Black Cat Syndicate Limited (ASX:BC8) is pleased to provide an update on underground diamond drilling activities along the Gabbro Veins at the Paulsens Gold Operation in Western Australia.
Highlights
• Since drilling commenced on 2 November 20221, 14 diamond drill holes have been completed into the Gabbro Veins with assays received for the first four holes.
• Drilling into the Gabbro Veins has been highly encouraging with all holes intersecting quartz-sulphide (pyrite+/- chalcopyrite+/-galena) veins within altered gabbro as predicted by the new geology model.
• As expected, multiple vein swarms were intersected and significant results included:
1.92m @ 9.30g/t Au from 48.00m (22PGRD010 – reported visible gold); 0.67m @ 12.50g/t Au from 29.12m and 0.44m @ 18.10g/t Au from 60.98m (22PGRD016); 1.10m @ 4.77g/t Au from 87.95m (22PGRD019)
• Results are based on fire assays and a photon assay trial will also be undertaken as per the recent successful photon assay trial at Coyote.
• Assays from the remaining 10 holes are expected in January 2023. The first two holes testing the Paulsens Repeat target 200m below the underground workings have been completed.
• A further 21 holes are planned for the initial 2023 Gabbro Veins programme.
“The first assay results from our drilling into the Gabbro Veins are highly encouraging and demonstrate the potential of these veins to host significant and readily accessible gold mineralisation adjacent to existing mine infrastructure,” Managing Director, Gareth Solly, said.
“Every hole to date has intersected multiple quartz-sulphide veins as predicted by our modelling. We will continue to test targets located close to existing infrastructure including the Gabbro Veins as well as the Apollo Extensions early in 2023.
“These results will be included in a Resource update for Paulsens in the first quarter of 2023.
Furthermore, drilling to test for a Paulsens Repeat located ~200m from the decline and representing a large-scale, faulted- off gabbro targeting ‘another Paulsens’ is progressing well.
“The two holes completed to date out of the three hole programme align with our geology model. A more comprehensive update will be provided in early 2023.”
Snapshot
Large Scale Area, 100% controlled by Black Cat
• 530 sq. km of highly prospective ground is 100% owned and controlled by Black Cat.
• Current Resource of 217koz @ 4.9g/t Au.
Background
• Underground mining at Paulsens produced 907koz @ 7.3g/t Au at an average of 75koz pa.
• ~1Moz endowment including current Resources: Underground 89koz @ 5.9g/t Au; Mt Clement 51koz @ 1.8 g/t Au, Belvedere 30koz @ 3.9g/t Au, Electric Dingo 22koz @ 1.3g/t Au and Northern Anticline 24koz @ 1.4g/t Au.
• Previous regional exploration largely involved surface activities with numerous gold and base metal anomalies identified but with only limited follow-up.
Infrastructure in Place, Ready for a Low-Cost Restart
• On care and maintenance since 2018.
• Well maintained, 450 ktpa processing facility requiring minimal restart capital.
• +110-person camp on site, also rented out to third parties for short-medium term accommodation.
• Mine and advanced Resources on Mining Licences, minimal barriers to restart.
• Underground mine fully dewatered and ventilated; processing water readily available.
• Excellent access with sealed road and gas pipeline within seven km of site.
Significant Opportunities at All Stages – Multi-metal Potential
• While traditionally a gold region, Paulsens has mutli-metal potential with numerous base-metal (Cu, Pb and Zn) targets, antimony at Eastern Hills and thermal coal at Kazput.
• Paulsens is located in a prospective regional setting for orogenic gold mineralisation and the multi-metal potential remains under-explored. There are four main prospect areas – the 15km long Paulsens Structural Corridor (PSC), the Northern Anticline, Mt Clement/Eastern Hills and Electric Dingo.
• The PSC is a complex zone of faults with the main structure through the PSC being the Hardey Fault. All gold mined at the Paulsens underground mine comes from where the Hardey Fault (and related fault splays) cuts through the Paulsens Mine Gabbro. Finding similar faulted-off gabbros is a priority given the obvious grade and scale potential.
• Underground drilling in 2022 includes:
o Targets located close to existing infrastructure being the Gabbro Veins and Apollo (2023) with the potential of readily accessible ounces; and
o Paulsens Repeat located 200m from the decline and representing a large-scale, faulted-off gabbro targeting “another Paulsens”.
Targets close to existing infrastructure
Drilling at Paulsens commenced on 2 November 2022 targeting readily accessible, near-mine growth opportunities at the Gabbro Veins. To date 14 drillholes have been completed into the Gabbro Veins. A further 21 holes are planned for the initial 2023 Gabbro Veins programme. Drilling at the Apollo Extension will also commence in early 2023.
Drilling into the Gabbro Veins has been encouraging with all 14 holes intersecting quartz-sulphide (pyrite+/-chalcopyrite) veins within altered gabbro as predicted in the new geology model. As expected, multiple vein swarms were intersected and significant results include:
• 0.93m @ 2.92g/t Au from 19.07m and
1.92m @ 9.30g/t Au from 48.00m (visible gold logged) (22PGRD019)
• 1.09m @ 3.97g/t Au from 1.06m and
0.67m @ 12.50g/t Au from 29.12m and 0.44m @ 18.10g/t Au from 60.98m (22PGRD016)
• 0.98m @ 2.85g/t Au from 77.44m and 1.10m @ 4.77g/t Au from 87.95m (22PGRD019)
Results are based on fire assays and a photon assay trial will also be undertaken as per the recent successful photon assay trial at Coyote.
For further information please visit: https://bc8.com.au/
