Black Cat Syndicate (ASX:BC8) in May expects to release a resource update for its wholly owned Paulsens Gold Operation in Western Australia.
The company has continued to deliver ‘high-grade’ gold results from ongoing extensional drilling targeting the Gabbro Veins ahead of the updated Mineral Resource Estimate (MRE) at the project.
The company says ongoing drilling, targeting the Gabbro Veins in the mid-levels of the mine, continues to demonstrate the resource growth potential for the Gabbro Veins, which currently host a resource of 86,000oz Au @ 11.90g/t Au.
Black Cat reports these results extend mineralisation up plunge and vertically, with some of the ‘significant’ results occurring outside of the current resource.
Key results include hole PGRD23077 with 1.77m @ 5.26g/t Au from 89.09m and 0.42m @ 40.35g/t Au from 141.23m and 0.23m @ 9.91g/t Au from 152.24m; and hole PGRD23075 with 0.58m @ 20.83g/t Au from 156.07m and 1.77m @ 5.89g/t Au from 161.32m.
The company notes these results complement previously reported nearby results, which returned gold grades up to 64.87g/t Au, and also illustrate the geological and grade continuity of the vein system.
Paulsens underground represents one of Australia’s highest-grade gold deposits with a current JORC 2012 mineral resource of 258,000oz @ 10.8g/t Au.
Commenting on the results, Black Cat Syndicate Managing Director Gareth Solly says: “The ongoing results coming out of the Gabbro Veins drilling is strong validation of our thesis that they represent both a significant gold Resource and a potential new mining area for the Paulsens Gold Operation.
“The ongoing results coming out of the Gabbro Veins drilling is strong validation of our thesis that they represent both a significant gold Resource and a potential new mining area for the Paulsens Gold Operation.”
The most recent results are all extensional to the current Paulsens Resource and will be included in the update to be completed in May 2023. Engineering activities are also in full swing as we ready the site for a potential restart decision in the middle of the year.”
The company also notes these results lead to the belief that the Gabbro Vein system represents a potential new mining area for Paulsens. Additionally, these results deliver high confidence that the current estimate will be increased in the next resource.
With drilling still ongoing, Black Cat Syndicate announces an updated resource will be released in May 2023 and will incorporate all recent results. Meanwhile, it is reported engineering and mining studies are advancing to support a potential restart decision in mid-2023.
Black Cat Syndicate is an ASX-listed gold production company focused on its 3 wholly owned operations based in Western Australia. The company’s Paulsens Gold Operations is located about 180km west of the township of Paraburdoo in Western Australia and consists of an underground mine, a 450,000tpa processing facility, a +110 person camp, as well as numerous potential open pits and other related infrastructure.
The project is also host to the Gabbro Veins, which are situated in the footwall of the Paulsens Mine and extend up to 500m, away from the existing infrastructure. Drilling completed to date has defined a plunge length for the Gabbro Veins of at least 1.5km and a vertical extent of up to 100m.
Images: Black Cat Syndicate Ltd
