Black Cat Syndicate Limited ('Black Cat' or 'the Company') is pleased to provide an update on underground diamond drilling activities along the Gabbro Veins at the Paulsens Gold Operation ('Paulsens').

HIGHLIGHTS Since drilling commenced on 2 November 20221, 14 diamond drill holes have been completed into the Gabbro Veins with assays received for the first four holes. * Drilling into the Gabbro Veins has been highly encouraging with all holes intersecting quartz-sulphide (pyrite+/- chalcopyrite+/-galena) veins within altered gabbro as predicted by the new geology model. * As expected, multiple vein swarms were intersected and significant results included: o 1.92m @ 9.30g/t Au from 48.00m (22PGRD010 - reported visible gold2 ) o 0.67m @ 12.50g/t Au from 29.12m and 0.44m @ 18.10g/t Au from 60.98m (22PGRD016) o 1.10m @ 4.77g/t Au from 87.95m (22PGRD019) * Results are based on fire assays and a photon assay trial will also be undertaken as per the recent successful photon assay trial at Coyote3. * Assays from the remaining 10 holes are expected in January 2023. The first two holes testing the Paulsens Repeat target 200m below the underground workings have been completed. * A further 21 holes are planned for the initial 2023 Gabbro Veins program.

Black Cat's Managing Director, Gareth Solly, said: 'The first assay results from our drilling into the Gabbro Veins are highly encouraging and demonstrate the potential of these veins to host significant and readily accessible gold mineralisation adjacent to existing mine infrastructure. Every hole to date has intersected multiple quartz-sulphide veins as predicted by our modelling. We will continue to test targets located close to existing infrastructure including the Gabbro Veins as well as the Apollo Extensions early in 2023.

These results will be included in a Resource update for Paulsens in the first quarter of 2023. Furthermore, drilling to test for a Paulsens Repeat located ~200m from the decline and representing a large-scale, faultedoff gabbro targeting 'another Paulsens' is progressing well. The two holes completed to date out of the three hole program align with our geology model. A more comprehensive update will be provided in early 2023.'


Gareth Solly

Managing Director

T: +61 458 007 713


Michael Vaughan

Fivemark Partners

T: +61 422 602 720



The information in this announcement that relates to geology, and planning was compiled by Dr. Wesley Groome, who is a Member of the AIG and an employee, shareholder and option holder of the Company. Dr. Groome has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'. Dr. Groome consents to the inclusion in the report of the matters based on the information in the form and context in which it appears. The Company confirms that it is not aware of any new information or data that materially affects the information in the original reports, and that the form and context in which the Competent Person's findings are presented have not been materially modified from the original reports. Where the Company refers to the exploration results, Mineral Resources, and Reserves in this report (referencing previous releases made to the ASX), it confirms that it is not aware of any new information or data that materially affects the information included in that announcement and all material assumptions and technical parameters underpinning the Mineral Resource and Reserve estimates with that announcement continue to apply and have not materially changed.

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