Black Cat Syndicate Limited (ASX: BC8) has announced a 21% increase JORC 2012 Mineral Resource Estimate to 3.5Mt @ 2.6 g/t Au for 294,000oz at the Bulong Gold Project near Kalgoorlie in Western Australia.
The company also announced an annualised increase, including maiden resources from the Strathfield and Anomaly 38 prospects, of an exceptional 170%.
Highlights of the new resource estimate include:
- Trump Resource has increased 121% to 0.6Mt @ 2.2 g/t Au for 42,000oz.
- Maiden Resource at Anomaly 38 of 0.3Mt @ 1.9 g/t Au for 19,000oz.
- Maiden Resource at Strathfield of 0.2Mt @ 1.8 g/t Au for 10,000oz.
- These Resources remain open in all directions with strong potential for growth.
- Discovery costs for Resources reduced to A$22/oz and acquisition costs to A$3.60/oz.
Black Cat’s Managing Director, Gareth Solly, said the company has made significant progress on a Feasibility Study towards commencing mining operations at Myhree.
- most technical studies are complete (environmental, geotechnical, hydrological, hydrogeological, and metallurgical);
- an application for a miscellaneous licence (L25/62) has been lodged to install a pipeline between Myhree and Anomaly 38 to source water for dust suppression during mining;
- a licence has been granted to extract water for dust suppression and other purposes; and
The company has commenced drilling programs over multiple early stage targets have commenced.
Best results to date include: 1m @ 20.0 g/t Au from 24m; and 1m @ 13.2 g/t Au.
“The strong growth in Resource at Bulong is driven by a substantial increase at the existing Trump deposit and the inclusion of two new deposits,” Mr Solly said.
“This exemplifies the potential for Bulong to discover and grow multiple deposits for future mining.
Furthermore, the annualised rate of increase in the Resource and reducing discovery cost demonstrates our increasing understanding of Bulong.
“Anomaly 38’s near surface paleochannel mineralisation is particularly interesting as it potentially provides bulk mill feed complimented by high-grade increments.
The Myhree Feasibility Study is advancing well in what remains a strong gold price environment.
“There have been some impacts from the COVID-19 situation which we continue to manage and monitor.”