Black Cat continues to sink its teeth into sweet mineralised veins with nuggety gold including a bonanza grade intercept within the Main Zone of its Paulsens operation in the Pilbara.

While the ongoing infill and extensional drilling has already seen multiple high-grade gold hits, the latest intercept of 0.26m grading 197 grams per tonne (g/t) gold from 50.24m within a broader 1.7m zone at 33.03g/t gold from 49m in hole PGRD23101 takes the cake.

Equally importantly for Black Cat Syndicate (ASX:BC8), most holes in the program have intersected multiple mineralised veins with high-grade nuggety gold – and indication that the structure is “live” and likely to deliver a significant upgrade to current underground resources of 258,000oz at 10.8g/t gold.

Drilling is ongoing while the next resource update is expected later this month.

“More robust results continue to highlight the near-term mining potential located in and around the existing Paulsens underground workings,” managing director Gareth Solly said.

“The Main Zone was the source of the majority of the +900koz produced to date and we are uncovering extensions to the Main Zone and more high-grade gold with every hole we drill.

“These promising new results will be included in the May 2023 Resource upgrade, which will form the basis for making a decision to restart the operation in the middle of 2023.”

Black Cat ASX BC8
Visible gold in the bonanza vein section. Pic: Supplied

Bringing Paulsens back to life

An old parable states that cats have nine lives and the company is certainly keen to breathe new life back into the high-grade Paulsens mine, which had historically produced over 900,000oz of gold over its first 13 years of operations.

Once a foundation asset of Northern Star Resources (ASX:NST), the mine was acquired along with the Western Tanami project on Western Australia’s border as part of a combined $44.5m deal last year.

With a resource upgrade in February sending total resources at Paulsens up 73%, an increase to 401,000oz at 3.3g/t and higher confidence Measured and Indicated resources also increasing 65% to 163,000oz at 8.0g/t, the purchase seems to be well worth its price.

This is especially so since the project has an existing and well-maintained 450,000tpa mill and camp infrastructure which will make a restart of operations much more straightforward as drilling continues to uncover more gold mineralisation missed by previous owners.




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.