Black Cat Syndicate Limited : - High Grades Continue at Fingals Fortune

Published: 2021-10-05 11:18:55 ET BC8.AX

Black Cat Syndicate Limited ('Black Cat' or 'the Company') is pleased to announce an update on activities within the Kal East Gold Project ('Kal East').

Black Cat's Managing Director, Gareth Solly, said: 'Recent improvements in assay turn-around times are providing an influx of promising results. Additionally, the rigs are now back exploring for discoveries across Kal East. Resource upgrades will be announced during the December 2021 quarter. Furthermore, activities are ongoing in relation to establishing a mill at Kal East.'

Infill and Extensional RC Drilling at Fingals Mining Centre (M25/136, M26/148, M26/248, M26/364, M26/357) 100%

The Fingals Mining Centre produced 420,000t @ 2.7 g/t Au for 56,500 oz from multiple open pits in the early 1990's, with only limited modern exploration being undertaken since. The current Resource (3.7Mt @ 1.9 g/t Au for 222,000 oz) is open in all directions and at depth. RC infill drilling to the south of the historical open pit was undertaken between July and September 2021 with 55 holes for 7,827m completed. This drilling was designed to infill the southern portion of the growing Fingals Fortune deposit and to allow Resource upgrades to commence ahead of Ore Reserve estimation. Positive results from the first 11 holes have already been reported

PLANNED DRILLING

Black Cat has drilled 77,000m so far in 2021 and intends to drill a further 20,000m before the end of the year. Drilling is focussed on a mix of discovery, Resource growth and Ore Reserve conversion across Kal East. In line with the industry generally, assay results are slow in their turnaround and Black Cat has seen a steady increase in assay backlogs. This backlog is now being reduced. Currently Black Cat has 14,000 samples outstanding which are expected to be reported over the coming months.

Contact:

Gareth Solly

Tel: +61 458 007 713

Email: [email protected]