No, this is a ‘bonanza’ gold hit – check out what Gina Rinehart’s Catalyst just found
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Gina Rinehart-backed Catalyst Metals (ASX:CYL) has hit a massive 1380 grams per tonne (g/t) at its Four Eagles project north of Bendigo in Victoria.
Drilling at the Boyd’s Dam prospect delivered Catalyst its best ever intersection with strong visible gold of 1m at 1380g/t.
The broader intersection measured 8m at 174.5g/t – which is also an extremely high grade – from 84m.
It is what miners call a “bonanza” hit – a term used by miners to describe gold well above the 5g/t level considered high-grade.
Check out the find:
Meanwhile, other hits also indicated the high-grade nature of the find.
Drilling also delivered hits of 18m at 11.17g/t from 85m; 10m at 5.1g/t, including 1m at 36.4g/t from 75m; and 19m at 5g/t from 73m.
“The recent detailed [reverse circulation] program of 33 holes at Boyd’s Dam has produced further spectacular gold intersections and improved the understanding of the gold zone in the top 120 metres,” technical director Bruce Kay said.
“The Boyd’s Dam gold zone is still untested along strike to the north and south as well as having potential for stacked gold shoots at depth.”
Gina Rinehart’s Hancock Prospecting has spent $4.2m in recent years earning a 50 per cent interest in the Four Eagles gold project in a joint venture led by Catalyst.