- Black Cat Syndicate (BC8) has entered into agreements to purchase two gold projects from Silver Lake Resources (SLR)
- The two gold projects, Fingals and Rowe’s, are located near Black Cat’s Bulong Gold Project in Western Australia
- If the deal goes through, Black Cat’s total resources will increase by 145 per cent to 8.7 million tonnes
- Black Cat will need to complete due diligence by June 27, and if the company is satisfied the deal is expected to be completed by early July
- Under the agreement, Black Cat will pay a non-refundable deposit of $50,000 and will issue 8.4 million shares to Silver Lake, making it a substantial shareholder
- On market close, Black Cat is up 26.5 per cent and is selling shares for 62¢ each, while Silver Lake is down 1.42 per cent, trading for $2.08 per share
Black Cat Syndicate (BC8) has entered into agreements to purchase two gold projects from Silver Lake Resources (SLR).
The two gold projects, Fingals and Rowe’s, are located near Black Cat’s Bulong Gold Project in Western Australia.
If the deal goes through, Black Cat’s landholdings increases from 168 square kilometres to 233 square kilometres.
Fingals and Rowe’s have a combined JORC Mineral Resource Estimate of 5.2 million tonnes at 2.5g/t gold for 425,000 ounces. This will increase Black Cat’s total resource by 145 per cent to 8.7 million tonnes at 2.6g/t gold for 719,000 ounces.
Under the agreement, Black Cat will pay a non-refundable deposit of $50,000 and it will also issue 8.4 million shares to Silver Lake, making it a substantial shareholder.
For the deal to be completed, Black Cat will need to finish due diligence by June 27, and if the company is satisfied the deal is expected to be completed by early July.
During this due diligence, exploration and mining opportunities will be assessed and ranked.
“Fingals and Rowe’s Find have clear synergies to our Bulong Gold Project. The new projects contain 44 tenements of which 28 are Mining Leases with minimal barriers to mining,” Managing Director Gareth Solly said.
Gareth said the purchase isn’t significantly impacting Black Cat’s cash position.
“We will complete due diligence and rank the exploration and mining opportunities accordingly. We also look forward to welcoming Silver Lake as a substantial shareholder upon completion of the Acquisition,” he added.
On market close, Black Cat is up 26.5 per cent and is selling shares for 62¢ each, while Silver Lake is down 1.42 per cent, trading for $2.08 per share.