Black Cat Syndicate Limited has issued an updated Joint Ore Reserve Committee (JORC) Mineral Resource at Paulsens Underground, which is part of the Paulsens Gold Operation.
According to the company, the high-grade resource at Paulsens Underground increased by a further 25 per cent and opened significant opportunities to grow the underground resource within close proximity of the existing decline.
Open pit and underground resources at Paulsens have more than doubled to 465-kilo ounces at 3.6 g/t gold since Black Cat’s acquisition in June 2022.
The updated resource will be included in the Mine Restart Study to support a potential decision to restart the operation in mid-2023.
The company will continue near-mine exploration drilling efforts to test several resource extension and geophysical targets and conduct further extensional drilling for additional Gabbro Veins mineralisation further into the Paulsens Mine Gabbro, and extensional drilling identified Gabbro Veins along plunge.
Underground drilling activities in 2023 include new mining fronts located in proximity to existing infrastructure near Gabbro and Apollo with the potential for readily accessible ounces.
Since acquiring Paulsens in 2022, Black Cat has been focused on growing the mine’s resources by refining the updated geology model and remodelling areas of historic drilling.
Historically, Paulsens has had high-grade gold production with an endowment of 1 million ounces.
Production has historically focussed on two veins within the main zone and other areas, particularly the Gabbro veins, which were left unmined.
Black Cat Managing Director Gareth Solly said the continued resource growth at Paulsens demonstrates the value of the operation.
“The significant resource growth we have achieved, coupled with the extensive existing surface and underground infrastructure, has delivered on the exciting opportunity we identified at Paulsens,” he added.
Solly noted that a decision to restart operations will be made mid-year, with an anticipated short ramp-up time to the first gold being poured.
