Catalyst Metals Limited (Catalyst or the Company) (ASX: CYL) is pleased to announce that during the December 2019 Quarter, it carried out reverse circulation (RC) and reconnaissance drilling at the Golden Camel Project located east of Fosterville in Victoria.

Two of three RC holes drilled on the Golden Camel Mining Licence (MIN5548) intersected sulphide zones with one interval in RCG018 containing 13 metres @ 4.0g/t Au.

Catalyst has also undertaken a compilation of extensive drilling and other technical data collected over the past 50 years at the Toolleen Gold Zone and the Golden Camel Gold Zone which had been subject to historical mining. This interpretation was done in the context of considerable knowledge gained by Catalyst on its projects in the Whitelaw Gold Belt and has highlighted excellent potential for high grade gold discoveries at these advanced projects.

GOLDEN CAMEL PROJECT FARM-IN

In July 2018, Catalyst announced that it had entered into an agreement with Golden Camel Mining Pty Ltd to earn 50.1% interest in Exploration Licences 5449 and 5490 by the expenditure of $650,000 over 5 years. The tenements cover a large area of over 25 kilometres north-south and 3 kilometres wide, totalling 85 square kilometres and are located only 20 kilometres east of the Fosterville gold mine.

Included in the tenement package are Mining Leases MIN5548 and MIN5570 covering the Golden Camel open pit mine. In 2017, Golden Camel Mining Pty Ltd processed approximately 6,100 tonnes of ore from surface to depth. Catalyst's earn-in agreement also includes the option to purchase a 50.1% interest in the Mining Leases subject to certain conditions. Similarly, at the Toolleen Gold Mine site historic mining activities have been rehabilitated but historic drill results indicate the continuation of gold mineralisation to greater depth. A number of other prospects are identified from the results of exploration in earlier and historic modest mining activities.

TOOLLEEN GOLD ZONE PROJECT EVALUATION

All previous data was compiled into a new database for interpretation and target generation. The Toolleen Gold Zone was mined underground up until 1957 with a reported 7,000 tonnes @ 10g/t Au being produced from the top 60 metres. The main period of exploration occurred between 1976 and 1990 when approximately 70 drill holes were completed by three companies (Planet Resources Group, Freeport and Savage Resources Limited). Most of the drilling was focussed on the top 70 metres. A small open pit deposit was mined by contractor Roxbury Mining in 2003, with ore being processed at the Maldon Gold Plant, owned by Alliance Resources. Perseverance Corporation and subsequently Northgate Minerals and Kirkland Lake Gold held the area under EL3484 until about 2010. Although they recommended drilling of the down plunge extensions at Toolleen, the drilling was never carried out.

Contact:

Steve Boston

Tel: +61 409 574 515

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