Drilling continues to demonstrate the upside potential of the Gabbro Veins within Black Cat’s Paulsens Gold Operation that have already contributed to a significant resource upgrade.

Ongoing infill and extensional diamond drilling returned high-grade assays from lower parts of the mine including 2.77m grading 7.2 grams per tonne (g/t) gold from 6m and 2.35m at 7.63g/t gold from 49.65m (PGRD23030) as well as 1.6m at 50.73g/t gold from 64.39m and 0.8m at 100g/t gold from 65.2m (PGRD23032) outside the current resource.

Adding further interest for Black Cat Syndicate (ASX:BC8), the extensional drilling continues to intersect multiple mineralised lodes, which bodes well for its objective of extending the Gabbro Veins.

Underground drilling is continuing to extend the Gabbro Veins, infill lodes currently not in the resource and testing for new lodes.

“These latest results demonstrate the upside in the Gabbro Veins at Paulsens following the recent Resource upgrade,” managing director Gareth Solly said.

“When we acquired Paulsens in mid-2022 there was virtually no Resource for the Gabbro Veins so we are pleased with the rate of growth to 133koz at an exceptional grade of 9.2g/t gold.

“The Main Zone has similarly grown to a Resource of 154koz at 10.7g/t gold. These two areas are likely to provide the bulk of the initial mineable resources in the Restart Study which is to date progressing as expected.”

Restart Study getting closer

Black Cat has been working through engineering and mining studies based on the recent Paulsens Resource to support a potential decision to restart mining in mid-2023.

The Restart Study is predominantly focused on the Resource in the Main Zone and the
Gabbro Veins and will assess the application of the most appropriate selective mining methods to extract the high-grade resource.

This work is being overseen by General Manager Paulsens Mark Davies who, along with the majority of the Board and senior management at Black Cat, has plenty of experience in successfully operating narrow vein underground gold mines.

Paulsens has historically produced more than 900,000oz of gold will all the required infrastructure – including a well maintained 450,000tpa mill – being kept on care and maintenance since 2018.

The decline has already been returned into operation to provide platforms for underground drilling which has been ongoing for more than six months.

More exploration planned

Black Cat is currently advancing planning for near mine exploration drilling for other targets at its Paulsens Gold Operations ahead of commencement in the second half of 2023.

Potential targets include the high-priority Paulsens Repeat target which is a Gabbro host unit below the similar Paulsens Mine Gabbro Veins, the potential Paulsens Offset “on the other side” of the post-mineralisation fault and the Belvedere deposit that has an existing resource of 30,000oz at 3.9g/t gold and could be the beginning of another Paulsens.

Any major discovery from these large targets has the potential to be a game changer for Paulsens and future development plans.




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.