Black Cat Syndicate Limited (ASX: BC8) has announced a significant update to the JORC 2012 Mineral Resource Estimate at the Myhree deposit within the company’s Bulong Gold Project in WA.
The Myhree Resource has increased by 30% to 1.4Mt @ 3.4 g/t Au for 155,000oz. Significantly, grades at Myhree have increased from 2.7 g/t Au to 3.4 g/t Au.
The increase in the Myhree Resource increases the total Resource at the Bulong Gold Project to 2.7Mt @ 2.8 g/t Au for 242,000oz.
Black Cat’s Managing Director, Gareth Solly said the 6km long Boundary-Myhree corridor remains underexplored with potential to host significant additional Resources, as indicated by the completed sub-audio magnetic (“SAM”) surveys in the area.
Mr Solly said drilling along this corridor is a priority for the first half of 2020 both to extend existing Resources and to support a larger mining scenario.
The latest Resource has been a pleasing result for Black Cat,” Mr Solly said.
“Our drilling at Myhree sought to grow the Resource in size and to upgrade the quality of the Resources.
“Myhree has always been a shallow, high-grade Resource. Over the last six month we have made significant progress in that ounces have grown, grade has improved and confidence has improved with a shift in ounces from Inferred to Indicated.
“In addition, the Myhree Feasibility Study is advancing well in a strong gold price environment. Drilling along the Myhree-Boundary Corridor, which contains numerous other targets, will continue over the coming months as we systematically work on building our Resource base.”
Myhree is located on a granted Mining Lease (M25/024) between the historically mined areas of Strathfield and Trump and ~1.5km south of the Boundary deposit.
Black Cat initially drilled Myhree in July 2018, targeting interpreted structure coincident with soil and RAB anomalies.
The Myhree Resource covers 400m of the Myhree–Boundary Corridor (which is interpreted to be at least six km long) and extends from surface to over 360m below surface, where it is still open.