Catalyst optimistic about profitability of former Barrick mine
Following successful stabilisation efforts at the Plutonic gold mine, in Western Australia, miner Catalyst Metals is now setting its sights on expanding through organic growth opportunities in the belt.
The ASX-listed company strategically acquired two neighbouring firms last year to consolidate its presence in the Plutonic gold belt. Over the past year, Catalyst has implemented a new management team, streamlined operations and reinvested cashflows into advancing development initiatives.
Plutonic East, an underground mine previously operated by Barrick Gold in 2012 when gold prices were A$1 500/oz, represents a low capital intensity project to develop.
During its operation, Barrick extracted grades of between 3 g/t and 7.2 g/t, yielding about 30 000 oz/y at Plutonic East. The deposit holds a National Instrument 43-101 resource of 522 000 oz at 4.1 g/t under its previous ownership, with Catalyst in the process of updating the resource estimate.
Over the last year, Catalyst has managed to lower cut-off grades at Plutonic from 2.7 g/t to 2.0 g/t. The adjustment provides the company with confidence in the project’s profitability potential.
In April, Catalyst started dewatering Plutonic East under approved conditions and licences. The initial pit lake and underground dewatering activities will continue until late in the first quarter of the 2025 financial year.
Thereafter, rehabilitation of the decline will start, while dewatering of the lower levels continues. The initial rehabilitation of the first ore horizon will require about 400 m of decline rehabilitation.
The company has started rebuilding an additional jumbo that will be used to rehabilitate this initial ore exposure. In addition, a drilling platform will be established early during the rehabilitation process, which will allow Catalyst to conduct grade control drilling concurrently with the rehabilitation works.
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