007	765,287.33	7,213,522.51	598.9	35	155.5	– 71.0	Trident	RC
TRR1008	765,282.33	7,213,552.73	598.8	47	154.9	– 81.0	Trident	RC
TRR1009	765,301.52	7,213,547.85	598.3	53	158.9	– 71.0	Trident	RC
TRR1010	765,299.39	7,213,566.06	598.2	63	152.6	– 71.0	Trident	RC
TRR1011	765,353.74	7,213,527.93	599.0	29	153.6	– 67.0	Trident	RC
TRR1012	765,332.12	7,213,555.40	598.7	65	150.7	– 67.0	Trident	RC
TRR1013	765,324.09	7,213,570.95	598.6	62	150.9	– 67.0	Trident	RC
TRR1014	765,312.91	7,213,579.35	598.4	62	152.7	– 67.0	Trident	RC
TRR1015	765,301.63	7,213,562.19	598.3	63	154.5	– 66.0	Trident	RC
TRR1016	765,373.80	7,213,532.51	599.5	27	150.9	– 62.0	Trident	RC
TRR1017	765,364.25	7,213,539.26	599.3	40	152.6	– 60.0	Trident	RC
TRR1018	765,358.67	7,213,559.55	599.1	64	154.1	– 61.0	Trident	RC
TRR1019	765,330.86	7,213,591.33	598.7	86	157.1	– 72.0	Trident	RC
TRR1020	765,335.33	7,213,582.55	598.7	75	153.3	– 62.0	Trident	RC
TRR1021	765,383.34	7,213,534.70	599.6	28	153.6	– 65.0	Trident	RC
TRR1022	765,379.93	7,213,552.84	599.6	63	153.2	– 65.0	Trident	RC
TRR1023	765,372.96	7,213,566.49	599.5	72	155.1	– 65.0	Trident	RC
TRR1024	765,365.76	7,213,580.51	599.4	80	152.8	– 65.0	Trident	RC
TRR1025	765,358.84	7,213,594.12	599.2	79	153.7	– 65.0	Trident	RC
TRR1026	765,344.59	7,213,622.33	598.8	95	153.7	– 65.0	Trident	RC
TRR1027	765,368.04	7,213,617.46	599.3	103	152.4	– 75.0	Trident	RC
TRR1028	765,375.78	7,213,602.35	599.3	93	150.6	– 74.0	Trident	RC
TRR1029	765,383.78	7,213,587.75	599.6	90	155.5	– 75.0	Trident	RC
TRR1030	765,400.04	7,213,557.59	600.1	51	152.1	– 80.0	Trident	RC
TRR1031	765,385.81	7,213,554.88	599.8	43	152.7	– 62.0	Trident	RC
TRR1032	765,415.76	7,213,577.82	600.4	63	156.4	– 78.0	Trident	RC
TRR1033	765,410.00	7,213,589.74	600.1	74	152.4	– 73.0	Trident	RC
TRR1034	765,388.78	7,213,591.73	599.7	90	150.5	– 85.0	Trident	RC
TRR1035	765,351.94	7,213,607.59	599.0	85	152.9	– 65.0	Trident	RC
TRR1036	765,429.97	7,213,579.19	600.2	40	152.7	– 63.0	Trident	RC
TRR1037	765,423.16	7,213,591.42	600.1	60	152.2	– 73.0	Trident	RC
TRR1038	765,428.48	7,213,623.01	599.8	58	153.8	– 61.0	Trident	RC
TRR1039	765,419.23	7,213,639.62	599.8	90	153.9	– 60.0	Trident	RC
TRR1040	765,408.53	7,213,658.85	599.8	125	155.5	– 61.0	Trident	RC
TRR1041	765,376.41	7,213,716.54	599.8	128	155.1	– 64.0	Trident	RC
TRR1055	765,387.83	7,213,574.76	599.8	68	335.6	– 64.9	Trident	RC
TRR1056	765,380.99	7,213,544.51	600.0	100	334.7	– 65.2	Trident	RC
TRR1057	765,370.56	7,213,537.22	599.8	100	336.2	– 60.6	Trident	RC
TRR1058	765,365.28	7,213,543.37	599.9	100	27.8	– 60.4	Trident	RC
TRR1059	765,417.12	7,213,559.29	601.7	114	332.1	– 60.4	Trident	RC

Table 2: Trident Deposit intervals⁴

Hole	From (m)	To (m)	Interval (m)	Au (ppm)	True Width
TRR1003	18	19	1	0.27	0.92
TRR1004	20	21	1	0.34	0.91
TRR1005	16	17	1	0.7	0.92
TRR1005	21	22	1	0.56	0.92
TRR1006	24	28	4	0.67	3.70
TRR1007	9	18	9	1.06	7.55
TRR1008	34	38	4	0.61	2.90
TRR1009	17	23	6	0.53	5.00
TRR1009	24	25	1	0.57	0.83
TRR1009	37	44	7	1.97	5.79
TRR1010	24	39	15	1.65	12.60
TRR1010	45	48	3	0.76	2.52
TRR1011	23	24	1	0.32	0.87
TRR1012	9	14	5	1.23	4.36
TRR1012	20	27	7	0.57	6.11
TRR1012	35	36	1	0.81	0.87
TRR1012	52	54	2	0.67	1.74
TRR1012	56	57	1	0.59	0.87
TRR1013	23	37	14	1	12.15
TRR1013	41	58	17	2.35	14.73
TRR1014	35	48	13	1.12	11.36
TRR1014	55	58	3	1.39	2.63
TRR1015	21	31	10	1.02	8.79
TRR1015	37	38	1	1.07	0.88
TRR1015	45	47	2	0.89	1.76
TRR1016	7	8	1	0.7	0.91
TRR1017	10	16	6	0.59	5.52
TRR1017	21	23	2	1.57	1.84
TRR1017	29	30	1	0.77	0.92
TRR1018	7	15	8	1	7.37
TRR1018	20	23	3	0.58	2.76
TRR1018	51	52	1	2.15	0.92
TRR1018	62	64	2	0.85	1.85
TRR1019	52	53	1	2.61	0.85
TRR1019	61	62	1	0.65	0.85
TRR1020	55	56	1	2.13	0.91
TRR1020	61	62	1	0.8	0.91
TRR1021	4	5	1	0.72	0.89
TRR1022	0	2	2	1.01	1.77
TRR1022	7	12	5	1.62	4.44
TRR1022	16	17	1	1.38	0.89
TRR1023	8	12	4	0.75	3.56
TRR1023	18	19	1	0.56	0.89
TRR1023	32	44	12	0.68	10.71
TRR1023	57	72	15	0.87	13.38
TRR1024	20	21	1	0.63	0.89
TRR1024	31	74	43	2.94	38.26
TRR1025	27	32	5	0.79	4.48
TRR1025	39	43	4	0.98	3.58
TRR1025	58	62	4	1.46	3.59
TRR1025	67	68	1	0.53	0.89
TRR1026	78	95	17	1.04	15.32
TRR1027	84	90	6	0.51	4.86
TRR1027	98	100	2	1.59	1.63
TRR1028	31	36	5	0.74	3.98
TRR1028	41	54	13	4.37	10.34
TRR1028	71	75	4	8.71	3.19
TRR1028	82	83	1	1.31	0.80
TRR1029	14	16	2	0.71	1.60
TRR1029	20	22	2	1.92	1.60
TRR1029	26	29	3	0.63	2.41
TRR1029	33	34	1	0.52	0.80
TRR1029	52	53	1	0.83	0.79
TRR1029	63	64	1	1.57	0.79
TRR1029	70	71	1	0.55	0.79
TRR1030	28	29	1	2.8	0.74
TRR1031	5	6	1	1.4	0.91
TRR1031	28	29	1	0.52	0.91
TRR1031	36	37	1	0.68	0.91
TRR1032	25	31	6	2.29	4.63
TRR1033	28	29	1	0.35	0.82
TRR1034	22	26	4	2.9	2.73
TRR1034	37	38	1	0.83	0.68
TRR1034	43	46	3	0.56	2.03
TRR1034	53	54	1	1.1	0.67
TRR1034	60	77	17	3.89	11.45
TRR1035	22	23	1	0.64	0.89
TRR1035	73	78	5	0.74	4.50
TRR1036	21	22	1	1.08	0.90
TRR1037	25	26	1	4.59	0.82
TRR1038	37	38	1	0.31	0.92
TRR1039	67	71	4	1.23	3.70
TRR1040	53	54	1	0.56	0.93
TRR1040	110	116	6	3.84	5.58
TRR1041	113	114	1	1.38	0.91
TRR1041	119	120	1	1.21	0.91
TRR1055	12	13	1	0.79	0.22
TRR1055	24	32	8	1.05	1.76
TRR1055	39	46	7	2.71	1.51
TRR1056	0	8	8	0.82	1.83
TRR1056	12	14	2	0.82	0.45
TRR1056	28	29	1	0.54	0.22
TRR1056	34	52	18	5.01	3.92
TRR1056	57	58	1	2.58	0.21
TRR1056	67	72	5	0.51	1.05
TRR1056	74	75	1	0.54	0.21
TRR1056	79	80	1	0.74	0.21
TRR1056	95	97	2	0.75	0.40
TRR1057	2	3	1	0.72	0.15
TRR1057	9	10	1	0.64	0.15
TRR1057	12	13	1	0.66	0.15
TRR1057	22	23	1	0.62	0.15
TRR1057	25	26	1	0.55	0.14
TRR1057	29	30	1	0.71	0.14
TRR1057	34	39	5	1.22	0.70
TRR1057	43	44	1	0.63	0.14
TRR1057	52	53	1	1.06	0.13
TRR1057	65	66	1	2.17	0.13
TRR1057	74	75	1	0.62	0.13
TRR1058	8	12	4	0.54	1.06
TRR1058	14	15	1	0.73	0.26
TRR1058	22	23	1	1.29	0.26
TRR1058	34	45	11	1.72	2.85
TRR1058	49	84	35	7.61	8.77
TRR1059	21	22	1	0.74	0.15
TRR1059	28	30	2	0.64	0.29
TRR1059	44	60	16	3.36	2.22
TRR1059	75	80	5	0.87	0.65
TRR1059	84	89	5	1.86	0.65
TRR1059	103	109	6	0.83	0.75

______________________________________
⁴	True Width is estimated using a nominal mineralisation orientation of 52^o–>340^o

APPENDIX 2: JORC 2012 Tables

Section 1 Sampling Techniques and Data
Trident Deposit
(Criteria in this section apply to all succeeding sections.)

Criteria	Commentary
*Sampling techniques*	• RC drilling assays are from 1 m samples split on the cyclone for the ultramafics. 1 m splits are taken over entirety of each drill hole using a 1/8 riffle splitter.
Drilling techniques	• Reverse Circulation drilling was conducted utilizing 5.75 inch face sampling bit.
*Drill sample recovery*	• RC drilling was bagged on 1 m intervals and an estimate of sample recovery has been made on the size of each sample. • No assessment of RC chip sample recoveries was undertaken on historical data however a comprehensive historical review of sampling procedures was undertaken which indicates that standard procedures where enacted to ensure minimal sample loss. Where limited information on the recoveries has been recorded, they have been consistent with those noted by recent drilling.
Logging	• Reverse Circulation holes are being logged on 1 m intervals. • Magnetic Susceptibility (KT 10) recorded.
*Sub-sampling techniques and sample preparation*	• RC Drilling sampled on 1 m samples using a cone splitter within the cyclone.
Quality of assay data and laboratory tests	• Samples analysed at ALS Laboratories using a 50 g Fire Assay method. • Samples are dried, crushed and pulverised prior to analysis. • Standards submitted every 20 samples of tenor similar to those expected in the sampling. • Blanks were inserted every 20 samples.
*Verification of sampling and assaying*	• RC drilling is verified by the geologist first and then the database administrator before importing into the main database.
Location of data points	• Downhole surveys are visually inspected for anomalous changes in drill trace, (eg does the drill hole apparently bend inordinately). • All drill collars have been accurately located by a licensed surveyor using DGPS. Recent downhole survey data collected by Westdrill using an Axis Mining Technology Champ North Seeking Gyro tool.
*Data spacing and distribution*	• Drill spacing of approximately 25 m (along strike) by 20 m (on section) was considered adequate to establish both geological and grade continuity. • Broader spaced drilling has also been modelled but with lower confidence. Some sections have closer spacing in high grade zones confirming the continuity and structural understanding.
Orientation of data in relation to geological structure	• The orientation of a majority of the drilling is approximately perpendicular to the strike and dip of the mineralisation and is unlikely to have introduced any sampling bias. • Certain holes have drilled parallel to key structures, but density of drilling and drilling on other orientations has allowed detailed geological modelling of these structures and hence any sampling bias in a single hole has been removed.
*Sample security*	• Samples were bagged and labelled by company geologists or geological assistants and sealed in bulk bags with a security seal that remains unbroken when delivered to the lab.
Audits or reviews	• A review of standards, blanks and duplicates indicate sampling and analysis has been completed with no issues discovered.

Section 2 Reporting of Exploration Results
Trident Deposit
(Criteria listed in the preceding section also apply to this section.)

Criteria	Commentary
*Mineral tenement and land tenure status*	• Located in the Marymia – Plutonic Greenstone Belt ~218 km northeast of Meekatharra in the Midwest mining district in WA • M52/217 – granted tenement in good standing. • The tenement predates Native title interests but is covered by the Gingirana Native Title claim. • The tenement is 100% owned by Vango Mining Limited and subsidiary Dampier (Plutonic) Pty Ltd. • Gold production will be subject to a 2.5% government royalty.
Exploration done by other parties	• Comprehensive drilling of the deposit was first undertaken by Resolute Limited from 1995 to 1998 completing approximately 263 RC and 37 DD holes. • From 1999 Homestake and then later Barrick Gold (2002) completed numerous drilling campaigns at Trident. • Dampier Gold completed RC and DD programs at Trident from 2012 until 2014 when Vango Mining took over the project completing 6 DDholes for 946 metres plus three RC holes for 747 metres. • Catalyst consolidated the belt in 2023 following the successful acquisition of Vango Mining and the merger with Superior Gold Inc. • Catalyst has undertaken in 2023 a comprehensive infill and extensional DD program which has been included in an MRE update.
*Geology*	• Gold mineralisation at Trident Extended is orogenic, hosted within a sheared contact zone in ultramafic rocks. High grade ‘shoots’ of mineralisation are associated with flexures in the mineralised host shear zones between steeply dipping structures.
Drill hole Information	• Location of drillholes based on historical reports and data, originally located on surveyed sites, and DGPS. • Northing and easting data generally within 0.1 m accuracy • RL data +-0.2 m • Down hole length =+- 0.1 m
*Data aggregation methods*	• Drillhole data has been aggregated to provide significant intervals for reporting. Aggregation adopts a 0.5g/t cutoff and will accept up to 3m of continuous subgrade samples as internal dilution.
Relationship between mineralisation widths and intercept lengths	• Widths of mineralisation have been reported as both downhole intervals and true width and not as calculated horizontal widths, due to the complexity of the geometry of mineralisation. • True Width is estimated using a nominal mineralisation orientation of 52^o–>340^o
*Diagrams*	• Diagrams in this release are as follows: • Figure 1: Trident plan view of drilling • Figure 3: Trident long section showing latest drill results above the underground deposit
Balanced reporting	• Drillholes that did not provide significant intervals (as defined at a 0.5g/t cutoff) have been included in tabulations with the maximum grade achieved.
*Other substantive exploration data*	• No additional exploration data is included in this releases.
Further work	• Ongoing mineral resource estimation and feasibility work will be completed beyond this release.

SOURCE Catalyst Metals LTD.

For further information: Investors and Media: Craig Dingley, Catalyst Metals, T: +61 (8) 6324 0900, investors@catalystmetals.com.au; Fiona Marshall, White Noise Communications, T: +61 400 512 009, fiona@whitenoisecomms.com

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