Everton Project  

- Includes one of the biggest and richest historical Mo-producing mines in Australia where total historical production averaged 1.40%MoS₂
- Multiple outcropping molybdenum bearing intrusive stocks with historical workings identified over 5km strike
- 75km^₂ project area covers whole historic molybdenite mining field

Introduction: 

In February 2008 Catalyst Metals Ltd. exercised an option to earn up to a 90% interest in the Everton Molybdenum Project, located in north-eastern Victoria .  The  project   consists  of  a  75km²   area that  strategically  covers  the  entire historically defined Everton molybdenite field and includes one of the most significant producers of molybdenum in Australia. Reported historic intermittent mining between 1916 and 1944 yielded 21,000 tons of ore at an average grade 1.40% MoS₂ (0.84% Mo).

Catalyst's first goal is to complete a first pass exploration drilling program over the immediate Everton Mine area testing the potential of: 1) high grade structurally controlled shoots and 2) bulk tonnage lower grade mineralisation styles. Essentially no modern exploration has ever taken place at the Everton site and Catalyst has high expectations for a significant discovery during a time of increasing demand for molybdenum.  

Additionally, new drill targets have been generated at regional prospects such as Trig Station where initial reconnaissance has already confirmed significant areas of favorably altered, quartz veined granite containing visible molybdenum extending to surface. This extended and shallow area offers potential for much greater size discoveries than that exploited historically. 

 

Regional/Prospect Geology

The project area is located within the Wagga -Omeo structural zone of the Lachlan Fold Belt. Geological units are dominantly comprised of north - northwest trending Ordovician turbidites and black shales intruded by a series of upper Devonian felsic intrusives (Figure 2) .  Mineralisation in the Everton molybdenite field is predominantly associated with the Everton Granodiorite which has been defined as an oxidised, I-type felsic granitoid.  Molybdenite mineralization has been observed as occurring within and adjacent to quartz veins (Photo 1) , infilling fractures or as disseminations within either porphyritic phases of the granodiorite, related dykes or contact-metamorphosed metasediments. 

Salvages of molybendenite along quartz veins in altered porphyritic gronodiorite, Everton quarry site.

Since the mine ceased production at the end of World War Two no further mining has been recorded until local authorities developed the site as a ‘granite’ quarry around 1988. The development of the site as a quarry has exposed the geology around the historical mine workings and revealed a great level of information regarding the nature of molybdenite development in vein, fracture and disseminated forms.

Exploration:  

Limited modern day exploration has been completed within the project area and almost none has focused on the molybdenum potential. A single drill hole completed within the vicinity of the mine workings during the 1980’s returned a best result of 10m @ 0.20% Mo from 23-33m, indicating that high-grade mineralization remains present at shallow depths.

Aeromagnetic data suggests that the Everton Granodiorite (384 ± 6 Ma) represents a late phase of the recessively weathered Murmungee Granite located to the south-east (Figure 3). The Murmungee Granite is interpreted to represent a more mafic deep seated granitoid parent body from which fractionated granites were sourced.  

Initial fieldwork by Catalyst has confirmed that veining and associated molybdenum mineralisation occurs throughout the host Everton Granodiorite and adjacent hornfelsed country rocks up to several hundred meters away from known the historical workings. Additionally, grab samples of porphyritic granodiorite with no visible veining has returned up to 0.18% Mo (1830ppm Mo) suggesting the disseminated style mineralization may represent a potentially significant target style.

Work Plans and Conclusions:

Catalyst has submitted a formal work plan to the Victorian DPI in relation to the commencement of an initial 1000m diamond and 250m blast hole drilling program planned for the last quarter of 2009.  Hole locations were selected following a review of: 1) completed detailed prospect mapping, 2) surface geochemical sampling and 3) historic reports. 

Catalyst considers that the Everton Mo Project covers a highly prospective geological setting with excellent potential for the discovery of both high grade structurally controlled and low grade bulk tonnage molybdenum deposit styles.  Multiple stand alone drill targets including the historic Everton Molybdenite Mine have been defined within an ~5 km zone which has remained essentially untested by modern exploration.          

 

_{Prime Target — a modern waste rock quarry around the historical Everton Molybdenite Mine has revealed widespread molybdenum in granitoid host rocks.}