Catalyst Metals Limited announced more significant results which further strengthen the case for establishing an exploration tunnel at its Four Eagles Gold Project in Victoria. In a new area, Boyd East, which sits approximately 300m east of the existing Boyd's Dam mineralisation (Figure 2, Figure 4), diamond drilling has intersected a large quartz fault. This structure is similar to that observed at Boyd's Dam and indicates the potential for a parallel target zone in close proximity to Boyd's Dam.

Drilling is currently underway to further test the structure at depth and along strike. Results from this drilling are expected in the coming months. Further drilling at Boyd North has verified mineralised structures which too, may become a key mining position.

Drilling at Hayanmi focussed on testing the existing mineralised structure at depth and encouragingly, the first diamond drill hole returned a significant gold intersection of 3.5m @ 8.9g/t Au from 232 metres and a more recent drillhole returned 0.9 metres @ 13.45g/t Au. Interpretation and planning for further drilling continues. These drilling results indicate the potential for an increasing concentration of mineralisation within close proximity to Boyd's Dam.

This pattern of multiple areas of mineralisation in close proximity to one another has the potential to change the project's economics. However, additional drilling is required to establish the continuity and tenor of mineralisation necessary to warrant proceeding with the tunnel. There is currently one diamond rig deployed at Boyd East over the winter months, with a second anticipated to mobilise in November when weather permits.

Resource development drilling at Hayanmi has been suspended due to winter rains. The Four Eagles Gold Project is situated along the Whitelaw Gold Corridor, which is considered to be a major structural control of gold mineralisation north of Bendigo. In Victoria, Catalyst manages the entire Whitelaw Gold Belt and has interests in thirteen Exploration Licences and two Retention Licences which extend for 75 kilometres along the Whitelaw and Tandarra Faults north of Bendigo and in other areas north of the Fosterville and Inglewood gold fields (Figure 1).

Diamond drilling continues at the Four Eagles Gold Project with the focus placed on targets in the vicinity of the established Boyd's Dam mineralisation and beneath the emerging Hayanmi prospect (Figure 2). The structural framework of the known mineralisation at Boyd's Dam has been demonstrated to be a west-dipping `reverse' fault, which has focussed and introduced gold-bearing fluids into receptive locations along a shallow horizon of the host anticline. This structure (the "Western Shear") is but one of an array of structures, and to date, multiple parallel faults have been identified via multiple diamond drillhole intersections bearing quartz development and in parts anomalous to significant gold grades (Figure 4).

The focus of the 2023 program at the Four Eagles Gold Project will be to complete the resource estimation for the Boyd's Dam and Hayanmi mineralisation and to test other parallel structures within the vicinity of proposed underground exploration tunnel which have shown high grade gold mineralisation that has not been followed up. These zones are shown on Figure 2. As the Hayanmi prospect is currently less intensively drilled than the Boyd's Dam prospect, diamond drilling has been focussed on shoring up the understanding of the structural framework at depth. Historically, Hayanmi has delivered some spectacular intersections in RC drilling, and it is anticipated that once the structural setting is understood, that similar mineralisation will be identified in adjacent locations and/or at greater depth.

Of note the first diamond drillhole FEDD101 contained values up to 41.6g/t Au within an intersection of 3.5 metres @ 8.9g/t Au from 232 metres.