Catalina Resources Ltd (ASX: CTN) Releases Annual Report, Revealing Key Milestones in Mineral Exploration

Key Highlights:

• Nelson Bay River Iron Ore Project advancing towards re-permitting.
• Laverton Project reveals significant gold and REE discoveries.
• Lachlan Fold Belt Project diamond drilling scheduled for 2024.
• Business development focused on lithium, rare earths, and base metals.
• Experienced leadership team driving growth and exploration success.

Catalina Resources Ltd Unveils 2024 Annual Report, Detailing Major Exploration Progress

Catalina Resources Ltd has released its 2024 Annual Report, revealing substantial progress across key exploration projects. From advancing the Nelson Bay River Iron Ore Project to significant gold and rare earth element (REE) discoveries at the Laverton Project, the report highlights the company’s ongoing commitment to mineral exploration and development. The company’s leadership is a driving force behind these achievements, steering Catalina’s exploration efforts with expertise and vision.

Nelson Bay River Iron Ore Project: Advancing Re-Permitting

Catalina has made significant strides in the re-permitting of the Nelson Bay River Iron Ore Project (NBR), located in Tasmania’s mineral-rich north-west. Following an EPBC Referral decision in November 2023, the project was deemed a controlled action, requiring an Environmental Impact Statement (EIS). The guidelines for this EIS were issued by the Department of Climate Change, Energy, Environment, and Water (DCCEEW) in May 2024. This critical step brings the project closer to resuming its Direct Shipping Ore (DSO) operations, which were previously halted in 2014 due to a decline in iron ore prices.

Source: $CTN ASX Announcement

The NBR project holds 640,000 tonnes of high-grade iron ore with an average 57.5% Fe, making it a significant asset in Catalina’s portfolio. The company aims to recommence mining operations, relying on local contractors for mining, processing, and haulage operations.

Laverton Project: Gold and REE Discoveries Fuel Momentum

Catalina’s Laverton Project has returned impressive results from aircore drilling, with discoveries of both gold and rare earth elements (REEs). The drilling program, which comprised 25 holes over 1,593 meters, revealed key mineral intervals, including:

• LVAC009: 1m @ 2.42g/t Au from 75m
• LVAC012: 3m @ 1.07g/t Au from 49m

Source: $CTN ASX Announcement

In addition to these gold results, significant REE mineralization was encountered, notably:

• LVAC023: 1m @ 16,426ppm Total Rare Earth Oxides (TREO) from 28m
• LVAC009: 1m @ 7,220ppm TREO from 43m

These discoveries, located near the world-class Mt Weld REE mine, point to promising potential for further exploration. Catalina plans to conduct follow-up aircore and reverse circulation drilling to further delineate these mineralized zones.

Lachlan Fold Belt Project: Diamond Drilling Planned for 2024

At the Lachlan Fold Belt Project in New South Wales, Catalina has completed the necessary approvals to commence deeper exploration. Diamond drilling is planned for the Rock Lodge prospect, which has already produced significant polymetallic mineralization, including gold, silver, copper, and bismuth. This upcoming program will collect crucial structural data and is expected to provide more detailed insights into the project’s potential.

Source: $CTN ASX Announcement

Expanding into Lithium and Base Metals

Catalina continues to expand its exploration activities, particularly in lithium, rare earths, and base metals. The company’s recent application for tenement E38/3847, located near the Burtville Mining Centre, represents a key step in broadening its exploration portfolio. This focus on early-stage exploration opportunities positions Catalina to tap into high-potential resources, crucial for future growth in the green energy sector.

Catalina Resources Ltd’s 2024 Annual Report showcases a year of substantial progress in mineral exploration and development. With key projects advancing and a focus on expanding into high-demand minerals such as lithium and REEs, the company is well-positioned to continue delivering on its exploration goals.

Leadership Driving Catalina's Success

At the heart of Catalina’s achievements is its experienced leadership team, bringing a wealth of knowledge and expertise to the company’s operations.

Mr. Sanjay Loyalka, the company’s founder and Executive Chairman, has an extensive background in mining and metals, corporate finance, and general management across multinational environments. As a former CEO and Managing Director, he was instrumental in the development of Aditya Birla Group’s operations in Australia, leading the acquisition of Nifty and Mount Gordon Copper mines. His leadership also saw the listing of the company on the Australian Securities Exchange, raising $300 million through an IPO and achieving inclusion in the ASX S&P 300 index. Currently, Mr. Loyalka heads IACG Pty Ltd, an investment advisory firm specializing in cross-border M&A and mineral commodity trading. Mr. Loyalka was a member of the Executive Council of the Chamber of Minerals and Energy (Western Australia) in 2005 and 2006, further contributing to his extensive expertise in the mining sector.

Mr. Michael Busbridge, a Director since January 2023, brings over 40 years of geological expertise to Catalina. He has held managerial roles in notable companies such as Normandy Mining Ltd, Barrick Gold Australia, and Teck Australia. His vast experience spans gold, nickel, copper, lithium, REEs, and more, making him a valuable asset in the company’s exploration efforts.

Mr. Richard Beazley, appointed Director in August 2022, is a seasoned Mining Engineer with extensive experience in corporate and operational management across Australia, Africa, and South America. His previous leadership roles include Chief Operating Officer for Sandfire Resources and Managing Director of Peak Resources Ltd. His expertise is critical to Catalina’s strategic operations.

Mr. Martin Bennett, a Director since February 2024, is a highly skilled exploration and resource development geologist. With experience across Australia, Africa, and Southeast Asia, Mr. Bennett’s knowledge will play a key role in advancing Catalina’s exploration projects.

As of September 27th, 2024, $CTN shares (ASX: CTN) are trading at A$0.004.