Black Cat hits new high-grade lodes at Paulsens as development drives advance

Key highlights

• Standout intercepts: New upper-mine lodes include 5.0m @ 90.55g/t Au (incl. 1.0m @ 337g/t), plus multiple 4–5m hits grading 12–15g/t Au; lower-mine drilling adds further high-grade Gabbro Vein results. 
• Scale of work: >26,000m of underground diamond drilling completed in 2025 across 205 holes, targeting resource growth and production optimisation. 
• Open lodes, near-term focus: New lodes in the Main Zone hangingwall remain open; drilling will be prioritised ahead of mining to convert ounces quickly. Jumbo development drives are underway on several levels. 
• Operating context: Paulsens is a restarted underground operation moving to full production in 2025, supported by a 450ktpa plant and camp on site. 
• Resource & reserve base: Paulsens regional Resource 4.3Mt @ 4.0g/t Au for 548koz; Reserve 631kt @ 4.3g/t Au for 87koz (JORC 2012).  
• Market check (12:10pm AEST): BC8 A$1.48 (▲5.34%); market cap ~A$1.05b; volume 3.43m; 1-yr return 222%; shares on issue ~709.4m.
  
   

Black Cat Syndicate (ASX: BC8) has flagged a step-change in near-mine potential at its 100%-owned Paulsens Gold Operation in WA, after underground diamond drilling intersected thick, high-grade lodes in untested hangingwall positions above the Main Zone. The headline result—5.0m at 90.55g/t Au from 86m, including 1.0m at 337g/t Au—is backed by a run of 4–5m intercepts grading 12–15g/t Au, indicating multiple high-grade strands that remain open and warrant immediate follow-up ahead of mining. 

What was hit—and where

In the upper mine, up-plunge extensions of the Main Zone hangingwall delivered:

• 5.0m @ 90.55g/t Au from 86.0m (incl. 1.0m @ 337.0g/t from 88.0m) 
• 4.6m @ 12.25g/t Au from 48.4m (incl. 0.31m @ 131.0g/t from 51.24m) 
• 5.0m @ 13.85g/t Au from 54.86m (incl. 0.32m @ 123.0g/t) 
• 5.14m @ 15.20g/t Au from 67.57m 
• Additional hits to 16–23g/t over 1–2m widths
  
   

Black Cat says these new lodes remain open, and additional drilling will be prioritised ahead of mining to accelerate conversion into resources and production areas. 

In the lower mine, recent work in the Gabbro Veins and Hangingwall Zone returned further high-grade intervals such as 1.37m @ 37.39g/t Au, 0.84m @ 32.44g/t Au, and 2.77m @ 13.60g/t Au—useful ounces that can be sequenced into near-term stoping blocks as development advances. 

Company comment

Managing Director Gareth Solly said the program is delivering exactly what the restart strategy set out to achieve—“More Gold, Sooner.”

“Our ongoing drilling program at Paulsens continues to unlock exciting near mine opportunities. Recent drilling has uncovered thick, high-grade intercepts in untested hangingwall areas of the Main Zone that remain open, presenting a clear pathway to significant Resource additions and near-term production growth – exactly what we mean by More Gold, Sooner.” 

Why it matters

The latest hits tick three investor boxes at once:

• Resource growth in the shadow of the headframe: Intercepts sit within or adjacent to existing infrastructure, lowering capital intensity and shortening the time between drill hole and production. 
• Grade continuity: Clusters of 4–5m intervals at double-digit grades improve the odds that parts of these lodes can be mined at healthy widths and grades, supporting cash flow during the ramp-up period. 
• Operational momentum: The company notes jumbo development drives are already underway on various levels, indicating growth faces are being physically prepared in parallel with drilling. 
  
   

Where Paulsens sits in the portfolio

Paulsens is one of three cornerstone assets at Black Cat. Production restarted in December 2024 and is slated to move to full production during 2025, serviced by a 450ktpa processing plant and established camp. Regionally, Paulsens carries a Resource of 4.3Mt @ 4.0g/t Au for 548koz, plus a Reserve of 631kt @ 4.3g/t for 87koz, with additional regional targets across a ~3,200km² land package. 

Alongside Paulsens, Black Cat operates Kal East (1.2Mtpa Lakewood mill; Resource 18.8Mt @ 2.1g/t for 1.294Moz, Reserve 3.7Mt @ 2.0g/t for 243koz) and owns the Coyote project (Resource 3.7Mt @ 5.5g/t for 645koz) with infrastructure in place for a future restart. The company is also progressing Mt Clement—Australia’s #2 highest-grade antimony deposit—30km from Paulsens, offering optionality in a strategic commodity. 

What’s next: catalysts to watch

The company outlines a busy calendar of co-funded and internally funded work streams:

• Ongoing: Paulsens underground drilling (Main Zone extensions; Hangingwall Zone) 
• Ongoing: Paulsens West seismic target surface drilling (EIS co-funded) 
• Ongoing: Mt Clement Eastern Zone antimony diamond drilling (EIS co-funded) 
• Ongoing: Ashburton MT survey (co-funded geophysics program) 
• Oct–Mar 2026: Mt Clement metallurgical testwork
  
  Expect near-term newsflow from additional intercepts, lode continuity mapping, and development updates as new areas are opened for mining. 
  
   

Read-through for investors

• Geology & mining method: Paulsens is a narrow-vein orogenic system with mineralisation hosted in quartz-sulphide veins and shear zones. New lodes in the hangingwall of the Main Zone suggest stacked or parallel structures—a common hallmark of systems that deliver repeatable, high-grade ore blocks as drilling closes spacing. 
• Conversion pathway: Management’s decision to prioritise drilling ahead of mining on these lodes signals intent to add ounces and upgrade confidence quickly—supportive of a smoother production ramp and potential mine-plan extensions.  
• Balance of near-mine & regional: The mix of upper-mine and lower-mine results keeps the pipeline balanced between immediate stoping opportunities and medium-term growth areas (e.g., Gabbro Veins), while regional seismic and MT work aim to open the next generation of targets. 
  
   

Market check (12:10pm AEST, 1 Oct 2025)

BC8 traded at A$1.48 (▲5.34%), with 3,432,987 shares changing hands. Market cap ~A$1.05b, 1-yr return 221.74%, 52-week range A$0.45–1.49, ordinary shares ~709.43m.

Source: Black Cat ASX announcement, 1 Oct 2025; company data.