Black Cat Syndicate has announced a surprising main zone extension at its Paulsens gold operation in WA.
Most recent drilling results indicate that the main zone of mineralisation at Paulsens extends at least another 175m longer than originally estimated.
Of the nine holes drilled, eight intersected broad intervals of quartz veining associated with gold.
With further drilling, this extension has the potential to materially add mine life or increased production rates to the recently completed Restart Study.
Paulsens has a history of surprises. The mine changed hands in 2009 when it was believed that the main zone had a pinched out down plunge, only for an additional 1500m of quartz veining to be discovered in 2017.
Prior Black Cat’s most recent drilling campaign, the main zone was again believed to have a pinched out down plunge.
Paulsens is one of Australia’s highest-grade gold deposits with a current resource of 328 thousand ounces of gold at 9.9 grams per tonne. Around 154 thousand ounces (koz) of this is located in the main zone.
Black Cat is planning a restart of the mine, with a production target of 42koz per year over an initial three-year life of mine.
Previous underground mining, particularly from the main zone, produced one million ounces of gold at an average of 75koz per year.
Black Cat managing director Gareth Solly said the drill program was the company’s most significant since listing in 2018.
“The results are extremely encouraging and show the strong growth potential at Paulsens,” he said.
“Extending the Main Zone down plunge by up to 175m opens up potential to extend mine life and/or production rates from the zone that has produced about one million ounces to date.
“None of this has been included in our recent Restart Study and is all upside.
“Importantly, the Main Zone remains open down plunge and has unfinished business up plunge.
“In a mine that has delivered 1,000 ounces per vertical metre, finding another 175m of plunge extension is significant to both Paulsens and more broadly for Black Cat. This is just the beginning for the main zone’s next phase.”
Black Cat acquired Coyote and Paulsens from Northern Star Resources in June 2022 in order to accelerate its ambition of becoming a mid-tier gold producer.
