Black Cat Hits 27g/t Gold at Lynx and Eyes Raisebore as Next Paulsens Target
Key Takeaways
- Surface hole LXDD26007 cut 9.86m at 27.38g/t Au from 107.44m, including 0.60m at 186.27g/t Au, in ground that sits outside the current Paulsens Mineral Resource.
- Assays from 11 pending Lynx holes will determine whether an initial Mineral Resource can be assessed, making them the next catalyst.
- Raisebore, about 600m from Lynx, returned 0.30m at 31.80g/t Au and 0.25m at 4.63g/t Au, supporting a Lynx-parallel structure, with follow-up drilling planned.
- Lynx ore development has already mined 4,737t at 3.0g/t Au for 454oz, close to a 450ktpa processing facility.
- The FY27 strategy commits $30-35M to exploration and Resource conversion drilling, with a second underground rig due in January 2027.
Lynx returns 9.86m @ 27.38g/t Au as Black Cat opens new Raisebore target
A single surface hole at Lynx has cut 9.86m @ 27.38g/t Au from 107.44m (LXDD26007), including 0.60m @ 186.27g/t Au from 111.73m. Black Cat Syndicate (ASX:BC8) used its 8 October 2026 update to report near-mine exploration and Resource definition drilling at its Paulsens Gold Operation, covering the Lynx Lode and initial drilling at the Raisebore Vein.
All intercepts in the announcement are downhole lengths, not true widths. That matters because it means the reported figures show how much rock was cut by the drill hole, not the actual thickness of the vein.
For investors, the key point is that this is high-grade, near-surface mineralisation that is not yet in the Paulsens Mineral Resource. Managing Director Chris Stone framed the results within the company’s Discovery & Growth Strategy:
Chris Stone, Managing Director
“Further drilling at Lynx continues to return exciting high-grade gold intersections, while mine development and definition drilling are ongoing…”
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Lynx drilling highlights
New intercepts
Drilling at Lynx used both underground and surface rigs. The table below sets out the new intercepts as reported in the announcement.
| Hole ID | Drill type | Interval | Grade |
|---|---|---|---|
| LXDD26007 | Surface | **9.86m** from **107.44m** | **27.38g/t Au** |
| LXDD26007 (included) | Surface | **0.60m** from **111.73m** | **186.27g/t Au** |
| LXDD26002 | Surface | **1.16m** from **131.90m** | **37.78g/t Au** |
| LXDD26005 | Surface | **0.39m** from **114.04m** | **7.09g/t Au** |
| 26PGOGC010 | Underground | **0.60m** from **37.88m** | **19.45g/t Au** |
Grade is measured in grams per tonne (g/t) of gold. Higher numbers mean more gold in each tonne of rock.
Consistent with prior results
The new results are consistent with intercepts from Lynx previously reported on 16 July 2026:
- 26PGOGC122: 1.20m @ 52.76g/t Au from 109.94m
- 26PGOGC117: 4.26m @ 22.77g/t Au from 48.74m
- 26PGOGC020: 1.31m @ 37.72g/t Au from 35.35m
Both underground and surface rigs are returning high-grade results, which is the kind of repeat evidence that supports confidence in continuity.
Lynx status
Lynx is not included in the current Paulsens Mineral Resource. Current drilling is intended to support an initial Mineral Resource, with estimation and classification to be assessed once assays from the 11 pending holes are received and incorporated into the geological model.
Ore development at Lynx has mined 4,737t @ 3.0g/t Au for 454oz Au to July 2026. Lynx has no obvious surface expression, despite mineralisation intersected ~50m below surface.
What are cross-cutting veins, and why do they matter?
Cross-cutting veins are gold-bearing quartz veins that run at a high angle to the main mineralised trend, known at Paulsens as the Main Zone Trend. Surface mapping in 2024 identified several outcropping quartz veins in this orientation.
Lynx was found when mine development near Apollo in early 2026 identified high-grade gold mineralisation in a series of cross-cutting veins. That led to a 24-hole definition drilling program and ore drive development.
The area above the Main Zone has received less exploration than the Main Zone and areas below it. Several un-drilled outcropping veins in this orientation have been mapped around Paulsens, and similar targets are being reviewed.
What this tells you is that further targets may sit close to existing infrastructure, which includes a 450ktpa processing facility. Further drilling and technical evaluation are required to assess the scale of mineralisation.
Raisebore Vein tests a Lynx-parallel structure
Three surface diamond holes were completed at the Raisebore Vein, ~600m from Lynx. They were designed to test the interpretation that the vein sits along a structure parallel to Lynx.
Two of the three holes intersected gold-bearing quartz veining in a similar orientation to Lynx:
- RBDD26001: 0.30m @ 31.80g/t Au from 142.60m
- RBDD26003: 0.25m @ 4.63g/t Au from 212.47m
The orientation of the veining supports the interpretation of a Lynx-parallel structure. Follow-up drilling targeting Raisebore is planned.
Raisebore does not outcrop. Historical drilling had already intersected gold roughly 100m below surface, including:
- PLDD015: 13.10m @ 26.51g/t Au from 100.40m
- PAVRC0016: 3m @ 6.11g/t Au from 146m
These new intercepts are narrow and early-stage, so they are best read as confirmation of orientation rather than a new discovery.
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Paulsens foundation and next steps
As at 30 June 2026, Paulsens has an underground Mineral Resource of 2,008kt @ 5.4g/t Au for 349koz Au (81% Indicated). It produced 34,787oz Au at 2.9g/t Au during FY26.
Since acquiring Paulsens in 2022, Black Cat has run near-mine discovery programs that resulted in the discovery of Regulus and Lynx, as well as extensions to known mineralised areas.
The FY27 Discovery & Growth Strategy commits $30-35M to exploration and Resource conversion drilling, split roughly equally between Paulsens and Kal East, with assays pending across all three operating assets.
Next steps under the FY27 Discovery & Growth Strategy include:
- Assays from the 11 pending holes at Lynx
- Follow-up drilling at Raisebore
- Extensional and infill drilling at Belvedere (139kt @ 6.6g/t Au for 30koz Au, ~60% Indicated)
- A second underground rig commencing in January 2027, initially targeting prospective areas at Galileo, Regulus, the Gabbro Veins and Voyager
The next catalyst to watch is the pending assays, which will determine whether a Lynx Mineral Resource can be assessed. Until then, further drilling and technical evaluation are required to assess the scale of mineralisation.
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