Black Cat Grows Paulsens MRE, Eyes First Gold in 2024

THE CONFERENCE CALLER: Black Cat Syndicate (ASX: BC8) announced a 25 per cent boost to its high-grade Paulsens gold resource today but managing director Gareth Solly told the 2023 RIU Sydney Resources Round-up he expects it to further expand. By Ngaire McDiarmid

The mothballed Paulsens, in Western Australia’s Pilbara, is the mine that proved a company-maker for Northern Star Resources and was acquired by Black Cat less than a year ago.

Since then, the company has increased the underground resource 360 per cent to the current 322,000 ounces grading 10.1 grams per tonne gold.

Along with the Coyote underground resource near the Northern Territory border comprising 356,000oz at 14.6g/t gold, Black Cat has two of Australia’s highest-grade gold deposits.

The company also has a 1.3 million ounce gold resource at its Kal East project in WA’s Goldfields.

However, Paulsens is the frontrunner, thanks to its existing infrastructure including a 110-person camp and 450,000 tonne per annum mill.

A restart study is underway and a decision is slated for mid-year, with Solly eyeing the prospect of a first gold pour at Paulsens in 2024.

“It’s a great time to be in gold,” he told delegates.

The company can draw from the experience of Silver Lake Resources founding members Paul Chapman and Les Davis, who are on Black Cat’s board.

“We do expect to continue to grow the [Paulsens] resource,” Solly said, and pointed to the “potential transformational discovery opportunities” at the Lower Gabbro.

He also said the project hosted regional potential, including the possibility of “another Paulsens?” at the Belvedere deposit 5km away, plus the polymetallic growth headlined by the project’s 1.2 million tonnes Mt Clement resource containing Australia’s third-largest antimony deposit.