Black Cat Syndicate Limited (ASX:BC8) has provided an exceptional updated JORC 2012 Mineral Resource at Paulsens Underground, part of the 100% owned Paulsens Gold Operation in Western Australia.
Highlights
• Total gold Resources at the Paulsens Gold Operation increased 73% to 401koz @3.3g/t Au. Total Measured and Indicated Resources increased 65% to 163koz @8.0g/t Au.
• A successful first two months of drilling targeting the unmined Gabbro Veins has underpinned a 190% increase in the Paulsens Underground Resource to 258koz @10.8g/t Au.
– Gabbro Veins have grown ~500% to 86koz @11.9g/t Au and represent a potential new, high-grade, start-up mining area.
– New Resource added at a cost of A$27/oz.
• The Resource is based on drilling to 31 December 2022 and Black Cat’s new geology model.
• Significant opportunities to grow the Underground Resource exist within close proximity of the existing decline.
This includes Apollo Extension, the Paulsens Repeat, offset positions, the Gabbro Veins and new discoveries.
• Results from the Gabbro Veins not yet included in the Resource include:
– 3.42m @16.21g/t Au from 69.70m (22PGRD001)
– 0.55m @67.20g/t from 47.63m (22PGRD002)
– 0.59m @30.80g/t Au from 5.14m; and
1.88m @21.77g/t Au from 95.87m (22PGRD003)
– 0.88m @37.28g/t Au from 52.00m (22PGRD021)
• Black Cat now owns 100% of two of the highest-grade gold deposits in Australia:
– Coyote Central: 356koz @14.6g/t Au (51% Indicated); and
– Paulsens: 258koz @10.8g/t Au (56% Measured and Indicated).
• A second underground rig will commence drilling in February 2023 in order to further accelerate Resource growth and to target near mine discoveries.
“To triple the underground Resource after only two months of drilling is a sensational start to our growth and mining ambitions at Paulsens,” Managing Director, Gareth Solly, said.
“We see huge upside in the near mine area as well as potential repeat targets and the greater region. Paulsens produced over 900koz @ 7.3g/t Au in the first 13 years that it was mined, averaging around 1,000oz per vertical metre. The high-grade and prolific nature of the mineralization both within the main lodes and in the Gabbro Veins provides strong potential for restarting operations in the near term.
“With a second rig commencing this month, our drilling activities will increase and expedite additional discovery and Resource growth to enable a decision to restart production at Paulsens, which is targeted for mid-2023.”
For further information please visit: https://bc8.com.au/
