Black Cat Syndicate Completes Fingals and Rowe’s Find Acquisition

THE BOURSE WHISPERER: Black Cat Syndicate (ASX: BC8) announced completion of the acquisition of a 100 per cent interest in the Fingals and Rowe’s Find gold projects, located outside of Kalgoorlie in Western Australia.

Black Cat Syndicate has purchased the projects from Silver Lake Resources (ASX: SLR) for $50,000 in cash and the issue of approx. 8.4 million fully paid ordinary shares in Black Cat, making Silver Lake a substantial shareholder in Black Cat.

Fingals and Rowe’s Find have increased Black Cat’s total JORC Mineral Resources by 145 per cent, however because a substantial portion of these are JORC 2004-compliant, the company needs to convert them to JORC 2012-compliancy before publishing.

“We are extremely pleased to have completed this transformational acquisition and welcome Silver Lake as our largest shareholder,” Black Cat Syndicate managing director Gareth Solly said in the company’s announcement to the Australian Securities Exchange.

“With the acquisition of Fingals and Rowe’s Find completed, we will now focus on converting the JORC 2004 Resources to JORC 2012 Resources, updating the JORC 2012 Resources and identifying our immediate drilling priorities.

“We will commence releasing the results of this work later in July 2020.”

With the completion of this acquisition, Black Cat will control 281 square kilometres of prospective tenements to the east of Kalgoorlie.

The three main project areas include:

Bulong, which comprises some 140sqkm located 25 km east of Kalgoorlie, covering advanced projects undergoing mining studies along with early stage exploration opportunities;

Fingals comprises around 100sqkm located approx. 30km south east of Bulong and contains multiple Resources and extensive areas of historic mining and has seen only limited modern exploration; and

Rowe’s Find that comprises approx. 41sqkm located near 100km east of Bulong and hosts the JORC 2004 component of the Resources, as well as drill ready targets.