Black Cat Syndicate Ltd (ASX:BC8) has delivered a maiden JORC 2012 mineral resource estimate at the Bulong Gold Project in WA's Goldfields, totalling 1.4 million tonnes at 2.5 g/t gold for 109,000 ounces.
Resources are located over 2.4 kilometres on the Myhree-Boundary, Trump and Queen Margaret corridors which have a combined mineralised length of 17 kilometres.
This represents only 14% of the interpreted extent of the three corridors which remain underexplored.
The estimate was delivered in just 10 months after drilling began in March 2018 at a discovery cost of $23 per ounce plus the acquisition cost of $9 per ounce.
Regional map of Kalgoorlie showing the location of the Bulong Gold Project
First step in “rediscovery” of Bulong goldfield
Black Cat 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 fulltime 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 remains 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.
New grade discovery to high-grade resource
“With the 2019 drilling campaign in progress, we expect strong news flow to continue throughout 2019, including an upgrade of the resource in the September 2019 quarter.”
Mhyree has progressed from a new discovery to a high-grade resource of 486,000 tonnes at 3.2 g/t for 50,000 ounces in seven months.
The company has revealed that 96,000 ounces of the resource is potentially open pit minable with the remainder representing underground mining resources.
Black Cat will continue rapid drilling to extend the current resources, in particular exploring the 800-metre gap between the Myhree and Boundary deposits, which together contain 66% of the current resource and has the potential for new mineralisation.
The company will also test and drill the stratigraphic and structural targets that exist along the mineralised corridors and will present at the RIU Explorers Conference in Fremantle this week to update on activities.
- Jessica Cummins