ASX Announcement 8 November 2022
HENTY GOLD MINE, TASMANIA
Maiden Reserve advances strategy to grow mine life and production rate Catalyst continues to build foundations of a more sophisticated operation at Henty with the reporting of a maiden Reserve Key Points
Over last 18 months, Catalyst has been progressively building Henty’s foundations into that of a more stable operation
Reporting of this maiden Reserve is a further step in that direction
Henty’s maiden Ore Reserve is 983,000t @ 3.6g/t for 115,000oz Au
Reserves support a life of mine plan beyond 5 years
This base provides Catalyst with a stable platform from which to continue executing its strategy of extending mine life and increasing the production rate
Catalyst Metals Limited (Catalyst) (ASX: CYL) is pleased to announce an initial JORC 2012 compliant Ore Reserve Estimate of 983,000t at 3.6g/t for 115,000oz at its Henty Gold Mine in Tasmania. Catalyst Managing Director & CEO, James Champion de Crespigny said: “This Reserve is key strategic milestone for Henty because it underpins our growth plan and highlights the project’s increasingly strong future. “This is shown by the fact that we have been able to convert 55% of the Indicated Resource to Ore Reserve. Importantly, the anticipated Henty mine life now extends beyond five years using a mine plan which incorporates the increased production rates being targeted in coming years”. This maiden Reserve follows the recently released Mineral Resource Estimate (Refer ASX release dated 27 September 2022) which showed that after accounting for the Financial Year 2022 production, there was an increase of 10% in the operation’s Mineral Resource and a 20% increase in Resources since Catalyst acquired Henty in January 2021. The 2022 Reserve has been derived from the Mineral Resource models using ore classified in the Indicated category. Individual stopes may contain up to 20% Inferred ore, and in total these comprise less than 1% of the ORE. Stopes designed within the Life of Mine plan that contain insufficient Indicated Resource will be targeted for upgrade drilling. This is important because these represent areas where Catalyst can target relatively low cost conversion from Inferred to Indicated Resource, and provide additional material to be assessed in future Reserve estimates.
ASX:CYL
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