Black Cat Syndicate on the prowl for ‘another Paulsens’
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The Paulsens Gold Operation, acquired from Northern Star Resources (ASX:NST) back in June, has produced 907koz at 7.3 g/t gold and hosts an underground resource of 89koz at 5.9 g/t gold for a total endowment of >1 million ounces.
A program of ~7,000m of underground diamond drilling is set to kick off in late October to test several opportunities including a structural target interpreted as ‘Paulsens Repeat’, down-plunge extensions of the near surface ‘Apollo lodes’ and the continuity and extent of ‘Gabbro Veins’.
During a 3D seismic survey in 2018, a second gabbro unit – the analogous ‘Paulsens Repeat’ target – was identified around 200m below the Paulsen Mine Gabbro workings,
While Paulsens itself has a strike length of at least 2,200m, the ‘Paulsens Repeat’ target extends for about 1,250m and has not been drilled previously.
Given the structural similarities between this target zone and the Paulsens deposit, Black Cat (ASX:BC8) believe the prospectivity of the target is high and is a priority for the upcoming drill program.
For the first time since 2017, BC8 managing director Gareth Solly says the team is looking forward to getting the drilling program underway.
“This is a high-grade gold system that proved a profitable foundation asset for previous operators,” he says.
“We will be progressively working through the numerous high value targets already identified adjacent to the existing workings as we unlock the potential for new lodes.
“Our plan is to quickly grow the underlying resources in the area and breathe life back into this sensational deposit.”
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.