Black Cat Syndicate (ASX:BC8) has entered into an agreement with Kingfisher Mining (ASX:KFM) to acquire a 100% interest in 5 tenements covering 700km-square near the former’s Mt Clement and Paulsens projects.
The company says the acquisition of the Boolaloo Project, when completed, represents a significant regional consolidation over a highly prospective area. The 74% increase in tenure expands the overall Paulsens Project to some 1,650km-square.
Black Cat Managing Director Gareth Solly says the deal offers significant synergies with the Au-Ag-Sb-Cu at Mt Clement.
“Our view is that base metals have been largely overlooked in this region and this acquisition, when completed, adds significantly to our base metal portfolio. The presence of outcropping high-grade copper within 10km of the Mt Clement Resource provides multiple opportunities.”
Additionally, Solly says new undrilled gold in soil anomalies within 15km of the Paulsens processing plant represent another attractive opportunity.
“Combined with our updated restart study for Paulsens, we are well-positioned to become the dominant player in the district and look forward to having the only operating gold processing facility within 400km once Paulsens is operational.”
Kingfisher Executive Director and CEO James Farrell says the sale of its Boolaloo Project, located 35km from the Paulsens Gold Operation, allows Kingfisher to remain focused on its Mick Well REE and Chalby Chalby Lithium projects.
“The transaction provides Kingfisher with an investment in a near-term gold producer as well as royalties over copper and gold produced from the Boolaloo Project“
“The transaction provides Kingfisher with an investment in a near-term gold producer as well as royalties over copper and gold produced from the Boolaloo Project.”
The acquisition tenements are located within the Ashburton Basin, which consists of highly deformed greenschist and sub-greenschist facies metasediments. The tenements cover segments of the regionally extensive Cheela and Barring Downs fault zones to the southeast, which are known fertile structures along strike.
Outcrops of malachite and azurite-bearing metasediments are present throughout much of the southern AOI, with strike lengths up to several hundred metres. Modern exploration across the tenements date back to the early 1990s, and consists of detailed prospect mapping, rock chip and stream sampling, various geophysical surveys and limited RC and diamond drilling.
Most exploration has focussed on the Southern AOI, where several outcropping high-grade copper prospects have been identified.
Between 2021 and 2023, Kingfisher Mining conducted several rounds of geophysical surveys, surface sampling and RC/diamond drilling within the Southern AOI.
A large-scale airborne EM survey identified 3 discrete bedrock conductors, and surface sampling identified the Green Hills prospect associated with one of these conductors.
Drilling in late 2021 at Green Hills returned 12m @ 0.72% Cu from surface and 11m @ 0.38% Cu from 79m at the Erny Bore EM conductor. The third EM conductor has not yet been drilled. Diamond drilling in 2021 at Copper Strike returned 10.05m @ 0.84% Cu from 23.15m in an area of extensive high-grade surface mineralisation.
Write to Adam Orlando at Mining.com.au
Images: Black Cat & Kingfisher
