Ann: Quarterly Activities Report and Appendix 5B, page-9

Check out the link to the prospectus below. Look at pages 26 onwards and you can see there has been extensive work done figuring out their initial exploration target / model. Provides some comfort to this explorer program imo.

• Overall strategy: Leveraging the Board and management’s extensive experience of exploring and bringing gold assets into production, BC8 aim to define existing known mineralisation and undertake extensional exploration activities at the Bulong Gold Project with a view to exploitation via a stand-alone plant located on site. An initial JORC Exploration Target has been estimated at 293,000 to 450,000 ounces.

Link
https://static1.squarespace.com/sta...7/Black Cat Syndicate - Prospectus 271117.pdf