Ann: Bonanza Grades at Paulsens - 0.27m @ 1,370g/t Au, page-4

I think this is very telling and typical of the high grade plays. It’s only when you rip this open will you see the true potential of the gold that’s sitting in and around the drill hole. Paulsens will outperform its studies imo. I think he is being very upfront and honest about these sorts of grades being ‘smoothed’ out.

Black Cat’s Managing Director, Gareth Solly, said:“We get more excited with every hole we drill at Paulsens. It is evident that the mineralised structures will host significant gold that can only be realised when mining resumes. Bonanza grades will always be cut and smoothed in geology models but the gold will still make it into bars once the mill is spinning. Our philosophy of drilling for structure continues to deliver fantastic results. Some of this upside potential will be reported in the Resource update this month, the rest will be seen upon production. In addition, an enhanced study will be released in November 2023 targeting improved metallurgical recoveries, lower upfront capital cost and stronger cashflow.”