Black Cat has upgraded high-grade underground resources at its Paulsens Gold Operation in Western Australia by 25% to 322,000oz of gold at an average grade of 10.1g/t gold ahead of the completion of a Restart Study looking at bringing the project back online.

The resource upgrade is also accompanied by an increase in resource confidence with 58% of the resource now in the Measured and Indicated categories.

A significant part of this growth is due to the company’s ongoing success drilling the Gabbro Veins, which now make up more than a third (133,000oz at 9.2g/t gold) of the underground resource.

Further highlighting the successful exploration that Black Cat Syndicate (ASX:BC8) has completed at Paulsens, the underground resource is more than 360% higher than when it first acquired the project in June 2022.

There are also plenty of opportunities for further growth from the Apollo Extension, Main Zone offset positions, the Gabbro Veins and potential new discoveries such as the Paulsens Repeat target.

“The continued Resource growth at Paulsens demonstrates the significant value still in the ground at this operation and we see more upside to come,” managing director Gareth Solly said.

“Paulsens produced over 900koz at a mined grade of 7.3g/t Au in the first 13 years of operations. During its operating life the Resource has averaged around 270koz which is the critical mass we have now firmly established in six months of drilling.

“The significant Resource growth we have achieved, coupled with the extensive existing surface and underground infrastructure, has delivered on the exciting opportunity we identified at Paulsens.”

Mine restart decision imminent

Black Cat’s Mine Restart Study is well advanced with a detailed assessment of multiple prospective mining areas currently underway as a result of successful drilling and Resource growth activities.

This is aimed at making a restart decision in the middle of this year.

A restart of mining at Paulsens is expected to have a low capital cost and short ramp-up time to first gold due in no small part to the well-maintained 450,000tpa mill and other infrastructure at site which has been on care and maintenance since 2018.




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.