Mineral exploration company, Black Cat Syndicate Limited (ASX: BC8), on 5 April 2019 announced that the Eastern Goldfields 2D Seismic Survey would be extended across the Bulong Gold Project.
The Eastern Goldfields 2D Seismic Survey is being conducted by the Geological Survey of Western Australia (“GSWA”) along with the Department of Mines, Industry Regulation and Safety (“DMIRS”).
The 2D high resolution seismic survey on the Eastern Goldfields started on 13 March 2019. It is expected that by the end of April 2019, the data collection will get completed. The survey is along the existing roads in the Eastern Goldfields.
In order to have the survey extended across the three southern corridors at the Bulong Project, the company had provided an amount worth approximately $12,000. The data collected through the survey will be processed and will be used to understand geology deep underground as well as to create maps of the subsurface.
Gareth Solly who is the managing director of BC8 considered the initiative taken by GSWA and DMIRS as an excellent initiative. He is also looking forward to receiving the survey data for understanding the prospective stratigraphy at depth.
Recent and Planned Activities for 2019
During the period from January 2019 to February 2019, the company completed the extensional drilling. On 18 February 2019, the company released the JORC Resource at Bulong with a total of 1.4 million tonnes at 2.5 g/t Au for 109,000 oz.
On 20 February 2019, the company shared an RIU explorer conference presentation on ASX which highlighted that the Maiden Resource has strong growth potential. It also covered that the Bulong Gold project is a highly productive and prospective field and has low barriers to mining. It also highlighted the progress of the project in 2018 and focused growth of resources in 2019.
Between 25 February 2019 – 27 February 2019, the company completed the corporate roadshow where it highlighted its investors the initial JORC Resources as well as the business update. Between 27 March 2019 – 28 March 2019, the company presented at the Australian Energy and Minerals Investor Conference in Brisbane.
On 9 May 2019, Black Cat will be presenting and exhibiting at the Sydney RIU Conference. From March 2019 to June 2019, the company aims to continue with the rapid drilling to extend its current resources. During that period, the company will test as well as drill stratigraphic and structural targets along the mineralized corridors.
Between 17 July 2019 to 19 July 2019, the company will update its investors about the activities in the Noosa Mining and Exploration Investor Conference.
In the last six months, the stock has generated a return of 11.76%. The YTD return has been decent at 6.67%. By the closure of the market on 5 April 2019, the closing price of the shares of Black Cat was A$0.200, up by 5.263% as compared to its previous closing price. The company holds a market capitalization of A$10.88 million and approximately 57.26 million outstanding shares.
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