Black Cat Syndicate Limited (ASX:BC8) has released a strong update on underground diamond drilling at the wholly-owned Paulsens Gold Operation in Western Australia.
Paulsens underground is one of Australia’s highest grade gold deposits with a current JORC 2012 Mineral Resource of 259koz @10.7g/t Au (56% Measured & Indicated).
Highlights
• Ongoing extensional and discovery drilling targeting the Main Quartz Zone in the upper part of the underground mine continues to demonstrate additional Resource growth potential. Numerous mineralized veins have been identified over ~400m of plunge from drilling in the Main Zone. Significant assays include:
• 0.65m @54.30g/t Au from 49.65m; and 1.00m @29.50g/t Au from 107.00m (PGRD23027)
• 1.00m @6.01g/t Au from 77.00m (PGRD23025 – Outside Current Resource)
• 4.14m @2.89g/t Au from 7.86m (PGRD23057A)
• 0.56m @10.40g/t Au from 74.86m (PGRD23026 – Outside Current Resource)
• 0.26m @ 3.00g/t Au from 0.00m (PGRD23056)
• In addition to the above, visible gold has been observed in two additional drillholes in the Main Zone, with assays pending.
• The upper areas of the Main Zone at Paulsens are near surface and located close to existing underground workings, therefore representing an early mining opportunity.
• Strong Resource growth is being achieved at Paulsens with the underground Resource already increasing by 190% in February 2023 after only two months of drilling.
• Drilling is ongoing with two underground rigs operating in preparation for the next Resource update in May 2023.
“Paulsens is a high-grade gold mine that historically averaged a Resource of about 250,000oz during its 13 year production life, in which it produced over 900,000oz. This is typical for this style of underground deposit,” Managing Director, Gareth Solly, said.
“The Main Zone was the dominant source of that gold and these results show there is still plenty of opportunity in the upper parts of the mine.
“Areas of additional Main Zone mineralization in the upper parts of the mine are expected to be part of the growing Resource. This will be in addition to the Gabbro Veins, which potentially represent an entirely new mining front for Paulsens. With strong ongoing results from two underground rigs, our next Resource update is planned for May 2023 ahead of a restart decision in mid-2023.”
For further information please visit: https://bc8.com.au/
