Black Cat Syndicate (ASX:BC8) has announced an update for its Kal East Gold Project – the company mined and stockpiled its first ore at Myhree last Friday.
The smallcap further stated on Monday the Myhree/Boundary open pits will ultimately see production of 52Koz travel through the Paddington downstream facility.
Ore will be sold and processed through Paddington; currently, at Myhree, site set-up is reportedly complete and running 24/7 with the 26th of July production date ahead of Black Cat’s earlier plans.
One thing to note: “Open pit Ore Reserves at Myhree/Boundary (52koz @ 2.2g/t Au) were calculated at A$2,500/oz. The mine design is being re-optimised to reflect current gold prices,” Black Cat wrote on Monday.
Gold sits at ~A$3.6K/oz as at 9.50am Sydney time on Monday.
The first $30M made on gold sales will go to Black Cat whereas after that threshold privately held Mining Management Services (MMS) will then begin to take a cut.
“Having commenced underground development at Paulsens and first Ore mining at Kal East, we are only a gold pour away from being rerated from an explorer to a producer,” Black Cat MD Gareth Solly said.
BC8 last traded at 35cps.