Catalyst Metals Limited advised that it has taken an important step in its strategy to find the extension of the historic Bendigo Goldfield by starting the approvals process for a proposed exploration tunnel at the Four Eagles Gold Project in Victoria. Catalyst, as operators of the Four Eagles Joint Venture, has lodged the Work Plan application with Earth Resources Regulation (ERR). The Work Plan proposes a 3.6km-long exploration tunnel running 140m below the surface.

The location of the proposed exploration tunnel is between Hayanmi and Boyd's Dam Prospects. Once the exploration tunnel is established, Catalyst would be in a position to undertake an extensive drilling program from the tunnel. The aim of this program would be to observe important geological information that could not otherwise be seen from the surface.

The exploration tunnel enables drilling to be conducted all year-round. It also allows Catalyst to explore for deeper extensions to the already known gold-bearing structures. Reviews of Catalyst's technical and environmental studies by Earth Resources Regulation and other Victorian Government regulators are underway.

Catalyst has submitted the formal application to Earth Resources Regulation and is targeting feedback during the first half of 2023. The exploration tunnel will enable low surface impact drilling of targets which have historically been difficult to access due to the overlying Murray Basin Sediments and limitations caused by seasonal cropping and weather. Close spaced drilling will also progress the project through to feasibility studies.

An extensive stakeholder engagement program over the past nine months involved more than 50 briefing sessions, site meetings, kitchen table conversations and presentations with landowners, neighbours, community members, the Victorian Government and other key stakeholders. Engagement will continue throughout the approvals process. In preparing the one thousand page Work Plan, Catalyst's team has been assisted by various specialists, including ­ AECOM, PSM, Biosis, Grounded Resource Advisory and White & Case.

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. The Four Eagles 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 13 Exploration Licences and two Retention Licences which extend for 75 kms along both the Whitelaw and Tandarra Faults north of Bendigo and in other areas north of the Fosterville and Inglewood gold fields.