http://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Thu, 19 Jul 2018 19:43:28 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Blackham Resources achieves record half-year gold production at Matilda‐Wiluna ]]> http://www.proactiveinvestors.com.au/companies/news/201003/blackham-resources-achieves-record-half-year-gold-production-at-matildawiluna-201003.html Blackham Resources Ltd (ASX:BLK) has achieved record gold production of 40,024 ounces for the six months to June 2018 at its Matilda‐Wiluna Gold Operation in Western Australia, a 31% increase on the last half.

Resolution of the mine sequencing issues experienced in the December 2017 half have enabled improved gold production with mill feed comprising mainly higher grade run of mine ore and being less dependent on low-grade stockpiles.

Significant improvements were achieved to mill throughput (+12%) from continued debottlenecking of the crushing, milling and leaching circuits.

Blackham executive chairman Milan Jerkovic said: “The June half’s operational results demonstrate significantly stronger production and a step change in the operation’s economics that commenced in December 2017.

“Record production and significantly reduced costs underpinned stronger operational cash flows for the half.”

Substantial reduction in costs

All in sustaining costs (AISC) for the half were A$1,294 per ounce (Dec’17 half: A$2,063/ounce) resulting from a step change in economics being achieved during the half.

Excluding the impact of sustaining capex, which mainly comprised a tailings dam lift, AISC for the half was A$1,141/ounce.

Guidance for financial year 2019

Production guidance for the 6.5-million-ounce Matilda‐Wiluna Gold Operation in FY19 is 77,000‐89,000 ounces at an AISC (all-in sustaining cost) of A$1,250‐$1,450 per ounce.

FY19 AISC is expected to be higher than life of mine AISC, particularly in the first half, due to the investment required to strip new mining areas in the M1 and M2 pits to maintain a high mill throughput.

The second quarter will incur mobilisation costs of moving to the Wiluna open pits which are anticipated to underpin the long-term future of the operation.

Jerkovic added: “The company looks forward to increasing production in FY2019 as the operation transitions to the Wiluna open pits”

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Wed, 18 Jul 2018 14:26:00 +1000 http://www.proactiveinvestors.com.au/companies/news/201003/blackham-resources-achieves-record-half-year-gold-production-at-matildawiluna-201003.html
<![CDATA[News - Blackham Resources bolsters Board with appointment of experienced mining engineer ]]> http://www.proactiveinvestors.com.au/companies/news/199359/blackham-resources-bolsters-board-with-appointment-of-experienced-mining-engineer-199359.html Blackham Resources Ltd (ASX:BLK) has strengthened its Board with the appointment of experienced mining engineer Tony James as a non-executive director.

This comes as the company focuses on the successful delivery of near and longer-term mine plans at the Matilda-Wiluna Gold Operation in Western Australia.

READ: Blackham Resources’ drilling extends high-grade free-milling mineralisation at Wiluna Mine

Chairman Milan Jerkovic, said: “The appointment of Tony James comes at a time when Blackham plans to transition its open pit mining operations from the Matilda mine back to the free milling ore bodies at the Wiluna mine.

"Tony will provide valuable experience in peer reviewing our geological, mining and processing plans at Wiluna moving forward.

"Tony’s experience will also be extremely valuable as Blackham progresses its development and expansion plans for the Wiluna operation’s 6.5 million ounces of gold resources.”

Considerable experience

James has considerable operational, new project development and corporate experience, including as managing director of Carbine Resources (ASX:CRB), Atherton Resources and Mutiny Gold.

While at Atherton he achieved a favourable outcome for shareholders which culminated in a cash takeover by Auctus Minerals.

At Mutiny he led the implementation of a revised development strategy for the Deflector copper-gold deposit before the merger of Mutiny and Doray Minerals (ASX:DRM).

Previous Alacer Gold executive

Prior to this, James held a number of senior executive positions with international gold producer Alacer Gold Corporation (TSE:ASR).

This included president of Alacer’s Australian operations following the merger between Anatolia Minerals (ASX:AQG) and Avoca Resources in 2011.

He also played a key role in Avoca’s initial growth and success, leading the feasibility, development and operations of the Higginsville Gold Operations.

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Fri, 22 Jun 2018 10:07:00 +1000 http://www.proactiveinvestors.com.au/companies/news/199359/blackham-resources-bolsters-board-with-appointment-of-experienced-mining-engineer-199359.html
<![CDATA[News - Blackham Resources’ drilling extends high-grade free-milling mineralisation at Wiluna Mine ]]> http://www.proactiveinvestors.com.au/companies/news/199276/blackham-resources-drilling-extends-high-grade-free-milling-mineralisation-at-wiluna-mine-199276.html Blackham Resources Ltd (ASX:BLK) has revealed high-grade drilling results from the Wiluna Gold Project in Western Australia.

The high-grade free-milling mineralisation confirmed near the surface include:

• 20 metres at 4.84 g/t gold from 5 metres;
• 19 metres at 3.52 g/t gold from 3 metres;
• 19 metres at 6.36 g/t gold from 35 metres; and
• 7 metres at 7.62 g/t gold from 35 metres.

READ: Blackham Resources reveals potential to extend gold mining area at Golden Age

From March 2018 to May 2018, Blackham drilled 133 holes for 11,612 metres focused on delineating further free milling open pit reserves over the 3.7 kilometres of strike at the Wiluna Mine.

The latest results reported are from the final 66 holes received (5,326 metres).

All Wiluna Mine drilling assays have now been received and will be incorporated into Blackham’s next resources and reserves update anticipated in the September 2018 quarter.

READ: Blackham Resources drill results reveal potential for new open pits

It is worth noting that Blackham already has a probable reserve of 669,000 ounces of gold (7.7 million tonnes at 2.7 g/t gold) within the Wiluna open pit cutbacks.

The latest drilling results are expected to support substantial increases to open pit resources and reserves within the open pits.

Fast-tracking pit design and approvals to mine

Further drilling is planned to close out open-pit mineralisation ahead of finalising mine designs for the free milling starter pits.

Blackham’s next resources and reserves update will incorporate these results and is expected to be completed in the September 2018 quarter.

The company is currently fast-tracking pit designs and approvals to mine the high-grade East West Cross Structures and Golden Age North pits in the December 2018 quarter.

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Thu, 21 Jun 2018 14:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/199276/blackham-resources-drilling-extends-high-grade-free-milling-mineralisation-at-wiluna-mine-199276.html
<![CDATA[News - Blackham Resources reveals potential to extend gold mining area at Golden Age ]]> http://www.proactiveinvestors.com.au/companies/news/198654/blackham-resources-reveals-potential-to-extend-gold-mining-area-at-golden-age-198654.html Blackham Resources Ltd’s (ASX:BLK) drilling has extended the mineralisation beyond current mining areas at the high-grade Golden Age orebody at the Wiluna Gold Project in Western Australia.

From March 2018 to May 2018, Blackham drilled 19 surface reverse circulation holes (2,117 metres) and 30 underground diamond holes (2,331 metres) focused on extensions to the Golden Age deposit.

Highlight drilling results include:

• 2 metres at 28.3 g/t gold from 75 metres;
• 6 metres at 7.97 g/t gold from 106 metres; and
• 2.1 metres at 43.6 g/t gold.

READ: Blackham Resources drill results reveal potential for new open pits

The drilling has confirmed that the Golden Age mineralisation is open both down and down dip, with mining to increasingly target the extensions defined from this drilling.

Blackham executive chairman Milan Jerkovic said: “Blackham is pleased to announce new drill results from our high-grade Golden Age orebody which have identified significant extensions to mineralisation within 200 metres of existing underground development.

“Based on the highly encouraging intercepts, planning has commenced for further drilling to better define the mineralised extensions and to support early underground development to provide additional high-grade ore to feed the Wiluna gold plant, which last quarter produced 20,631 ounces at AISC A$1,092 per ounce”.

READ: Blackham Resources finds more effective processing option for Wiluna transitional gold ores

The Golden Age underground mine is accessed via the Bulletin portal located 2.5 kilometres from the 1.8 million tonnes per annum Wiluna gold plant.

The Golden Age workings commenced in the 1890’s and about 180,000 ounces at 9 g/t gold has been produced to date, with strong cash flows generated for the company in the last three quarters.

Golden Age lower extensions

The recent drilling results strongly support the potential for the continuation of underground mining at Golden Age and further drilling is now being planned (to commence in Jul-Aug’18) to establish an initial resource in this area.

Positive results may provide the catalyst for early access via the nearby Calais Decline to enable a substantial increase in the mining rate.

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Tue, 12 Jun 2018 12:06:00 +1000 http://www.proactiveinvestors.com.au/companies/news/198654/blackham-resources-reveals-potential-to-extend-gold-mining-area-at-golden-age-198654.html
<![CDATA[News - Blackham Resources drill results reveal potential for new open pits ]]> http://www.proactiveinvestors.com.au/companies/news/196499/blackham-resources-drill-results-reveal-potential-for-new-open-pits-196499.html Blackham Resources Ltd (ASX:BLK) has received drill results that have identified potential for new open pits close to the plant at the Matilda-Wiluna Gold Project in Western Australia.

Significantly, the newly identified extensions to gold mineralisation unlock the potential to substantially extend the free-milling mine life of the project.

During March and April, Blackham drilled 130 reverse circulation (RC) holes for 11,446 metres focused on discovering new free milling open pit reserves at the Wiluna Mine.

Drilling is expected to finish in mid-May and resources will be re-estimated at that time.

Metallurgy has confirmed the ore as attractive mill feed

Drilling is focused on free milling ores above the top of fresh rock, generally the top 60 metres targeting oxide and transitional mineralisation.

Importantly, metallurgical test work has confirmed this material as being an attractive feed for the Wiluna CIL plant.

Last quarter the plant produced 20,631 ounces at an all-in sustaining cost (AISC) of $1,092 per ounce.

READ: Blackham Resources finds more effective processing option for Wiluna transitional gold ores

This drilling is a follow-up to the 77,000-metre program that successfully delivered probable reserves of 669,000 ounces.

Pit optimisation studies completed immediately prior to this drilling demonstrate the potential for open pit cutbacks and new open pits to be developed at the Wiluna mine site.

These latest drilling results are expected to support substantial increases to open pit resources and reserves within open pits.

Highlights from recent results include:

• 16 metres at 4.41 g/t gold from 2 metres;
• 10 metres at 1.48 g/t gold from 9 metres;
• 8 metres at 2.03 g/t gold from 5 metres;
• 12 metres at 1.79 g/t gold from 33 metres;
• 4 metres at 6.59 g/t gold from 85 metres;
• 6 metres at 6.00 g/t gold from 55 metres;
• 7 metres at 4.68 g/t gold from 48 metres; and
• 25 metres at 1.14 g/t gold from 10 metres.

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Tue, 08 May 2018 10:44:00 +1000 http://www.proactiveinvestors.com.au/companies/news/196499/blackham-resources-drill-results-reveal-potential-for-new-open-pits-196499.html
<![CDATA[News - Blackham Resources finds more effective processing option for Wiluna transitional gold ores ]]> http://www.proactiveinvestors.com.au/companies/news/196205/blackham-resources-finds-more-effective-processing-option-for-wiluna-transitional-gold-ores-196205.html Blackham Resources Ltd’s (ASX:BLK) tests have confirmed that transitional ores from the Matilda-Wiluna Gold Project can be processed through the existing CIL plant at a lower cost and improved recovery rate.

There is a substantial amount of free milling oxide and transitional ores above the top of fresh rock at open pits over the 4 kilometres of strike at Wiluna, which is in Western Australia.

READ: Blackham Resources delivers strong production growth and reaffirms June half-year guidance

It was originally assumed in the August 2017 Wiluna expansion pre-feasibility study that this would be processed through the existing sulphide circuit.

However, new test work has demonstrated that the transitional ore gains higher recoveries through the operating CIL plant.

Cost about 30% less

It has also revealed that the processing cost is about 30% less than utilising the sulphide circuit.

Average leach recoveries on the oxide ores were 90.8% after 24 hours with little increase in recovery after that while recoveries on the transitional ores were 84.3%.

The brown and green oxide and transitional only pit optimisations in historical open pits

show the potential for free milling ore.

The test work on Wiluna oxide and transitional ores was carried out by Independent Metallurgical Operations Pty Ltd under the supervision of Blackham.

Follow-up drilling has been completed to obtain additional transitional ore samples for the next round of metallurgical test work.

Drilling results soon

During March 2018 Blackham drilled 84 reverse circulation holes for 6,491 metres focused on delineating further free milling open pit reserves and initial results are expected shortly.

This program followed up on 77,000 metres of drilling completed in 2017 which delivered probable reserves of 669,000 ounces of gold and included oxide, transitional and fresh reserves.

All of the historical open pits at the mine were processed through the CIL plant with the exception of the 2007 East pit cut back.

READ: Blackham Resources’ partner confirms nearby potash potential

Blackham is re-estimating the open pit free milling resources and reserves around the Wiluna mine site.

Management believes the free milling ores within the existing Wiluna mine footprint are an attractive feedstock for the operating mill and allows for fast-tracking mining approvals.

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Wed, 02 May 2018 13:33:00 +1000 http://www.proactiveinvestors.com.au/companies/news/196205/blackham-resources-finds-more-effective-processing-option-for-wiluna-transitional-gold-ores-196205.html
<![CDATA[News - Blackham Resources’ partner confirms nearby potash potential ]]> http://www.proactiveinvestors.com.au/companies/news/195807/blackham-resources-partner-confirms-nearby-potash-potential-195807.html Blackham Resources Ltd (ASX:BLK) recently entered a memorandum of understanding (MoU) with Salt Lake Potash (ASX:SO4) to investigate a sulphate of potash opportunity.

Surface sampling on Blackham’s tenements has confirmed an average sulphate of potash (SOP) grade of over 14 kilograms per cubic metre.

This makes Lake Way one of Australia’s highest grade SOP brine sources.

A total of 23 pit samples were collected encountering brine at a standing water level generally less than 1 metre from surface.

READ: Blackham Resources does deal to evaluate nearby potash potential

Salt Lake Potash (SLP) holds 290 square kilometres of tenure covering Lake Way near to Blackham’s Matilda-Wiluna Gold Project in Western Australia.

Blackham holds 64 square kilometres at the northern end of Lake Way.

Under the MoU, SLP will acquire Blackham’s brine rights and Blackham will acquire gold rights to SLP’s Lake Way holdings.

Ideal site for our SOP demonstration plant

SLP is investigating the development of an SOP operation on Blackham’s existing mining leases at Lake Way, including initially a 50,000 tonnes per annum demonstration plant.

SLP will complete a scoping study for a potential SOP operation at Lake Way, including a demonstration plant, by mid-2018.

Due to available historical data and technical work undertaken by SLP at other lakes, the scoping study can be undertaken in a much shorter time frame.

Surface aquifer exploration and process test work planned

SLP is in the process of mobilising a drill rig and an amphibious excavator on the Lake to complete an initial surface aquifer exploration program.

The surface aquifer program will include the construction of test pits and trenches for long-term pump testing.

Furthermore, SLP has commenced a range of process development test work including process pathway modelling, a bulk sample evaporation trial and site-based evaporation trial at Lake Way.

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Thu, 26 Apr 2018 12:25:00 +1000 http://www.proactiveinvestors.com.au/companies/news/195807/blackham-resources-partner-confirms-nearby-potash-potential-195807.html
<![CDATA[News - Blackham Resources delivers strong production growth and reaffirms June half year guidance ]]> http://www.proactiveinvestors.com.au/companies/news/194989/blackham-resources-delivers-strong-production-growth-and-reaffirms-june-half-year-guidance-194989.html Blackham Resources Ltd (ASX:BLK) has delivered quarter-on-quarter production growth of 38% for the March quarter at its Matilda-Wiluna gold operation in Western Australia.

The company set three consecutive months of gold production records in the March quarter with total production of 20,631 ounces leaving it well-placed to meet guidance.

Management reaffirms guidance

Blackham has confirmed prior June half-year guidance in a range between 40,000 ounces and 45,000 ounces.

Management is forecasting all in sustaining costs (AISC) for the period to be in a range between $1,100 and $1,200.

The average realised gold price for the March quarter was $1,669 per ounce.

The company will benefit from forward sales of 29,417 ounces at $1,725 per ounce over the next nine months.

Financial strength returning

There was strong shareholder support for a $36 million capital raising in January.

This along with increased gold sales has strengthened the company’s financial position.

Net debt has been reduced to $10.4 million, and the group has cash and bullion of $29.6 million.

Exploration strategy

Reserve definition drilling will continue this quarter as Blackham looks to increase its gold reserves from 15 million tonnes at 2.5 g/t for 1.2 million ounces.

Management aims to convert more of its 6.5 million ounces of resources to reserves.

Blackham has committed to significant ongoing exploration drilling including the acceleration of this reserve conversion work.

The company is also conducting exploration drilling targeted at new oxide deposits to extend the current free milling mine life.

Over the last 12 months, Blackham has added reserves at a cost of less than $22 per reserve ounce.

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Mon, 16 Apr 2018 09:01:00 +1000 http://www.proactiveinvestors.com.au/companies/news/194989/blackham-resources-delivers-strong-production-growth-and-reaffirms-june-half-year-guidance-194989.html
<![CDATA[News - Blackham Resources continues step-change with record gold production and reduced costs ]]> http://www.proactiveinvestors.com.au/companies/news/194465/blackham-resources-continues-step-change-with-record-gold-production-and-reduced-costs-194465.html Blackham Resources Ltd (ASX:BLK) remains on track with its turnaround after achieving record gold production during the March quarter at significantly reduced costs.

There were 20,631 ounces produced at the Matilda-Wiluna Gold Operation in Western Australia in the three months, up 38% on the previous quarter.

Lower stripping rates and increased production saw Blackham reduce all-in-sustaining-costs (AISC) to $1,092 per ounce in the quarter, down 42% on the December 2017 quarter.

READ: Blackham Resources generates strong February gold production, continues turnaround

“The March operational results demonstrate a continuation of the step-change in project economics that commenced in December 2017,” chairman Milan Jerkovic said.

“Record production and significantly reduced costs underpinned a quarter of strong operational cash flows, whilst building stockpiles.

“We remain confident that 2018 will be a transformational year that will generate significant operating cash flows and value for Blackham and its shareholders.”

Record monthly production

The company also achieved record monthly production of 7,419 ounces in March, up 11% on February.

There were 165,000 tonnes milled in March, up from 150,000 tonnes in February.

Stronger gold production has been achieved after the company gained access to high-grade zones in the M4 and Galaxy pits late in the December 2017 quarter.

This has been boosted by lower open pit mining stripping ratio of 2.5:1 during the March quarter.

The average realised gold price during the quarter was $1,669 per ounce, representing an encouraging margin for Blackham.

READ: Blackham Resources extends production at Golden Age and seeks to extend mine plan

In the September and December quarters of 2017, 248,000 tonnes and 206,000 tonnes of low-grade stockpiles were processed respectively at an average grade of 0.7 g/t.

This significantly reduced mill feed grade for those quarters but during the March 2018 quarter, it improved to 1.5 g/t while throughput increased 8% on the previous quarter.

Plant recoveries decreased slightly as deeper ore from the M4 pit was processed.

High-grade stockpiles totalled 127,000 tonnes at 1.5g /t at the end of the quarter.

This was lower than forecast in January 2018 due to lower mining material movements.

READ: Blackham Resources does deal to evaluate nearby potash potential

Blackham’s transition in 2018 is supported by gold forward sales contracts of 27,400 ounces at A$1,724 per ounce for the remainder of the year.

At March 31 the company had cash and bullion of $29.2 million and secured debt of $40 million.

Production guidance for the first half of 2018 remains at 40,000 to 45,000 ounces at an AISC of $1,100 to $1,200.

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Mon, 09 Apr 2018 10:04:00 +1000 http://www.proactiveinvestors.com.au/companies/news/194465/blackham-resources-continues-step-change-with-record-gold-production-and-reduced-costs-194465.html
<![CDATA[News - Blackham Resources extends production at Golden Age and seeks to extend mine plan ]]> http://www.proactiveinvestors.com.au/companies/news/193337/blackham-resources-extends-production-at-golden-age-and-seeks-to-extend-mine-plan-193337.html Blackham Resources Ltd’s (ASX:BLK) Golden Age underground gold mine plan continues to grow with it being extended for a further 6 months to December 2018.

After successfully moving to an owner-operator miner in October 2017, the company has reduced mining costs and alleviated some risks.

This news comes less than a fortnight after the company announced strong increases in production and lower costs at its Matilda-Wiluna gold operation.

READ: Blackham Resources surges 40% as output increases and costs fall

In 2017, Blackham commenced evaluation of the economics of the remaining Golden Age underground resource of 900,000 tonnes at 4.5 g/t for 129,000 ounces gold.

Reevaluation adds 4,700 ounces

These mining studies have now added another 24,600 tonnes at 6 g/t for 4,700 ounces of production targeted between July to December 2018.

Bryan Dixon, managing director said: “Blackham has successfully added another six months to the Golden Age Underground mine plan and is aiming to maintain a 6 to 12 -month rolling mine plan going forward.”

This additional targeted production is incremental to the previously disclosed underground mine plan which finished in June 2018.

Historical production of 160,000 ounces

Production is now expected to continue to produce about 2,500 ounces per quarter through to at least December 2018.

However, there is the possibility of resource expansion.

Dixon said: "This week’s drilling will commence down dip and down plunge from where we are currently mining strong grades at Golden Age.”

Historical production of 160,000 ounces

The Golden Age underground deposit is a high grade and free-milling gold-rich quartz vein.

Historically, the Golden Age underground has produced 160,000 ounces at 9 g/t gold.

Since recommissioning this mine, Blackham has produced 19,500 ounces at 4.7 g/t gold.

Potential to extend resource

Over the last eight months, Blackham’s geology team has identified several priority targets.

Underground drilling will commence this week aimed at further extending the mine plan and potentially allowing an increased mining rate. 

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Mon, 19 Mar 2018 10:02:00 +1100 http://www.proactiveinvestors.com.au/companies/news/193337/blackham-resources-extends-production-at-golden-age-and-seeks-to-extend-mine-plan-193337.html
<![CDATA[News - Blackham Resources does deal to evaluate nearby potash potential ]]> http://www.proactiveinvestors.com.au/companies/news/192958/blackham-resources-does-deal-to-evaluate-nearby-potash-potential-192958.html Blackham Resources Ltd (ASX:BLK) has entered a memorandum of understanding (MoU) with Salt Lake Potash (ASX:SO4) to investigate a sulphate of potash opportunity.

Salt Lake Potash holds 290 square kilometres of tenure covering Lake Way near to Blackham’s Matilda-Wiluna Gold Project in Western Australia.

READ: Blackham Resources generates strong February gold production, continues turnaround

Blackham holds 64 square kilometres at the northern end of Lake Way.

MoU will exchange brine and gold rights

Salt Lake Potash (SLP) wants to investigate the potential development of a sulphate of potash (SOP) operation based at Lake Way.

Under the MoU, SLP will acquire Blackham’s brine rights and Blackham will acquire gold rights to SLP’s Lake Way holdings.

Each company will retain a royalty on their respective holdings.

Blackham’s tenure hosts the historical Williamson pit

Within Blackham’s 64 square kilometres is the Williamson pit, last mined in 2006.

Significantly, it is now filled with brine at a high grade of 25 kilograms per cubic metre of SOP.

Williamson pit brine ideal starter feed for evaporation ponds

SLP will investigate the development of an SOP operation at Lake Way, including initially a 40-50,000 tonnes per annum demonstration plant.

SLP would dewater the existing Williamson pit, prior to Blackham mining, planned for early 2019.

The pit’s brine is potentially the ideal starter feed for evaporation ponds, having already evaporated from the normal Lake Way brine grade.

SLP will complete a scoping study for a potential SOP operation at Lake Way, including a demonstration plant, by mid-2018, in time to allow a decision on dewatering the Williamson pit.

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Mon, 12 Mar 2018 11:53:00 +1100 http://www.proactiveinvestors.com.au/companies/news/192958/blackham-resources-does-deal-to-evaluate-nearby-potash-potential-192958.html
<![CDATA[News - Blackham Resources generates strong February gold production, continues turnaround ]]> http://www.proactiveinvestors.com.au/companies/news/192885/blackham-resources-generates-strong-february-gold-production-continues-turnaround-192885.html Blackham Resources Ltd (ASX:BLK) has had more than its fair share of twists and turns since being one of the best performing microcap gold stocks in the first half of 2016 with its shares increasing five-fold to a high of 81 cents.

While its shares retraced substantially in 2017, the Matilda-Wiluna Gold Project in Western Australia has now hit another gear, suggesting there could be a return to share price growth.

While the company faced its share of challenges in 2017, it appears to have negotiated a number of issues that weighed on its share price.

Furthermore, recent strong buying suggests that its shares could be oversold as it surged more than 40% last Thursday under record daily traded volumes of about 300 million.

Annualised production of 80,000 ounces

A key catalyst behind this re-rating was the record monthly gold production of 6,713 ounces achieved in February, which comes on the back of nearly 6,500 ounces produced in January.

The first two months of production in 2018 translates into annualised production of 80,000 ounces.

It would be difficult to find another sub-$100 million market capitalisation ASX-listed gold producer with this production profile.

Management confident of achieving strong cash flow

While this annual production is yet to be achieved, the signs are promising.

Milan Jerkovic, executive chairman, said: “Record production and further reduced costs from the operation underpinned another month of strong cashflow, whilst maintaining stockpiles with increased grades.

“We remain confident that 2018 will be a transformational year that will generate significant cash flows and value for Blackham and its shareholders.”

On the score of cashflow, it is worth noting that the company had cash and bullion of $31.4 million and secured debt of $43.8 million as at February 28, which leaves it well-positioned to continue its optimisation procedures.

Continued improvements in production and costs

February’s open pit mining strip ratio was a low 1.5:1 waste to ore as opposed to 3.6:1 in January.

The low stripping ratio and increased gold production resulted in Blackham achieving record low monthly all in sustaining costs (AISC) in February of $912 per ounce compared with $1,158 per ounce in January.

The average realised gold price during February was $1,670 per ounce.

With the Australian dollar gold price hovering in the vicinity of $1,700 one would expect the company to generate strong cashflow again in March.

This implies a margin of nearly $800 per ounce.

Growing high-grade stockpiles set the scene for March

Another feature of the company’s operations in February was the increase in high-grade stockpiles to 144,000 tonnes at 1.7 grams/tonne (g/t) gold.

Milled grade and gold production are expected to continue to improve during the month with the increasing grade of the mill feed stockpiles.

Gold reserves also support a share price re-rating

Blackham has a gold resource of 65 million tonnes at 3.1 g/t gold, equating to a resource of 6.5 million ounces, and reserves of 15 million tonnes at 2.5 g/t for 1.2 million ounces.

An expanded prefeasibility study confirmed the potential to generate annual production of 200,000 ounces.

Given the company has 1,000 square kilometres of landholdings in Australia’s largest gold belt, there is also the potential for exploration upside.

Now that Blackham has optimised the Matilda-Wiluna gold operation there is the prospect of refocusing on exploration.

Cashflow from existing operations would assist the company in self-funding exploration initiatives.

Blackham now broadly in line with analyst’s expectations

It is worth examining the responses of analysts to some of the disappointments that occurred in 2017.

While Canaccord noted the lower production figures and higher production costs in the six months to June 30, 2017, the broker maintained its price target of 80 cents per share.

This was recognition of the value of the company’s underlying assets including its forward production profile.

At that stage, the broker was projecting annual production of about 90,000 ounces in fiscal 2018.

While it would appear that the company won’t ramp up to that level until fiscal 2019, it could be argued that Blackham now has the production profile and operational stability to support Canaccord’s share price target.

Despite negative sentiment towards the stock, the consensus share price target still stands at 25 cents, implying upside of more than 200% to Friday’s closing price of 8.1 cents.

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Fri, 09 Mar 2018 08:55:00 +1100 http://www.proactiveinvestors.com.au/companies/news/192885/blackham-resources-generates-strong-february-gold-production-continues-turnaround-192885.html
<![CDATA[News - Blackham Resources surges 40% as output increases and costs fall ]]> http://www.proactiveinvestors.com.au/companies/news/192801/blackham-resources-surges-40-as-output-increases-and-costs-fall-192801.html Blackham Resources Limited (ASX:BLK) surged after a record month for its Matilda-Wiluna gold operation - one in which output increased and costs were significantly reduced, resulting in strong cash flows.

The company is a leading ASX gainer with shares up 40% in early afternoon trade to 7.5 cents on strong volume of more than 248 million.

Output from the Western Australia mine was 6,713 ounces of the yellow metal, up from 6,498 ounces as 150,000 tonnes of ore was milled.

Costs down significantly

All in sustaining costs fell 21% to $912 an ounce, while the average realised price was $1,670, making for a healthy profit margin from production.

As at the end of last month, Blackham was sitting on cash and bullion of $31.4 million, while it had secured debt of $43.8 million.

“We remain confident that 2018 will be a transformational year that will generate significant cash flows and value for Blackham and its shareholders,” said the company’s chairman Milan Jerkovic.

Despite significant rainfall and lightning during the month, which restricted mining operations, high-grade stockpiles have increased to 144,000 tonnes at 1.7 grams of gold per tonne.

Headed in the right direction

Chairman Jerkovic added: “February’s operational results demonstrate a continued improvement of the turnaround that commenced in December 2017. 

“Record production and further reduced costs from the operation underpinned another month of strong cashflow, whilst maintaining stockpiles with increased grades.”

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Thu, 08 Mar 2018 10:26:00 +1100 http://www.proactiveinvestors.com.au/companies/news/192801/blackham-resources-surges-40-as-output-increases-and-costs-fall-192801.html
<![CDATA[News - Blackham Resources has a new substantial shareholder ]]> http://www.proactiveinvestors.com.au/companies/news/192015/blackham-resources-has-a-new-substantial-shareholder-192015.html Blackham Resources Ltd (ASX:BLK) has a new substantial shareholder in Regal Funds Management Pty Limited, which holds an interest of 5.19%.

Regal Funds has purchased almost 65.666 million shares at a price of $0.04 each.

It holds more than 24.8 million shares through Merrill Lynch (Australia) Nominees Pty Limited and more than 40.8 million through UBS Nominees Pty Ltd.

READ: Blackham Resources settles $35.9 million and appoints ex ASX 200 CFO to board

This week Blackham settled a rights issue which raised $35.9 million through the issue of 897.6 million shares and 448.8 million options.

The funds place Blackham in a strong position to execute on its free milling mine plan at the Matilda-Wiluna Gold Operation in Western Australia.

This plan includes exploration focused on growing free milling mine life.

Drilling to start next week

For this purpose, Blackham intends to start an initial drilling program next week.

Drilling will focus on growing free milling reserves through resource conversion and identifying additional mineralisation to maintain a free milling mine life greater than five years.

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Thu, 22 Feb 2018 08:31:00 +1100 http://www.proactiveinvestors.com.au/companies/news/192015/blackham-resources-has-a-new-substantial-shareholder-192015.html
<![CDATA[News - Blackham Resources settles $35.9 million and appoints ex ASX 200 CFO to board ]]> http://www.proactiveinvestors.com.au/companies/news/191862/blackham-resources-settles-359-million-and-appoints-ex-asx-200-cfo-to-board-191862.html Blackham Resource Ltd (ASX:BLK) has now settled the rights issue which raised $35.9 million in funding through the issue of 897.6 million shares and 448.8 million options.

Normal trading of the new shares and options is expected to commence today.

Funding places Blackham in a strong position to execute on its free milling mine plan, as well as to advance exploration focused on growing its free milling mine life.

READ: Blackham Resources surges 30% after record monthly gold production at low costs

Furthermore, Greg Fitzgerald has been formally appointed as a non-executive director to the board.

Fitzgerald is a chartered accountant with more than 30 years of gold mining and resources related experience

Notably, he held the positions of chief financial officer (CFO) and company secretary for ASX 200 company, Resolute Mining Limited (ASX:RSG), for more than 15 years.

Multiple drill programs to commence

Blackham plans to commence a number of drilling programs focused on growing free milling reserves through resource conversion.

Drilling will also focus on identifying additional mineralisation to maintain a free milling mine life greater than 5 years.

The initial drill program will commence next week and more information on the targets will be provided shortly.

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Tue, 20 Feb 2018 08:47:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191862/blackham-resources-settles-359-million-and-appoints-ex-asx-200-cfo-to-board-191862.html
<![CDATA[News - Blackham Resources offer strongly supported, raises $31.16 million ]]> http://www.proactiveinvestors.com.au/companies/news/191596/blackham-resources-offer-strongly-supported-raises-3116-million-191596.html Blackham Resources Ltd (ASX:BLK) received a strong level of acceptances for its fully underwritten, renounceable pro-rata entitlement offer, raising $31.16 million.

Applications for entitlements totalling $26.19 million, before costs, were received from existing shareholders and rights holders, representing acceptances of circa 73%.

In addition, Blackham received additional applications from existing shareholders for a further $4.97 million to give a total shareholder take-up of up to 87%.

READ: Blackham Resources surges 30% after record monthly gold production at low costs

Milan Jerkovic, chairman, said: “It was very pleasing to see such a high level of participation in the entitlement offer and I would like to thank all shareholders for their continued and valued support.

“We would also like to take the opportunity to welcome our new shareholders who will be taking up shortfall securities pursuant to the issue of shortfall securities to sub-underwriter clients of Hartleys Limited.

“Blackham in a strong position”

“The funds raised from the entitlement offer puts Blackham in a strong position to execute on its free milling mine plan, as well as to advance exploration focused on growing our free milling mine life.

“As demonstrated by the strength of our operations in December 2017 and January 2018, the company is at an exciting stage, with 2018 likely to be a transformational year of strong operational and financial performance.”

READ: Blackham Resources raising $36 million to support gold growth strategy

Under the offer, Blackham is able to issue circa 897.67 million new shares on the basis of five new shares for every two Blackham shares held on the record date at an issue price of $0.04 per share.

The offer also included one free attaching option, exercisable at $0.08 on or before 31 January 2019, for every two new shares subscribed for.

The anticipated date for despatch of holding statements for the new shares and new options is 20 February 2018.

Normal trading of the new shares and new options is also expected to start on 20 February 2018.

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Wed, 14 Feb 2018 08:29:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191596/blackham-resources-offer-strongly-supported-raises-3116-million-191596.html
<![CDATA[News - Blackham Resources surges 30% after record monthly gold production at low costs ]]> http://www.proactiveinvestors.com.au/companies/news/191341/blackham-resources-surges-30-after-record-monthly-gold-production-at-low-costs-191341.html Blackham Resources Ltd (ASX:BLK) has provided a promising update for the month of January in relation to its Matilda-Wiluna Gold Operation located in Western Australia.

Access to high-grade zones in the M4 and Galaxy pits was achieved late in the December quarter.

This contributed to record monthly gold production of 6,498 ounces and a low stripping ratio of 3.6:1 (waste:ore) during January.

Management flagged a significant uptick in production in early January.

READ: Blackham Resources accesses high grade ore at gold operation Record low monthly all in sustaining costs (AISC)

The improved operational performance resulted in Blackham achieving a record low monthly AISC in January of $1,158 per ounce.

This implies a strong margin when compared with an average realised gold price during the month of $1,663 per ounce, demonstrating a clear step change in economics.

Milan Jerkovic, executive chairman, said: “With the operation’s production at record levels and a significant reduction in AISC having already been achieved, the company is clearly demonstrating that its operational turnaround is well underway.

“This operational performance, in conjunction with the current strong Australian dollar gold price, is expected to make 2018 a transformational year.

“As a result, Blackham expects to generate significant cash flows and value for Blackham's shareholders.”

High-grade stockpiles being built

Milled grade and gold production are expected to continue to improve throughout the March quarter.

The company is now building high-grade stockpiles for the first time since March 2017, and they currently total 108,000 tonnes at 1.5 g/t gold.

During February, Blackham expects to mine circa twice as much high-grade ore as it will process, providing strong operational flexibility.

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Thu, 08 Feb 2018 10:16:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191341/blackham-resources-surges-30-after-record-monthly-gold-production-at-low-costs-191341.html
<![CDATA[News - Blackham Resources seeks acceptances for $36 million entitlements offer ]]> http://www.proactiveinvestors.com.au/companies/news/190865/blackham-resources-seeks-acceptances-for-36-million-entitlements-offer-190865.html Blackham Resources Ltd (ASX:BLK) has sent eligible shareholders acceptance documents for a fully underwritten entitlements offer in which it aims to raise up to $36 million.

An entitlement offer prospectus together with an entitlement and acceptance form have been sent by the gold producer.

The renounceable pro-rata issue is for 897 million new shares on the basis of five new shares for every two existing shares held at 17:00 (WST) on 29 January 2018.

READ: Blackham Resources raising $36 million to support gold growth strategy

An issue price of $0.04 per new share applies to the offer, together with one free attaching listed $0.08 option expiring on 31 January 2019 for every two new shares issued.

Funds raised will underpin growth of its Matilda-Wiluna Gold Operation in Western Australia, at which high-grade ore is being accessed.

Blackham has received strong demand from its domestic and international institutional and professional investor network to participate in sub-underwriting the issue.

Closing date for acceptances is Tuesday 6 February 2018 and trading of the new shares is expected to begin on Tuesday 20 February.

READ: Blackham Resources implements initial stages of recapitalisation strategy

The renounceable rights issue is the final step in Blackham’s recapitalisation strategy.

It will maintain a sound cash position once the issue is complete and all relevant payments have been made, with cash expected to remain above $15 million during 2018.

During 2018 the company intends to achieve strong cash flow generation from operations and end the year in a net cash position.

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Wed, 31 Jan 2018 10:15:00 +1100 http://www.proactiveinvestors.com.au/companies/news/190865/blackham-resources-seeks-acceptances-for-36-million-entitlements-offer-190865.html
<![CDATA[News - Blackham Resources raising $36 million to support gold growth strategy ]]> http://www.proactiveinvestors.com.au/companies/news/190419/blackham-resources-raising-36-million-to-support-gold-growth-strategy-190419.html Blackham Resources Ltd (ASX:BLK) expects the $36 million to be raised in a fully underwritten rights issue will underpin growth of its gold operations in Western Australia.

The launch of the 5:2 renounceable rights issue is the final step in Blackham’s recapitalisation strategy.

The company will maintain a sound cash position once the issue is complete and all relevant payments have been made, with cash expected to remain above $15 million during 2018.

READ: Blackham Resources implements initial stages of recapitalisation strategy

It has received strong demand from its domestic and international institutional and professional investor network to participate in sub-underwriting the issue.

Milan Jerkovic, executive chairman, said: “It is very pleasing to see the level of interest in the entitlements issue received during the sub-underwriting process as well as the high quality of investors that have entered into sub-underwriting agreements.

“With the issue fully underwritten, we can now move forward with the final stage of our recapitalisation strategy.

“Blackham will be well funded with a strong balance sheet to enable us to focus initially on a simple free milling mine plan at the Matilda-Wiluna Gold Operation and enjoy a period of stable gold production having recently accessed high grade ore zones.

Company at “exciting stage”

“The company is at an exciting stage, with 2018 expected to be a transformational year of strong operational performance that is likely to generate significant cash flow and value for Blackham and its shareholders.”

During 2018 the company intends to achieve strong cash flow generation from operations and end the year in a net cash position.

Debt repayment plan

By the end of the year it also aims to repay the $23 million project financing facility with Orion Fund JV Limited, which will stand at $20.5 million after the Entitlements Issue.

This year will also see Blackham continue exploration drilling targeting an ongoing five-plus year free-milling mine life.

The entitlements issue is for up to 897 million new shares on the basis of five new shares for every two existing shares held by eligible shareholders at an issue price of $0.04 per new share.

It also includes one free attaching listed $0.08 option expiring on 31 January 2019 for every two new shares issued.

Reduction in sub-underwriting commitments

MACA Limited, Orion Fund JV Limited and PYBAR Mining Services Pty Limited originally agreed to provide sub-underwriting pre-commitments of up to $8 million, $2.5 million and $2.5 million respectively.

However, the high level of demand for sub-underwriting resulted in an agreed reduction in the commitments to $4 million.

Each had the opportunity to further reduce their commitments, but elected to maintain their participation in the issue.

Additionally, the company’s chairman has committed to sub-underwrite up to $500,000.

The suspension of trading in Blackham securities will be lifted today and trading of the new shares is expected to begin on Tuesday, 20 February 2018.

READ: Blackham Resources accesses high grade ore at gold operation

Blackham is entering a lower risk period of production at Matilda-Wiluna in Western Australia.

It will initially focus on free milling gold production with an expected stripping ratio of 7:1, which is less than half of recent levels.

This is expected to provide a step change in project economics.

In conjunction with continued access to high grade ore zones supported by extensive grade control drilling, this will provide ongoing mill supply and continued growth in high grade stockpiles.

Due to available carried forward tax losses, Blackham does not expect to pay income tax during the current free milling plan.

Exploration drilling to increase

This cash flow will ensure there is an increased level of exploration drilling going forward, focused on identifying additional free milling mineralisation.

Blackham also aims to increase the 1.2 million ounce gold reserve by converting more of the large resource base of 65 million tonnes at 3.1 g/t gold for 6.5 million ounces.

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Tue, 23 Jan 2018 09:24:00 +1100 http://www.proactiveinvestors.com.au/companies/news/190419/blackham-resources-raising-36-million-to-support-gold-growth-strategy-190419.html
<![CDATA[News - Blackham Resources implements initial stages of recapitalisation strategy ]]> http://www.proactiveinvestors.com.au/companies/news/189983/blackham-resources-implements-initial-stages-of-recapitalisation-strategy-189983.html Blackham Resources Ltd (ASX:BLK) has refinanced its term loan with Orion Fund JV Limited through a new $14.3 million arrangement with key mining contractor MACA Limited (ASX:MLD).

As part of a standstill agreement, the 31 December 2017 maturity repayment date of the non-amortising term loan was deferred to 15 January 2018.

This enabled Blackham to negotiate a secured loan facility with MACA and the maturity repayment date has been met.

No repayment obligations until March 2019

There are no principal repayment obligations under the MACA Loan until March 2019 and the initial interest rate is 10% per annum.

Blackham has the Matilda-Wiluna Gold Operation in Western Australia.

The refinancing and term loan repayment form part of the company’s recapitalisation strategy.

Aim to repay project financing facility in 2018

Blackham has a separate fully drawn project financing facility of $23 million that remains in place with Orion.

This will reduce to $20.5 million following completion of Blackham’s proposed $35.9 million entitlements issue.

The company intends to fully repay this facility in 2018.

Entitlements issue aims to raise $35.9 million

Blackham expects to launch the entitlements issue next week after completing a prospectus and arranging underwriting.

It will be on the basis of five new shares for every two shares held at an issue price of $0.04 per new share together with one free attaching listed option for every two new shares issued.

The company has appointed Hartleys Limited as lead manager and to act as underwriter with an agreement expected to be signed this week.

Tectonic Advisory Partners, acting through Ecoban Securities Corporation, will act as North American placement agent.

MACA, Orion and Pybar Mining Services have provided sub-underwriting commitments in respect of the proposed issue of up to $8 million, $2.5 million and $2.5 million respectively.

Additionally, chairman Milan Jerkovic has committed to sub-underwrite up to $500,000 of the entitlements issue.

READ: Blackham Resources accesses high grade ore at gold operation

Milan Jerkovic said: “Refinancing of the Orion term loan, together with the alignment of key stakeholders, marks a milestone which allows the company to move forward with the final stage of our recapitalisation strategy.

“This will ensure that Blackham is well funded with a strong balance sheet to enable it to focus initially on a simple free milling mine plan at its Matilda-Wiluna Gold Operation.

“It comes as the operation transitions to a period of stable gold production, having recently accessed high grade ore zones, delivered record gold production and achieved a step-change in project economics.

“The company plans to repay the remainder of its Orion facilities and normalise working capital using internally generated cash flows by the end of 2018.

“We are targeting a net-cash position by the end of the calendar year, whilst continuing exploration aimed at lengthening and improving the free-milling mine plan.”

Company appoints finance specialist as director

Finance specialist Greg Fitzgerald has agreed to join the Board following the entitlements issue.

He is a chartered accountant with more than 30 years of gold mining and resources related experience.

Fitzgerald has extensive executive experience in managing finance and administrative matters for listed companies, including Resolute Mining Limited (ASX:RSG).

Technical advisory committee is formed

Linton Kirk and Jonathan Lea will also join a new technical advisory committee and will work with the executive team to further de-risk and optimise the operations as well as growth opportunities.

Kirk has more than 35 years’ experience in mining, covering open pit and underground operations in several commodities.

Lea is a geologist of more than 30 years’ standing who has spent more than 20 years of his career in gold mining.

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Mon, 15 Jan 2018 11:29:00 +1100 http://www.proactiveinvestors.com.au/companies/news/189983/blackham-resources-implements-initial-stages-of-recapitalisation-strategy-189983.html
<![CDATA[News - Blackham Resources accesses high grade ore at gold operation ]]> http://www.proactiveinvestors.com.au/companies/news/189557/blackham-resources-accesses-high-grade-ore-at-gold-operation-189557.html Blackham Resources Ltd (ASX:BLK) is accessing high grade ore at the Matilda-Wiluna Gold Operation in Western Australia.

Ore at 1.6 g/t gold has been mined from the M4 and Galaxy pits since November 2017 and this is expected to continue for the next six months.

As a result the company achieved record weekly gold production of 1,685 ounces in the last week of December.

Production ramps up

Production for the month was 8,038 ounces, which was marginally less than production for the entire September 2017 quarter.

Blackham milled a record 443,000 tonnes during the December quarter and plant recovery increased to 92.3%, up from 91.5% in the previous quarter.

There was also a reduction in waste material mined which has reduced open pit mining costs.

The strip ratio for the remaining oxide reserves is expected to reduce to 7:1 from 16.5:1 in the next six months.

High grade stockpiles

Blackham has started building high grade stockpiles with 51,000 tonnes at 1.6 g/t accumulated as at 31 December.

Milan Jerkovic, chairman, said: “The recent mining and production levels support our belief that the delays in accessing high grade open pit ore are now behind us.

“The recently announced recapitalisation strategy is progressing very well with the support of Blackham’s secured lender (Orion) and key mining contractor (MACA).”

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Fri, 05 Jan 2018 10:57:00 +1100 http://www.proactiveinvestors.com.au/companies/news/189557/blackham-resources-accesses-high-grade-ore-at-gold-operation-189557.html
<![CDATA[News - Blackham Resources granted extension to term loan ]]> http://www.proactiveinvestors.com.au/companies/news/189362/blackham-resources-granted-extension-to-term-loan-189362.html Blackham Resources Ltd (ASX:BLK) has been granted an extension to the maturity date of a term loan while it attempts to refinance the loan.

Lender Orion Fund JV Limited has agreed to defer the repayment date of the non-amortising term loan to 15 January 2018 from 31 December 2017 as part of a standstill agreement.

Discussions to refinance the loan are well progressed with settlement expected to occur by 15 January 2018.

The standstill agreement has been entered into by Blackham, Orion, key mining contractor MACA Limited and offtaker Osisko Bermuda Limited.

It covers the company’s Matilda-Wiluna Gold Project in Western Australia.

Recapitalisation strategy

The agreement and refinancing form part of a broader recapitalisation strategy that Blackham is implementing.

After refinancing the loan, Blackham intends to undertake an entitlements issue to raise circa $36 million.

The recapitalisation strategy is underpinned by the intended support for the Matilda-Wiluna operations from Orion, MACA and Pybar Mining Services.

Milan Jerkovic to become executive chairman

As part of the strategy, non-executive chairman Milan Jerkovic will become executive chairman, taking a leading role in the operations and management of Blackham.

Milan Jerkovic said: “Whilst 2017 has been a tough year for Blackham, the 2018 operational outlook for our Matilda Wiluna Gold Project is very strong.

“The recapitalisation will ensure that Blackham is fully financed with a strong balance sheet to enable it to close out its finance facility with Orion in 2018 and to execute its forward plans.

“These include significant ongoing exploration drilling targeted at both new deposits and at increasing gold reserves.”

The company will remain in voluntary suspension until the earlier of 15 January 2018 or the announcement of completion of the refinancing and recapitalisation plan.

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Tue, 02 Jan 2018 12:32:00 +1100 http://www.proactiveinvestors.com.au/companies/news/189362/blackham-resources-granted-extension-to-term-loan-189362.html
<![CDATA[News - Blackham Resources enters trading halt pending update on funding arrangements ]]> http://www.proactiveinvestors.com.au/companies/news/188767/blackham-resources-enters-trading-halt-pending-update-on-funding-arrangements-188767.html Blackham Resources Ltd’s (ASX:BLK) shares have been granted a trading halt by the ASX, pending details regarding an update on its funding arrangements.

The halt will remain in place until the opening of trade on Monday 18 December 2017, or earlier if an announcement is made to the market.

Blackham is working with Pacific Road Capital to finalise the formal legal documentation surrounding the recently outlined $60 million funding package.

Earlier this week, the Western Australian gold producer extended the closing date of its renounceable pro-rata entitlement offer to shareholders to Friday, 22 December 2017.

READ: Blackham Resources extends closing date of rights issue

This is in response to a number of shareholders advising that there had been a delay in them receiving their prospectus and entitlement and acceptance form.

Blackham started production from its Wiluna-Matilda Gold Operation in October 2016.

READ: Blackham Resources assays bode well for a gold resource upgrade

The Wiluna-Matilda Gold Operation includes a resource of 65 million tonnes at 3.1 g/t gold for 6.5 million gold ounces.

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Thu, 14 Dec 2017 14:08:00 +1100 http://www.proactiveinvestors.com.au/companies/news/188767/blackham-resources-enters-trading-halt-pending-update-on-funding-arrangements-188767.html
<![CDATA[News - Blackham Resources extends closing date of rights issue ]]> http://www.proactiveinvestors.com.au/companies/news/188684/blackham-resources-extends-closing-date-of-rights-issue-188684.html Blackham Resources Ltd (ASX:BLK), a Western Australian gold producer, has extended the closing date of its renounceable pro-rata entitlement offer to shareholders to Friday, 22 December 2017.

This is in response to a number of shareholders advising that there had been a delay in them receiving their prospectus and entitlement and acceptance form.

The company continues to work with Pacific Road Capital towards the finalisation of the formal legal documentation surrounding the recently outlined $60 million funding package.

READ: Blackham Resources assays bode well for a gold resource upgrade

The company's Wiluna-Matilda Gold Operation includes resources of 65 million tonnes at 3.1 g/t gold for 6.5 million gold ounces.

The reserve definition drilling program at Bulletin has been completed as part of the expansion study and will provide the basis for a reserve update for the Bulletin underground mine.

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Wed, 13 Dec 2017 09:40:00 +1100 http://www.proactiveinvestors.com.au/companies/news/188684/blackham-resources-extends-closing-date-of-rights-issue-188684.html
<![CDATA[News - Blackham Resources assays bode well for a gold resource upgrade ]]> http://www.proactiveinvestors.com.au/companies/news/187804/blackham-resources-assays-bode-well-for-a-gold-resource-upgrade-187804.html Blackham Resources Ltd (ASX:BLK) has intercepted high-grade gold mineralisation at the Bulletin Lode within the Matilda-Wiluna Gold Operation in Western Australia.

The Wiluna-Matilda Gold Operation includes resources of 65 million tonnes at 3.1 g/t gold for 6.5 million gold ounces.

The reserve definition drilling program at Bulletin has been completed as part of the Expansion Study and will provide the basis for a reserve update for the Bulletin underground mine.

READ: Blackham Resources takes major step towards re-financing the Matilda-Wiluna Operation

Drilling has tested areas currently classified as Inferred which are likely to be accessible within three years of the re-commencement of underground mining at Bulletin.

Intercepts from the latest drilling include 16.6 metres at 6.03 g/t gold and 8.0 metres at 11.1 g/t gold.

Results support Bulletin underground mine plane

These ore-grade results suggest that Inferred resource areas are likely to be upgraded to Indicated status.

This adds further confidence to the Bulletin underground mine plan as outlined in the Expansion Study pre-feasibility study (PFS).

The confirmation of sub-parallel lodes is significant as they will increase the ounces per vertical metre and hence reduce mining costs.

Considering the proximity of the Bulletin deposit to existing underground infrastructure, the definition of additional resources are likely to benefit the economics of the deposit significantly during the mining stage.

High-grade mineralisation intersected in several sub-parallel lodes

Infill drilling has intersected high-grade mineralisation in several sub-parallel lodes at Bulletin with results generally confirming previous assay results.

Highlights include:

- 16.6 metres at 6.03 g/t gold;
- 8.0 metres at 11.1 g/t gold;
- 15.0 metres at 5.32 g/t gold;
- 11.3 metres at 6.63 g/t gold;
- 11.0 metres at 3.10 g/t gold;
- 13.8 metres at 4.91 g/t gold;
- 8.5 metres at 8.33 g/t gold; and
- 9.0 metres at 5.66 g/t gold.

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Mon, 27 Nov 2017 17:59:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187804/blackham-resources-assays-bode-well-for-a-gold-resource-upgrade-187804.html
<![CDATA[News - Blackham Resources takes major step towards re-financing the Matilda-Wiluna Operation ]]> http://www.proactiveinvestors.com.au/companies/news/187789/blackham-resources-takes-major-step-towards-re-financing-the-matilda-wiluna-operation-187789.html Blackham Resources Ltd (ASX:BLK) is on the road to completing the re-financing of the Matilda-Wiluna Operation with an agreed initial $60 million funding package with Pacific Road Capital.

Blackham welcomed Pacific Road as a new cornerstone shareholder and substantial financial contributor to the 6.5 million ounce Matilda-Wiluna Gold Operation in Western Australia.

Pacific Road is a dedicated mining private equity specialist, managing two funds with over US$800 million of total committed capital.

Details of the package

- $7.35 million private placement at $0.12 per share;
- $2.65 million sub-underwriting of a planned $12.3 million entitlement offer;
- $50 million loan facilities; and
- Potential for further debt funding of the Wiluna Plant Expansion to lift capacity to 3.3 million tonnes per annum.

The funding agreement is at an executed term sheet stage, with formal legal documentation well advanced and expected to execute within one week.

This follows an extensive technical due diligence process by Pacific Road.

Renounceable entitlement offer

Blackham will offer shareholders an opportunity to participate at the same share price as Pacific Road through a renounceable entitlement offer, of two shares per seven shares held, to potentially raise a further $12.3 million.

The Matilda-Wiluna Operation

The Wiluna-Matilda Gold Operation is located in Australia’s largest gold belt which stretches from Norseman through Kalgoorlie to Wiluna.

The operation now includes resources of 65 million tonnes at 3.1g/t gold for 6.5 million gold ounces.

These are all within 20 kilometres of Blackham’s wholly-owned 1.8 million tonne per annum plant, gas power station, borefields and accommodation village.

Blackham has consolidated almost the entire Wiluna Goldfield within a +1,100 square kilometre tenement package which has historically produced more than 4.3 million gold ounces.

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Mon, 27 Nov 2017 11:16:00 +1100 http://www.proactiveinvestors.com.au/companies/news/187789/blackham-resources-takes-major-step-towards-re-financing-the-matilda-wiluna-operation-187789.html
<![CDATA[News - Blackham to provide funding update for Matilda/Wiluna Gold Operation ]]> http://www.proactiveinvestors.com.au/companies/news/186757/blackham-to-provide-funding-update-for-matildawiluna-gold-operation-186757.html Blackham Resource Ltd (ASX:BLK) is producing gold from the Matilda/Wiluna Gold Operation, located in Australia’s largest gold belt which stretches from Norseman through Kalgoorlie to Wiluna.

The gold operation hosts 6.5 million gold ounces.

READ NOW: Blackham Resources to be cash flow positive in the December 2017 quarter

Blackham has this morning been granted a trading halt by the ASX, pending details regarding its funding arrangements.

The halt will remain in place until the opening of trade on Wednesday 8th November 2017, or earlier if an announcement is made to the market.

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Mon, 06 Nov 2017 10:28:00 +1100 http://www.proactiveinvestors.com.au/companies/news/186757/blackham-to-provide-funding-update-for-matildawiluna-gold-operation-186757.html
<![CDATA[News - Blackham Resources to be cash flow positive in the December 2017 quarter ]]> http://www.proactiveinvestors.com.au/companies/news/186614/blackham-resources-to-be-cash-flow-positive-in-the-december-2017-quarter-186614.html Blackham Resources Ltd (ASX:BLK) is moving towards a key financial metric with the company expecting to be cash flow positive in the December 2017 quarter due to access to higher grade ore to be mined from the open pits at the Matilda/Wiluna Gold Operation.

The gold operations are located in Australia’s largest gold belt which stretches from Norseman through Kalgoorlie to Wiluna.

Blackham boasts resources of 65 million tonnes at 3.1g/t gold for 6.5 million gold ounces, which are all within 20 kilometres of the central processing facility, providing strong economies of scale.

The company has consolidated almost the entire Wiluna Goldfield within a +1,100 square kilometre tenement package which has historically produced in excess of 4.3 million gold ounces.

Latest funding details

Blackham has received strong interest in refinancing of its current debt position.

Blackham is now in a position to confirm it has a credit approved term sheet to fully re-finance the $36.7 million current secured debt position.

The term sheet has the first repayment in June 2020 which means the company’s working capital position would be improved by the $14.8 million currently repayable by the 31st December 2017 under the existing financing facility.

Technical due diligence has now been completed and the legal documentation is currently well advanced.

The term sheet remains subject to legal due diligence which is also well advanced.

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Thu, 02 Nov 2017 11:26:00 +1100 http://www.proactiveinvestors.com.au/companies/news/186614/blackham-resources-to-be-cash-flow-positive-in-the-december-2017-quarter-186614.html
<![CDATA[News - Blackham Resources continues to grow Wiluna open pits ]]> http://www.proactiveinvestors.com.au/companies/news/185472/blackham-resources-continues-to-grow-wiluna-open-pits-185472.html Blackham Resources (ASX:BLK) has completed yet another resource upgrade at its Wiluna open pits located within the Wiluna Gold Operation located in Western Australia.

The revised JORC resource estimate for the Wiluna North open pits encompassed the Happy Jack, Bulletin, Squib, Essex, Golden Age North and Starlight ore bodies.

This has more than doubled the Wiluna North open pit resource to 7.3 million tonnes at 2.69 g/t gold for 630,000 ounces gold, of which 81% is in the Indicated category.

The Wiluna open pit resources now total 17 million tonnes at 2.8 g/t gold for 1.5 million ounces gold, which have been delineated at an economical cost of $7 per resource ounce.

Exploration of the Wiluna open pit resources suggests a likely open pit operation stretching over 3.5 kilometres in length.

Bryan Dixon, managing director, commented

“Since drilling commenced in September last year a total of ~$10.5 million has been spent on Resource and Reserve definition drilling on the Wiluna open pits.

“In this time, the Mineral Resource has grown from 80,000 ounces to 1,505,000 ounces in just one year, of which 76% is classified as Indicated.

“This represents a very attractive resource addition cost of $7 per ounce.

“This large open pit resource and reserves underpin the growth opportunity as seen in the expansion pre-feasibility study released late in August.

“We also expect a significant reserve upgrade to flow from the latest resource upgrade.”

Resource upgrade details

The latest JORC resource estimate for the Wiluna North lodes is based on an additional ~23,000 metres of reverse circulation and diamond drilling completed between March and May 2017.

Drilling was successful in proving the continuity of mineralisation.

Mining studies which will allow an updated open pit Ore Reserve estimate for Wiluna North are underway.

Background

Over the last six years, Blackham has consolidated the Wiluna Goldfield with a tenement package covering over 1,100 square kilometres into one operation.

The Matilda-Wiluna Gold Operation comprises 6.5 million ounces of gold resources grading 3.1 g/t all within a 20 kilometre radius of the Wiluna Gold Plant.

Operations recommenced gold production in October 2016.

Blackham has focused its exploration strategy around ensuring it has a long open pit mine life to provide certainty with feeding an expanded 3.3 million tonnes per annum processing facility.

The expansion pre-feasibility study released late in August supported the operation’s growth to 207,000 ounces per year of gold production.

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Thu, 12 Oct 2017 16:09:00 +1100 http://www.proactiveinvestors.com.au/companies/news/185472/blackham-resources-continues-to-grow-wiluna-open-pits-185472.html
<![CDATA[News - Blackham Resources to benefit from nearby drilling success ]]> http://www.proactiveinvestors.com.au/companies/news/184414/blackham-resources-to-benefit-from-nearby-drilling-success-184414.html Blackham Resources (ASX:BLK) is positioned to benefit from the development of the nearby Golden Monarch gold deposit near to its Wiluna gold processing plant in Western Australia.

Recent assay results received from Golden Monarch by the deposit’s owner, GWR Group (ASX:GWR) build the case for the deposit to be developed as a near-term production opportunity.

In January 2017 GWR executed a memorandum of understanding (MoU) with Blackham for the potential treatment of gold deposits through Blackham’s Wiluna plant.

Under the MoU, GWR will be responsible for drilling the gold deposits out to JORC 2012 level and for initial sighter metallurgical testwork associated with the deposits. 

Discussions are ongoing to formalise treatment options as per MoU. 

A resource model update and pit optimisation studies are both currently being undertaken by GWR Group.

Background

Over the last six years, Blackham has consolidated the Wiluna Goldfield with a tenement package covering over 1,100 square kilometres into one operation.

The Matilda-Wiluna Gold Operation comprises 6.2 million ounces of gold resources grading 3.1 g/t all within a 20 kilometre radius of the Wiluna Gold Plant.

Operations recommenced gold production in October 2016.

Blackham has focused its exploration strategy around ensuring it has a long open pit mine life to provide certainty with feeding an expanded 3.3 million tonnes per annum processing facility.

Recent expansion study and funding

Blackham recently revealed the results of its expansion preliminary feasibility study which supported the operation’s growth to 207,000 ounces per year of gold production.

The study demonstrated robust economics and improved economies of scale supporting the expansion.

Furthermore, most recently Blackham secured up to $72 million in funding to continue to advance expansion studies and manage its balance sheet.

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Fri, 22 Sep 2017 15:38:00 +1000 http://www.proactiveinvestors.com.au/companies/news/184414/blackham-resources-to-benefit-from-nearby-drilling-success-184414.html
<![CDATA[Media files - Blackham Resources gets funding boost to advance expansion feasibility study ]]> http://www.proactiveinvestors.com.au/companies/stocktube/8013/blackham-resources-gets-funding-boost-to-advance-expansion-feasibility-study-8013.html Thu, 31 Aug 2017 19:05:00 +1000 http://www.proactiveinvestors.com.au/companies/stocktube/8013/blackham-resources-gets-funding-boost-to-advance-expansion-feasibility-study-8013.html <![CDATA[News - Blackham Resources' funding provides flexibility for growing gold production ]]> http://www.proactiveinvestors.com.au/companies/news/183206/blackham-resources-funding-provides-flexibility-for-growing-gold-production-183206.html Blackham Resources Ltd (ASX:BLK) recently revealed that it has an eye on building its wholly-owned Matilda/Wiluna Operation’s into producing +200,000 gold ounces per annum.

This was supported by results from an Expansion Preliminary Feasibility Study (PFS) demonstrating robust economics and improved economies of scale supporting the expansion.

READ NOW: Blackham has potential to join 200,000 gold ounce production club

Blackham has now secured up to $72 million in funds to continue to advance its Expansion Definitive Feasibility Study and manage its balance sheet whilst it continues to demonstrate improving operational cash flows from the operation.

The funding arrangement is underpinned by the ability to draw the funds from The Australian Special Opportunity Fund, a New York-based institutional investor, managed by The Lind Partners.

Bryan Dixon, managing director for Blackham, commented:

"As Blackham demonstrates strengthening production from its gold operations and pushes forward with the Expansion DFS, the Lind Facility gives the company maximum flexibility in choosing the best future funding solution for shareholders to grow the Matilda-Wiluna Gold Operation into a 200,000ozpa long mine life asset."

Jeff Easton, managing director for The Lind, added:

"We are excited to return at this crucial point to fund Blackham and back management as they demonstrate the next chapter of their significant growth story."

WATCH NOW: Blackham Resources gets funding boost to advance expansion feasibility study Analysis

The funding provides Blackham with flexibility and time to choose the optimal funding solution going forward.

Under the agreement with Lind, Blackham will receive $1.2 million on execution as a prepayment for fully paid ordinary shares in Blackham.

Blackham has the ability to vary further monthly share subscriptions with Lind between nil and $3 million over the next two years.

The Expansion DFS is expected to be completed by the end of the March quarter 2018.

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Thu, 31 Aug 2017 13:17:00 +1000 http://www.proactiveinvestors.com.au/companies/news/183206/blackham-resources-funding-provides-flexibility-for-growing-gold-production-183206.html
<![CDATA[News - Blackham Resources has potential to join 200,000 gold ounce per annum production club ]]> http://www.proactiveinvestors.com.au/companies/news/183127/blackham-resources-has-potential-to-join-200000-gold-ounce-per-annum-production-club-183127.html Blackham Resources Ltd (ASX:BLK) has the ability to continue to build scale at its wholly-owned Matilda/Wiluna Operation’s in Western Australia.

Blackham can now eye potential for a +200,000 gold ounce operation a year, a milestone achievement considering the first gold was poured less than 12-months ago.

Results from an Expansion Preliminary Feasibility Study (PFS) demonstrated robust economics and improved economies of scale supporting the expansion.

Bryan Dixon, managing director, commented:

"The Wiluna Expansion Plan aims to achieve a step change in gold production from the 6.2 million ounce resource at the Matilda/Wiluna Operation.

"The Expansion PFS has confirmed gold production averaging 207,000 ounces per annum is achievable on a very capital efficient basis for a likely long mine life.

"Very few Australian gold operations operate at this scale with long mine lives, which proves the significance of the Wiluna goldfield as a major gold province for the future."

Historically, over the last 20 years, the operation has relied predominately on underground feed.

Blackham’s comparative advantage to previous operators is the 15 million tonnes at 2.3g/t gold, of which 85% is reserves, in open pit feed, and is included in the Expansion PFS Mine Plan.

The Matilda/Wiluna Operation is located in Australia’s largest gold belt stretching from Norseman through Kalgoorlie to Wiluna, where the regional endowment is over 40 million ounces.

Analysis

Blackham’s principal success to date has been identifying, consolidating and defining orebodies all within 20 kilometres of the existing Wiluna Gold Plant.

Highlights from the PFS have a combined processing capacity of 3.2 million tonnes per annum and to maintain over 200,000 gold ounces per annum of production.

Blackham has the potential to finance expansion capital out of Stage 1 cash flow and debt re-sizing.

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Wed, 30 Aug 2017 11:01:00 +1000 http://www.proactiveinvestors.com.au/companies/news/183127/blackham-resources-has-potential-to-join-200000-gold-ounce-per-annum-production-club-183127.html
<![CDATA[News - Blackham Resources to update on Wiluna gold project ]]> http://www.proactiveinvestors.com.au/companies/news/175491/blackham-resources-to-update-on-wiluna-gold-project-175491.html Blackham Resources (ASX:BLK) has been granted a trading halt by the ASX, pending an update on the Wiluna gold project.

Earlier in the year the resources at the Matilda / Wiluna Operation grew to 6.4 million ounces, with 3.1 million ounces in the Measured and Indicated categories.

The halt will remain in place until the opening of trade on Thursday 30th March 2017, or earlier if an announcement is made to the market.

]]>
Tue, 28 Mar 2017 13:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/175491/blackham-resources-to-update-on-wiluna-gold-project-175491.html
<![CDATA[News - Blackham Resources gains Washington H. Soul Pattinson as a substantial holder ]]> http://www.proactiveinvestors.com.au/companies/news/174255/blackham-resources-gains-washington-h-soul-pattinson-as-a-substantial-holder-174255.html Blackham Resources (ASX:BLK) has received a notice of substantial holder from Washington H. Soul Pattinson and Co. Ltd (ASX:SOL).

SOL has gained 10.63% voting power through the acquisition of 35.9 million shares in Blackham.

The principal activities of SOL include a portfolio of industries - its traditional field of pharmacy as well as retail, building materials, natural resources, equity investments, agriculture, telecommunications and corporate advisory.

Blackham recently raised A$35 million through a heavily-oversubscribed placement.

The funds will be used at the company's wholly-owned Matilda/Wiluna Gold Operation to fast track its existing growth strategy.


Background

Blackham’s 100% owned 6.4 million ounce gold Matilda and Wiluna Gold Operation is located in Australia’s largest gold belt.

The Wiluna Gold Plant is located in the centre of the combined operation and can process circa 100,000 ounces of gold per annum, known as Stage 1.

The 1,000+ square kilometre tenement package has historically produced in excess of 4.3 million ounces of gold.

A mill expansion study is now in progress, known as Stage 2, which is exploring the potential to grow production beyond 200,000 ounces of gold per annum.

]]>
Mon, 06 Mar 2017 11:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/174255/blackham-resources-gains-washington-h-soul-pattinson-as-a-substantial-holder-174255.html
<![CDATA[News - Blackham Resources shares are highly sort after in oversubscribed raising ]]> http://www.proactiveinvestors.com.au/companies/news/172960/blackham-resources-shares-are-highly-sort-after-in-oversubscribed-raising-172960.html Blackham Resources (ASX:BLK) has raised A$35 million at $0.68 per share through a heavily-oversubscribed placement.

Support came from institutions, and both existing and new shareholders.

The funds will be used at the company's wholly-owned Matilda/Wiluna Gold Operation to fast track its existing growth strategy.

Bryan Dixon, managing director, commented:

"The funding allows for the Wiluna expansion studies aimed at lifting plant throughput to 3.2Mtpa.

"Geological and mining studies to date demonstrate strong grades for an operation of this size.

"The initial expansion plan is expected to be completed in the near term and having a strengthened balance sheet will allow us to expedite Blackham’s sizeable growth plans."


Plan

Having a strengthened balance sheet will enable Blackham to:

- Expedite the conversion of the large resource base into reserves;
- Improve and lengthen the mine life;
- Accelerate studies to enhance the Stage 2 expansion economics; and
- Commit to Stage 2 engineering and long lead items immediately on finalisation of feasibility.


Expanded drilling program

Blackham has commenced a 60,000 metres drill program around the Wiluna Open pits, with two reverse circulation and one diamond rig double shifting.

The goal is to upgrade the confidence of the resources to measured and indicated over the next two months.

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Fri, 10 Feb 2017 11:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/172960/blackham-resources-shares-are-highly-sort-after-in-oversubscribed-raising-172960.html
<![CDATA[News - Blackham Resources to outline capital raising details ]]> http://www.proactiveinvestors.com.au/companies/news/172817/blackham-resources-to-outline-capital-raising-details-172817.html Blackham Resources (ASX:BLK) has been granted a trading halt by the ASX, pending details of a capital raising.

Blackham wholly-owns the Matilda and Wiluna Gold Operation, which is located in Australia’s largest gold belt.

The Wiluna Gold Plant is located in the centre of the combined operation and can process circa 100,000 ounces of gold per annum, known as Stage 1.

The Matilda/Wiluna Operation is one of few Australian gold projects capable of hosting a long-life 200,000+ ounces per annum operation.

The halt will remain in place until the opening of trade on Friday 10th February 2017, or earlier if an announcement is made to the market.

]]>
Wed, 08 Feb 2017 11:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/172817/blackham-resources-to-outline-capital-raising-details-172817.html
<![CDATA[News - Blackham Resources grows gold resources in bid for production expansion ]]> http://www.proactiveinvestors.com.au/companies/news/171998/blackham-resources-grows-gold-resources-in-bid-for-production-expansion-171998.html Blackham Resources (ASX:BLK) has expanded its global JORC resource by 400,000 ounces gold to 6.4 million ounces at the Matilda/Wiluna Gold Operation located in Western Australia.

This increase is associated with the Stage 2 expansion study aimed at growing production beyond 200,000 ounces per annum.

The new estimate includes new open pit JORC resources at the Happy Jack – Bulletin and Adelaide – Moonlight areas.

This is a result of the successful exploration drilling programs to date.

Consequently, Blackham is advancing its mining and processing studies to increase the processing capacity to more efficiently develop the large resource base.

Bryan Dixon, managing director, commented: “The latest Wiluna resource upgrade is likely to add significant base load open pit and high grade underground feed for the Wiluna expansion study.”


Resource upgrade details

JORC resources have now been updated for the Happy Jack, Creek Shear, Bulletin, Adelaide, Moonlight and Lone Hand open pit deposits.

This is in addition to the December resource expansion at the East and West Lodes.

The global resource at Matilda and Wiluna incorporating all the recent updates is now 63 million tonnes grading 3.2 g/t gold for 6.4 million ounces of gold.

This is up from 58 million tonnes grading 3.2 g/t gold for 6.0 million ounces of gold

All resources are within a 20 kilometre radius of the Wiluna gold plant.


Background

Blackham’s 100% owned Matilda and Wiluna Gold Operation is located in Australia’s largest gold belt.

The Wiluna Gold Plant is located in the centre of the combined operation and can process circa 100,000 ounces of gold per annum, known as Stage 1.

The 1,000+ square kilometre tenement package has historically produced in excess of 4.3 million ounces of gold.

A mill expansion study is now in progress, known as Stage 2, which is exploring the potential to grow production beyond 200,000 ounces of gold per annum.


Analysis

The resource upgrade plays a vital role in justifying and progressing gold production to the Stage 2 level.

Furthermore, the successful drill program speaks to the prospectivity of the ground and its ability to host additional gold resources, which ensures the project has an enduring mine life.

The current mining studies are aimed at feeding half the planned 1.5 million tonnes per annum additional throughput from the open pits and half from the underground.

This indicates a 3+ million tonnes per annum total processing capacity across the Matilda/Wiluna Operation.
Further growth in the open pit resources is likely to underpin the base load feed and growth in the underground resources will provide important grade profile for Wiluna processing plant.

The resource upgrade means there has been a 25% increase in the global JORC resource since last quarter.

It continues to be a transformational period for Blackham whose share price has tripled over the past 12 months, currently priced at $0.775.

The Matilda/Wiluna Operation is one of few Australian gold projects capable of hosting a long-life 200,000+ ounces per annum operation.

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Mon, 23 Jan 2017 16:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/171998/blackham-resources-grows-gold-resources-in-bid-for-production-expansion-171998.html
<![CDATA[News - Blackham Resources posts first quarterly gold production numbers ]]> http://www.proactiveinvestors.com.au/companies/news/171292/blackham-resources-posts-first-quarterly-gold-production-numbers-171292.html Blackham Resources (ASX:BLK) produced 9,240 ounces of gold during the December quarter from its Matilda and Wiluna Gold Operations in Western Australia after achieving its first pour in the third week of October 2016.

During the month of December alone, 5,010 ounces of gold were produced.

Crushing and grinding throughput rates increased through the quarter which coincided with an increase in the mill feed grade from November through to December. 
The plant optimisation and de-bottle necking program is ongoing with a view to continuing the ramp up and maximising gold production.

Blackham’s FY2017production forecast is 64,000 to 71,000 ounces of gold.


Background

Blackham’s 100% owned Matilda and Wiluna Gold Operations are located in Australia’s largest gold belt.

The Wiluna Gold Plant is located in the centre of the combined operation and can process circa100,000 ounces of gold per annum, known as Stage 1.

The project contains a global JORC resource of 58 million tonnes grading 3.2 g/t gold for 6.0 million ounces of gold.

The 1,000+ square kilometre tenement package has historically produced in excess of 4.3 million ounces of gold.

A mill expansion study is now in progress, known as Stage 2, which is exploring the potential to grow production beyond 200,000 ounces of gold per annum.


Mining studies update

Blackham is advancing its mining studies over the Wiluna open pit areas with a view to updating its mine plan and publishing its maiden Wiluna open pit reserves.

The East West pit resource and initial mining studies suggest the scale of the East West pit has potential for a 1,500 metres long, 600 metres wide pit that could extend 230 metres deep.

Initial mining studies also demonstrate the potential for a 1.9 kilometre long pit in the Happy Jack – Bulletin area.

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Mon, 09 Jan 2017 12:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/171292/blackham-resources-posts-first-quarterly-gold-production-numbers-171292.html
<![CDATA[News - Blackham Resources validates expansion potential with final assays ]]> http://www.proactiveinvestors.com.au/companies/news/171124/blackham-resources-validates-expansion-potential-with-final-assays-171124.html Blackham Resources (ASX:BLK) has received final assays from its 25,000 metre drill program aimed at investigating open pit potential at Wiluna and to support the mill expansion study.

The company recently increased the global resource at the 100% owned Matilda and Wiluna Gold Operation in Western Australia to 6 million ounces of gold.

The current drilling is from the northern portion of the Wiluna Mine.

Drilling has continued to intersect significant mineralisation beneath and along strike from existing Wiluna open pits, highlighting the potential for open pit mining.

Results include 15 metres at 7.28 g/t gold from 86 metres depth.


Drill result details

Significant results from the latest and final drill assays include:

- 15 metres at 7.28 g/t gold from 86 metres;
- 5 metres at 5.59g/t gold from 60 metres;
- 5 metres at 6.66g/t gold from 97 metres; and
- 3.6 metres at 10.6 g/t gold from 93 metres.

The current drill results will be used to update the resources over the Happy Jack - Bulletin pit and the Adelaide –Moonlight shear.


Mining studies update

Blackham is advancing its mining studies over the Wiluna open pit areas with a view to updating its mine plan and publishing its maiden Wiluna open pit reserves.

The East West pit resource and initial mining studies suggest the scale of the East West pit has potential for a 1,500 metres long, 600 metres wide pit that could extend 230 metres deep.

Initial mining studies also demonstrate the potential for a 1.9 kilometre long pit in the Happy Jack – Bulletin area.


Background

Blackham’s 100% owned Matilda and Wiluna Gold Operations are located in Australia’s largest gold belt.

The Wiluna Gold Plant is located in the centre of the combined operation and can process circa100,000 ounces of gold per annum, known as Stage 1.

The project contains a global JORC resource of 58 million tonnes grading 3.2 g/t gold for 6.0 million ounces of gold.

The 1,000+ square kilometre tenement package has historically produced in excess of 4.3 million ounces of gold.

A mill expansion study is now in progress, known as Stage 2, which is exploring the potential to grow production beyond 200,000 ounces of gold per annum.


Analysis

The 25,000 metre drilling program has yielded significant results for Blackham and is a core component behind achieving the Stage 2 mill expansion goal.

There is the potential for a significant reduction in operating costs if sufficient additional open pit resources to justify a mill expansion can be identified.

Shares in Blackham have more than doubled over the past 12 months and are currently priced at $0.485.

]]>
Wed, 04 Jan 2017 13:20:00 +1100 http://www.proactiveinvestors.com.au/companies/news/171124/blackham-resources-validates-expansion-potential-with-final-assays-171124.html
<![CDATA[News - Blackham Resources swells Matilda to 6 million gold ounces ]]> http://www.proactiveinvestors.com.au/companies/news/170365/blackham-resources-swells-matilda-to-6-million-gold-ounces-170365.html Blackham Resources (ASX:BLK) has delivered yet another milestone at the Matilda/Wiluna Gold Operation in Western Australia, with the resource hitting 6 million ounces.

This is the first resource associated with the Stage 2 expansion study aimed at growing production beyond 200,000 ounce per annum.

Bryan Dixon, managing director, commented:

"The latest Wiluna resource upgrade is likely to add significant base load open pit and underground feed for the Wiluna expansion study currently underway.

"Very few gold operations in first class jurisdictions have the scale to be +200,000ozpa operations.

"Projects of this size generally sit in billion or multi-billion dollar producers."


Resource key metrics

- Combined Matilda/Wiluna Measured, Indicated and Inferred Resources have grown to 58 million tonnes at 3.2g/t gold for 6.0 million ounces.

- Open pit resources now 33 million tonnes at 2.0g/t gold for 2.1 million ounces.

- Underground resources now 25 million tonnes at 4.9g/t gold for 3.9 million ounces.

The growth in the open pit resources will underpin the base load feed and growth in the underground resources will provide important grade profile for Wiluna processing plant.

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Tue, 13 Dec 2016 13:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/170365/blackham-resources-swells-matilda-to-6-million-gold-ounces-170365.html
<![CDATA[News - Blackham Resources drill results reveal open pit gold mining potential ]]> http://www.proactiveinvestors.com.au/companies/news/170085/blackham-resources-drill-results-reveal-open-pit-gold-mining-potential-170085.html Blackham Resources (ASX:BLK) has received additional assays from its 25,000 metre drill program investigating the open pit potential at Wiluna and to support the mill expansion study.

Wiluna is a historical gold mine within Blackham’s 100% owned Matilda Gold Project, which hosts 5.1 million ounces of gold and is located in Western Australia.

High-grade gold has been intersected at shallow depths including 24 metres at 7.73 g/t gold, which highlights the potential for open pit mining.

Since the mid 1990s, previous operators at the Wiluna Mine have focused on the underground resources and have not explored the potential of open pit cutbacks.

The project resources are currently being re-estimated to incorporate this additional drilling.


Drill result details

Additional assay results from the East and West Lodes at Wiluna which were drilled as part of a 25,000 metre reverse circulation and diamond drilling program have been received.

Highlights include:

- 24 metres at 7.73 g/t gold from 95 metres;
- 21 metres at 1.19 g/t gold from 129 metres;
- 10 metres at 3.51g/t gold from 65 metres;
- 13 metres at 2.87g/t gold;
- 8 metres at 2.21g/t gold from 172 metres; and
- 14 metres at 1.60 g/t gold from 123 metres.

The East and West Lodes are located within 1.5 kilometres of the refurbished Wiluna gold plant.

An update of the East West resource model is nearing completion.


Background

Blackham is both underground and open pit gold mining from its 100% owned Matilda and Wiluna Gold Operations located in Australia’s largest gold belt.

The Wiluna Gold Plant is located in the centre of the combined operation and can currently process 100,000 gold ounces per annum.

A mill expansion study is in progress, which is exploring the potential to grow production beyond 200,000 gold ounces per annum is in progress.


Analysis

The 25,000 metre drilling program continues to yield significant gold grades and now shows continuity of mineralisation over 300 metres outside the current pit.

An update of the East West resource model is nearing completion and resource estimates are also in the process of being completed at the remaining deposits.

There is the potential for a significant reduction in operating costs if sufficient additional open pit resources to justify a mill expansion can be identified. 

Blackham will stay leveraged to exploration news flow with results for the remainder of the drilling program are expected within the next two weeks.

Shares in Blackham have more than doubled year to date.

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Wed, 07 Dec 2016 12:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/170085/blackham-resources-drill-results-reveal-open-pit-gold-mining-potential-170085.html
<![CDATA[News - Blackham Resources cashes in with gold hedge ]]> http://www.proactiveinvestors.com.au/companies/news/169936/blackham-resources-cashes-in-with-gold-hedge-169936.html Blackham Resources (ASX:BLK) has provided an update on its hedge book, after it realised $6.3 million in cash.

Blackham purchased physical gold ounces at the current reduced spot price to close out a total of 41,250 ounces of forward gold sales at A$1762 an ounce.

The bulk of these forwards were originally entered into in September 2016 at a gold price of A$1774 an ounce.

The board said that it saw an opportunity to crystallise a significant profit generated in a short period of time which will further strengthen working capital.

The remaining gold forwards under this facility stand at 12,795 ounces at a price of A$1701 an ounce.


Gold production

Blackham is continuing its ramp up of gold production to its Stage 1 target of 100,000 ounces of gold per annum from the Matilda gold project in Western Australia.

Two contractors involved in the refurbishment of the 1.7 million tonnes per annum Wiluna processing plant have been given notices of practical completion by the company.

Gold production through the Wiluna gold plant commenced in October 2016.

Year to date gold production in the 5 week period to 20 November 2016 totalled 3,343 ounces.

The gold plant has been commissioned on a mixture of historical stockpiles and lower grade Matilda open pit ore.

Plant optimisation and de-bottle necking work is ongoing with a view to maximising gold production.


Matilda gold project

The resources at the Matilda and Wiluna Gold Operation currently stand at 48 million tonnes at 3.3 g/t gold for 5.1 million ounces gold.

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Mon, 05 Dec 2016 13:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/169936/blackham-resources-cashes-in-with-gold-hedge-169936.html
<![CDATA[News - Blackham Resources Ltd ramping up to 100,000 ounces gold production ]]> http://www.proactiveinvestors.com.au/companies/news/169368/blackham-resources-ltd-ramping-up-to-100000-ounces-gold-production-169368.html Blackham Resources Ltd (ASX:BLK) is continuing its ramp up of gold production to its Stage 1 target of 100,000 ounces of gold per annum from the Matilda gold project in Western Australia.

Two contractors involved in the refurbishment of the 1.7 million tonnes per annum Wiluna processing plant have been given notices of practical completion by the company.

Gold production through the Wiluna gold plant commenced in October 2016.

Year to date gold production in the 5 week period to 20 November 2016 totalled 3,343 ounces. 

The gold plant has been commissioned on a mixture of historical stockpiles and lower grade Matilda open pit ore.

Plant optimisation and de-bottle necking work is ongoing with a view to maximising gold production.


Matilda gold project

The resources at the Matilda and Wiluna Gold Operation currently stand at 48 million tonnes at 3.3 g/t gold for 5.1 million ounces gold.

Underground mining continues to be focused on access and ore development to open up new stoping areas of the Golden Age high grade quartz reef.

Open pit mining continues to focus on the Matilda M10 and M3 pits.

The project’s resources are currently being re-estimated to include the successful drilling since June 2016.

So far, Blackham has received results from 15,000 metres of drilling from its 25,000 metre program undertaken to support the mill expansion study at Matilda.


Ore stockpiles

Open pit, underground and existing stockpiles total 304,000 tonnes at 1.3 g/t gold for 12,280 ounces available for milling. 

Mining of ore is being streamed into high grade, low grade and long term feed to optimise cash flow from the mill. 

Current high and low grade stockpiles represent nine weeks of mill feed.


Analysis

News flow from Matilda continues to evidence that Blackham is focused on an efficient and timely ramp up to commercial production at Matilda.

Blackham expects to be able to confirm FY17 production forecasts and cash costs very shortly.

Shares in Blackham are up 150% year to date, currently priced at $0.58.

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Wed, 23 Nov 2016 13:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/169368/blackham-resources-ltd-ramping-up-to-100000-ounces-gold-production-169368.html
<![CDATA[News - Blackham Resources drills out opportunity to expand open pits at Wiluna ]]> http://www.proactiveinvestors.com.au/companies/news/168723/blackham-resources-drills-out-opportunity-to-expand-open-pits-at-wiluna-168723.html Blackham Resources Ltd (ASX:BLK) has received results from 15,000 metres of drilling from its 25,000 metre program undertaken to support the mill expansion study at Matilda Gold Project located in Western Australia.

The resources at the Matilda and Wiluna Gold Operation currently stand at 48 million tonnes at 3.3 g/t gold for 5.1 million ounces gold.

The project’s resources are currently being re-estimated to include the successful drilling since June 2016.

Bryan Dixon, managing director, commented: “The latest Wiluna extensional drilling has demonstrated the potential to add significant base load open pit mining feed.

“Updated Wiluna open pit resources are likely to compliment the recent drilling success in extending the Bulletin underground mineralisation.

“Both feed sources will be integrated into the Wiluna expansion study currently underway.”


Drill result details

During September Blackham commenced a 25,000 metre drilling program at Wiluna as part of a mill expansion study.

The Wiluna deposits all lie within 3 kilometres of the refurbished Wiluna Gold Plant. 

In the current Blackham mine plan only underground mining is scheduled for these deposits, however recent conceptual pit optimisation work has indicated the potential for additional ore to be sourced from open pit cutbacks.

Drilling has defined mineralisation along strike and beneath existing pits, highlighting the potential for cutbacks at several pits:

East and West Pits northern extensions confirmed
- 23 metres at 3.74 g/t gold from 119 metres;
- 6 metres at 7.65 g/t gold from 175 metres;
- 5 metres at 2.01 g/t gold from 195 metres;
- 6 metres at 8.75 g/t gold from 88 metres; and
- 7 metres at 3.17 g/t gold from 38 metres.

Gap Pit drilling confirms extensions to Bulletin deposit along Eastern Shear
- 10 metres at 2.03 g/t gold from 79 metres;
- 19 metres at 2.74 g/t gold from 158 metres;   
- 9 metres at 4.08 g/t gold from 106 metres;
- 10 metres at 2.37 g/t gold from 131 metres; and
- 19 metres at 2.66 g/t gold from 6 metres.

Golden Age North drilling suggests more high grade free milling reef mineralisation amendable to open pit mining
- 11 metres at 5.87 g/t gold from 50 metres; and
- 7 metres at 4.90 g/t gold from 109 metres.

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Wed, 09 Nov 2016 12:20:00 +1100 http://www.proactiveinvestors.com.au/companies/news/168723/blackham-resources-drills-out-opportunity-to-expand-open-pits-at-wiluna-168723.html
<![CDATA[News - Blackham Resources Ltd extends gold mineralisation at Matilda with drilling ]]> http://www.proactiveinvestors.com.au/companies/news/168119/blackham-resources-ltd-extends-gold-mineralisation-at-matilda-with-drilling-168119.html Blackham Resources Ltd (ASX:BLK) has extended mineralisation with drilling at the M6, M1/M5 and M3 deposits within the Matilda Gold Project located in Western Australia.

The 53 hole, resource infill and extensional drilling program suggests that significant shallow mineralisation has been intersected between the M1 and M5 pits.

Drilling along strike from M3 has intersected broad zones of mineralisation on adjacent sections including 21 metres at 3.24 g/t gold from 92 metres.

Furthermore, drilling at M6 North has confirmed the presence of plunging shoots along strike of the M6 pit.

The results represent yet another opportunity for Blackham to add gold resource able to be economically mined to its 5.1 million ounce Matilda Gold Project.

A resource model update is underway to include these recent drill results.

Blackham recently became Australia’s newest gold producer after completing its first gold pour at Matilda.

Having quickly progressed to Stage 1 gold production, management are now fast tracking the Stage 2 expansion study aimed at increasing production to 175,000-230,000 ounces per annum.

With the AUD gold price trading at A$1,655 per ounce, Blackham’s gold hedge commitments will allow it to get better sales prices.

Blackham recently sold 34,250 ounces of gold at an average price of A$1,774 per ounce.

This was in additional to the already standing 20,000-ounce gold hedge program at an average price of A$1,704 an ounce.

The company is well funded after completing a $25 million placement in August.

Shares in Blackham have more than tripled year to date, currently priced at $0.715.

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Thu, 27 Oct 2016 13:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/168119/blackham-resources-ltd-extends-gold-mineralisation-at-matilda-with-drilling-168119.html
<![CDATA[News - Blackham Resources pours first gold to become Australia’s newest producer ]]> http://www.proactiveinvestors.com.au/companies/news/167537/blackham-resources-pours-first-gold-to-become-australias-newest-producer-167537.html Having quickly progressed to Stage 1 gold production, management are now fast tracking the Stage 2 expansion study aimed at increasing production to 175,000-230,000 ounces per annum.

Mining from the open pits and underground has contributed to stockpiles for greater than five weeks of mill feed.

Plant optimisation of both throughput and recovery are now underway with a view to maximising plant performance.

Bryan Dixon, chief operations officer, commented: “We are extremely pleased to be Western Australia’s newest gold producer and are delighted at reaching the milestone in just 16 months from completing our funding deal with Orion Mine Finance.”


Matilda Gold Project

All 5.1 million ounces of gold in the 860 square kilometre Matilda Gold Project are within a 20 kilometre radius of the company owned Wiluna gold plant.

The Wiluna gold plant, which operated up until 2013 can process up to 100,000 ounces per annum.


Analysis

The first gold pour at Matilda represents a significant achievement for Blackham.

Furthermore, with the AUD gold price trading at A$1,640 per ounce, Blackham’s gold hedge commitments will allow it to get better sales prices.

Blackham recently sold 34,250 ounces of gold at an average price of A$1,774 per ounce.

This was in additional to the already standing 20,000-ounce gold hedge program at an average price of A$1,704 an ounce.

The company is well funded after completing a $25 million placement in August.

Shares in Blackham have more than tripled year to date.

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Tue, 18 Oct 2016 13:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/167537/blackham-resources-pours-first-gold-to-become-australias-newest-producer-167537.html
<![CDATA[News - Blackham Resources commences gold production from Matilda ]]> http://www.proactiveinvestors.com.au/companies/news/167254/blackham-resources-commences-gold-production-from-matilda-167254.html Blackham Resources Ltd (ASX:BLK) is Australia's newest gold producer from its 5.1 million ounce Matilda Gold Project in Western Australia.

The CIL tanks are operational and milling of ore has commenced.

Commissioning is also underway on the gravity circuit, elution circuit, and gold room.

With milling of ore having commenced, gold in circuit is accumulating and first gold pour is now expected within days.


Mining details

During the September quarter 1.57 million BCM’s of material were mined. Mining focused on removal of overburden to open up ore sources from both the Matilda M10 and M3 pits.

Blackham said that ore mined to date is lower grade ore as expected from the laterite and depletion zones at the top of the pits. The M10 pit is now approaching the main higher grade structure.

Underground mining for the quarter focused on lateral development around the old Golden Age stopes.

There are currently 3 jumbos on site focused on development and rehabilitation activities.

Development ore is currently being mined from 3 development headings.

Initial Golden Age development ore produced was 20% higher than expected. Visible gold has also been sighted on the 980 development level.


Stockpiles

Mining from the open pits, underground and existing stockpiles has resulted in gold stockpiles of 172,000t at 1.4g/t gold for 7,900 ounces is available for milling.

Current stockpiles represent over a full month of production.


Funding

The company is well funded with $43.7 million in cash after completing a $25 million placement.

Blackham recently hedged by selling a further 34,250 ounces of gold at an average price of A$1,774 per ounce.

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Wed, 12 Oct 2016 09:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/167254/blackham-resources-commences-gold-production-from-matilda-167254.html
<![CDATA[News - Blackham Resources Ltd's substantial shareholder increases stake ]]> http://www.proactiveinvestors.com.au/companies/news/167188/blackham-resources-ltd-s-substantial-shareholder-increases-stake-167188.html Blackham's substantial shareholder, Hunter Hall Investment Management Limited, has increased its stake in the company to 12.06% from 10.88%, through purchases in September and October 2016.

Wet commissioning is underway at the Wiluna gold plant with the first gold pour imminent.

The company is well funded with $43.7 million in cash after recently completing a $25 million placement.

Blackham recently hedged by selling a further 34,250 ounces of gold at an average price of A$1,774 per ounce.

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Tue, 11 Oct 2016 12:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/167188/blackham-resources-ltd-s-substantial-shareholder-increases-stake-167188.html
<![CDATA[News - Blackham Resources Ltd locks in Aussie Gold Price with forward sale ]]> http://www.proactiveinvestors.com.au/companies/news/166211/blackham-resources-ltd-locks-in-aussie-gold-price-with-forward-sale-71145.html Blackham Resources Ltd (ASX:BLK) has taken advantage of a historically high Australian Dollar Gold Price, by forward selling more ounces.

Blackham has sold a further 34,250 ounces of gold at an average price of A$1,774 per ounce.

With production imminent the board believes it is prudent to lock in responsible proportions of its short to medium term production so that the company can optimally manage its operations and risk exposures in the current volatile price environment.

Blackham remains on-track to become Western Australia’s next 100,000 ounces per year gold producer from the Matilda Gold Project.

Wet commissioning is underway at the Wiluna gold plant and it is expected the first gold pour will be in coming weeks.

Open pit mining continues from within the 5.1 million ounce project.

The company is well funded with $43.7 million in cash after recently completing a $25 million placement.


Hedge book

The hedging facility was undertaken with Investec Australia Ltd to be delivered over the next 18 months of production.

Investec and the company’s debt provider, Orion Mine Finance, will share the first ranking security interest in all of the material assets of the company including Matilda.

Blackham still has in place the initial 20,000 ounce hedge program at an average price of A$1,704 an ounce, which is expected to be utilised over the next 3 months.

Blackham’s total gold hedge commitments represent 35% of the forecast production over the next 18 month period


Analysis

Being able to lock in close to record high AUD gold prices allows even modest hedge commitments to create a high degree of predictable cashflow at this crucial time in the company’s transition to being a significant gold producer.

 

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Wed, 21 Sep 2016 13:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/166211/blackham-resources-ltd-locks-in-aussie-gold-price-with-forward-sale-71145.html