Catalyst Metals has nearly doubled the Trident underground gold resource to 1.1 million ounces at a robust 5.4g/t grade, underpinning a 10-year mine plan targeting 60,000 ounces annually from 2027.
- Trident resource grows from 524koz to 1.1Moz at 5.4g/t Au
- Indicated resource increases 20% to 633koz at 6.3g/t Au
- Open pit completed, underground development underway
- ±10-year mine life at ~60koz per annum production rate
- Supports Catalyst’s plan to double Plutonic gold output
Trident Resource Nearly Doubles Since Catalyst Acquisition
Catalyst Metals Limited (ASX:CYL) has announced a significant upgrade to its Trident underground gold deposit on the Plutonic Gold Belt in Western Australia, with the Mineral Resource Estimate (MRE) now standing at 1.1 million ounces at an average grade of 5.4 grams per tonne (g/t) gold. This marks a doubling from the 524,000 ounces at 3.6g/t Au reported when Catalyst took over the asset.
The more tightly drilled Indicated Resources have risen by 20% to 633,000 ounces at an even stronger 6.3g/t Au, reflecting increased confidence in the deposit’s continuity and grade. Inferred Resources total 448,000 ounces at 4.6g/t Au. The combined resource supports a ±10-year mine life at a steady production rate of approximately 60,000 ounces per annum.
Development Progress and Production Outlook
The Trident deposit lies 30 kilometres northeast of the underutilised 2 million tonnes per annum Plutonic processing plant. Catalyst recently completed mining a small open pit, which served to establish an underground portal and box-cut for the decline development now underway. Grade control drilling targeting the first 12 to 18 months of production is complete, providing operational flexibility and de-risking the ramp-up phase.
First underground stoping ore is expected in the first half of calendar year 2027, marking a critical step in Catalyst’s plan to boost annual gold production from the Plutonic Gold Belt from around 100,000 ounces to 200,000 ounces. Trident will be the fourth underground mine feeding the plant, joining Plutonic East, the Trident open pit, and K2 as higher-grade base load ore sources.
Robust Resource Estimation Backed by Extensive Drilling
The updated MRE incorporates 111,001 metres of drilling from 230 diamond and 110 reverse circulation (RC) holes, including 72 RC grade control holes averaging 155 metres depth. The resource extends to approximately 550 metres vertical depth beneath the surface, with mineralisation hosted in structurally controlled ultramafic schists exhibiting multiple stacked zones.
Advanced geostatistical techniques, notably Categorical Indicator Kriging, were applied to manage the deposit’s complex high-grade variability. The resource is reported at a 2.0g/t Au cut-off grade, derived from current mining and processing costs, metallurgical recovery of 83.5%, and a gold price assumption of AUD 3,500 per ounce.
Strategic Importance Within Catalyst’s Growth Plans
Trident remains the second-largest deposit on the Plutonic Gold Belt and is expected to provide a higher-grade ore source to complement other underground mines. Catalyst’s Managing Director James Champion de Crespigny highlighted the exploration team’s success across the belt, which has also seen growth at Plutonic Main, Cinnamon, K2, and Old Highway deposits.
While the nearby Cinnamon deposit is not currently included in the 10-year production plan, recent exploration success suggests it may become a sixth ore source, further supporting Catalyst’s ambition to maximise the underutilised processing plant capacity.
The company has yet to decide on refurbishing a second 1Mtpa processing train at Plutonic, which has been on care and maintenance since 2008. Current plans aim to achieve the production growth using the existing 2Mtpa plant.
What Lies Ahead for Catalyst and Trident
With the resource upgrade and underground mine development progressing, Catalyst is positioning Trident as a cornerstone asset for its doubling of gold output. However, the timing of underground commissioning and the potential refurbishment of additional processing capacity remain key operational milestones to watch.
Further drilling will focus on converting Inferred Resources to Indicated and ultimately Reserves, which historically convert at a rate of 75% at the Plutonic Belt. The company’s ability to maintain drilling momentum and manage development risks will be critical to sustaining this growth trajectory.
Bottom Line?
Catalyst’s Trident upgrade cements a decade-long production runway, but underground development and processing expansion decisions will shape the next chapter.
Questions in the middle?
- How quickly can Catalyst convert Inferred Resources to Reserves at Trident?
- Will Catalyst refurbish the dormant second processing train to support production growth?
- Can underground mining commence on schedule to meet the 2027 production target?