Blackham Resources Ltd (ASX:BLK) has defined a multi-million gold ounce resource base at the Matilda Gold Project in Western Australia.
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Blackham Resources continues to make significant progress as it steadily marches toward production. The recently acquired 1.1Mtpa processing plant represents a game changer, supporting the Company’s transition from ‘explorer’ to ‘emerging producer’. Blackham also has a substantial tenement position over highly prospective ground where ongoing drill programs provide potential for resource upgrades in the coming months.
Blackham Resources (ASX: BLK) recently agreed terms to acquire the ‘Wiluna Gold Project’ under highly favourable terms totalling A$4.6M. This acquisition is a major step forward for Blackham in its aspirations of becoming a near-term, self-sufficient gold producer.
The Wiluna Gold Project hosts a significant JORC Resource of 16.7Mt @ 5.3g/t Au for 2.8Moz of gold. However, the game changing aspect of the acquisition for Blackham is the fully permitted 1.1Mtpa processing plant and associated infrastructure, located in the middle of its ‘Matilda Gold Project’.
With the acquisition of the Wiluna Gold Project now a formality, Blackham intend to continue drill programs designed to prove up oxide and free milling reserves as the principal feed for a refurbished and reconfigured processing plant. Encouragingly, the nearby Williamson and Matilda deposits both host this style of mineralisation and are already within granted Mining Leases (existing haul roads also link the plant to the deposits), thus providing a relatively short time frame and low capex pathway to production. Initial gold production is targeted in mid-2016.
Blackham is now in the enviable position of being a well-funded, emerging gold producer with a significant resource all on the door step of fully permitted processing plant. Significant exploration potential still exists and with drilling campaigns ongoing, resource and reserve upgrades are likely.
A critical strength of Blackham, relative to many junior resource companies, is the funding support it is receiving from its cornerstone shareholder ‘Great Central Gold’ (GCG), a private...
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