Fresh faced gold explorer Black Cat Syndicate has accumulated a 109,000-ounce maiden resource in just 10 months of drilling.
Black Cat (ASX:BC8) managing director Gareth Solly says the resource barely scrapes the surface at the “significantly underexplored” Bulong project, 25km from Kalgoorlie in Western Australia.
All resources are open along strike and at depth (which mean the company hasn’t found the end yet) and are expected to grow rapidly over 2019.
“Importantly, the maiden resource sits on only 14 per cent of the length of the three main corridors that remain open along strike and at depth,” Mr Solly says.
“This is only the first step in the rediscovery of the Bulong goldfield as we continue to drill these highly prospective corridors.”
The Black Cat share price was unchanged at 19c on the news.
The Black Cat share price over the past 12 months.The explorer, which only listed last year, says 96,000 ounces of the resource is “potentially” open pit minable.
An independent exploration target – estimated at up to 500,000 ounces – “is within sight”, as drilling continues.
“This time last year we had just completed our IPO, had one full time employee and had not started drilling,” Mr Solly says.
“The maiden resource has come about quickly and demonstrates what can be achieved when you have a great project in a great location.”
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