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ARUMA RESOURCES LIMITED Capital/Financing Update 2020

Oct 6, 2020

64273_rns_2020-10-06_58482d95-b9e8-4954-8e3d-4f73d73d4674.pdf

Capital/Financing Update

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Black Cat Acquisition Adds 115,000oz to the Fingals Gold Project

ASX Announcement 7 October 2020

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10m @ 7.55 g/t Au from 20m
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Black Cat Syndicate Limited (“ Black Cat ” or “ the Company ”) is pleased to announce that the Company has entered into a binding agreement (“ Acquisition ”) to acquire the Trojan, Slate Dam and Clinker Hill gold projects from Aruma Resources Limited (“ Aruma ” (ASX:AAJ)), subject to the satisfaction of certain conditions.

HIGHLIGHTS (upon completion)

  • Black Cat’s JORC Minerals Resources (“Resource” or “Resources” as applicable) to increase by 115,000oz to 826,000oz

  • The Trojan Resource sits on a granted mining lease just 10km east of Imperial/Majestic

  • The Acquisition increases Black Cat’s landholding by 52% to 756km[2] and contains significant exploration upside , both near mine and regionally

  • The transaction is expected to complete in early October 2020

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Figure 1: Location plan of Trojan, Slate Dam and Clinker Hill in relation to Black Cat’s Bulong and Fingals Gold Projects.

Black Cat’s Managing Director, Gareth Solly, said : “This acquisition accelerates Black Cat’s move towards a target of more than 1Moz of Resources. The Trojan deposit has strong synergies to our Fingals Gold Project, presents a near-term mining opportunity with 115,000oz in Resource on a granted mining lease and will become part of our larger Fingals Gold Project. The acquisition increases our total Resources to 826,000oz. We will rank the acquired exploration and mining opportunities concurrently with our 60,000m drilling campaign and mining studies across the Bulong and Fingals Gold Projects.”

BLACK CAT SYNDICATE LIMITED (ASX:BC8)

Suite 6, 16 Nicholson Road DIRECTORS Subiaco WA 6008 Paul Chapman Non-Executive Chairman PO Box 572, Floreat WA 6014 Gareth Solly Managing Director T | +61 458 007 713 Les Davis Non-Executive Director E | [email protected] Alex Hewlett Non-Executive Director W | www.blackcatsyndicate.com.au Tony Polglase Non-Executive Director ABN | 63 620 896 282

CORPORATE STRUCTURE Ordinary shares on issue: 110.3M Market capitalisation: A$88M (Share price A$0.80) Cash (15 July 2020): ~A$12M

Black Cat Acquisition Adds 115,000oz to the Fingals Gold Project

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ACQUISITION

The acquisition comprises 3 key areas:

- Trojan contains 115,000oz of Resource and is located ~15 kms by road east of the Fingals Gold Project (Figure 1) and the likely location of Black Cat’s planned processing facility;

  • Slate Dam is located ~10km to the east of the Bulong Gold Project and is an advanced exploration project over prospective areas of the underexplored Lake Yindarlgooda; and

  • Clinker Hill also located adjacent to the Fingals Gold Project is an early stage exploration project containing structures that link the million-ounce Mt Monger mining centre with the Bulong Gold Project.

Post acquisition Black Cat’s landholding increases from 499km[2] to 756km[2] . Trojan has a Resource of 2.1Mt @ 1.7 g/t Au for 115,000oz and upon completion Black Cat’s total Resources will increase by 16% to 10.8Mt @ 2.4 g/t Au for 826,000oz (see Resource Table) comprised of Bulong 294,000oz, Fingals 515,000oz and Rowe’s Find 17,000oz.

Black Cat has paid a non-refundable deposit of $50,000 upon signing, with the balance of $450,000 payable at completion which is expected to occur in early October 2020.

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Figure 2: Largest landholders within 50km of Kalgoorlie. Black Cat leases in yellow and new leases in dark blue.

Cautionary Statement

Trojan, Slate Dam and Clinker Hill are not yet owned by Black Cat. The projects will be acquired by and held by Black Cat (Bulong) Pty Ltd, a wholly owned subsidiary of Black Cat. The acquisition will complete upon approval or in principle approval of the Minister for the transfer of the tenements.

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Next Steps and Immediate Opportunities

Post completion, exploration and mining opportunities will be assessed and ranked. The key focus in the short term will be on expanding the Resources at and around Trojan.

Trojan (M25/0104, E25/0571, E25/0558, E25/0526 and P25/2333) 100%

The Trojan deposit is located 65km SE of Kalgoorlie on mining lease M25/0104. The deposit sits just 15km (via the all-weather Trans-access road) east of the preferred site for Black Cat’s planned processing facility. The deposit was mined from 2000-2004 by New Hampton Goldfields for 1.97Mt @ 1.97 g/t Au for 125,129oz. Mining ceased when the gold price dropped to US$400oz and little work has been undertaken since.

The current Resource of 2.1Mt at 1.7 g/t Au for 115,000oz remain open along strike and at depth. Supporting information for the Resource are shown later in this announcement.

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Figure 3: Trojan deposit showing historical drilling collars (coloured by max gold) along with geology and interpreted shear structures.

The Trojan deposit shares similarities with the nearby Imperial/Majestic deposits, being located in the Bulong Anticline and hosted within granitic rocks with porphyritic intrusions. The northern end of the deposit was first discovered in the 1970’s where the mineralisation is closer to surface. Further south, the cover over the mineralisation deepens. Mineralisation is associated with a north-northeast trending brittle shear which hosts multiple sub-parallel lodes. Trojan is truncated by postmineralisation Proterozoic dykes; with clear evidence the mineralisation continues to the north and south.

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Trojan contains open pit cutback and underground potential and contains unmined intercepts around the historic workings that include:

  • 17m @ 2.70 g/t Au from 125m (CMM408) – below the pit

  • 17m @ 2.19 g/t Au from 130m (CMM409) – below the pit

  • 12m @ 3.28 g/t Au from 154m (TRRC184) – below the pit

  • 9m @ 3.45 g/t Au from 95m (CMM402) – below the pit

  • 7m @ 2.84 g/t Au from 120m (CMM412) – below the pit

  • 25m @ 5.69 g/t Au from 46m (TJNRC021) – north of the pit[1]

  • 17m @ 2.89 g/t Au from 31m (TJNRC022) – north of the pit[1]

  • 4m @ 8.35 g/t Au from 52m (CMM427) – south of the pit

  • 9m @ 2.66 g/t Au from 46m (TRRC075) – south of the pit

Significant exploration potential also occurs elsewhere at Trojan with multiple targets identified. One example being an area of strong shallow mineralisation 300m south of the historic pit along the same shear structure, which includes intercepts such as:

  • 4m @ 7.13 g/t Au from 51m (CMM417)

  • 5m @ 3.53 g/t Au from 49m (CMM418)

  • 5m @ 4.40 g/t Au from 63m (TEXRC010)

  • 2m @ 4.85 g/t Au from 61m (CMM527)

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Figure 4: Historical photo taken during mining of the Stage 4/5 cutbacks at the Trojan mine .

1 Holes drilled at low angle to dip of orebody

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Slate Dam (E25/0534, E25/0553 and E25/556) 100%

Slate Dam covers a large area of prospective geology over Lake Yindarlgooda. The exploration model for Slate Dam is for a large sediment hosted gold deposit. Historic gold anomalies with drilling are concentrated in areas of shale and conglomerate within the siltstone host. These areas are evident as both geochemical and geophysical anomalies which are most prospective in areas of structural complexity.

Numerous shallow targets have been identified over the project and best drilling results include:

  • 5m @ 3.79 g/t Au from 10m (SDRC6)

  • 6m @ 2.43 g/t Au from 15m (SDRC68)

  • 24m @ 1.03 g/t Au from 8m (SDRC12)

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Figure 5: Map of Slate Dam

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Clinker Hill (E25/0568 and P25/2320) 100%

Clinker Hill is an early stage exploration project located adjacent to the Fingals Gold Project. The area contains a number of prospective structures which link the Mt Monger mining centre to the Bulong Gold Project, with historic alluvial mining over parts of the project.

The Clinker Hill geology consists of north-northwest trending suites of Ultramafic rocks and siliclastic sediments, intruded by mafic units. The Hampton/Victory faults run through the west of the project and continue through to Black Cat’s Bulong Gold Project. Structures from Black Cat’s Hammer and Tap prospect also run though Clinker Hill in the east. Numerous areas of historic prospecting have been identified over the project which will assist in creating drill targets.

Trojan Resources - Supporting Information

Geology and Geological Interpretation

Trojan is located on the eastern limb of the south plunging Bulong Anticline, in the Norseman-Wiluna Greenstone Belt. The geology of the limbs is dominated by mafic and ultramafic volcanics and intercalated sediments intruded by dolerite sills. In the core of the anticline felsic and mafic volcanics and sediments are intruded by granitoids

The Trojan deposit is underlain by mafic volcanics in the south and a multiphase porphyritic granite complex in the north. Two large east-west trending dolerite dykes crosscut the geology to the north and the south of the Trojan pit. Two smaller mafic to ultramafic dykes, up to 2m wide, crosscut the Trojan pit. A Tertiary palaeochannel ranging from 500m to 1km wide crosscuts the tenement parallel to the dolerite dyke at the southern end of the Trojan deposit. A smaller palaeochannel exists over the southern end of the pit. The southernmost part of the Trojan deposit is characterised by interfingering basalts and granites.

Mineralisation at Trojan is associated with a NNE trending brittle shear containing multiple subparallel lodes dipping 60° west and hosted by granites (quartz syenite), porphyry (of slightly more mafic composition than the granite) and in the extreme southern portion inter-fingered basalt and granite. The ‘Juliet’ lode outcrops at surface and extends from 9950N to 10450N (local grid) (Figure 3, 4, 5 and 6). This was targeted in early mining activities. This lode merges with the ‘Oscar’ Lode south of 9950N. The Oscar lode is up to 25m wide in the centre of the current pit. South of 9800N (local grid), the Oscar lode splits into three distinct narrow mineralised zones. Where the lodes are present in the basalt host rock, their thickness decreases to 2-5m wide. The Oscar lode changes strike at 9600N to become a north-south feature. The widest zone, where the Juliet and Oscar lodes meet, trends southward with increasing depth.

Alteration is characterised by distinctive pink to red haematite staining, quartz veining, silica flooding and pyrite. The pyrite occurs as disseminated crystals and indiscrete fine grained stockworks within the lodes. The haematite is broadly associated with a moderate grade mineralisation zone, but the best indicator of significant mineralisation is silica flooding with fine grained disseminated pyrite. There is also a pervasive potassic alteration of the granite, which has a similar appearance to the haematite staining, but is not necessarily related to gold mineralisation. There is also usually quartz veining in or around the high-grade intersections.

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Trojan Resources - Supporting Information

Geology and Geological Interpretation (cont’d)

Supergene mineralisation is developed over the southern part of the deposit at about 35m below surface, on the oxidised/transition contact. This is to a large extent associated with a basalt precursor. Original lode structures influence higher-grade gold values within the supergene blanket. These are evident as broad quartz lodes or WNW foliated weathered basalt. No supergene enrichment below the small palaeochannel was detected.

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Figure 6: Long section image looking east showing Resource, drilling and the mined open pit at Trojan.

Historic Workings

Mining of the Trojan deposit was completed from 2000-2004. Production is recorded as 1.974Mt @ 1.97g/t Au for 125,129oz.

Drilling Techniques

The bulk of early drilling at Trojan was completed by Mt Martin Gold Mines in 1987-1993 by RC and RAB drilling. Upon a merger with Titan, RC and diamond drilling continued to define the Trojan deposit until 1998, with drill spacing of ~25m by 25m. Newcrest had an option over the tenement in 1998 and completed confirmatory drilling – confirming the drilling data was acceptable quality with 15 follow-up holes, before New Hampton Goldfields purchased the project in 1999.

New Hampton Goldfields completed extensive RC, diamond and grade control drilling over the project and this drilling forms the bulk of the data used for the Resources estimate. Post mining by New Hampton Goldfields, small RC programs have been completed by a number of owners including Westgold and Overland Resources.

Sampling and Sub Sampling Techniques

Sampling techniques by Mt Martin Gold Mines are not recorded, however the bulk of that drilling occurred in already mined areas and represents a low risk.

Sampling by Titan was completed as 4m spear sampled composites, with any anomalous samples re-split by riffle splitter into 1m intervals.

Newcrest Mining’s RC samples were collected as 1m intervals from the rig cyclone, before 4m composites were analysed. Any anomalous composites were split to 1m for re-assay.

New Hampton Goldfields’ RC samples were riffle split into 1m intervals.

Assays for Mt Martin Gold Mines were completed by Genalysis Labs in Kalgoorlie as aqua-regia digest with AAS finish.

Assays for Titan, Newcrest and New Hampton Goldfields were completed by 50g fire assay.

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Criteria Used for Resource Estimation

Over the history of Trojan, drilling has generally been completed at a dip of 60 degrees to the east, with most mineralisation drilled at ~3.5m by 3.5m in areas that are grade controlled, extending out to 30m by 50m at the extents of the model.

Estimation Methodology

Wireframes of weathering and mineralisation, guided by geological understanding, were constructed in Surpac software and validated in all orientations.

Drill hole data has been composited downhole to 1m within respective mineralisation domains using hard boundaries.

Top cuts were investigated for the deposit, with each domain assigned a top cut based off the individual population distribution.

Variograms were modelled for most domains within Supervisor. Variograms and the resultant search ellipses were orientated parallel to the observed dip and strike for each domain and confirmed from structural measurements in orientated diamond core where available.

The block model was constructed in Surpac with block sizes of 10m x 10m x 5m (x, y, z directions), based off drill hole spacing, with sub-blocks allowed down to 1.25m x 2.5m x 0.63m to honour model volumes. Estimation of the mineralised domains is completed using ordinary kriging into Parent Blocks. A total of 20 total mineralised domains were modelled.

Bulk density values were applied according to regolith type and are based off historical density measurements of diamond core.

Validation steps of the Resource included the comparison of input assay data against the modelled grades. This was completed by, checking the global averages of each domain, visually checking the spatial distributions of grade and assessing swath plots in the three major orientations.

Cut-Off Grades

Resources are reported at a 0.7 g/t Au lower cut-off grade which is deemed acceptable based on approximate industry costings associated with open pit mining.

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Figure 7: Long section image looking east showing Resource by classification (blue=Indicated and green=Inferred) of the Trojan Resource.

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Mining and Metallurgical Parameters

No minimum width is applied to the Resource. Minimum widths are assessed and applied during the Ore Reserve process. It is assumed that planned dilution is factored into the process at the stage of Ore Reserve and pit planning.

In 1999, New Hampton Goldfields drilled one 60m NQ diamond hole to obtain geotechnical and metallurgical information relating to the Trojan deposit. Metallurgical testing by earlier parties showed no metallurgical difficulties. The data compiled by Newcrest Mining indicated, to obtain 90% recoveries, the nearby New Celebration mill would need to utilize its fine grind circuit. Coarser grinds would yield lower recoveries. The work commissioned by New Hampton Goldfields showed the ore exhibited a moderate refractory nature. Moderate to good cyanidable gold recoveries were indicated for all grinds between 125 and 75 micron. Recoveries ranged from 89.9% to 93.1%.

OTHER SUPPORTING INFORMATION

Included as part of this announcement is the following supporting information :

APPENDIX 1: Resource Table

APPENDIX 2: Drill Results - Trojan

APPENDIX 3: Drill Results - Slate Dam

APPENDIX 4: 2012 JORC Table 1: Trojan Resources Estimate

APPENDIX 5: 2012 JORC Table 1: Slate Dam Exploration Results

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RECENT AND PLANNED ACTIVITIES

Black Cat continues to be extremely productive with upcoming activities to include:

  • October 2020: release Annual Report;

  • October 2020: release of Myhree diamond drilling results;

  • October 2020: release of September 2020 quarterly activities report;

  • October 2020: attend Diggers & Dealers in Kalgoorlie 12-14 October 2020;

  • October 2020: release of Resource updates for Fingals Fortune, Myhree, Boundary and Trump;

  • October 2020 (subject to ASX review): release of various studies including:

    • Myhree Stage 1 and 2 open pit pre-feasibility study;

    • Myhree underground scoping study;

    • Trump and Boundary scoping studies;

    • Imperial/Majestic scoping study;

    • Fingals Fortune scoping study;

  • 25 November 2020: Annual General Meeting;

  • December quarter 2020: continuing RC drilling (~15,000m) at Fingals and first drilling at Rowe’s Find;

  • December quarter 2020: release of RC drilling results from Fingals and Rowe’s Find;

  • December quarter 2020: release of processing facility Scoping Study;

  • January-June 2021: ongoing drilling as part of Black Cat’s +60,000m drilling program including:

    • Extensional drilling at Rowe’s Find (5,000m)

    • Regional drilling at Bulong (10,000m)

    • Regional drilling at Black Hills (5,000m)

    • Other regional targets (10,000m)

    • Extensional drilling at Wombola (5,000m)

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For further information, please contact:

Gareth Solly Managing Director

+61 458 007 713 [email protected]

This announcement has been approved for release by the Board of Black Cat Syndicate Limited.

COMPETENT PERSON’S STATEMENT

The information in this announcement that relates to geology and exploration results and planning was compiled by Mr Edward Summerhayes, who is a Member of the AIG and an employee, shareholder and option holder of the Company. Mr Summerhayes 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'. Mr Summerhayes consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

The information in this release that relates to the Estimation and Reporting of Mineral Resources has been compiled by Mr Iain Levy. Mr Levy is a holder of shares and options in, and is a full-time employee of, the Company. Mr Levy is a Member of the Australasian Institute of Mining and Metallurgy and has sufficient experience with the style of mineralisation, deposit type under consideration and to the activities 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 (The JORC Code). Mr Levy consents to the inclusion in this report of the contained technical information relating the Mineral Resource Estimation 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 Mineral Resources 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 estimate with that announcement continue to apply and have not materially changed.

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ABOUT BLACK CAT SYNDICATE (ASX:BC8)

Post-acquisition Black Cat will control 756km[2] of highly prospective tenements to the east of the world class mining centre of Kalgoorlie, WA. The four main project areas include:

  • Bulong Gold Project (“ Bulong ”) comprises ~347km² of land located 25-50km east of Kalgoorlie. The combined leases capture in excess of 45km of prospective stratigraphic and structural targets with minimal modern exploration. Advanced deposits undergoing mining studies along with early stage exploration opportunities exist throughout Bulong;

  • Fingals Gold Project (“ Fingals ”) comprises ~368km[2] of land located ~30km south east of Bulong and includes the recent acquisition from Aruma. This area contains recently and historically mined deposits but has seen only limited modern exploration; and

  • Rowe’s Find Gold Project (“ Rowe’s Find ”) comprises ~41km[2] of land located ~100km east of Bulong. Rowe’s Find contains JORC Resources and drill ready targets on an overlooked greenstone belt.

Post the acquisition from Aruma, Black Cat will have combined Resources of 10.8Mt @ 2.4 g/t Au for 826,000oz . Black Cat has a near-term target of 1 million ounces of Resources and a wholly owned milling facility with at least three years feed ahead of it. A 60,000m drilling program is underway and delivering results.

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Regional map of Kalgoorlie showing the location of the Bulong, Fingals and Rowe’s Find Gold Projects as well as nearby infrastructure .

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APPENDIX 1

Resource Table

The current in-situ, drill-defined and developed Resources for Bulong, Fingals and Rowe’s Find are listed below.

Measured Mineral Resource Measured Mineral Resource Measured Mineral Resource Indicated Mineral Resource Indicated Mineral Resource Indicated Mineral Resource Total Mineral Resource Total Mineral Resource Total Mineral Resource
Inferred Mineral Resource
Deposit Tonnes Grade Metal Tonnes Grade Metal Tonnes Grade Metal Tonnes Grade Metal
(‘000s oz)
(‘000s) (g/t Au) (000s oz) (‘000s) (g/t Au) (‘000s oz) (‘000s) (g/t Au) (‘000s oz) (‘000s) (g/t Au)
BULONG
Queen Margaret OP - - - 36 2.2 3 154 1.7 9 190 1.8 12
Queen Margaret UG - - - - - - 72 2.4 6 72 2.4 6
Melbourne United OP - - - - - - 67 2.8 6 67 2.8 6
Melbourne United UG - - - - - - 29 3.0 3 29 3.0 3
Boundary OP - - - 124 2.2 9 351 1.9 21 475 2.0 30
Boundary UG - - - - - - 150 2.3 11 150 2.3 11
Trump OP - - - 57 2.5 5 390 1.9 24 447 2.0 29
Trump UG - - - - - - 149 2.7 13 149 2.7 13
Myhree OP - - - 580 3.6 67 572 3.1 58 1,152 3.4 125
Myhree UG - - - - - - 275 3.4 30 275 3.4 30
Anomaly 38 OP - - - - - - 295 1.5 14 295 1.5 14
Anomaly 38 UG - - - - - - 13 11.7 5 13 11.7 5
Strathfield OP - - - - - - 171 1.7 9 171 1.7 9
Strathfield UG - - - - - - 13 3.0 1 13 3.0 1
Sub Total - - - 797 3.3 84 2,701 2.4 210 3,498 2.6 294
FINGALS
Majestic - - - 1,673 2.6 142 790 2.3 58 2,463 2.5 200
Imperial - - - 504 2.7 44 216 2.0 14 720 2.5 58
Fingals Fortune OP - - - - - - 1,136 2.3 85 1,136 2.3 85
Fingals Fortune UG - - - - - - 38 2.8 3 38 2.8 3
Wombola Dam 13 3.2 1 164 2.6 14 120 3.0 12 297 2.8 27
Hammer and Tap OP - - - - - - 350 2.4 27 350 2.4 27
Trojan - - - 1,356 1.8 79 760 1.5 36 2,115 1.7 115
Sub Total 13 3.2 1 3,697 2.3 279 3,410 2.1 235 7,119 2.3 515
ROWE’S FIND
Rowe’s Find - - - - - - 148 3.5 17 148 3.5 17
Sub Total - - - - - - 148 3.5 17 148 3.5 17
TOTAL Mineral
Resource		 13 3.2 1 4,494 2.5 363 6,259 2.3 462 10,765 2.4 826
The preceding statements of Mineral Resources conforms to the ‘Australasian Code for Reporting of Exploration Results Mineral Resources and Ore Reserves (JORC Code) 2012
Edition’. All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures.

The preceding statements of Mineral Resources conforms to the ‘Australasian Code for Reporting of Exploration Results Mineral Resources and Ore Reserves (JORC Code) 2012 Edition’. All tonnages reported are dry metric tonnes. Minor discrepancies may occur due to rounding to appropriate significant figures.

Resource Table Notes

Notes on Resource table for Bulong, Fingals and Rowe’s Find:

  1. Data is rounded to thousands of tonnes and thousands of ounces gold. Discrepancies in totals may occur due to rounding.

  2. The Resource estimates are produced in accordance with the 2012 Edition of the Australian Code for Reporting of Mineral Resources and Ore Reserves (the “ 2012 JORC Code” ).

  3. All tonnages are reported in dry metric tonnes.

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  1. Resources have been reported as both open pit and underground with varying cut-offs based off a number of factors discussed in the corresponding Table 1 which can be found with the original ASX announcements for each Resource.

  2. The announcements containing the Table 1 Checklists of Assessment and Reporting Criteria relating for the 2012 JORC compliant Resources are:

  3. a. Queen Margaret – Black Cat ASX announcement on 18 February 2019 “Robust Maiden Mineral Resource Estimate at Bulong”;

  4. b. Melbourne United – Black Cat ASX announcement on 18 February 2019 “Robust Maiden Mineral Resource Estimate at Bulong”;

  5. c. Boundary – Black Cat ASX announcement on 23 September 2019 “Strong Resource Upgrades at Satellites to Myhree”;

  6. d. Trump – Black Cat ASX announcement on 31 March 2020 “Bulong Resource Jumps by 21% to 294,000 oz”;

  7. e. Myhree – Black Cat ASX announcement on 18 February 2020 “Myhree Resource Increases to 155,000 oz @ 3.4 g/t Au”;

  8. f. Anomaly 38 – Black Cat ASX announcement on 31 March 2020 “Bulong Resource Jumps by 21% to 294,000 oz”;

  9. g. Strathfield – Black Cat ASX announcement on 31 March 2020 “Bulong Resource Jumps by 21% to 294,000 oz”;

  10. h. Majestic – Black Cat ASX announcement on 28 May 2020 “Significant Increase in Resources – Strategic Transaction with Silver Lake”;

  11. i. Imperial – Black Cat ASX announcement on 28 May 2020 “Significant Increase in Resources – Strategic Transaction with Silver Lake”;

  12. j. Fingals Fortune – Black Cat ASX announcement on 10 July 2020 “JORC 2004 Resources Converted to JORC 2012 Resources”;

  13. k. Wombola Dam – Black Cat ASX announcement on 28 May 2020 “Significant Increase in Resources – Strategic Transaction with Silver Lake”;

  14. l. Hammer and Tap – Black Cat ASX announcement on 10 July 2020 “JORC 2004 Resources Converted to JORC 2012 Resources”;

  15. m. Trojan – Black Cat ASX announcement on 7 October 2020 “Black Cat Acquisition adds 115,000oz to the Fingals Gold Project”; and

  16. n. Rowe’s Find – Black Cat ASX announcement on 10 July 2020 “JORC 2004 Resources Converted to JORC 2012 Resources”.

  17. 2004 JORC Resources at the Fingals Gold Project have been excluded from the table to comply with ASX reporting criteria. Please see ASX announcement dated 28 May 2020 for further information. Black Cat will undertake work to convert all 2004 JORC Resources to 2012 JORC Resources in due course.

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APPENDIX 2

Drill Results - Trojan

TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING Downhole Downhole Downhole Downhole
Hole_ID MGA_East MGA_North RL Dip Azimuth From To Interval Au Grade
(m) (m) (m) (g/t)
CDH1
408825.3
6581558.2
367.2
-60
90		 NSR
CDH14
408531.7
6581111.6
363.3
-60
90		 147.85
148.85
1
1.8
162.3
166.3
4
1.38
171
174
3
1.08
207.8
208.9
1.1
2.23
CDH19
408717.1
6581560.1
367.4
-60
90		 38
39
1
1.94
63
64
1
2.04
82
84
2
1.23
121.3
122.8
1.5
2.37
138
141
3
2.4
144
152.2
8.2
2.7
166.75
168.75
2
1.48
CDH6
408829
6581595.1
368.6
-60
90		 22.5
29
6.5
2.93
CMM013
408797
6581496.5
367.2
-60
123		 35
38
3
4.14
51
52
1
1.35
57
58
1
1.06
CMM018
408770.9
6581448.9
367.2
-60
123		 43
48
5
2.53
50
52
2
1.32
CMM024
408839.7
6581708.4
369.1
-60
90		 39
40
1
2.35
42
44
2
4.64
CMM029
408832
6581652.3
368.7
-60
90		 8
9
1
1.45
11
12
1
1.29
27
28
1
1.38
35
41
6
1.19
CMM034
408795.2
6581598.8
368.2
-60
90		 30
31
1
1.75
54
55
1
1.33
61
62
1
1.06
65
66
1
1.01
67
68
1
1.35
CMM039
408822.7
6581563.3
368
-60
90		 20
21
1
2.25
24
31
7
2.6
CMM040
408731.9
6581310.2
366.1
-60
90		 42
44
2
5.6
47
49
2
1.38
51
52
1
1.5
54
57
3
1.47
66
69
3
3.45
CMM044
408792.5
6581309.2
366.3
-60
90		 NSR

15 | P a g e

Black Cat Acquisition Adds 115,000oz to the Fingals Gold Project

==> picture [154 x 96] intentionally omitted <==

TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING Downhole Downhole Downhole Downhole
Hole_ID MGA_East MGA_North RL Dip Azimuth From To Interval Au Grade
(m) (m) (m) (g/t)
CMM049
408775.3
6581284.2
366.1
-60
90		 29
30
1
5.3
CMM050
408791.4
6581284.2
366.2
-60
90		 25
26
1
1.45
CMM055
408740.1
6581235.2
365.1
-60
90		 6
7
1
1.01
CMM060
407619.1
6581198.2
362.2
-90
0		 NSR
CMM111
408854.2
6581542.7
368
-60
90		 68
69
1
1.18
CMM117
408842.3
6581470.9
367.2
-60
125		 13
14
1
1.25
19
20
1
1.16
22
29
7
2.92
31
34
3
2.01
56
57
1
6
CMM122
408698.7
6581190.9
362.2
-60
90		 25
26
1
1.3
CMM128
408678.6
6581110.9
364.2
-60
90		 0
1
1
1.5
4
5
1
1.3
49
51
2
5.2
57
58
1
1.6
CMM133
408647
6581012
363.4
-60
90		 30
43
13
2.67
CMM139
408625
6581007.4
363.2
-60
90		 36
41
5
2.08
44
45
1
1.12
49
50
1
4.95
60
61
1
1.18
CMM144
408678
6581062.1
363.7
-60
90		 45
50
5
2.88
CMM152
408701.3
6581285.6
365.7
-60
90		 66
72
6
2.56
83
84
1
2.35
CMM163
408587.5
6580862.8
362.7
-60
90		 35
36
1
1.32
60
61
1
1.25
CMM168
408701.4
6581085.7
364
-90
0		 35
36
1
5.4
38
46
8
1.87
CMM173
408627.2
6581087.3
363.8
-90
0		 35
36
1
1.5
38
39
1
1.95
41
43
2
1.3
CMM178
408828.1
6581652.5
368.7
-60
90		 8
16
8
1.55
31
32
1
1.2
38
44
6
2.18
CMM183
408815.7
6581733.2
368.9
-60
90		 71
74
3
1.45
78
79
1
1.5
CMM188
408780.5
6581518.2
367.2
-60
123		 41
43
2
1.29
49
52
3
1.53
54
71
17
4.18
73
75
2
1.53

16 | P a g e

Black Cat Acquisition Adds 115,000oz to the Fingals Gold Project

==> picture [154 x 96] intentionally omitted <==

TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING Downhole Downhole Downhole Downhole
Hole_ID MGA_East MGA_North RL Dip Azimuth From To Interval Au Grade
(m) (m) (m) (g/t)
77
78
1
1.75
CMM193
408771.9
6581409.8
363
-60
90		 30
39
9
2.23
41
43
2
1.53
46
48
2
2.15
66
67
1
1.7
71
72
1
1.14
73
74
1
1.08
79
80
1
1.04
CMM197
408885.1
6581757.3
368.9
-60
90		 7
9
2
1.7
CMM202
408831.1
6581518.4
366.2
-60
125		 3
8
5
3.37
CMM207
408816.5
6581479.9
361.2
-90
0		 8
19
11
2.6
22
23
1
1
27
30
3
1.2
32
33
1
1.95
42
44
2
2.5
CMM212
408802.7
6581414.8
367
-60
90		 9
11
2
1.55
CMM217
408754.6
6581384.1
367
-60
90		 34
35
1
1.25
40
41
1
2.77
44
52
8
1.65
58
62
4
1.45
CMM222
408787.7
6581359.1
366.2
-60
90		 NSR
CMM227
408734.7
6581259.9
365.5
-60
90		 21
22
1
2.75
25
26
1
1.08
30
39
9
2.2
CMM232
408617.4
6581163
363.2
-90
0		 40
41
1
2.31
CMM238
408703.1
6581160.8
363.6
-90
0		 18
19
1
2.07
22
23
1
4.9
40
42
2
1.31
CMM243
408658
6581136.8
363.7
-90
0		 46
49
3
1.2
CMM248
408601.7
6581047.6
363.4
-90
0		 NSR
CMM253
408676.6
6581046.2
363.6
-90
0		 32
33
1
1.55
40
43
3
7.49
CMM258
408624.8
6581011.5
363.2
-90
0		 32
36
4
1.01
CMM264
408585.6
6580963.7
362.9
-90
0		 NSR
CMM269
408664.6
6580959.5
363.4
-90
0		 NSR
CMM270
408675.1
6580960.5
363.5
-90
0		 NSR
CMM275
409130.7
6580958.7
361.7
-60
90		 NSR
CMM280
409030.6
6580959.7
361.4
-60
90		 19
20
1
3.45
CMM285
408703.8
6581162.7
363.6
-90
0		 22
23
1
5.05

17 | P a g e

Black Cat Acquisition Adds 115,000oz to the Fingals Gold Project

==> picture [154 x 96] intentionally omitted <==

TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING Downhole Downhole Downhole Downhole
Hole_ID MGA_East MGA_North RL Dip Azimuth From To Interval Au Grade
(m) (m) (m) (g/t)
CMM288
408717.5
6581137.6
363.9
-90
0		 NSR
CMM289
408703.2
6581137.9
363.9
-90
0		 38
42
4
1.2
CMM292
408853.6
6581613.2
368.9
-60
90		 6
7
1
3.7
11
12
1
1.45
14
16
2
2.15
18
19
1
2.8
CMM297
408854.8
6581641.2
369
-60
91		 5
9
4
2.35
13
19
6
2.16
CMM301
408865.2
6581664.9
369.2
-60
91		 2
6
4
2.13
8
11
3
3.04
CMM316
408768.7
6581563.7
368
-60
90		 68
69
1
1.59
86
87
1
1.33
92
98
6
1.9
101
102
1
1.51
CMM322
408583.2
6580910.2
362.7
-60
90		 60
62
2
1.45
73
75
2
2.16
CMM328
408788.2
6581614.4
368.3
-60
90		 50
51
1
1.3
59
63
4
1.55
97
98
1
1.48
CMM333
408640
6581046.8
363.6
-60
90		 39
44
5
4.44
46
54
8
3.24
72
74
2
2.74
CMM339
408774.1
6581506.7
367.9
-60
90		 49
50
1
1.16
53
54
1
1.34
58
61
3
1.93
63
76
13
4.64
81
82
1
2.21
117
118
1
3.49
CMM344
408655.5
6581262.1
365.1
-60
90		 95
99
4
1.18
105
110
5
6.08
113
114
1
1.03
124
130
6
5.88
CMM351
408761.6
6581615.1
368.3
-60
90		 86
87
1
1.27
106
109
3
1.57
116
117
1
3.66
CMM354
408739.3
6581511.8
367.4
-60
90		 38
40
2
1.16
45
46
1
1.51
56
57
1
1.14
63
64
1
4.44

18 | P a g e

Black Cat Acquisition Adds 115,000oz to the Fingals Gold Project

==> picture [154 x 96] intentionally omitted <==

TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING Downhole Downhole Downhole Downhole
Hole_ID MGA_East MGA_North RL Dip Azimuth From To Interval Au Grade
(m) (m) (m) (g/t)
83
84
1
1.03
87
94
7
1.25
96
97
1
1.02
99
109
10
2.3
120
121
1
1.2
CMM360
408741.1
6581259.8
365.6
-60
90		 32
34
2
2.2
39
40
1
2.63
55
57
2
2.3
CMM365
408752.9
6581109.4
364.4
-60
90		 NSR
CMM370
408861.5
6581307.9
366.5
-60
90		 NSR
CMM375
408950.1
6581506.5
369.2
-60
90		 78
79
1
1.09
CMM381
408967.5
6581708.4
370.4
-60
90		 25
27
2
1.69
CMM387
408625
6580412.3
361.7
-60
90		 66
67
1
1.31
80
81
1
3.96
CMM394
408499.4
6580414.8
361
-60
90		 NSR
CMM398
408557.1
6580963.7
362.8
-60
90		 86
87
1
2.12
137
139
2
2.12
146
147
1
1.3
148
149
1
1.33
CMM401
408504.2
6581015.1
362.6
-60
90		 NSR
CMM402
408585.2
6581063.2
363.4
-60
90		 38
40
2
2.11
45
48
3
1.98
95
104
9
3.45
108
109
1
2.64
112
113
1
1.35
117
118
1
1.09
CMM404
408534.6
6581064.6
363
-60
90		 154
156
2
1.17
161
167
6
1.19
CMM408
408665.1
6581361.3
365.7
-60
90		 105
106
1
1.74
109
110
1
1.06
115
116
1
1.74
125
142
17
2.7
144
152
8
1.28
158
161
3
1.28
CMM409
408667.5
6581410.1
366.1
-60
90		 130
147
17
2.19
163
167
4
3.21
175
176
1
2.03
CMM412
408742.1
6581560.3
367.7
-60
90		 78
79
1
2.05
92
100
8
1.54

19 | P a g e

Black Cat Acquisition Adds 115,000oz to the Fingals Gold Project

==> picture [154 x 96] intentionally omitted <==

TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING Downhole Downhole Downhole Downhole
Hole_ID MGA_East MGA_North RL Dip Azimuth From To Interval Au Grade
(m) (m) (m) (g/t)
106
107
1
1.76
109
118
9
1.81
120
127
7
2.83
130
131
1
1.14
CMM413
408737
6581613.5
367.9
-60
90		 76
78
2
1.35
111
112
1
1.09
117
121
4
1.35
125
126
1
2.4
130
132
2
1.26
139
143
4
3.28
CMM417
408554.6
6580513.9
361.3
-60
90		 51
55
4
7.13
CMM418
408529.3
6580514.7
361.1
-60
90		 49
54
5
3.53
61
63
2
1.53
CMM419
408504.2
6580515
361.1
-60
90		 NSR
CMM424
408812.8
6580858.7
363.4
-60
90		 14
15
1
1.54
CMM427
408736.5
6580860.3
363.1
-60
90		 52
56
4
8.35
CMM429
408686
6580861.3
362.9
-60
90		 32
33
1
1.09
CMM434
408869.9
6581208.2
365.7
-60
90		 61
62
1
1.33
CMM445
409057.8
6581803.3
370.7
-60
90		 NSR
CMM449
408955.9
6581806.8
370
-60
90		 NSR
CMM452
409015.9
6581607.9
370.5
-60
90		 NSR
CMM455
408940.5
6581609.3
370.1
-60
90		 36
37
1
1.03
75
76
1
1.11
CMM459
408840.2
6581008
364.6
-60
90		 55
56
1
2.16
CMM463
408739.7
6581010.5
364
-60
90		 59
60
1
1.07
68
71
3
1.41
73
76
3
1.96
CMM501
408911.3
6580018.2
362.2
-60
90		 NSR
CMM505
407822.4
6580968.6
362.2
-60
90		 NSR
CMM509
408967.8
6581310.6
367.2
-60
90		 NSR
CMM515
409068.2
6581509
369.2
-60
90		 NSR
CMM525
408612
6580862.7
362.2
-60
90		 53
54
1
2.04
78
79
1
2.7
CMM527
408579.7
6580513.4
362.2
-60
90		 51
52
1
3.33
61
63
2
4.85
CMM529
408512.8
6580514.8
362.2
-60
90		 NSR
CMM533
408802
6581008.7
364.3
-60
90		 60
61
1
2.48
63
64
1
1.43
81
82
1
1.02

20 | P a g e

Black Cat Acquisition Adds 115,000oz to the Fingals Gold Project

==> picture [154 x 96] intentionally omitted <==

TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING Downhole Downhole Downhole Downhole
Hole_ID MGA_East MGA_North RL Dip Azimuth From To Interval Au Grade
(m) (m) (m) (g/t)
CMM538
408850.4
6581612.7
368.7
-60
90		 4
5
1
1.58
10
11
1
1.05
17
19
2
2.78
62
63
1
1.09
CMM542
408688
6580911.1
362.2
-60
90		 NSR
CMM547
408689
6580961.1
363.5
-60
90		 42
43
1
3.04
64
65
1
4.89
79
80
1
1.28
CMM552
408813.9
6580958.5
364.3
-60
90		 43
47
4
2.73
69
70
1
2.34
CMM557
408791
6581059
363.7
-60
90		 39
41
2
2.08
49
51
2
3.18
59
60
1
1.1
CMM563
408901.3
6581556.6
368
-60
90		 2
3
1
2.03
7
8
1
1.32
104
106
2
5.74
CMM568
408968.4
6581755.2
369.7
-60
90		 NSR
CMM577
408868.2
6579957.5
367.2
-60
90		 NSR
CMM582
408992.3
6580154.9
367.2
-60
90		 NSR
CMM587
408876.5
6580357.3
367.2
-60
90		 NSR
CMM601
408611.1
6581087.7
363.7
-
60.1
92.2		 42
43
1
2.5
46
48
2
1.8
63
71
8
2
74
78
4
1.24
87
91
4
4.98
99
101
2
1.09
105
106
1
1.55
108
109
1
2.45
116
117
1
1.04
119
122
3
2.18
124
125
1
2.45
CMM606
408685.8
6581211
364.8
-50
91.7		 44
58
14
2.55
CMM611
408840
6581457.2
367.8
-
89.8
281.6		 27
29
2
1.35
38
39
1
1.25
CMMD010
408818.1
6581536.4
368
-60
123		 10
11
1
1.09
25
37
12
2.64
42
43
1
1.7
47
48
1
1.55
CMMD148
408756.8
6581410.2
367
-60
90		 40
41
1
1.3

21 | P a g e

Black Cat Acquisition Adds 115,000oz to the Fingals Gold Project

==> picture [154 x 96] intentionally omitted <==

TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING Downhole Downhole Downhole Downhole
Hole_ID MGA_East MGA_North RL Dip Azimuth From To Interval Au Grade
(m) (m) (m) (g/t)
44
53
9
2.15
55
57
2
1.43
80
81
1
1.1
CMMD156
408637.6
6581109.4
363.8
-60
90		 56
57
1
9.2
65
66
1
3.2
69
78
9
1.88
86
87
1
1.55
CP14/CDH4
408831.3
6581558.6
368
-60
90		 NSR
SC1
408475.1
6580527.6
361
-90
0		 NSR
SC6
408491.5
6580527.4
360.9
-90
0		 NSR
SP0004
409153.327
6581782.366
377.233
-90
0		 NSR
SP0009
409152.26
6581695.874
377.461
-90
0		 NSR
TEXRC001
408839.26
6580957.782
364.249
-60
90		 40
46
6
2.32
TEXRC006
408734.515
6580934.544
364.154
-90
0		 50
51
1
1.34
TEXRC010
408594.991
6580512.959
361.505
-60
90		 63
68
5
4.4
TEXRC012
408503.922
6580464.853
360.928
-60
90		 NSR
TEXRC017
407867.914
6580943.182
358.693
-60
90		 78
80
2
1.76
TJNRC002
408886.594
6581499.387
368.339
-55
270		 24
28
4
3.21
31
36
5
1.32
52
53
1
1.32
TJNRC007
408915.306
6581626.284
369.639
-60
90		 57
58
1
1.32
TJNRC012
408774.987
6581049.329
364.884
-60
270		 NSR
TJNRC017
408787.833
6581099.491
365.239
-
47.5
270		 NSR
TJNRC021
408896.927
6581778.102
369.481
-55
270		 42
43
1
1.42
46
71
25
5.69
TJNRC022
408896.238
6581800.337
369.419
-55
270		 31
48
17
2.89
TJNRC023
408896.344
6581811.022
369.432
-45
270		 11
12
1
4.78
14
16
2
5.17
21
22
1
1.75
24
25
1
1.11
26
27
1
1.14
TJNRC029
408894.391
6581786.696
367.726
-55
270		 NSR
TROX004
408639.4
6580982.1
363.1
-90
0		 NSR
TROX026
408694
6581200.9
363.5
-90
0		 NSR
TROX036
408744.3
6581219.9
365.1
-90
0		 NSR
TROX046
408748.5
6581419.8
367
-90
0		 NSR
TROX056
408798
6581398.8
367
-90
0		 NSR
TROX066
408850.9
6581537.7
368
-90
0		 NSR
TRRC0005
408627.1
6581111.8
363.8
-
59.8
89.1		 50
59
9
1.94

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==> picture [154 x 96] intentionally omitted <==

TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING Downhole Downhole Downhole Downhole
Hole_ID MGA_East MGA_North RL Dip Azimuth From To Interval Au Grade
(m) (m) (m) (g/t)
67
69
2
3.28
71
74
3
2.55
84
90
6
2.88
93
95
2
1.48
98
104
6
1.62
106
113
7
1.06
TRRC0010
408539.8
6581563.8
366.2
-60
90		 43
44
1
1.13
TRRC039
408857
6581857.2
368.9
-60
90		 NSR
TRRC056
408661.6
6581311.8
365.8
-
58.2
91.9		 113
123
10
3.63
136
137
1
3.42
153
156
3
1.39
TRRC061
408665.8
6581031.4
363.7
-60
90.9		 38
39
1
1.31
44
51
7
3.2
53
54
1
1.46
57
58
1
1.68
TRRC066
408621.3
6580987.5
363.3
-60
90.1		 39
44
5
2.06
46
48
2
2.73
51
52
1
1.17
59
60
1
3.26
TRRC071
408594.1
6580938.2
362.9
-
59.7
89.9		 52
54
2
1.27
64
68
4
6.01
74
75
1
3.36
77
78
1
1.23
84
86
2
2.13
TRRC075
408603
6580888.2
362.7
-
59.7
89.1		 45
54
9
2.66
56
58
2
1.84
63
68
5
3.08
78
79
1
2.51
TRRC076
408588.2
6580888.3
362.7
-60
89.9		 53
54
1
1.29
71
73
2
2.84
75
76
1
1.44
TRRC083
408725.5
6581034.9
364.1
-90
0		 38
39
1
3.38
46
47
1
1.08
48
49
1
1.15
TRRC086
408771.5
6581084.2
364.5
-90
0		 NSR
TRRC165
408792
6581359.2
326.3
-
88.6
293.5		 NSR
TRRC173
408824.1
6581458.9
334.2
-
50.7
91.8		 1
2
1
1.29
14
15
1
1.07
38
40
2
1.09

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==> picture [154 x 96] intentionally omitted <==

TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING TROJAN DRILLING Downhole Downhole Downhole Downhole
Hole_ID MGA_East MGA_North RL Dip Azimuth From To Interval Au Grade
(m) (m) (m) (g/t)
42
44
2
4.18
TRRC177
408862.9
6581482.5
368.4
-
89.6
36.4		 1
11
10
3.17
18
32
14
3.32
TRRC181
408599.6
6581238
364.9
-
59.8
91.4		 63
64
1
1.23
152
159
7
1.82
161
163
2
1.16
166
167
1
1.76
172
173
1
1.62
178
179
1
1.11
198
209
11
1.31
212
219
7
1.44
TRRC184
408570.9
6581163.5
363.9
-
59.9
93		 130
131
1
1.08
154
166
12
3.28
172
177
5
2.31
179
180
1
1.49
185
186
1
3.29
TRRC188
408883.3
6581557.1
368.8
-
60.1
89.1		 NSR
TRRC194
408934.1
6581680.6
370
-60
91		 48
52
4
1.86
54
55
1
2.31
TRRC198
408949.5
6581668.2
370.1
-
59.3
91.7		 11
12
1
2
18
19
1
4.17
21
24
3
3.85
TRRC9903
408776.5
6581528.8
367.9
-
59.8
90		 22
23
1
1.66
50
52
2
1.78
55
56
1
2.68
60
61
1
1.79
64
73
9
4.3
77
79
2
1.43
82
85
3
1.11
TRRC9907
408740.7
6581334.5
366.2
-
60.4
94.8		 44
45
1
1.71
49
50
1
1.29
68
72
4
1.54
76
83
7
1.73

Note: All significant intercepts are reported at 1 g/t Au cut; maximum of 1m continuous internal dilution. Also note that due to the large volume of drilling this table is a randomly selected 20% subset of the available data.

24 | P a g e

Black Cat Acquisition Adds 115,000oz to the Fingals Gold Project

==> picture [154 x 96] intentionally omitted <==

APPENDIX 3

Drill Results – Slate Dam

SLATE DAM DRILLING SLATE DAM DRILLING SLATE DAM DRILLING SLATE DAM DRILLING SLATE DAM DRILLING SLATE DAM DRILLING Downhole Downhole Downhole
Hole_ID MGA_East MGA_North RL Dip Azimuth From (m) To (m) Interval (m) Au Grade
(g/t)
SDRC001
395245
6603319
340
-60
65
54		 55
1
2.1
SDRC002
395796
6603017
339
-60
65
13		 14
1
0.87
SDRC003
395614
6602932
340
-60
244
68		 69
1
1.2
SDRC004
395633
6602946
340
-60
244		 NSR
SDRC005
395637
6602946
340
-60
64
21		 22
1
1.14
SDRC006
395683
6602967
341
-60
65
11
60		 12
1
9.04
61
1
1.6
SDRC007
395752
6602997
340
-60
65		 NSR
SDRC008
395668
6602850
341
-60
244		 NSR
SDRC009
395693
6602860
341
-60
65
22
91		 23
1
1.73
92
1
1.08
SDRC010
395725
6602878
341
-60
65		 NSR
SDRC011
395963
6602762
340
-60
65
7
43
91
98
105
125		 8
1
1.98
44
1
1.06
92
1
2.42
102
4
1.38
106
1
1.05
126
1
2.67
SDRC012
396141
6602617
340
-60
65
15
19		 16
1
1.57
21
2
2.48
SDRC013
396097
6602595
342
-60
65
18
93		 19
1
1.21
94
1
4.2
SDRC014
396061
6602579
342
-60
65
25		 26
1
1.9
SDRC015
396025
6602559
341
-60
65		 NSR
SDRC016
395953
6602540
341
-60
65
88		 89
1
1.4
SDRC017
396463
6602769
340
-60
65
14
92		 15
1
1.79
94
2
4.21
SDRC018
396424
6602751
340
-60
65		 NSR
SDRC019
396388
6602730
340
-60
65		 NSR
SDRC020
396438
6602647
340
-60
65
8
11
23
31		 9
1
1.2
20
9
1.84
24
1
1.83
32
1
2.09
SDRC021
396359
6602559
340
-60
65		 NSR
SDRC022
396010
6602232
340
-60
65		 NSR
SDRC023
396042
6602250
340
-60
65		 NSR
SDRC024
395949
6602333
340
-60
65		 NSR

25 | P a g e

Black Cat Acquisition Adds 115,000oz to the Fingals Gold Project

==> picture [154 x 96] intentionally omitted <==

SLATE DAM DRILLING SLATE DAM DRILLING SLATE DAM DRILLING SLATE DAM DRILLING SLATE DAM DRILLING SLATE DAM DRILLING Downhole Downhole Downhole
Hole_ID MGA_East MGA_North RL Dip Azimuth From (m) To (m) Interval (m) Au Grade
(g/t)
SDRC025
396274
6602026
340
-60
65
33		 34
1
1.37
SDRC026
396236
6602011
340
-60
65		 NSR
SDRC027
396345
6601839
340
-60
65		 NSR
SDRC028
396309
6601822
340
-60
65		 NSR
SDRC029
396444
6601772
340
-60
65		 NSR
SDRC030
396402
6601752
341
-60
65		 NSR
SDRC031
395729
6600801
340
-60
65		 NSR
SDRC032
395697
6600785
340
-60
65
29		 30
1
1.19
SDRC033
395660
6600769
340
-60
65
43
71		 44
1
1
72
1
1.33
SDRC034
395773
6600819
340
-60
65		 NSR
SDRC035
395769
6600817
340
-60
65		 NSR
SDRC036
395620.04
6600859.4
340
-60
65
58		 59
1
1.25
SDRC037
395661
6600878
340
-60
65
15
24		 17
2
1.54
25
1
1.47
SDRC038
395705
6600898
340
-60
65		 NSR
SDRC039
395963
6601940
340
-60
65		 NSR
SDRC040
396004
6601959
340
-60
65
21
89
89		 23
2
1.33
91
2
1.14
90
1
1.14
SDRC041
395743
6603091
325
-60
80		 NSR
SDRC042
395626
6603151
323
-60
75		 NSR
SDRC043
395541
6603159
323
-60
60		 NSR
SDRC044
395200
6603798
325
-60
60		 NSR
SDRC045
395139
6603760
325
-60
60		 NSR
SDRC046
395062
6603719
326
-60
60		 NSR
SDRC047
395390
6603497
331
-60
60		 NSR
SDRC048
395342
6603458
332
-60
60
0		 1
1
18.1
SDRC049
397398
6601632
333
-60
60		 NSR
SDRC050
397304
6601622
326
-60
60
35		 36
1
1.04
SDRC051
397194
6601610
324
-60
60		 NSR
SDRC052
396389
6602578
326
-60
60		 NSR
SDRC053
395750
6602738
327
-60
60
28		 32
4
1.01
SDRC053
395750
6602738
327
-60
60
35
45		 38
3
1.48
47
2
1.24
SDRC054
394978
6604075
344
-60
60		 NSR
SDRC055
394814
6604410
335
-60
60		 NSR
SDRC056
394745
6604361
332
-60
60		 NSR
SDRC057
394599
6604695
329
-60
60		 NSR

26 | P a g e

Black Cat Acquisition Adds 115,000oz to the Fingals Gold Project

==> picture [154 x 96] intentionally omitted <==

SLATE DAM DRILLING SLATE DAM DRILLING SLATE DAM DRILLING SLATE DAM DRILLING SLATE DAM DRILLING SLATE DAM DRILLING Downhole Downhole Downhole
Hole_ID MGA_East MGA_North RL Dip Azimuth From (m) To (m) Interval (m) Au Grade
(g/t)
SDRC058
394563
6604644
276
-60
60		 NSR
SDRC059
394504
6604606
329
-60
60		 NSR
SDRC060
394443
6604599
331
-60
60		 NSR
SDRC061
395866
6608803
412
-60
110		 NSR
SDRC062
395805
6608827
385
-60
98		 NSR
SDRC063
395949
6608356
378
-60
90		 NSR
SDRC064
395805
6603070
327
-60
60		 NSR
SDRC065
395923
6603054
324
-60
60
12		 13
1
1.39
SDRC066
396782
6602843
353
-60
60		 NSR
SDRC067
396679
6602777
305
-60
60		 NSR
SDRC068
396594
6602743
264
-60
60
15		 20
5
2.74
SDRC069
396482
6602550
332
-60
60		 NSR
SDRC070
396156
6602345
320
-60
60		 NSR
SDRC071
395258
6603411
312
-60
60		 NSR
SDRC072
395502
6604048
328
-60
60		 NSR
SDRC073
395413
6603974
328
-60
60		 NSR
SDRC074
395331
6603906
325
-60
60		 NSR
SDRC075
395637
6605506
333
-60
60		 NSR
SDRC076
395456
6605287
333
-60
60		 NSR
SDRC077
394842
6604767
339
-60
60		 NSR
SDRC078
394366
6603541
361
-60
60		 NSR
SDRC079
394288
6603502
320
-60
60		 NSR
SDRC80
396297
6602451
325
-60
60
91		 97
6
1.06
SDRC81
396277
6602437
325
-60
60		 NSR
SDRC82
396338
6602490
325
-60
60
26
49		 27
1
1.35
50
1
1.13
SDRC83
396554
6602726
325
-60
60
71		 72
1
1.28
SDRC84
396540
6602719
325
-60
60		 NSR
SDRC85
396610
6602705
325
-60
60
24
40		 25
1
1.3
41
1
1.57
SDRC86
396586
6602692
325
-60
60
15
99		 16
1
1.12
101
2
1.05
SDRC87
396642
6602677
325
-60
60		 NSR
SDRC88
396621
6602661
325
-60
60		 NSR
SDRC89
396231
6602375
325
-60
55		 NSR
SDRC90
395876
6602741
325
-60
60		 NSR
SDRC91
395871
6602739
325
-60
60
110		 115
5
1.25
SDRC92
396383
6604808
325
-60
60		 NSR
SDRC93
396395
6606278
325
-60
60		 NSR

27 | P a g e

Black Cat Acquisition Adds 115,000oz to the Fingals Gold Project

==> picture [154 x 96] intentionally omitted <==

SLATE DAM DRILLING SLATE DAM DRILLING SLATE DAM DRILLING SLATE DAM DRILLING SLATE DAM DRILLING SLATE DAM DRILLING Downhole Downhole Downhole
Hole_ID MGA_East MGA_North RL Dip Azimuth From (m) To (m) Interval (m) Au Grade
(g/t)
SDRC94
396317
6606245
325
-60
60		 NSR
SDRC95
397411
6606440
325
-60
240		 NSR
SDRC96
397409
6606440
325
-60
60		 NSR
SDRC97
398722
6606030
325
-60
60		 NSR
SDRC98
395875
6603074
325
-60
60
64
88
117		 65
1
1.09
93
5
1.24
119
2
1.32
SDRC099
394003
6604448
325
-60
90		 NSR
SDRC100
396455
6605497
325
-60
90		 NSR
SDRC101
395554
6603554
325
-60
90		 NSR
SDRC102
405451
6588449
325
-60
90		 NSR
SDRC103
403200
6588301
325
-60
90		 NSR
SDRC104
402650
6595152
325
-60
90		 NSR
SDRC105
404152
6597797
325
-60
90		 NSR
SDRC106
403506
6599508
325
-60
90		 NSR

Note: All significant intercepts are reported at 1 g/t Au cut; maximum of 1m continuous internal dilution.

28 | P a g e

Black Cat Acquisition Adds 115,000oz to the Fingals Gold Project

==> picture [154 x 93] intentionally omitted <==

APPENDIX 4:

2012 JORC Table 1: Trojan Resource Estimate

Section 1: Sampling Techniques and Data

2012 JORC Table 1: Trojan Resource Estimate 2012 JORC Table 1: Trojan Resource Estimate 2012 JORC Table 1: Trojan Resource Estimate
Section 1: Sampling Techniques and Data
Criteria JORC Code Explanation Commentary
Sampling techniques Nature and quality of sampling (eg cut channels, random
chips, or specific specialised industry standard
measurement tools appropriate to the minerals under
investigation, such as down hole gamma sondes, or
handheld XRF instruments, etc). These examples should
not be taken as limiting the broad meaning of sampling.		 Drilling has been completed by numerous parities over the life of the project. Air core, RAB, reverse circulation,
and diamond drilling have all been completed.
Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used.		 The majority of drilling was completed between late 1980’s and early 2000’s by Mt Martin, Titan, Newcrest, and
New Hampton Goldfields. QAQC was completed and reported for drilling completed by New Hampton and no
issues were recorded. The close correlation between the Resource Model, grade control model, and reconciled
production figures indicates acceptable representativity in the drilling data.
Aspects of the determination of mineralisation that are
Material to the Public Report. In cases where ‘industry
standard’ work has been done this would be relatively
simple (eg ‘reverse circulation drilling was used to obtain
1m samples from which 3kg was pulverised to produce a
30g charge for fire assay’). In other cases more explanation
may be required, such as where there is coarse gold that
has inherent sampling problems.
Unusual commodities or mineralisation types (eg
submarine nodules) may warrant disclosure of detailed
information.		 The bulk of the drilling has been competed as industry standard techniques. RC drilling makes up most of the
informing samples, with 4m composites generally being taken, with any anomalous results being re-split by riffle
splitter into 1m intervals of approximately 2-3kg.
Sample analysis has taken place at reputable commercial laboratories with generally a 50g fire assay completed.
Drilling techniques Drill type (eg core, reverse circulation, open-hole hammer,
rotary air blast, auger, Bangka, sonic, etc) and details (eg
core diameter, triple or standard tube, depth of diamond
tails, face-sampling bit or other type, whether core is
oriented and if so, by what method, etc).		 Reverse circulation drilling was completed using a face sampling percussion hammer.
Diamond drilling was oriented and logged geotechnically.
Historical reverse circulation drilling size is unknown.
Drill sample recovery Method of recording and assessing core and chip sample
recoveries and results assessed.		 Where recovery has been recorded, it has generally been dry with good recovery.
Measures taken to maximise sample recovery and ensure
representative nature of the samples.		 Duplicates are not mentioned in any detail; however the twinning of holes and reconciliation of production data
indicates good representivity.
Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse material.		 There is no known relationship between sample recovery and grade for drilling completed.
Logging Whether core and chip samples have been geologically
and geotechnically logged to a level of detail to support
appropriate Mineral Resource estimation, mining studies
and metallurgical studies.		 Logging of reverse circulation chips record lithology, mineralogy, texture, mineralisation, weathering, colour,
alteration, veining and structure.
Diamond core was geologically logged and sampled by for lithology, mineralogy, texture, mineralisation,
weathering, colour, alteration, veining and structure.

29 | P a g e

Black Cat Acquisition Adds 115,000oz to the Fingals Gold Project

==> picture [154 x 93] intentionally omitted <==

Section 1: Sampling Techniques and Data

Section 1: Sampling Techniques and Data Section 1: Sampling Techniques and Data Section 1: Sampling Techniques and Data
Criteria JORC Code Explanation Commentary
Whether logging is qualitative or quantitative in nature.
Core (or costean, channel, etc) photography.		 No historic core or chips are available.
The total length and percentage of the relevant
intersections logged		 All relevant drilling has been logged in full.
Sub-sampling techniques
and sample preparation		 If core, whether cut or sawn and whether quarter, half or all
core taken.		 Diamond core was generally sampled as 1m intervals as half core
If non-core, whether riffled, tube sampled, rotary split, etc
and whether sampled wet or dry.		 All samples were bagged from the rig. Most samples were composited for preliminary analysis with any
anomalous grades resampled by riffle splitter into 1m intervals
There sampling was generally dry as per historic reports.
For all sample types, the nature, quality and
appropriateness of the sample preparation technique.		 The laboratory preparation of samples adheres to industry best practice. It is conducted by a commercial
laboratory and involves oven drying, coarse crushing then total grinding.
Quality control procedures adopted for all sub-sampling
stages to maximise representivity of samples.		 All subsampling activities are carried out by commercial laboratory and are considered to be satisfactory.
Measures taken to ensure that the sampling is
representative of the in situ material collected, including for
instance results for field duplicate/second half sampling.		 QAQC is not discussed in detail. The close correlation between the Resource Model, grade control model, and
reconciled production figures indicates acceptable representativity in the drilling data.
Whether sample sizes are appropriate to the grain size of
the material being sampled.		 Sample sizes of between 2-3kg are considered to be appropriate for the deposit.
Quality of assay data and
laboratory tests		 The nature, quality and appropriateness of the assaying
and laboratory procedures used and whether the technique
is considered partial or total.		 All samples are analysed by an external laboratory. The bulk of samples used a 50g fire assay. These methods re
considered suitable for determining gold concentrations in rock and are a total digest method.
For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining the
analysis including instrument make and model, reading
times, calibrations factors applied and their derivation, etc.		 No geophysical tools were used in this Mineral Resource.
Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory checks)
and whether acceptable levels of accuracy (ie lack of bias)
and precision have been established.		 Historic drilling had limited QAQC completed, limited to repeats of assays. A number of confirmation drill programs
have been completed to test the accuracy of historic holes by various owners over time.
Verification of sampling and
assaying		 The verification of significant intersections by either
independent or alternative company personnel.		 Significant intercepts are verified by database, geological and corporate staff.
The use of twinned holes. Diamond twinning has not been completed at this point. A number of confirmation drill programs have been
completed to test the accuracy of historic holes by various owners over time.
Documentation of primary data, data entry procedures,
data verification, data storage (physical and electronic)
protocols.		 Data has been reviewed from the digital file to the hard copies of annual reports with limited errors observed at
this point.
Discuss any adjustment to assay data. Mt Martin used a 10 g/t Au top cut prior to loading data into the database. This means that any high grades for that
drilling within the Estimate would have been top cut prior to any analysis of the domain statistics. Since the
majority of drilling from Mt Martin occurs in the mined portion of the deposit, the risk is considered low to the
Mineral Resource.

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Section 1: Sampling Techniques and Data

Section 1: Sampling Techniques and Data Section 1: Sampling Techniques and Data Section 1: Sampling Techniques and Data Section 1: Sampling Techniques and Data
Criteria JORC Code Explanation Commentary
Location of data points Accuracy and quality of surveys used to locate drill holes
(collar and down-hole surveys), trenches, mine workings
and other locations used in Mineral Resource estimation.		 Hole surveys for drilling prior to New Hampton Goldfields were proven to an issue during mining with limited
information on collar location and no downhole surveys. New Hampton used GPS to locate collars and downhole
surveyed any hole longer than 30m. The method of survey is unspecified.As the majority of holes drilled prior to
New Hampton have since been mined out, the lack of survey control in these holes represents a limited risk only.
Specification of the grid system used. The Mineral Resource has been competed in completed in Trojan’s local grid. All reported intercepts within this
table are reported as MGA zone 51 as per Black Cat’s usual operating grid with the view to transfer the Resource
to MGA at the next update.
Quality and adequacy of topographic control. Topography has been defined by a topographic survey of the area, with all collars corrected to the surface for
consistency in elevation during estimation.
Data spacing and
distribution		 Data spacing for reporting of Exploration Results. The nominal spacing ranges from 3.5m (northing) by 3.5m (easting) within the grade controlled area (mostly
mined) to 30m by 50m at the extremities of the deposit.
Whether the data spacing and distribution is sufficient to
establish the degree of geological and grade continuity
appropriate for the Mineral Resource and Ore Reserve
estimation procedure(s) and classifications applied.		 It is sufficient.
Orientation of data in
relation to geological
structure		 Whether sample compositing has been applied. Drill hole data has been composited downhole to 1m prior to the geostatistical analysis, continuity modelling and
grade estimation process. The compositing has been run within the respective mineralisation domains using these
as hard boundaries.
Whether the orientation of sampling achieves unbiased
sampling of possible structures and the extent to which this
is known, considering the deposit type.		 Exploration drilling has generally been drilled towards the east at -60 to intersect the mineralised zones, with a
couple of holes drilled in different orientations. Grade control drilling was either drilled -60 to the east or vertical
dependingon theprogram(later drilled vertically)These orientations are acceptable.
If the relationship between the drilling orientation and the
orientation of key mineralised structures is considered to
have introduced a sampling bias, this should be assessed
and reported if material.		 All drilling from surface has been drilled as close to perpendicular to the predicted orientation of stratigraphy as
possible. This has reduced the risk of introducing a sampling bias as far as possible. No orientation-based
sampling bias has been identified in the data at this point.
Sample security The measures taken to ensure sample security. The sample security of the historic drilling in unknown but is expected to have been acceptable.
Audits or reviews The results of any audits or reviews of sampling techniques
and data.		 A review of all available information on sampling and procedures used from annual reports has been reviewed in
converting this Mineral Resource. Multiple historic audits have been complete by companies assessing the
project.
Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code Explanation Commentary
Mineral tenement and land
tenure status		 Type, reference name/number, location and ownership
including agreements or material issues with third parties
such as Joint Ventures, partnerships, overriding royalties,
native title interests, historical sites, wilderness or national
park and environmental settings.		 The Trojan Mineral Resource is located on M25/104.
Mining lease M25/104 is granted is held until 2034 and is renewable for a further 21 years on a continuing basis.
All production is subject to a Western Australian state government Net Smelter Return (“NSR”) royalty of 2.5%.
There are no registered Aboriginal Heritage sites or pastoral compensation agreements over the tenements.

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Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)

Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code Explanation Commentary
The security of the tenure held at the time of reporting along
with any known impediments to obtaining a licence to
operate in the area.		 No known impediment to obtaining a licence to operate exists and the tenements are in good standing.
Exploration done by other
parties		 A_cknowledgment and appraisal of exploration by other_
parties.		 The bulk of early drilling at Trojan was completed by Mt Martin Gold Mines in 1987-1993 by RC and RAB drilling.
Upon a merger with Titan, RC and diamond drilling continued to define the Trojan deposit until 1998, with drill
spacing of ~25m by 25m. Newcrest had an option over the tenement in 1998 and completed confirmatory drilling –
confirming the drilling data was acceptable quality with 15 follow-up holes, before New Hampton Goldfields
purchased the project in 1999.
New Hampton Goldfields completed extensive RC, diamond, and grade control drilling over the project, and this
drilling forms the bulk of the data used for the Mineral Resource Estimate. Post mining by New Hampton, small RC
programs has been completed by a number of owners including Metals X (Westgold) and Overland Resources.
Geology Deposit type, geological setting and style of mineralisation. The Trojan Project is located on the eastern limb of the south plunging Bulong Anticline, in the Norseman-Wiluna
Greenstone Belt. The geology of the limbs is dominated by mafic and ultramafic volcanics and intercalated
sediments intruded by dolerite sills. In the core of the anticline felsic and mafic volcanics and sediments are
intruded by granitoids (Figure 2).
The Trojan deposit is underlain by mafic volcanics in the south and a multiphase porphyritic granite complex in the
north. Two large east-west trending dolerite dykes crosscut the geology to the north and the south of the Trojan pit.
Two smaller mafic to ultramafic dykes, up to 2m wide, crosscut the Trojan pit. A Tertiary palaeochannel ranging
from 500m to 1km wide crosscuts the tenement parallel to the dolerite dyke at the southern end of the Trojan
deposit. A smaller palaeochannel exists over the southern end of the mine. The southernmost part of the Trojan
deposit is characterised by interfingering basalts and granites.
Mineralisation at Trojan is associated with a NNE trending brittle shear containing multiple sub parallel lodes
dipping 60° west and hosted by granites (quartz syenite), porphyry (of slightly more mafic composition than the
granite) and in the extreme southern portion inter-fingered basalt and granite. The ‘Juliet’ lode outcrops at surface
and extends from 9950N to 10450N (local grid) (Figure 3, 4, 5 and 6). This was targeted in early mining activities.
This lode merges with the ‘Oscar’ Lode south of 9950N. The Oscar lode is up to 25m wide in the centre of the
current pit. South of 9800N (local grid), the Oscar lode splits into three distinct narrow mineralised zones. Where
the lodes are present in the basalt host rock, their thickness decreases to 2-5m wide. The Oscar lode changes
strike at 9600N to become a north-south feature. The widest zone, where the Juliet and Oscar lodes meet, trends
southward with increasing depth.
Alteration is characterised by distinctive pink to red haematite staining, quartz veining, silica flooding and pyrite.
The pyrite occurs as disseminated crystals and indiscrete fine grained stockworks within the lodes. The haematite
is broadly associated with moderate grade mineralisation zone, but the best indicator of significant mineralisation is
silica flooding with fine grained disseminated pyrite. There is also a pervasive potassic alteration of the granite,
which has a similar appearance to the haematite staining, but is not necessarily related to gold mineralisation.
There is also usually quartz veining in or around the high-grade intersections.
Supergene mineralisation is developed over the southern part of the deposit at about 35m below surface, on the
oxidised/transition contact. This is to a large extent associated with a basalt precursor. Original lode structures

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Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)

Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code Explanation Commentary
influence higher-grade gold values within the supergene blanket. These are evident as broad quartz lodes or WNW
foliated weathered basalt. No supergene enrichment below the small palaeochannel was detected.
Drill hole information A summary of all information material to the understanding
of the exploration results including a tabulation of the
following information for all Material drill holes:

easting and northing of the drill hole collar;

elevation or Reduced Level (“RL”) (elevation above sea
level in metres) of the drill hole collar;

dip and azimuth of the hole;

down hole length and interception depth;

hole length; and

if the exclusion of this information is justified on the basis
that the information is not Material and this exclusion
does not detract from the understanding of the report, the
Competent Person should clearly explain why this is the
case.		 A table of significant intercepts for all exploration or resource definition drilling is included in this announcement for
all drilling relevant to this Mineral Resource and announcement. As this was an actively mined area, it is impractical
to list drilling information for all drill holes used. For this reason, grade control drilling results are not reported. A sub
set of 20% was randomly selected and is included in this report.
Data aggregation methods In reporting Exploration Results, weighting averaging
techniques, maximum and/or minimum grade truncations (eg
cutting of high-grades) and cut-off grades are usually
Material and should be stated.		 All aggregated zones are length weighted.
No high-grade cuts have been used, except for Resource estimation as discussed in the text.
Where aggregate intercepts incorporate short lengths of
high-grade results and longer lengths of low grade results,
the procedure used for such aggregation should be stated
and some typical examples of such aggregations should be
shown in detail.		 All intersections are calculated using a 1 g/t Au lower cut-off with maximum waste zones between grades of 1m.
The assumptions used for any reporting of metal equivalent
values should be clearly stated.		 Not applicable, as no metal equivalent values have been reported.
Relationship between
mineralisation widths and
intercept lengths		 These relationships are particularly important in the reporting
of Exploration Results.
If the geometry of the mineralisation with respect to the drill
hole angle is known, its nature should be reported.
If it is not known and only the down hole lengths are
reported, there should be a clear statement to this effect (eg
‘down hole length, true width not known’).		 All intercepts are reported as downhole depths as true widths are not yet determined.
Diagrams Appropriate maps and sections (with scales) and tabulations
of intercepts should be included for any significant discovery
being reported These should include, but not be limited to a
plan view of drill hole collar locations and appropriate
sectional views.		 Appropriate diagrams have been included in the body of the announcement.
Balanced reporting Where comprehensive reporting of all Exploration. All results have been tabulated in this announcement.

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Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)

Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code Explanation Commentary
Results are not practicable, representative reporting of both
low and high-grades and/or widths should be practiced to
avoid misleading reporting of Exploration Results.
Other substantive
exploration data		 Other exploration data, if meaningful and material, should be
reported including (but not limited to): geological
observations; geophysical survey results; geochemical
survey results; bulk samples – size and method of treatment;
metallurgical test results; bulk density, groundwater,
geotechnical and rock characteristics; potential deleterious
or contaminating substances.		 Geophysical surveys including aeromagnetic surveys have been carried out by previous owners to highlight and
interpret prospective structures in the project area. No geophysics was used in the production of the Mineral
Resource.
Further work The nature and scale of planned further work (eg tests for
lateral extensions or depth extensions or large-scale step-
out drilling).
Diagrams clearly highlighting the areas of possible
extensions, including the main geological interpretations and
future drilling areas, provided this information is not
commercially sensitive.		 Black Cat plans to conduct an exploration program to confirm the current interpretation and target extensions to the
currently modelled mineralisation.

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Section 3: Estimation and Reporting of Mineral Resources (Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Section 3: Estimation and Reporting of Mineral Resources(Criteria listed in section 1, and where relevant in section 2, also apply to this section.) Section 3: Estimation and Reporting of Mineral Resources(Criteria listed in section 1, and where relevant in section 2, also apply to this section.) Section 3: Estimation and Reporting of Mineral Resources(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)
Criteria JORC Code Explanation Commentary
Database integrity Measures taken to ensure that data has not been corrupted
by, for example, transcription or keying errors, between its
initial collection and its use for Mineral Resource estimation
purposes.
Data validation procedures used.		 Data has been stored in an SQL server database. Historic data has been provisionally checked against hard
copies of the data as reported in annual reports to the Department of Mines and Petroleum.
Site visits Comment on any site visits undertaken by the Competent
Person and the outcome of those visits.
If no site visits have been undertaken indicate why this is the
case.		 The previous (Westgold Resources) Competent Person conducted regular visits to the South Kalgoorlie Operations
for which Trojan was a part of.
No Black Cat personnel have visited the site as we are still in the early acquisition phase.
Geological interpretation Confidence in (or conversely, the uncertainty of) the
geological interpretation of the mineral deposit.
Nature of the data used and of any assumptions made.
The effect, if any, of alternative interpretations on Mineral
Resource estimation.
The use of geology in guiding and controlling Mineral
Resource estimation.
The factors affecting continuity both of grade and geology.		 The resource categories assigned to the model directly reflect the confidence of the geological interpretation that is
built using local, structural, mineral, and alteration geology obtained from geophysics, logging, drilling results and
mapping.
The geological interpretation of Trojan has considered all available geological information. RC and Diamond drilling
was used during interpretation.
Mineralisation was modelled as 20 mineralised domains including a mineralised halo, primary and supergene
zones.
Wireframes of the mineralisation were constructed using cross sectional interpretations based a range of cut-offs
depending on geology and domain. Cut-off values were selected based off geostatistical analysis. The domain
cutoffs used were:
1.
Halo / Background: >0.3 Au g/t as defined from log-probability plots.
2.
High-grade domains:
a.
>0.45 Au g/t and lithology (historic coding) is GH, GHS, GHP, GS, GSP, BH, BS, QV, BSI.
b.
>3.0 Au g/t.
Dimensions The extent and variability of the Mineral Resource expressed
as length (along strike or otherwise), plan width, and depth
below surface to the upper and lower limits of the Mineral
Resource		 The Trojan Resource area extends over a strike length of 990m (from 9,500mN to 10,460mN) and includes the
vertical extent of 215m from 375mRL to 160mRL. The area includes the material below the Trojan open pit. The
historically reported lodes to the North (Echo and November) have been excluded as they are mostly hosted in the
EL 41 outside of the tenement.
Estimation and modelling
techniques		 The nature and appropriateness of the estimation
technique(s) applied and key assumptions, including
treatment of extreme grade values, domaining, interpolation
parameters and maximum distance of extrapolation from
data points. If a computer assisted estimation method was
chosen include a description of computer software and
parameters used.		 Gold grade was estimated using Surpac and was completed using ordinary kriging. It was considered that a more
robust geological model with smoother and more continuous mineralised lodes will reduce the effects of higher CV.
Estimation was carried out on the parent cell.
Variograms were generated for all domains within Supervisor.
Search ellipse dimensions and orientation reflect the parameters derived from the variography and geological
analysis.
Only Au grade was estimated. No other elements were estimated.
No deleterious elements were estimated or assumed.

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Section 3: Estimation and Reporting of Mineral Resources (Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Section 3: Estimation and Reporting of Mineral Resources(Criteria listed in section 1, and where relevant in section 2, also apply to this section.) Section 3: Estimation and Reporting of Mineral Resources(Criteria listed in section 1, and where relevant in section 2, also apply to this section.) Section 3: Estimation and Reporting of Mineral Resources(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)
Criteria JORC Code Explanation Commentary
The availability of check estimates, previous estimates
and/or mine production records and whether the Mineral
Resource estimate takes appropriate account of such data.
The assumptions made regarding recovery of by-products.
Estimation of deleterious elements or other non-grade
variables of economic significance (eg sulphur for acid mine
drainage characterisation).
In the case of block model interpolation, the block size in
relation to the average sample spacing and the search
employed.
Any assumptions behind modelling of selective mining units.
Any assumptions about correlation between variables.
Description of how the geological interpretation was used to
control the resource estimates.
Discussion of basis for using or not using grade cutting or
capping.
The process of validation, the checking process used, the
comparison of model data to drill hole data, and use of
reconciliation data if available.		 Block sizes were selected based on drill spacing and the thickness of the mineralised veins at 10m (east) by 10m
(north) by 5m (z). Sub blocking down to 2.5/1.25/0.63 to honour estimation domain volumes was utilised.
Average drill spacing ranges from 3.5m x 3.5m in the grade controlled portion, down to 30m x 50m at
mineralisation depths and extents.
No selective mining units were assumed in the resource estimate.
Blocks were generated within the mineralised volumes that defined each mineralised zone. Blocks within these
zones were estimated using data that was contained with the same zone. Hard boundaries were used for all
domains.
Top cuts were applied to the data to control the effects of extreme high grade Au values that were considered not
representative. The effect of the top cuts was reviewed with respect to the resulting Population distribution and
fragmentation, mean and CV values.
The model was validated by comparing statistics of the estimated blocks against the composited sample data;
visual examination of the block grades versus assay data in section; swathe plots; and reconciliation against
previous production and estimates.
Moisture Whether the tonnages are estimated on a dry basis or with
natural moisture, and the method of determination of the
moisture content		 All estimations are carried out on a ‘dry’ basis.
Cut-off parameters The basis of the adopted cut-off grade(s) or quality
parameters applied.		 The indicative cut-off grade of 0.7 g/t Au for the Mineral Resource estimation is determined by the assumption that
mining Trojan will be mid-sized open pit cutback operation to approximately 200m below surface.
Mining factors or
assumptions		 Assumptions made regarding possible mining methods,
minimum mining dimensions and internal (or, if applicable,
external) mining dilution. It is always necessary as part of the
process of determining reasonable prospects for eventual
economic extraction to consider potential mining methods,
but the assumptions made regarding mining methods and
parameters when estimating Mineral Resources may not
always be rigorous. Where this is the case, this should be
reported with an explanation of the basis of the mining
assumptions made.		 No minimum width is applied to the Resource. Minimum widths are assessed and applied using Whittle or Mining
Shape Optimiser software during the Reserve process.
It is assumed that planned dilution is factored into the process at the stage of Reserve and stope design planning.
Any cutback operation of the main pit would require the movement part or all of the waste dump on the western
side of the open pit.
Metallurgical factors or
assumptions		 The basis for assumptions or predictions regarding
metallurgical amenability. It is always necessary as part of
the process of determining reasonable prospects for
eventual economic extraction to consider potential		 It is assumed the material will be trucked and processed at Black Cat’s own mill that is in planning stages.
Recovery factors are assigned based on lab test work, and on-going experience.
No metallurgical assumptions have been built or applied to the Resource model.

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Section 3: Estimation and Reporting of Mineral Resources (Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Section 3: Estimation and Reporting of Mineral Resources(Criteria listed in section 1, and where relevant in section 2, also apply to this section.) Section 3: Estimation and Reporting of Mineral Resources(Criteria listed in section 1, and where relevant in section 2, also apply to this section.) Section 3: Estimation and Reporting of Mineral Resources(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)
Criteria JORC Code Explanation Commentary
metallurgical methods, but the assumptions regarding
metallurgical treatment processes and parameters made
when reporting Mineral Resources may not always be
rigorous. Where this is the case, this should be reported with
an explanation of the basis of the metallurgical assumptions
made.
Environmental factors or
assumptions		 Assumptions made regarding possible waste and process
residue disposal options. It is always necessary as part of
the process of determining reasonable prospects for
eventual economic extraction to consider the potential
environmental impacts of the mining and processing
operation. While at this stage the determination of potential
environmental impacts, particularly for a greenfields project,
may not always be well advanced, the status of early
consideration of these potential environmental impacts
should be reported. Where these aspects have not been
considered this should be reported with an explanation of the
environmental assumptions made.		 A conventional storage facility is used for the process plant tailings.
Waste rock is to be stored in a traditional waste rock landform ‘waste dump’. There is no evidence from previous
mining to indicate the presence of deleterious elements within the Trojan deposit.
Bulk density Whether assumed or determined. If assumed, the basis for
the assumptions. If determined, the method used, whether
wet or dry, the frequency of the measurements, the nature,
size and representativeness of the samples.
The bulk density for bulk material must have been measured
by methods that adequately account for void spaces (vugs,
porosity, etc), moisture and differences between rock and
alteration zones within the deposit.
Discuss assumptions for bulk density estimates used in the
evaluation process of the different materials.		 Bulk density is assigned based on regolith. Values of 1.80, 2.20 and 2.70 t/m3are used for oxide, transitional and
fresh waste rock respectively.
Bulk density values were taken from historic test work and correlate well with results from other areas in the region
with similar geology. Further work on density will be completed as the project progresses
Density values are allocated uniformly to each regolith type.
Classification The basis for the classification of the Mineral Resources into
varying confidence categories.
Whether appropriate account has been taken of all relevant
factors (ie relative confidence in tonnage/grade estimations,
reliability of input data, confidence in continuity of geology
and metal values, quality, quantity and distribution of the
data).
Whether the result appropriately reflects the Competent
Person’s view of the deposit.		 There is no Measured Mineral Resources at Trojan.
Indicated mineralisation was classified based on material that has previously been grade controlled below the pit.
Inferred mineral resources are based on limited data support. No development for geological mapping; typically drill
spacing greater than 25m x 25m (down to 100m x 50m at resource extents).
Further considerations of resource classification include: Data type and quality (drilling type, drilling orientations,
down hole surveys, sampling and assaying methods); Geological mapping and understanding; statistical
performance including number of samples, slope regression and kriging efficiency.
The classification of the Mineral Resource estimate appropriately reflects the view of the Competent Person.

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Section 3: Estimation and Reporting of Mineral Resources (Criteria listed in section 1, and where relevant in section 2, also apply to this section.)

Section 3: Estimation and Reporting of Mineral Resources(Criteria listed in section 1, and where relevant in section 2, also apply to this section.) Section 3: Estimation and Reporting of Mineral Resources(Criteria listed in section 1, and where relevant in section 2, also apply to this section.) Section 3: Estimation and Reporting of Mineral Resources(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)
Criteria JORC Code Explanation Commentary
Audits or reviews The results of any audits or reviews of Mineral Resource
estimates.		 The geological interpretation, estimation parameters and validation of the Resource model were peer reviewed by
Black Cat staff prior to accepting the responsibility for the Mineral Resource.
No external reviews of the Resource estimate had been carried out at the time of writing.
Discussion of relative
accuracy/ confidence		 Where appropriate a statement of the relative accuracy and
confidence level in the Mineral Resource estimate using an
approach or procedure deemed appropriate by the
Competent Person. For example, the application of statistical
or geostatistical procedures to quantify the relative accuracy
of the resource within stated confidence limits, or, if such an
approach is not deemed appropriate, a qualitative discussion
of the factors that could affect the relative accuracy and
confidence of the estimate.
The statement should specify whether it relates to global or
local estimates, and, if local, state the relevant tonnages,
which should be relevant to technical and economic
evaluation. Documentation should include assumptions
made and the procedures used.
These statements of relative accuracy and confidence of the
estimate should be compared with production data, where
available.		 The relative accuracy of the Mineral Resource estimate is reflected in the reporting of the Mineral Resource as per
the guidelines of the 2012 JORC Code.
The statement relates to the global estimates of tonnes and grade at a 0.7 g/t Au cut-off.
The Mineral Resource was compared to the historical estimates and reconciled mined figures. Both showed
acceptable correlation.

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APPENDIX 5:

2012 JORC TABLE 1: SLATE DAM EXPLORATION RESULTS

Section 1: Sampling Techniques and Data

2012 JORC TABLE 1: SLATE DAM EXPLORATION RESULTS 2012 JORC TABLE 1: SLATE DAM EXPLORATION RESULTS 2012 JORC TABLE 1: SLATE DAM EXPLORATION RESULTS
Section 1: Sampling Techniques and Data
Criteria JORC Code Explanation Commentary
Sampling techniques Nature and quality of sampling (eg cut channels, random
chips, or specific specialised industry standard
measurement tools appropriate to the minerals under
investigation, such as down hole gamma sondes, or
handheld XRF instruments, etc). These examples should
not be taken as limiting the broad meaning of sampling.		 RC drilling was completed during 2017-2019 over the Slate Dam project. Samples were taken at 1m intervals
from a rig mounted cone splitter.
Include reference to measures taken to ensure sample
representivity and the appropriate calibration of any
measurement tools or systems used.		 Sample recovery was visually estimated.
Aspects of the determination of mineralisation that are
Material to the Public Report. In cases where ‘industry
standard’ work has been done this would be relatively
simple (eg ‘reverse circulation drilling was used to obtain
1m samples from which 3kg was pulverised to produce a
30g charge for fire assay’). In other cases more explanation
may be required, such as where there is coarse gold that
has inherent sampling problems.
Unusual commodities or mineralisation types (eg
submarine nodules) may warrant disclosure of detailed
information.		 Reverse circulation drilling was used to obtain 1m samples from which 3kg was pulverised to produce a 30g
charge for fire assay’
Drilling techniques Drill type (eg core, reverse circulation, open-hole hammer,
rotary air blast, auger, Bangka, sonic, etc) and details (eg
core diameter, triple or standard tube, depth of diamond
tails, face-sampling bit or other type, whether core is
oriented and if so, by what method, etc).		 Reverse circulation drilling was completed using a face sampling percussion hammer.
Drill sample recovery Method of recording and assessing core and chip sample
recoveries and results assessed.		 Sample recovery was visually estimated.
Measures taken to maximise sample recovery and ensure
representative nature of the samples.		 Sample recoveries measured and duplicates taken.
Whether a relationship exists between sample recovery
and grade and whether sample bias may have occurred
due to preferential loss/gain of fine/coarse material.		 There is no known relationship between sample recovery and grade for drilling completed.
Logging Whether core and chip samples have been geologically
and geotechnically logged to a level of detail to support
appropriate Mineral Resource estimation, mining studies
and metallurgical studies.
Whether logging is qualitative or quantitative in nature.
Core (or costean, channel, etc) photography.		 All samples were geologically logged. Logging is qualitative in nature and geology, alteration, mineralisation and
weathering were recorded.

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Section 1: Sampling Techniques and Data

Section 1: Sampling Techniques and Data Section 1: Sampling Techniques and Data Section 1: Sampling Techniques and Data
Criteria JORC Code Explanation Commentary
The total length and percentage of the relevant
intersections logged		 All relevant drilling has been logged in full.
Sub-sampling techniques
and sample preparation		 If core, whether cut or sawn and whether quarter, half or all
core taken.		 Only RC samples
If non-core, whether riffled, tube sampled, rotary split, etc
and whether sampled wet or dry.		 All samples rotary split and noted for dampness
For all sample types, the nature, quality and
appropriateness of the sample preparation technique.		 The laboratory preparation of samples adheres to industry best practice. It is conducted by a commercial
laboratory and involves oven drying, coarse crushing then total grinding.
Quality control procedures adopted for all sub-sampling
stages to maximise representivity of samples.		 All subsampling activities are carried out by commercial laboratory and are considered to be satisfactory.
Measures taken to ensure that the sampling is
representative of the in situ material collected, including for
instance results for field duplicate/second half sampling.		 Duplicate samples were taken every 50m, taken directly from the cone splitter.
Whether sample sizes are appropriate to the grain size of
the material being sampled.		 Sample sizes of between 2-3kg are considered to be appropriate for the deposit.
Quality of assay data and
laboratory tests		 The nature, quality and appropriateness of the assaying
and laboratory procedures used and whether the technique
is considered partial or total.		 All samples are analysed by an external laboratory. The bulk of samples used a 50g fire assay. These methods re
considered suitable for determining gold concentrations in rock and are a total digest method.
For geophysical tools, spectrometers, handheld XRF
instruments, etc, the parameters used in determining the
analysis including instrument make and model, reading
times, calibrations factors applied and their derivation, etc.		 No geophysical tools were used.
Nature of quality control procedures adopted (eg
standards, blanks, duplicates, external laboratory checks)
and whether acceptable levels of accuracy (ie lack of bias)
and precision have been established.		 Drilling programs had QAQC completed with duplicates (1:50) and certified reference material (1:100) used as
part of the QAQC process.
Verification of sampling and
assaying		 The verification of significant intersections by either
independent or alternative company personnel.		 Significant intercepts were verified by competent and relevant geologists.
The use of twinned holes. No holes were twinned due to the early nature of the exploration programs
Documentation of primary data, data entry procedures,
data verification, data storage (physical and electronic)
protocols.		 Data has been reviewed from the digital file to the hard copies of annual reports with limited errors observed at
this point.
Discuss any adjustment to assay data. No adjustments made
Location of data points Accuracy and quality of surveys used to locate drill holes
(collar and down-hole surveys), trenches, mine workings
and other locations used in Mineral Resource estimation.		 Holes were set out with handheld GPS, approx. 10% of the holes were surveyed downhole to determine deviation
Specification of the grid system used. All locations are in GDA94, zone 51.
Quality and adequacy of topographic control. No information provided.
Data spacing and
distribution		 Data spacing for reporting of Exploration Results. 40m
Whether the data spacing and distribution is sufficient to
establish the degree of geological and grade continuity		 It is sufficient.

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Section 1: Sampling Techniques and Data

Criteria JORC Code Explanation Commentary
appropriate for the Mineral Resource and Ore Reserve
estimation procedure(s) and classifications applied.
Orientation of data in Whether sample compositing has been applied. No compositing has been applied
relation to geological
structure		 Whether the orientation of sampling achieves unbiased
sampling of possible structures and the extent to which this		 All holes drilled as close to perpendicular to the minimisation as practicable.
is known, considering the deposit type.
If the relationship between the drilling orientation and the All drilling from surface has been drilled as close to perpendicular to the predicted orientation of stratigraphy as
orientation of key mineralised structures is considered to possible. This has reduced the risk of introducing a sampling bias as far as possible. No orientation-based
have introduced a sampling bias, this should be assessed sampling bias has been identified in the data at this point.
and reported if material.
Sample security The measures taken to ensure sample security. Samples are logged and numbered on site and checked when drilled, when logged, when transported and when
submitted to the lab.
Audits or reviews The results of any audits or reviews of sampling techniques No reviews undertaken
and data.
Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code Explanation Commentary
Criteria JORC Code Explanation Commentary
Mineral tenement and land Type, reference name/number, location and ownership The Slate Dam Project is located on E25/553.
tenure status including agreements or material issues with third parties
such as Joint Ventures, partnerships, overriding royalties,
native title interests, historical sites, wilderness or national		 Exploration Lease lease E25/553 is granted and held until 2022 and is renewable for a further 5 years, then on
rolling 2 year extensions.
park and environmental settings. All production is subject to a Western Australian state government Net Smelter Return (“NSR”) royalty of 2.5%.
The security of the tenure held at the time of reporting along No known impediment to obtaining a licence to operate exists and the tenements are in good standing.
with any known impediments to obtaining a licence to
operate in the area.
Exploration done by other A_cknowledgment and appraisal of exploration by other_ The Slate Dam area was explored by Delta Gold and Palcer Dome using mostly AC drilling with some DD drilling
parties parties. follow up. The most recent company (Aruma) utilised soil samples, rock chips and follow up surface drilling.
Geology Deposit type, geological setting and style of mineralisation. Slate Dam was considered to be and explored by previous owners as a sediment hosted gold deposit, which sits in
the eastern goldfields superterrane.
Drill hole information A summary of all information material to the understanding A table of significant intercepts for exploration is included in this announcement.
of the exploration results including a tabulation of the
following information for all Material drill holes:

easting and northing of the drill hole collar;

elevation or Reduced Level (“RL”) (elevation above sea
level in metres) of the drill hole collar;

dip and azimuth of the hole;

down hole length and interception depth;

hole length; and

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Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)

Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code Explanation Commentary

if the exclusion of this information is justified on the basis
that the information is not Material and this exclusion
does not detract from the understanding of the report, the
Competent Person should clearly explain why this is the
case.
Data aggregation methods In reporting Exploration Results, weighting averaging
techniques, maximum and/or minimum grade truncations (eg
cutting of high-grades) and cut-off grades are usually
Material and should be stated.		 All aggregated zones are length weighted.
No high-grade cuts have been used
Where aggregate intercepts incorporate short lengths of
high-grade results and longer lengths of low grade results,
the procedure used for such aggregation should be stated
and some typical examples of such aggregations should be
shown in detail.		 All intersections are calculated using a 1 g/t Au lower cut-off with maximum waste zones between grades of 1m.
The assumptions used for any reporting of metal equivalent
values should be clearly stated.		 Not applicable, as no metal equivalent values have been reported.
Relationship between
mineralisation widths and
intercept lengths		 These relationships are particularly important in the reporting
of Exploration Results.
If the geometry of the mineralisation with respect to the drill
hole angle is known, its nature should be reported.
If it is not known and only the down hole lengths are
reported, there should be a clear statement to this effect (eg
‘down hole length, true width not known’).		 All intercepts are reported as downhole depths as true widths are not yet determined.
Diagrams Appropriate maps and sections (with scales) and tabulations
of intercepts should be included for any significant discovery
being reported These should include, but not be limited to a
plan view of drill hole collar locations and appropriate
sectional views.		 Appropriate diagrams have been included in the body of the announcement.
Balanced reporting Where comprehensive reporting of all Exploration.
Results are not practicable, representative reporting of both
low and high-grades and/or widths should be practiced to
avoid misleading reporting of Exploration Results.		 All results have been tabulated in this announcement.
Other substantive
exploration data		 Other exploration data, if meaningful and material, should be
reported including (but not limited to): geological
observations; geophysical survey results; geochemical
survey results; bulk samples – size and method of treatment;
metallurgical test results; bulk density, groundwater,
geotechnical and rock characteristics; potential deleterious
or contaminating substances.		 Hyvista Data was used by previous explorers to better define exploration targets under lake clays.

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Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)

Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.) Section 2: Reporting of Exploration Results (Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code Explanation Commentary
Further work The nature and scale of planned further work (eg tests for
lateral extensions or depth extensions or large-scale step-
out drilling).
Diagrams clearly highlighting the areas of possible
extensions, including the main geological interpretations and
future drilling areas, provided this information is not
commercially sensitive.		 Black Cat plans to conduct exploration to confirm the current interpretation and target further prospects.

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