Black Cat’s latest drilling has further validated its belief that the Gabbro Veins are a potential new gold mining front within its Paulsens operation in WA’s Pilbara region.

Ongoing extensional drilling targeting the Gabbro Veins in the mid-levels of the mine returned results such as 0.37m grading 16.5 grams per tonne (g/t) gold from 157.61m and 2.1m at 2.31g/t gold from 187.07m (PGRD23074), and 0.58m at 20.83g/t gold from 156.07m and 1.77m at 5.89g/t gold from 161.32m (PGRD23075).

These and other results continue to extend mineralisation along strike and vertically, which neatly illustrates the geological and grade continuity of the vein system.

Since acquiring the operation last year, Black Cat Syndicate (ASX:BC8) has believed that the Gabbro Veins contain valuable mineralisation in an area of Paulsens that was largely overlooked by the previous operator and could provide initial ore for a mining restart.

“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,” managing director Gareth Solly said.

“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.”

Paulsens gold operations

Paulsens is a high-grade gold mine which had historical gold production of over 900,000oz during its 13-year life. A large portion of this production was under the ownership of Northern Star Resources (ASX:NST) for which it was a foundation asset.

Paulsens currently has underground resources of 258,000oz at 10.8g/t gold though this is likely to see a substantial uptick when resources are updated next month.

A resource update will also help bolster the chances of a positive restart decision, which Black Cat expects to consider in mid-2023.

Ahead of this decision, the company has already dewatered the 7km decline that provides ready access to drilling of the Gabbro Veins and other potential mining areas.

Paulsens also benefits from having an existing, well-maintained mill and other infrastructure.




This article was developed in collaboration with Black Cat Syndicate, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.