Catalyst Metals (ASX:CYL) updated its resource estimate for the Trident underground gold deposit, part of the Plutonic project in Western Australia, now totals 795,000 ounces at 5.3 grams per tonne grade of gold, with 527,000 ounces at 6.4 g/t grade of gold as indicated resources, according to a Monday Australian bourse filing.
The resource estimate was updated based on reverse circulation and diamond drilling conducted within the year. The firm said it will now go about updating its reserves at Trident.
In July, the development of the small open pit or large box cut at the deposit began, with the first ore from the open pit expected in the coming months. Seven drill rigs are continuing the resource extension and resource infill programs there.
It identified several high-grade hits outside of the resource, which are yet to be followed up on. Drilling over the coming months will confirm whether the resource has the potential to expand further.
Its shares jumped 6% in recent trading on Monday.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.