Total
0
Shares
Source: Catalyst Metals
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Catalyst Metals (CYL) produces 6327 ounces of gold at the Henty Gold Mine in Tasmania during the June quarter
  • Additionally, revenue from gold and silver sales came to $15.8 million which is higher than the $11.5 million revenue for the previous quarter
  • The mine has produced 11,620 ounces of gold since being acquired in January and Catalyst believes it’s on track to meet its 2021 target of 25,000 ounces
  • Catalyst also says drilling at its Four Eagles Joint Venture Project in Victoria is progressing well and yielding high-grade results
  • Company shares ended the day 3.38 per cent in the red to close at $2.00

Catalyst Metals (CYL) has continued to increase production at the Henty Gold Mine since acquiring it in January this year.

In the June quarter, the mine produced 6327 ounces of gold at a C1 cash cost of $1516 per ounce. The quarterly production marks a notable increase from the 5283 ounces produced between January 20 and March 31.

This takes the total amount of gold produced in the year to date to 11,620 and the company believes it’s on the right track to meet its 2021 production target of 25,000 ounces.

The gold was produced at a head grade of 4.8 grams of gold per tonne (g/t) while achieving metallurgical recoveries of 95 per cent. This is significantly higher than projected by pre-acquisition modelling.

Revenue from gold and silver sales came to $15.8 million which is higher than the $11.5 million revenue for the previous quarter.

CEO, Bruce Robertson, was pleased with the strong quarterly performance.

“In Tasmania the Henty Gold Mine has continued its strong performance throughout the June Quarter and has now generated approximately $27 million in revenue (unaudited) since its purchase in mid-January 2021.”

The mine recorded one recordable injury for the June quarter and the total recordable injury frequency rate (TRIFR) has reduced from 27 to 10.

Three diamond rigs are now operational to conduct the 46,000-metre underground drilling program.

In addition to the Henty production update, diamond drilling has continued at the Four Eagles Gold Project in Victoria.

This project is held in a 50:50 joint venture with Gold Exploration Victoria. Both companies are jointly funding exploration which includes a diamond drilling program that began in December last year and reverse circulation drilling which commenced at the start of this year.

Recent high-grade results include 4.6 meres at 17.7g/t gold including one metre at 79.4g/t gold from 202.9 metres, 1.35 metres at 117g/t gold from 326.1 metres and 0.2 metres at 20.8g/t gold from 347.75 metres.

Company shares ended the day 3.38 per cent in the red to close at $2.

CYL by the numbers
More From The Market Herald
Venus Metals (ASX:VMC) - Managing Director, Matthew Hogan

" Venus Metals (ASX:VMC) intersects encouraging mineralisation at Vidure

Venus Metals (VMC) has intersected encouraging copper-nickel-platinum group element (PGE) mineralisation at the Vidure Prospect.

" Whitehaven Coal (ASX:WHC) uses record prices to pay down debt

Whitehaven Coal (WHC) will use the uplift

" Alderan Resources (ASX:AL8) commences drilling at Detroit

Alderan Resources (AL8) has commenced drilling at its Detroit copper gold project, located in the US state of Utah.
RareX (ASX:REE) - Managing Director, Jeremy Robinson

" RareX (ASX:REE) begins scoping study at Cummins

RareX (REE) has begun a scoping study at its flagship Cummins Range Critical Metals Project.