Black Cat Syndicate Limited (ASX:BC8) has obtained further positive underground diamond drilling results along the Gabbro Veins at the Paulsens Gold Operation in Western Australia.
Highlights
- During the December 2022 quarter, 19 diamond drill holes were completed into the Gabbro Veins. Assays have been returned for another 10 holes, meaning results have now been received for the first 14 holes.
- Drilling into the Gabbro Veins continues to be highly encouraging with all holes to date intersecting quartz-sulphide (pyrite+/-chalcopyrite+/-galena) veins within altered gabbro, as predicted by the new geology model. Visible gold has also been intersected in several holes.
- As initially modelled, multiple vein swarms have been intersected with new significant assays including:
- 0.92m @ 11.10g/t Au from 10.16m and
- 1.92m @ 5.19g/t Au from 69.04m (22PGRD006)
- 0.50m @ 47.20g/t Au from 20.80m and
- 0.30m @ 20.40g/t Au from 38.90m and
- 2.50m @ 6.55g/t Au from 65.00m (22PGRD011)
- 1.03m @ 12.50g/t Au from 39.97m and
- 1.00m @ 13.60g/t Au from 46.57m (22PGRD012)
- The footwall Gabbro Veins are unmined and located adjacent to, and up to 200m from, the existing decline which was installed to access the Main Lode. The Gabbro Veins occur in the footwall over a 1km strike length and can form as swarms over areas up to 4m wide. They represent a potential new, high-priority, start-up mining area.
- The remaining assays for the other 5 holes already completed are expected during January 2023 and similarly contain multiple veins with visible gold logged in 22PGRD001 at ~70m depth. Three holes have also been completed on the Paulsens Repeat target with samples in the laboratory and additional drilling planned.
- Drilling is continuing, targeting extensions to the Gabbro Veins and the Main Lode and will be ongoing throughout January 2023.
- An upgrade to the high-grade underground Resource is expected in late January/early February 2023.
Our new geological model at Paulsens is already proving to be highly successful as demonstrated by the results from the footwall Gabbro Veins,” Managing Director, Gareth Solly, said.
“We are proving that significant gold mineralisation sits immediately adjacent to the decline, potentially requiring little development to bring back online, and representing a sizable opportunity for Black Cat.
“Our drilling of the Gabbro Veins, the Main Lode and at Apollo will be ongoing during the March 2023 quarter as we build momentum towards potential restart.
“An initial Resource upgrade at Paulsens will be announced within the next month with further updates throughout 2023.”
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