14 November 2008
CATALPA's DRILLING results continue to glitter
? Assay results received for WDD146; and WDD147, the third and fourth drill holes from Catalpa's programme aimed at testing high grade underground targets at Edna May Gold Project
? Further substantial intercepts of the Edna May Gneiss underground targets
? Assay results for subsequent holes expected in current quarter
Catalpa Resources (ASX:CAH), Perth-based emerging gold producer, today reported further encouraging assay results from the third and fourth holes in the current drill programme, aimed at testing high grade arcuate reef structures at its wholly-owned Edna May Gold Project in Western Australia.
Bruce McFadzean, Catalpa Resources Managing Director confirmed that results from drill holes WDD146 and WDD147 include further significant intercepts of quartz-sulphides and quartz 'stockworks' within the Edna May Gneiss, including:
WDD146 intercepts comprise quartz-sulphides (pyrite, pyrrhotite ? chalcopyrite) with visible gold in the 412.08m to 412.45m interval. The WDD147 intersection of 2.1m @ 14.2g/t Au consists of quartz-sulphides (pyrite, pyrrhotite ? chalcopyrite) also with visible gold. The other intercepts are comprised of quartz-feldspar-pyrrhotite.
"These latest assay results reinforce a growing body of geological evidence that supports our understanding of the underground targets, and our continued belief that Edna May is prospective for underground mining.
"The full data set will be subject to further analysis at completion of the current drill programme. In the interim, we continue to make sound progress with six holes completed to date," Mr McFadzean said.
Mr McFadzean confirmed that further assay results are expected in the current quarter.
The exploration data has been compiled according to the JORC Code for the reporting of Mineral Resources and Ore Reserves by Nick Winnall (Exploration Manager), a full-time employee of Catalpa Resources Limited. Mr. Winnall is a Member of the Australasian Institute of Mining and Metallurgy (AUSIMM) and has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the December 2004 edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves" (JORC Code). Mr. Winnall consents to the inclusion in the report of the matters based upon his information in the form and context in which it appears.
ABOUT CATALPA RESOURCES
Perth-based Catalpa Resources Limited (ASX: CAH) aims to become Australia's next mid tier producer by developing its open pit assets, located on its extensive and wholly-owned mining tenements in Western Australia.
Catalpa is on the cusp of a new phase of development towards production at its Edna May (gold) Project, conveniently positioned a few kilometres from the infrastructure of Westonia, an established town with a long mining history. The project is just three hours or 300km by road from Perth; half way between Perth and Kalgoorlie and ideally situated to be serviced by both centres.
Notably, there have been three previous successful mining programs which have occurred both above and below the planned open pit at Edna May, which significantly reduces the risk of Catalpa's current project.
Catalpa has an experienced and innovative Board and management team that is committed to realising a timely production and cash flow profile from the development of the Edna May open pit resources.
This is the company's immediate strategy; and an update to the Company's 2006 Edna May Gold Project Feasibility Study is on schedule to be tabled to the Board in the December quarter 2008. In preparation for planned production at Edna May, the Company relocated its 2.8mtpa Big Bell mill to site in 2007. The mill is being maintained 'ready for construction' adjacent to the proposed plant construction site.
Catalpa is pursuing parallel growth with a renewed exploration programme underway of its 880km? of under-explored Westonia Greenstone Belt, and is reviewing other regional opportunities for acquisition and/or joint venture. In particular, Catalpa seeks to identify and develop new projects and/or acquisitions on its extensive land holding or within the region, which is prospective for gold, nickel and base metals.
Catalpa has a sound Resource base at Edna May with significant upside to grow resources and reserves and move towards production. With a buoyant outlook on the gold price, the Company's Board believes that Catalpa Resources presents a sound investment opportunity with significant upside potential.
Catalpa Resources has adopted best practice standards across all its operating activities, including its social, health and safety, environmental management and corporate governance functions.
For further enquiries contact:
Bruce McFadzean Warrick Hazeldine / Annette Ellis
Managing Director Media and Investor Relations
Catalpa Resources Limited Purple Communications
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