BLACK CAT SYNDICATE LIMITED Black Cat Syndicate Limited provided an updated JORC 2012 Mineral Resource at Coyote Central, part of the 100% owned Coyote Gold Operation in Western Australia. Updated Coyote Central Resource: Coyote Central has known high-grade gold mineralisation identified over a strike length of approx. 1,200m and down to a depth of approx.
700m below surface in historical drilling. A long section through Coyote Central and highlights the following: Historical open pit and underground workings to a depth of approx. 320m below surface producing approx.
179koz @ 6.0g/t Au; Updated Resource averages >1,000 oz per vertical metre (OVM) down to 400m below surface with OVM increasing in line with drill density; Current high-grade open pit Resources of 69koz @ 2.9 g/t Au and underground Resources of 356koz @ 14.6 g/t Au; and The high-grade underground Resource remains open in multiple directions including along strike and at depth. Since acquiring Coyote in June 2022, Black Cat has completed successful campaigns of both RC and diamond drilling targeting both extensional and infill areas in support of Resource growth and mining studies. High grades have been consistently intersected along with multiple vein swarms which have been used to support the first combined Resource over Coyote Central since 2008.
All Black Cat's 2022 drilling results (72 holes, 16,358m) have been used in determining the new Resource. Black Cat's drilling at Coyote Central focused on the previously unmined Axial Core Zone, directly north of the historical workings. This drilling has supported an increase in contained gold of 101% from 131koz to 264koz within this zone, and an overall increase in Coyote Central Resource of 58% from 267koz to 424koz.
Indicated Resources have also increased significantly, with a 191% increase from 79koz to 228koz, and now accounts for approx. 54% of the total Resource. Open pit Resources are now 80% Indicated.
This Resource update brings the current total Resources at Coyote to 645koz @ 5.5g/t Au. For the avoidance of doubt, the Bald Hill Resources were not updated, notwithstanding the completion of a successful drilling program 4 (6 holes, 1,062m) which identified a potential new high-grade lode near surface. Future Potential: There is a high level of prospectivity at Coyote both around existing Resources, and within the broader region.
The area has not seen consistent exploration since it was owned by Anglogold Ashanti prior to operations commencing in 2006. The Resource is open at depth, with high-grade mineralisation intersected approx. 300m below the current Resource.
In addition, deeper drilling has recently intersected a mineralised dolerite intrusion in the core of the Axial Core Zone 5, that returned anomalous gold (up to 0.66g/t Au). This result is highly encouraging and broadly similar to what is seen at Newmont's Oberon deposit (0.4Moz), approx. 150km along strike to the east, where the margins of the dolerite intrusion are prospective areas for shear hosted gold.
Coyote Resource - Supporting Information: This Resource represents a full remodel and estimation of mineralisation within the Coyote Central area. This is the first time since 2008 that there has been a combined interpretation and estimation of the area. Previously reported Resources by Black Cat 6 were based on the consolidation and conversion to JORC 2012 of JORC 2004 estimates of seven distinct zones originally published by Tanami Gold NL 7 and subsequently by Northern Star 8. For the avoidance of doubt, the Bald Hill Resources were not updated, notwithstanding the completion of a successful drilling program 9 (6 holes, 1,062m) which identified a potential new high-grade lode near surface.
Geology and Geological Interpretation: Coyote is hosted within the Tanami Orogen which comprises a sequence of folded metasediments, mafic volcanics and intrusive rocks unconformably overlying Archaean basement. The known Archaean basement includes the informally named `Billabong Complex' and the Browns Range Dome. The Tanami Orogen is a significant gold host with other major deposits located across the region including Callie 14Moz, The Granites 1.1Moz, and Groundrush 1.7Moz.
Lithology: The local geology of Coyote is situated within the Killi Killi formation. These are sand rich Proterozoic turbidites comprised of poorly sorted sandstones, siltstones and variable amounts of carbonaceous mudstones. The Killi Killi sequence extends well over 100m in thickness, however the individual beds range from 0.3m to 15m thick.
Within the Coyote deposit, the `Marker Siltstone' and `Kavanagh Sandstone' are important marker units for mineralisation interpretation and boundaries. The Coyote deposit is obscured by a widespread paleochannel and is deeply weathered. The oxide profile comprises weakly consolidated sand, sheetwash and alluvial lithologies and clay-dominated sequences.
This is overlain by transported red aeolian sand. The deeply weathered profile sits directly over the top of the in-situ bedrock with limited saprock present. Oxidised saprolite is commonly present to depths of more than 100m.
Structure: The entire Killi Killi sequence has been tightly folded into an angular anticline. The Coyote deposit is located east-west on the Coyote Anticline, within a small parasitic fold within the greater anticline, and plunges shallowly west at approx. 15°.
The anticline's limbs dip from 30-50° in the northern limb and 70-90° in the southern limb. The southern limb has a secondary fold axis known as the Bugsy anticline, a drag fold associated with the Coyote Fault that offsets the stratigraphy. These limbs contain smaller faults and parasitic folds controlling mineralisation at mine scale.
The Marker Siltstone and Kavanagh Sandstone have been the primary units used to delineate the sequence and orientation of the bedding and fold structures. Mineralisation: Mineralisation is hosted in narrow high-grade quartz veins that are concentrated around the fold hinge areas. The mineralisation presents in the form of quartz veins, either parallel to bedding, or along faulting within the fold hinge, and is often concentrated in areas of local folding.
In areas such as the high grade Kavanagh deposit, these veins can extend completely through the fold hinge zone and often host coarse, visible gold. Drilling Techniques: Air core and RAB drilling were carried out by Acacia and subsequently AngloGold-Ashanti between 19922002. Extensive RC and diamond drilling was carried out by Tanami Gold NL following their acquisition of Coyote.
Black Cat has completed extensive RC and diamond drilling since acquiring the project in mid-2022. Drilling has focused on the Axial Core Zone within Central Coyote, to both upgrade and extend the existing Resources.
