Black Cat Discovers Two High-Grade Gold Lodes at Paulsens After Paying Back Capital
Black Cat uncovers high-grade gold discoveries at Paulsens
Black Cat Syndicate has announced the discovery of two new high-grade gold lodes at its Paulsens Gold Operation, representing previously unrecognised mineralisation in structurally distinct orientations. The discoveries, named Lynx and Regulus, demonstrate significant untapped potential within the Paulsens system, with drilling returning exceptional intercepts including 4.8m @ 18.8g/t Au from 50.9m at Lynx and 3.7m @ 40.3g/t Au from 45.0m at Regulus. Notably, a second intercept at Regulus returned 1.1m @ 69.6g/t Au from 39.8m.
The company has now fully repaid all invested capital, including the original acquisition cost, within 18 months of operation. 40% of ounces produced to date have come from outside the current Resource, directly demonstrating the exploration upside inherent in the system. These discoveries establish a repeatable exploration framework that is expected to support further growth across the Paulsens gold system.
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Lynx discovery establishes a new mineralisation style at Paulsens
Lynx represents a structurally distinct style of mineralisation at Paulsens, characterised by a northwest-striking orientation that differs from the dominant trend historically mined at the operation. This new structural orientation provides a blueprint for targeting similar mineralisation elsewhere in the mine. Lynx is currently defined over 200m of strike length and 260m of vertical extent, with mineralisation remaining open both up and down plunge.
Surface drilling has commenced to test up-plunge extensions, supported by historical shallow intercepts including 4m @ 5.07g/t Au. Recent underground drilling has returned high-grade intercepts:
- 4.80m @ 18.80g/t Au from 50.93m
- 8.30m @ 9.07g/t Au from 51.30m
- 1.52m @ 54.40g/t Au from 50.99m
Development ore from an 88m ore drive in the 1065 level has produced 4,737t @ 3.0g/t Au (mill reconciled) for 454oz. Stoping has commenced in the area, confirming the transition from exploration to production.
| Hole ID | From (m) | To (m) | Interval (m) | Au Grade (g/t) |
|---|---|---|---|---|
| 25PGOGC276 | 50.93 | 55.73 | 4.80 | 18.80 |
| 25PGOGC283 | 51.30 | 59.60 | 8.30 | 9.07 |
| 26PGOGC119 | 50.99 | 52.51 | 1.52 | 54.40 |
| 25PGOGC190 | 93.50 | 99.22 | 5.72 | 7.16 |
The identification of Lynx provides a repeatable exploration framework. If this structural orientation hosts mineralisation elsewhere in the Paulsens system, it opens an entirely new targeting corridor that has not been adequately tested by historical drilling.
Regulus delivers exceptional grades in the hanging wall
Regulus is a newly identified high-grade zone located in the hanging wall of previously mined areas at Paulsens. The lode was discovered through targeted underground drilling in mid-2025, testing a prospective area not recognised during historical mining. Follow-up drilling and underground development across multiple levels have defined a series of steeply dipping sub-parallel high-grade lenses currently extending over 180m of strike and 40m of vertical extent. Mineralisation exhibits a shallow westward plunge consistent with the dominant mineralisation trend at Paulsens, indicating strong potential for further down-plunge extensions.
Key drill intercepts from Regulus include:
- 5.00m @ 90.60g/t Au from 86.00m (including 1m @ 337g/t Au)
- 3.68m @ 40.30g/t Au from 45.00m
- 1.12m @ 69.60g/t Au from 39.82m
- 2.72m @ 68.10g/t Au from 62.04m
Development ore from a 66m drive at the 750 level has produced 4,900t @ 9.7g/t Au (mill reconciled) for 1,528oz. The mill-reconciled grades confirm that drill results are translating into mineable ore. A 9.7g/t reconciled grade from development is exceptional and demonstrates the high-grade continuity within the Regulus system.
What is hanging wall mineralisation?
Hanging wall mineralisation refers to ore located in the rock mass above a mineralised zone or fault plane in underground mining. In a steeply dipping system, the hanging wall is the block of rock that would “hang” over a miner’s head when standing within the mineralised zone. Identifying mineralisation in the hanging wall is significant because it indicates that the known ore system may have additional parallel or adjacent zones that were not previously targeted.
In the context of Regulus, previous mining at Paulsens focused on the main lodes. The discovery of Regulus expands the system into new ground, demonstrating that high-grade mineralisation extends beyond the historical mining footprint into areas that were not systematically explored.
Belvedere growth programme targets resource expansion
Belvedere is a Paulsens-style high-grade gold system located 5km from the processing plant. The deposit currently hosts a Resource of 30koz @ 6.6g/t Au and remains open along strike to the north and at depth. A drilling programme is underway focused on expanding the Belvedere mineralised system and identifying additional nearby deposits, including the Grey Goose and Haku prospects.
Historical intercepts at Grey Goose include 1m @ 11.30g/t Au and surface rock chips up to 47.30g/t Au. Haku intercepts include 9.8m @ 3.57g/t Au. Resource growth drilling is planned for late 2026. Belvedere could become a satellite ore source for the Paulsens plant, extending mine life without requiring new processing infrastructure. This positions the asset to support longer-term sustained production at Paulsens.
Managing Director outlines the discovery thesis
James Bruce, Managing Director
“Since acquiring Paulsens in 2022, we have repaid the original acquisition cost and all subsequent invested capital, while extending the mine life. These results show Paulsens remains a highly fertile gold system, with significant high-grade mineralisation now being identified well beyond the historical mining footprint. The discovery of Lynx and Regulus as well as the potential at Belvedere confirms that Paulsens is a far larger, more dynamic high-grade system than previously understood, and one that warrants further investment.”
The investment thesis is clear: the mine has already paid for itself, and the upside from ongoing exploration is effectively free to shareholders. The capital payback milestone de-risks the asset, while the discovery of new structural orientations and hanging wall zones demonstrates that the Paulsens system is materially larger than the current Resource models suggest.
Production track record supports exploration confidence
Black Cat’s track record at Paulsens supports confidence in the conversion of exploration success into production value:
- First gold was poured in December 2024 following successful refurbishment
- Production to date: over 40,000oz
- Full capital payback achieved within 18 months of operation
- 40% of production has come from outside the current Resource
The fact that 40% of production derives from outside the defined Resource directly demonstrates the mine’s ability to generate value from exploration upside, not just defined Resources. This performance underpins the case for continued investment in exploration and development at Paulsens.
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What comes next for Black Cat at Paulsens
Surface diamond drilling is underway at Lynx to test up-plunge extensions toward surface. Stoping has commenced at Lynx, and development continues at Regulus. Belvedere resource growth drilling is planned for late 2026. Grey Goose and Haku prospects represent additional exploration optionality within the Belvedere corridor.
The discovery of new structural orientations at Lynx provides a repeatable framework for further exploration across the Paulsens gold system. Near-term catalysts include ongoing drill results from Lynx surface drilling, Regulus development grades, and Belvedere resource growth. The identification of high-grade mineralisation well beyond the historical mining footprint confirms that Paulsens is a far larger and more dynamic system than previously understood, warranting further investment in systematic exploration.
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