Robust maiden Mineral Resource estimate at Bulong Project
Black Cat Syndicate Limited (“Black Cat” or “the Company”) is pleased to announce a maiden JORC 2012 Mineral Resource Estimate (“Resource”) at the Bulong Gold Project (“Bulong”) totalling 1.4 million tonnes at 2.5 g/t Au for 109koz of contained gold.
Maiden Resource delivered in 10 months since drilling commenced in March 2018 at a discovery cost of A$23 oz plus acquisition cost of A$9 oz.
Resource independently prepared and assessed by Mining Plus for economic potential based on optimised A$1,800 pit shells with benchmarked input costs.
Resources are located over 2.4kms on the Myhree–Boundary, Trump and Queen Margaret Corridors which have a combined mineralised length of 17kms. This represents only 14% of the interpreted extent of the three corridors which remain significantly underexplored.
Myhree has rapidly progressed from a new discovery to a high-grade Resource of 486kt at 3.2 g/t Au for 50koz in just seven months. Infill and extensional drilling at Myhree to increase the potential size of this high-grade shallow Resource is a priority.
This process indicates that 96koz of the Resource is potentially open pit mineable with the remainder representing underground mining Resources.
All Resources are open along strike and at depth and are expected to grow rapidly over 2019. The next planned Resource updates will be in the September 2019 and March 2020 quarters as ongoing drilling is conducted to build on the current Resource.
Resources are located on mining leases only 25kms from Kalgoorlie with substantial infrastructure including sealed roads and power and the benefit of several mills and operating processing facilities.
Initial metallurgical test work indicates that the Resources are free milling with average recoveries of ~95%.
The Exploration Target as outlined by the Independent Geologist in the Company’s IPO prospectus is within sight, with drilling ongoing along the three mineralised corridors.
First news flow from the 2019 drilling program is expected in early March 2019.
Black Cat’s Managing Director, Gareth Solly said: “We are pleased to report a maiden Resource at Bulong from only 10 months of activity. This time last year we had just completed our IPO, had one full time employee and had not started drilling. The maiden Resource has come about quickly and demonstrates what can be achieved when you have a great project in a great location. Importantly, the maiden Resource sits on only 14% of the length of the three main corridors that remain open along strike and at depth. This is only the first step in the rediscovery of the Bulong goldfield as we continue to drill these highly prospective corridors. With the 2019 drilling campaign now in progress, we expect strong news flow to continue throughout 2019 including an upgrade of the Resource in the September 2019 quarter”.
The information contained has been prepared by third parties. No warranty of accuracy or reliability is given in relation to any advice or information contained in this document and no responsibility for any loss or damage whatsoever arising in any way for any representation, act or omission, whether express or implied (including responsibility to any persons by reason of negligence), is given by DJ Carmichael Pty Limited or any officer, agent or employee of DJ Carmichael Pty Limited.