The Board of Black Cat Syndicate Limited ('Black Cat' or 'the Company') is pleased to announce the commencement of diamond drilling at the Balagundi Cu-Zn-Pb-Au ('Balagundi'), part of the Kal East Gold Project ('Kal East') in Western Australia

Highlights

Balagundi (Black Cat earning up to 75% from Essential Metals Limited (ASX:ESS)) is prospective for both VMSstyle base metals and gold deposits. The current program includes three diamond holes, planned to test three highly prospective targets: Anvil (Cu-Pb-Zn-Au) anomaly, Brontes (Cu) gossan, and Asterope (Cu) gossan.

Drilling will test electromagnetic ('EM') plate conductors with coincident copper anomalism (in soils) identified at all three targets in a Moving Loop EM ('MLEM') survey conducted in September 2021.

The drilling is co-funded by the WA Department of Mines, Industry Regulation and Safety ('DMIRS') Exploration

Incentive Scheme ('EIS')1. Black Cat received this funding as part of a competitive process and acknowledges the role of DMIRS in supporting high-quality exploration in Western Australia.

Drilling has commenced at the Brontes target. The three holes will be completed during September and results are expected in the December 2022 quarter

Black Cat's Managing Director, Gareth Solly said: 'Balagundi is an overlooked historical high-grade goldfield close to Kalgoorlie and our Myhree Mining Centre. We are excited to be drilling the high quality base metals and gold targets, with EIS funding support. 'The potential for a VMS-style base metal or another gold discovery on the doorstep of Kalgoorlie provides an exciting new opportunity for Black Cat, while we continue to grow our high-grade gold Resources across Coyote, Paulsens and Kal East.'

Balagundi (Black Cat earning up to 75% from Essential Metals Limited) Balagundi is located 25km east of Kalgoorlie and sits immediately adjacent to the north-west portion of Black Cat's Myhree Mining Centre. Balagundi is within the Kurnalpi Terrane and is separated from the Myhree Mining Centre by the Victory Fault (a second order regional structure). Balagundi is prospective for both VMS-style base metals and gold deposits. A MLEM survey, conducted in September 2021, defined five plate conductors coincident with copper anomalism in auger samples and mapped gossans (Figure 2). Three of these plates sitting at depths between 70m and 500m will be tested with diamond holes and are EIS co-funded up to $146,970

Brontes and Asterope Gossans (Cu)

The two mapped gossans occur less than 1km east of Anvil (Figure 2). The gossans are anomalous in base metals. In 1974, Esso drilled a single 300m deep diamond hole that intersected the target horizon below the Brontes gossan. Carbonaceous shales, separated by sulphidic breccias, were intersected in this hole over an interval of 12m. The hangingwall of this zone was logged as mafic while the footwall was logged as felsic, indicating the target horizon is located within this stratigraphic sequence. One diamond hole will test the MLEM plate model at a vertical depth of approximately 100m below surface, which is near the upper extent of the sub-vertical plate model and located ~300m along strike to the southeast of the Esso hole

Contact:

Gareth Solly

Managing Director

T: +61 458 007 713

E: admin@bc8.com.au

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