Black Cat Syndicate (ASX:BC8) has scheduled a surface reverse circulation (RC) drilling program to begin this month within its Paulsens Gold Operation in Western Australia.
The $63.15 million market capitalisation company plans to drill along the 2.5km long undrilled Belvedere trend, which is home to numerous historic workings and gold-silver-copper (Au-Ag-Cu) rock chips of up to 47.3g/t Au, 158g/t Ag, and 1.3% Cu.
The drilling will focus on shallow targets in the main and eastern zones of Paulsens and along the Eagles Lair Trend at the Pantera prospect.
Further, Black Cat plans to release a resource update for Paulsens before the end of October, ahead of a revised restart study in November 2023. The study is expected to deliver increased production, improved recoveries, a lower upfront capital cost and ‘stronger’ cashflow.
This news comes after the company received ‘high-grade’ extensional results from drilling in the upper, middle, and lower main zone outside the current Paulsens resource.
Results include hole PGGC23043 with 5.41m @ 9.25g/t Au from 139.59m; hole PGRD23235 with 1.15m @ 18.33g/t Au from 69m; and hole PGRD23165 with 1.31m @ 89.82g/t Au from 92.06m.
Commenting on the drill results, Black Cat Syndicate Managing Director Gareth Solly says: “Our ongoing drilling success continues to show significant upside in readily accessible areas that have the potential to contribute strong early cashflow.
These and other recent results will be included in the November 2023 Restart Study, which is expected to deliver increased production, improved recoveries, a lower upfront capital cost and stronger cashflow.
With surface RC drilling to commence in mid-October 2023, we are excited by the potential to extend the upper parts of the Paulsens system as well as regional targets that include the 2.5km-long undrilled Belvedere trend.”
“we are excited by the potential to extend the upper parts of the Paulsens system as well as regional targets that include the 2.5km-long undrilled Belvedere trend”
The company’s wholly owned Paulsens Gold Operation lies in the Ashburton Basin in the Eastern Pilbara region of Western Australia.
Black Cat Syndicate is an ASX-listed gold-focused explorer advancing to become a multi-operation Western Australian gold producer. The company has about 3,085km-square of ‘highly prospective’ tenements.
As of 30 June 2023, the company had $4.7 million cash at hand, according to its latest quarterly report.
On 6 September, Black Cat announced it had completed a placement, raising $8.7 million, which includes planned participation from company directors of $680,000 to be sought at a general meeting this month. On 26 September, Black Cat reported a $60 million funding package sourced for exploration activities across its assets.
Write to Aaliyah Rogan at Mining.com.au
Images: Black Cat Syndicate
