Name of the Project
Paulsens gold mine restart.

Location
Ashburton basin, in the eastern Pilbara region, Australia.

Project Owner/s
Black Cat Syndicate.

Project Description
Paulsens was placed on care and maintenance in 2017 and acquired by Black Cat in 2022. The project has resources of 406 000 oz, which will deliver 163 000 oz of recovered gold over a 4.2-year mine life.

Production will be predominantly sourced from the Paulsens underground mine (156 000 oz), with additional feed from the Belvedere underground deposit (20 000 oz).

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
Not stated.

Capital Expenditure
A$60-million funding package is in place.

Planned Start/End Date
Commissioning is targeted for December 2024.

Latest Developments
Black Cat Syndicated has secured the immediate funding required to start major refurbishment works and mining activities at its Paulsens gold mine, it reported on June 4.

The company has received firm commitments for A$36-million through a two-tranche placement at A$0.27 a share, with strong support from existing shareholders, as well as several new North American and Australian institutional shareholders.

The placement was upscaled to introduce additional equity funding and to replace the A$6-million Sundy convertible note that had been terminated at no cost.

The funds will provide for the full implementation of Black Cat’s high-grade stockpile strategy, early mobilisation of a twin boom jumbo to Paulsens in July for rehabilitation activities, where required, and to prepare and advance mechanised mining areas ahead of full mobilisation of equipment and personnel in December 2024; as well as the ordering of new front line mobile equipment.

Black Cat will also use the funds for the advancement and mining approvals to potentially mine other openpit resources at it Kal East operations; upgrade its Coyote May 2024 scoping study to a prefeasibility study and to advance studies for the Mt Clement antimony deposit.  

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Black Cat Syndicate, tel +61 458 007 713 or email admin@bc8.com.au.