General News
19 October, 2025
GREEN LIGHT: Gold exploration tunnel gets tick
CATALYST Metals has been given the green light to construct a gold exploration tunnel at Mitiamo.
CATALYST Metals has been given the green light to construct a gold exploration tunnel at Mitiamo.
The approval comes three years after Catalyst and Four Eagles Boyd’s Dam project joint venture partner Hancock Prospecting unveiled tunnel plans.
Tuesday’s announcement was met with strong investor support, Catalyst’s share price jumping almost 12 per cent to $8.55 in early trade.
The rising price of gold on the international market - an ounce is now worth more than $A6000 - is also fuelling investor sentiment in mining companies.
The tunnel, three years ago tipped to cost more than $20 million, still needs a series of secondary approvals.
But the work permit approval is a significant step and comes 25 years after Tom Burrows first started prospecting the district after major players including Western Mining abandoned the area and named the site Four Eagles.
“I picked up the prospecting licence. I always wanted to work and add to a proud agricultural community,” Mr Burrows said.
“I always believed there is another meaningful goldfield north of Bendigo. just hiding under the cover of the Murray Basin sediments,” he said.
“The Four Eagles vision to add to a long established and proud agricultural community is just as strong as ever. with a small footprint of about 40 acres, with minimal impact. Our host landowners have been very good hosts and a cordial relationship is much valued.”
Mr Burrows’ Providence Gold and Minerals hit high grade samples during drilling in 2010.
As the project grew in size, Catalyst Metals and then Hancock Resources took the lead.
Catalyst says it will work closely with Resources Victoria, and other government agencies on water management and other secondary approvals for the tunnel.
With the help of Resources Victoria, Catalyst says it will work on securing other licenses required before it can commence the development of the exploration tunnel. A detailed timeline will be provided as progress unfolds
Managing director and chief executive officer James Champion de Crespigny said: “This initial approval is a notable milestone towards the future construction of the exploration tunnel.
“The processing solution is now in place for the project.
“As we are undertaking further drilling to grow the highgrade gold resource, our focus will also be on obtaining the secondary approvals required before we commence the construction of the exploration tunnel.“
Catalyst said it would also pursue aircore and diamond drilling programs at Four Eagles aiming at growing the high-grade gold resource.
The company’s drilling program has identified encouraging gold samples in what’s dubbed the Iris Zone. Industry experts say the underground drilling will allow for confirmation of continuous gold deposits, joining the dots of the 14 drill hole samples.
The tunnel would also allow drilling with less impact on farm land and breaks during wet weather and crop cycles.
Catalyst said: “The purpose of this tunnel is to better understand the mineralisation at Four Eagles. It will allow Catalyst to get underneath the overlying Murray Basin sediments. In so doing, Catalyst can be closer to, and therefore better understand, the mineralisation of this large gold system.”
“Catalyst secured a processing solution for the Four Eagles gold project in March 2025 when entering into a 17-year option for the Maldon Processing Facility.
“The Maldon Processing Facility is a fully permitted, operational 200,000 tonne per annum processing plant situated 100km south of Catalyst Four Eagles project.
“Over the last few years Catalyst has been gradually putting together the key elements needed to demonstrate a realistic and commercially viable gold project at Four Eagles.
“While the project’s location once raised questions about its long-term potential, those concerns have now been largely addressed.”
Minerals Council of Australa’s Victoria executive director James Soharan said approval of the works plan for the exploration tunnel at Catalyst Metal’s Boyd’s Dam gold prospect sent a positive signal that Victoria is open to minerals investment.
“Progress on exploration approvals provides a much needed boost in confidence for exploration investment and adds to the momentum of gold development in Victoria which has enjoyed record exploration spending in recent yearsRegional Victoria needs a more diverse economy and growth industries,” he said.
Read More: Mitiamo