The Catalyst Metals Ltd (ASX: CYL) share price is rocketing in morning trade, up 9.14%.
This comes after the ASX gold miner updated the market on its latest drill results.
Image source: Getty Images
What results did Catalyst report?
Catalyst Metals' share price is moving higher after the gold miner reported visible gold in 4 of the 9 diamond drill holes completed in Boyd's Dam at the Four Eagles Gold Project.
Catalyst has a 50% interest in the Four Eagles Gold Project, located in Victoria. Gold Exploration Victoria Pty Ltd holds the other 50% interest.
The company reported it has thus far received assays for 4 of the 9 holes, 2 of which (FEDD047 and FEDD044) came back with significant gold intersections. Those results include:
- 35 metres @ 117.0 grams per tonne gold (g/t Au) from 326.1 metres in FEDD047
- 4 metres @ 7.1g/t Au including 0.3 metres @ 22.5g/t Au and 0.3 metres @ 33.8g/t Au from 107.5 metres in FEDD044
- 8 metres @ 2.7g/t Au from 68.0 metres including 0.3 metres @ 17.2g/t Au and 0.75 metres @13.8g/t Au in FEDD044
Commenting on the initial assays, Bruce Kay, Technical Director of Catalyst Metals said:
It is very encouraging to intersect quartz structures with visible gold in four of the nine diamond drill holes completed so far this year, especially considering the wide spaced nature of the drilling. The discovery of a new deep structure beneath Boyd North adds to the potential of the whole mineralised system.
Catalyst has 2 diamond drill rigs and 1 reverse circulation (RC) drill rig operating at Boyd's Dam and Boyd North.
Catalyst share price snapshot
ASX gold shares have broadly lost ground along with the sliding gold price. At time of writing an ounce of gold is worth US$1,684. That's the lowest gold price in 11 months, and well below the US$2,063 per ounce on 6 August.
With today's intraday gains factored in, Catalyst Metals shares are down around 16% over the past 12 months. That compares to 20% gain on the All Ordinaries Index (ASX: XAO).
Year-to-date the Catalyst share price is down just shy of 5%.
