Gold: Black Cat goes on buying spree, Apollo hits 22m at 3.44g/t at Rebecca
A slew of acquisitions will boost Black Cat Syndicate’s (ASX:BC8) gold resources by 145 per cent to 719,000oz and give the explorer a dominant position in the sought-after Goldfields region of WA.
Yesterday, Black Cat sruged after inking a deal with Goldfields miner Silver Lake Resources (ASX:SLR) to acquire a couple of brownfields projects for ~8.5 million shares.
This will establish $1.8bn market cap Silver Lake as a substantial shareholder in the explorer.
The two projects are Fingals, ~30 km southeast of Black Cat’s flagship Bulong project, and Rowe’s Find, ~100km east of Bulong.
Fingals and Rowe’s Find — comprising a number of modern and historically mined areas — have a combined resource of 5.2 million tonnes at 2.5 grams per tonne (g/t) for 425,000oz, which would immediately boost Black Cat’s resources to 719,000oz.
Black Cat managing director Gareth Solly says Fingals and Rowe’s Find have clear synergies to the flagship Bulong project.
“The new projects contain 44 tenements of which 28 are mining leases with minimal barriers to mining,” he says.
“With this acquisition, we will increase our resources by 145 per cent to 719,000oz, add high-quality exploration targets as well as near-term mining opportunities. All this without significantly impacting Black Cat’s cash position.”
On Friday, Black Cat announced two more agreements to acquire ground from unrelated third-party vendors next to Bulong and Fingals.
Upon completion of all relevant transactions, the explorer will have a strategic and dominant ground position southeast of and within ~50km of Kalgoorlie, Solly says.
Apollo Consolidated (ASX:AOP) has hit 22m at 3.44g/t gold as part of drilling to expand a maiden 1-million-ounce resource at the flagship Rebecca gold project.
That intercept, which includes a high-grade zone of 13m grading 5.19g/t, was in a new area 120m below the ‘Maddy’ mineralised structure.
It adds to the interpretation that higher-grade zones continue below current mineral resources, Apollo says.
“The Rebecca structures clearly remain ‘live and open’ at depth and results point to the potential for additional mining activities at the project,” the company says.