http://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Tue, 12 Dec 2017 13:40:47 +1100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![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.

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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.

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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.

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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.

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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.

]]>
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.

]]>
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.

]]>
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.

]]>
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.

]]>
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.

]]>
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.

]]>
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.

]]>
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.

]]>
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.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
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
<![CDATA[News - Blackham Resources Ltd's substantial holder grows stake as gold pour nears ]]> http://www.proactiveinvestors.com.au/companies/news/166129/blackham-resources-ltds-substantial-holder-grows-stake-as-gold-pour-nears-71107.html Blackham Resources Ltd (ASX:BLK) has received a change of interests notice from a substantial holder, with Hunter Hall Investment Management Ltd moving to 10.88% from 9.79%.

Hunter Hall now holds circa 30.7 million shares, and with Blackham trading around $0.80, the stake is worth $24.6 million.

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

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 Matilda Gold Project.

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

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Tue, 20 Sep 2016 13:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/166129/blackham-resources-ltds-substantial-holder-grows-stake-as-gold-pour-nears-71107.html
<![CDATA[News - Blackham Resources Ltd tracking for first gold pour in September ]]> http://www.proactiveinvestors.com.au/companies/news/165414/blackham-resources-ltd-tracking-for-first-gold-pour-in-september-70855.html Blackham Resources Ltd (ASX:BLK) is underway with the wet commissioning of the Wiluna gold plant and expects the first gold pour within the next three weeks.

Open pit mining continues from within the 5.1 million ounce Matilda Gold Project located in Western Australia and underground mining is expected to start within days.

Stockpiles of ore mined equate to circa one month of throughput at the plant.

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

Blackham is focused on a timely ramp up to commercial production as it looks to become Western Australia’s next 100,000 ounces per year gold producer.


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.

With open pit mining now commenced and underground mining to begin shortly, Blackham remains on track for first gold production during the September quarter.

Matilda gold production is targeted within 3 weeks with the following recent site updates:

- Ore mining at the Matilda M10 pit advancing well;
- Matilda M3 pit cutback commenced
- Golden Age underground development within days of first ore;
- Haulage of ore to plant run-of-mine (ROM) has commenced; and
- ROM stockpiles now total 145,000 tonnes @ 1.4 g/t for 6,800 ounces of gold (circa 1 month throughput).


Site update

Gold processing and infrastructure updates include:

- Ore crushing commenced last week and fine ore stockpiles building;
- Ball mills dry commissioning commenced;
- New Knelson gravity concentrator installed;
- Leach tanks nearing completion;
- New tailings dam ready for use;
- New power station and high voltage fully operational; and
- 280 rooms at camp fully active.

The refurbishment contractor has advised a small delay to the commissioning of leach tanks due to weather disruptions and lags in installation top of tank steel.

An additional paint coating is being applied to the leach tanks to reduce future maintenance.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Mon, 05 Sep 2016 14:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/165414/blackham-resources-ltd-tracking-for-first-gold-pour-in-september-70855.html
<![CDATA[News - Blackham Resources Ltd drills out more high grade gold at Matilda ]]> http://www.proactiveinvestors.com.au/companies/news/165413/blackham-resources-ltd-drills-out-more-high-grade-gold-at-matilda-70651.html Blackham Resources Ltd (ASX:BLK) has received high grade gold assays from its drill program testing extensions to the underground Golden Age deposit within the Matilda Gold Project in Western Australia.

Highlights include 1.9 metres at 38.6 g/t gold including 0.9 metres at 80.6 g/t gold.

This program is likely to yield a JORC Reserve increase for this portion of Golden Age.

Golden Age is located within the 100% owned 5.1 million ounce Matilda Gold Project.

Bryan Dixon, managing director, commented: “The latest Golden Age drilling is likely to add further grade profile to the mill feed during the first 2 years of production. “


Golden Age drill results

A total of 39 holes for 2726.5 metres have been drilled to identify additional resources at the Golden Age deposit.

Results indicate that additional high grade ore exists between and along strike from existing stopes with better results including:

- 1.9 metres at 38.6 g/t gold from 48 metres including 0.9 metres at 80.6 g/t gold;
- 3.7 metres at 17.1 g/t gold from 41 metres including 1.0 metre at 28.8 g/t gold;
- 1.9 metre at 12.9 g/t gold from 46.2 metres;
- 2.0 metres at 13.4 g/t gold from 47.2 metres including 1.0 metre at 25.6 g/t gold;
- 2.7 metres at 8.63 g/t gold from 59.0 metres including 2.0 metres at 11.3g/t; and
- 1.3 metres at 8.29 g/t gold from 52 metres including 0.6 metres at 23.7 g/t.     

Golden Age is a high-grade, free milling, quartz hosted ore body.


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.

With open pit mining now commenced and underground mining to begin shortly, Blackham remains on track for first gold production during the September quarter.

Matilda gold production is targeted within 2 weeks with the following recent site updates:

- Matilda open pit mining is into ore;
- Crushing circuit has been energised;
- Mills are mechanically complete and relining has commenced;
- Leach tank wet commissioning expected later this month;
- New tailings dam commissioning in August;
- Power station has been commissioned; and
- 290 room camp fully operational.


Analysis

These drill results are beneficial to project economics as the mineralisation intersected is easily accessible and is just above the existing Golden Age reserves where mining activities commenced in July.

The mining study over this new area is being prioritised.

The recent operations update from the Matilda Gold Project shows that Blackham remain on schedule to pour its first gold bar.

Production timing for Blackham is fortuitous with the AUD gold price continuing to trade strongly, currently at A$1,755 per ounce.

An expansion study is underway aiming to grow annual gold production to 175,000-235,000 ounces of gold and better monetise the large resource.

Blackham has a strong financial position having recently raised $25 million through a share placement.

Shares in Blackham are up over 330% year to date, currently trading at an all-time high of $0.99 per share.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Wed, 24 Aug 2016 15:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/165413/blackham-resources-ltd-drills-out-more-high-grade-gold-at-matilda-70651.html
<![CDATA[News - Blackham Resources Ltd raises $25M to fast track Matilda Gold Project ]]> http://www.proactiveinvestors.com.au/companies/news/165412/blackham-resources-ltd-raises-25m-to-fast-track-matilda-gold-project-70560.html Blackham Resources Ltd (ASX:BLK) has raised $25 million through the placement of 25 million shares at $1.00.

Funds will be used to fast track expansion plans at the 100% owned 5.1 million ounces of gold, Matilda Gold Project, located in Western Australia.

Mining has commenced and first gold production is targeted within three weeks.

Bryan Dixon, managing director, commented: “The funding allows for a significant drill budget aiming to lengthen the mine life.

“We will also be fast tracking the plant expansion study on the Matilda-Wiluna Gold Project that has a gold endowment greater than nine million ounces.”


Use of funds

The placement proceeds will be used at Blackham’s Matilda Gold Project with the aim to:
 
- expand the oxide and free milling resources and reserves;
- grow the sulphide open pit and underground mine plan and reserves;
- fast track the plant expansion study and sulphide circuit refurbishment; and
- strengthen the balance sheet and increase working capital.


Operations update

Matilda gold production is targeted within 3 weeks with the following site updates:

- Matilda open pit mining is into ore;
- Crushing circuit has been energised;
- Mills are mechanically complete and relining has commenced;
- Leach tank wet commissioning expected later this month;
- New tailings dam commissioning in August;
- Power station has been commissioned; and
- 290 room camp fully operational.


Recent drill results

Recent results from underground drilling at the Bulletin mine, within the Matilda Gold Project, included the following highlights:

- 6.0 metres at 26.4g/t gold;
- 15.6 metres at 7.51g/t gold; and
- 8 metres at 7.05g/t gold.

This current program will allow resources to be upgraded from unclassified or Inferred to Indicated.

The Bulletin ore reserve is currently 938,000 tonnes at 4.7g/t gold for 142,000 gold ounces, but this is expected to increase following recent results.


Analysis

By raising a fast $25 million, Blackham are able to provide themselves with a funding buffer, which in turn, de-risks project operations.

The recent drill results from Bulletin and the success Blackham have seen in their district exploration program highlights the opportunity of a larger exploration budget, which this funding also provides.

Furthermore, the operations update from the Matilda Gold Project shows that Blackham remain on schedule to pour its first gold bar.

Production timing for Blackham is fortuitous with the AUD gold price continuing to trade strongly, currently at A$1,755 per ounce.

An expansion study is underway aiming to grow annual gold production to 175,000-235,000 ounces of gold and better monetise the large resource.

Shares in Blackham are up over 370% year to date, currently trading at an all-time high of $1.10 per share.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Fri, 19 Aug 2016 09:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/165412/blackham-resources-ltd-raises-25m-to-fast-track-matilda-gold-project-70560.html
<![CDATA[News - Blackham Resources Ltd heads to market for Matilda gold ]]> http://www.proactiveinvestors.com.au/companies/news/165411/blackham-resources-ltd-heads-to-market-for-matilda-gold-70491.html Blackham Resources Ltd (ASX:BLK) has been granted a trading halt by the ASX, pending details of a capital raising.

Blackham will become Australia's next 100,000 gold ounce annual producer, with the maiden pour imminent from the 5.1 million ounce Matilda Gold Project located in Western Australia.

The halt will remain in place until the opening of trade on Friday 19th August 2016, or earlier if an announcement is made to the market.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Wed, 17 Aug 2016 09:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/165411/blackham-resources-ltd-heads-to-market-for-matilda-gold-70491.html
<![CDATA[News - Blackham Resources Ltd shares hit record high after gold discovery ]]> http://www.proactiveinvestors.com.au/companies/news/165410/blackham-resources-ltd-shares-hit-record-high-after-gold-discovery-70480.html Blackham Resources Ltd (ASX:BLK) has been a share market star over the past year, with the stock hitting a new all-time-high of $1.13 intra-day today after more gold discoveries.

A year ago shares could have been snapped up for just $0.15.

Blackham will become Australia's next 100,000 gold ounce annual producer, with the maiden pour imminent from the 5.1 million ounce Matilda Gold Project located in Western Australia.

Bryan Dixon, managing director, commented: "The latest Bulletin drilling has demonstrated the potential to continue growing the Wiluna resources close to surface.

"An updated Bulletin resource is likely to compliment the work we are doing on the Wiluna open pits with both feed sources be integrated into the Wiluna expansion study currently underway."


More gold

Today Blackham has revealed the latest results from underground drilling at the Bulletin mine, with highlights including:

- 6.0 metres at 26.4g/t gold;
- 15.6 metres at 7.51g/t gold; and
- 8 metres at 7.05g/t gold.

The diamond drill program was designed to infill the lode identified in Blackham’s previous round of drilling between two historical stoping areas.

This current program will allow resources to be upgraded from unclassified or Inferred to Indicated.

The Bulletin ore reserve is currently 938,000 tonnes at 4.7g/t gold for 142,000 gold ounces, but this is expected to swell following recent results.

Bulletin forms part of Blackham’s wholly-owned Matilda Gold Project.


Analysis

Blackham’s drilling has established gold continuity in the area between the high grade historical stopes and is expected to upgrade the resource in the area to Indicated from areas that were either Inferred or unclassified.

These results will be incorporated into an updated resource which will be used for the estimation of additional reserves previously defined within close proximity to current infrastructure.

Blackham will become Australia's next 100,000 annual gold ounce producer.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Tue, 16 Aug 2016 13:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/165410/blackham-resources-ltd-shares-hit-record-high-after-gold-discovery-70480.html
<![CDATA[News - Blackham Resources Ltd nearing first gold pour at Matilda ]]> http://www.proactiveinvestors.com.au/companies/news/165409/blackham-resources-ltd-nearing-first-gold-pour-at-matilda-70432.html Blackham Resources Ltd (ASX:BLK) expects to pour its first gold in the next three weeks from the 5.1 million ounce Matilda Gold Project located in Western Australia.

Open pit mining continues and underground development is progressing well.

Haulage of stockpiled ore is due to commence this week.

Dry commissioning of the crushing circuit is also to commence this week.

The first gold pour will be another important milestone for Blackham as it looks to become Australia’s next 100,000 ounces per year gold producer.


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.

With open pit mining now commenced and underground mining to begin shortly, Blackham remains on track for first gold production during the September quarter.


Operations highlights

Mining highlights from Matilda include:

- Mining of ore at the Matilda M10 open pit has commenced;
- Underground development at the high grade Golden Age orebody is progressing well; and
- Haulage of ore from Williamson stockpile due to commence this week.

Processing and infrastructure highlights include:

- ROM and ROM wall improvements complete;
- Crushing circuit dry commissioning to commence this week;
- Mills are mechanically complete and relining will commence this week;
- Gravity circuit is on site and ready for installation;
- Leach tank parts all on site with wet commissioning expected later this month;
- New tailings dam commissioning in August;
- Power station and HV commissioning has commenced; and
- 290 room camp fully operational


District Exploration

Blackham’s exploration strategy is to test the full 10 kilometre long strike extent of the Matilda shear zone to identify further 1 million ounce deposits.

Historical drilling intercepts up to 4 kilometres along strike from the mine include 4 metres at 13.9 g/t gold and 6 metres at 13.9 g/t gold.

To assist with target definition, an induced polarisation (IP) survey has commenced with final results and modelling of the data expected in August.

A number of recently completed drill programs have already provided evidence of additional gold mineralisation showing both underground and open pit mining potential.


Analysis

The operations highlights from the Matilda Gold Project show that Blackham remains on track to pour its first gold bar in the September quarter.

Production timing for Blackham is fortuitous with the AUD gold price continuing to trade strongly, currently at A$1,745 per ounce.

An expansion study is underway aiming to grow annual gold production to 175,000-235,000 ounces of gold and better monetise the large resource.

Shares in Blackham are up over 320% year to date, currently trading at an all-time high of $1.01 per share.

At the end of June the company reported $31.9 million in cash and it has recently lodged an $8 million project facility draw down notice.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Mon, 15 Aug 2016 09:20:00 +1000 http://www.proactiveinvestors.com.au/companies/news/165409/blackham-resources-ltd-nearing-first-gold-pour-at-matilda-70432.html
<![CDATA[News - Blackham Resources Ltd commences mining at 5.1M ounce Matilda Gold Project ]]> http://www.proactiveinvestors.com.au/companies/news/150756/blackham-resources-ltd-commences-mining-at-51m-ounce-matilda-gold-project-69924.html Blackham Resources Ltd (ASX:BLK) is well on its way to becoming Australia’s next 100,000 ounces per year gold producer as it commences mining at its Matilda Gold Project.

Open pit mining contractor, MACA Ltd (ASX:MLD) has commenced mining operations at the Matilda M10 open pit.

Pybar Mining Services Ltd has also commenced underground development at the high grade Golden Age orebody.

Blackham remains on track for first gold production during the September quarter. Commissioning of the Wiluna plant is on track to begin in August.

Bryan Dixon, managing director, commented:

“The commencement of mining represents another significant milestone in the company’s transition from gold explorer to producer at a time of record Australian gold prices.”


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.

The final environmental, mining and water approvals are in place at the Matilda project, which have unlocked a $23 million funding facility provided by Orion Mine Finance.

With open pit mining now commenced and underground mining to begin shortly, Blackham remains on track for first gold production during the September quarter.


District Exploration

Blackham’s exploration strategy is to test the full 10 kilometre long strike extent of the Matilda shear zone to identify further 1 million ounce deposits.

Historical drilling intercepts up to 4 kilometres along strike from the mine include 4 metres at 13.9 g/t gold and 6 metres at 13.9 g/t gold.

To assist with target definition, an induced polarisation (IP) survey has commenced with final results and modelling of the data expected in August.

A number of recently completed drill programs have already provided evidence of additional gold mineralisation showing both underground and open pit mining potential.


Analysis

The commencement of open pit mining, on time, is another key milestone for Blackham as it aims to pour its first gold bar in the September quarter.

Production timing for Blackham is fortuitous with the AUD gold price climbing past A$1,775 per ounce today.

Shares in Blackham are up over 260% year to date, currently trading at $0.83 per share.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Wed, 20 Jul 2016 10:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150756/blackham-resources-ltd-commences-mining-at-51m-ounce-matilda-gold-project-69924.html
<![CDATA[News - Blackham Resources Ltd hits high-grade gold at Wiluna ]]> http://www.proactiveinvestors.com.au/companies/news/150755/blackham-resources-ltd-hits-high-grade-gold-at-wiluna-69877.html Blackham Resources Ltd (ASX:BLK) has received the final assay results from its drill program targeting extensions to mineralisation at the Wiluna Gold Mine within the 5.1 million ounce Matilda Gold Project in Western Australia.

Highlights from the recent assays include 12 metres at 7.52 g/t gold, 5 metres at 13.7 g/t gold and 8 metres at 3.44 g/t gold.

Blackham remains on track for first gold production during the September quarter, with open pit and underground mining to begin shortly.

Follow up drilling is planned and these new results will be incorporated into the ongoing open pit and underground mining studies.


Drill result details

A total of 17 reverse circulation holes for 4,067 metres have been completed targeting extensions to mineralisation at the Wiluna Gold Mine.

Holes were designed to test areas within 150 metres of existing open pits and underground development to ensure that any extensions to mineralisation could be rapidly converted to
resources.

Drilling returned positive results from the West Lode, Squib and Happy Jack deposits. 

Intercepts include:

- 5 metres at 13.7 g/t gold from 191 metres including 3 metres at 20.9 g/t gold;
- 8 metres at 3.44 g/t gold from 48 metres including 4 metres at 5.42 g/t gold; and
- 12 metres at 7.52 g/t gold from 147 metres including 2 metres at 38.1 g/t gold.


District Exploration

Blackham’s exploration strategy is to test the full 10 kilometre long strike extent of the Matilda shear zone to identify further 1 million ounce deposits.

Historical drilling intercepts up to 4 kilometres along strike from the mine include 4 metres at 13.9 g/t gold and 6 metres at 13.9 g/t gold.

To assist with target definition, an induced polarisation (IP) survey has commenced with final results and modelling of the data expected in August.


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.

The final environmental, mining and water approvals are in place at the Matilda project, which have unlocked a $23 million funding facility provided by Orion Mine Finance.


Analysis

These drill results continue to exhibit the exploration potential of the Matilda Gold Project.

Blackham will look to rapidly convert any gold mineralisation extensions found into resources.

The key short term focus for Blackham remains the commencement of mining this month at its Matilda and Golden Age mines within the Matilda project.

Blackham is on track to pour its first gold bar in the September quarter, which is fortuitously timed as the AUD gold price is trading strongly at A$1,750 per ounce.

Shares in Blackham are up over 260% year to date.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Mon, 18 Jul 2016 14:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150755/blackham-resources-ltd-hits-high-grade-gold-at-wiluna-69877.html
<![CDATA[News - Blackham Resources Ltd grows Matilda Gold Project as mining set to begin ]]> http://www.proactiveinvestors.com.au/companies/news/150754/blackham-resources-ltd-grows-matilda-gold-project-as-mining-set-to-begin-69780.html Blackham Resources Ltd (ASX:BLK) has intersected significant extensions to high grade gold zones in its latest results from infill and extensional drilling at the Matilda Gold Project in Western Australia.

Deeper drilling, including 2 metres at 6.98 g/t gold from 419 metres confirms the high grade Matilda system extends a further 250 metres down-plunge from previous results.

With open pit and underground mining to begin this month, Blackham remains on track for first gold production during the September quarter.

District exploration is underway targeting additional 1 million ounce gold deposits within the 780 square kilometre, 5.1 million ounce Matilda Gold Project.


Drill result details

The latest of 60 reverse circulation holes for 6,579 metres and 2 diamond tails for 347.4 metres, have intersected significant extensions to higher-grade zones and have upgraded a significant portion of the remaining in-pit Inferred resource to Indicated category

Successful drilling of the Matilda Mine, within the Matilda Gold Project has grown the resource to 721,000 ounces gold with 61% now in the Measured and Indicated Resource categories.

A resource model update is underway to include these results.


Drill results include:

2 metres at 6.98 g/t gold from 419 metres (M1 new mineralisation at depth);
4 metres at 7.94 g/t gold from 69 metres (M10 pit extension);
3 metres at 9.44 g/t gold from 104 metres (M10 pit extension);
4 metres at 5.75 g/t gold from 6 metres (M10 pit extension);
5 metres at 2.94 g/t gold from 37 metres (M10 pit extension);
2 metres at 6.35 g/t gold from 82 metres (M10 pit extension);
9 metres at 3.05 g/t gold from 133 metres, including 2 metres at 6.57 g/t gold from 137 metres (M3 pit extension);
16 metres at 2.31 g/t gold from 163 metres, including 1 metres at 11.5 g/t gold from 163 metres (M4 pit extension); and
12 metres at 2.98 g/t gold from 42 metres (M6 extension confirming mining potential of new resource area).


District Exploration

Blackham’s exploration strategy is to test the full 10 kilometre long strike extent of the Matilda shear zone to identify further 1 million ounce deposits.

Historical drilling intercepts up to 4 kilometres along strike from the mine include 4 metres at 13.9 g/t gold and 6 metres at 13.9 g/t gold.

To assist with target definition, an induced polarisation (IP) survey has commenced with final results and modelling of the data expected in August.


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.

The final environmental, mining and water approvals are in place at the Matilda project, which have unlocked a $23 million funding facility provided by Orion Mine Finance.

With open pit and underground mining to begin shortly, Blackham remains on track for first gold production during the September quarter.


Analysis

These drill results are further evidence of the exploration potential the Matilda Gold Project has to increase its resource base in size and confidence.

With district exploration underway targeting the 10 kilometre long strike extend of the Matilda shear zone, Blackham remains leveraged to exploration success while it moves into production.

Blackham is set to commence mining this month at its Matilda and Golden Age mines within the Matilda project.

The open pit mine plan consists of 5.8 million tonnes at 1.7 g/t gold for 324,000 ounces of shallow free milling ore to be mined over the first 4 years

Underground mining at the Golden Age ore body is targeting the recovery of 206,000 tonnes at 6 g/t gold for 38,000 ounces. High grade feed from Golden Age will be blended with open pit feed.

Blackham is on track to pour its first gold bar in the September quarter, which is fortuitously timed as the AUD gold price is trading strongly at A$1,750 per ounce.

Shares in Blackham are up over 280% year to date.

Blackham maintains broker coverage and most recently Canaccord Genuity increased their price target to A$0.90 and maintained their Speculative Buy rating.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Wed, 13 Jul 2016 08:40:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150754/blackham-resources-ltd-grows-matilda-gold-project-as-mining-set-to-begin-69780.html
<![CDATA[News - Blackham Resources Ltd drills high grade extensions at Matilda Gold Project ]]> http://www.proactiveinvestors.com.au/companies/news/150753/blackham-resources-ltd-drills-high-grade-extensions-at-matilda-gold-project-69562.html Blackham Resources Ltd (ASX:BLK) has drilled out high grade extensions at the Essex gold deposit located within the 5.1 million ounce Matilda Gold Project in Western Australia.

Blackham will start open pit and underground gold mining at Matilda this month.

Three reverse circulation holes were drilled returning intersections including 18 metres at 4.88 g/t gold and 5 metres at 10.8 g/t gold.

Follow up drilling is currently being planned and a revision of the resource estimate at Essex is underway.

Bryan Dixon, managing director, commented: “Blackham’s strategy is to chase open pit and shallow underground
mineralisation close to existing infrastructure. 

"The latest Essex drilling has confirmed there is further high grade shallow mineralisation along the Wiluna East Lode Fault."


Drill result details

A program of three holes has been completed targeting extensions of mineralisation in close proximity to existing infrastructure.

All holes targeted extensions of mineralisation within 150 metres of existing infrastructure at depths of less than 500 metres from surface.

Results include:

- 6 metres at 3.47 g/t gold from 104 metres;
- 6 metres at 8.99 g/t gold from 119 metres;
- 19 metres at 6.71 g/t gold from 128 metres;
- 18 metres at 4.88 g/t gold from 181 metres; and
- 5 metres at 10.8 g/t gold from 134 metres.

The mineralisation is currently being re-modelled and shows both underground and open pit mining potential.


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.

The final environmental, mining and water approvals are in place at the Matilda project, which have unlocked a $23 million funding facility provided by Orion Mine Finance.

With open pit and underground mining to begin shortly, Blackham remains on track for first gold production during the September quarter.


Analysis

While the commencement of underground and open pit gold mining this month is the focus for Blackham, low cost exploration programs such as this drilling at Essex is positive.

Blackham is leveraging off the existing data in order to add ounces to its mine plan cost effectively.

Due to the proximity to infrastructure, any economic mineralisation intersected will require limited additional capital development to access and is likely to allow rapid conversion into the mine plan. 

With contractors now selected and mining to begin this month, Blackham is on track to pour its first gold bar in the September quarter.

Production timing for Blackham is fortuitous with the AUD gold price trading strongly at A$1,775 per ounce.

Shares in Blackham are up over 190% year to date, currently trading at $0.68 per share.   

Blackham maintains its broker coverage through BW Equities with a price target of $0.75 per share and Canaccord Genuity with a target of $0.80 per share.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Fri, 01 Jul 2016 08:50:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150753/blackham-resources-ltd-drills-high-grade-extensions-at-matilda-gold-project-69562.html
<![CDATA[News - Blackham Resources Ltd set to begin gold mining in July as gold price soars ]]> http://www.proactiveinvestors.com.au/companies/news/150752/blackham-resources-ltd-set-to-begin-gold-mining-in-july-as-gold-price-soars-69482.html Blackham Resources Ltd (ASX:BLK) is one step closer to production after selecting mining contractors following final approvals being given at its 5.1 million ounce Matilda Gold Project in Western Australia.

MACA Ltd (ASX:MLD) will commence open pit mining and Pybar Mining Services will commence underground mining in July.

Blackham awarded the tailings dam construction contract to Cape Crushing & Earthworks and the power station contract to Contract Power Group.

The final environmental, mining and water approvals are in place at the Matilda project, which have unlocked a $23 million funding facility provided by Orion Mine Finance.

With open pit and underground mining to begin shortly, Blackham remains on track for first gold production during the September quarter.


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.

Since publishing the definitive feasibility study (DFS) in February 2016, Blackham has:

- increased Mining Inventory by 116,000 ounces of gold to 873,000 ounces of gold;
- increased Reserves by 79,000 ounces of gold to 560,000 ounces of gold;
- increased initial life of mine by 1 year to 8.3 years;
- increased average annual gold production by 3,000 ounces to 104,000 ounces;
- lowered C1 cash costs by A$10 per ounce of gold to A$840 per ounce of gold; and
- lowered all-in sustaining costs (AISC) by A$30 per ounce of gold to A$1,130 per ounce of gold.

Blackham most recently increased the project resource through a maiden resource estimate for Moonlight Shear of 2.6 million tonnes at 4.6 g/t gold for 381,000 ounces of gold.

Open pit and underground mining studies are underway on Moonlight Shear and will aim to extend the mine life of Matilda beyond 8 years.


Analysis

The immediate focus for Blackham is the commencement of mining at its Matilda and Golden Age mines within the Matilda project.

The selection of contractors was a key final step required to begin mining operations.

With mining now set to begin in July, Blackham is on track to pour its first gold bar in the September quarter.

Production timing for Blackham is fortuitous with the AUD gold price testing the A$1,800 per ounce level today.

Shares in Blackham are up over 190% year to date, currently trading at $0.68 per share.   

Blackham maintains its broker coverage through BW Equities with a price target of $0.75 per share and Canaccord Genuity with a target of $0.80 per share.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Tue, 28 Jun 2016 10:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150752/blackham-resources-ltd-set-to-begin-gold-mining-in-july-as-gold-price-soars-69482.html
<![CDATA[News - Blackham Resources Ltd grows gold resource to over 5 million ounces ]]> http://www.proactiveinvestors.com.au/companies/news/150751/blackham-resources-ltd-grows-gold-resource-to-over-5-million-ounces-69452.html Blackham Resources Ltd (ASX:BLK) has grown its Matilda Gold Project in Western Australia to now host 48 million tonnes at 3.3 g/t for 5.1 million ounces of gold.

The latest increase came from a maiden resource estimate for Moonlight Shear of 2.6 million tonnes at 4.6 g/t gold for 381,000 ounces of gold.

Open pit and underground mining studies on the deposit have commenced. Blackham see significant potential in the 2 kilometre long underexplored shear.

Blackham recently secured all required approvals for the commencement of both open pit and underground mining at the Matilda project.

Blackham plans to commence mining within 2 weeks, initially focusing on the open pit Matilda Mine and the underground Golden Age orebody.


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.

Since publishing the definitive feasibility study (DFS) in February 2016, Blackham has:

- increased Mining Inventory by 116,000 ounces of gold to 873,000 ounces of gold;
- increased Reserves by 79,000 ounces of gold to 560,000 ounces of gold;
- increased initial life of mine by 1 year to 8.3 years;
- increased average annual gold production by 3,000 ounces to 104,000 ounces;
- lowered C1 cash costs by A$10 per ounce of gold to A$840 per ounce of gold; and
- lowered all-in sustaining costs (AISC) by A$30 per ounce of gold to A$1,130 per ounce of gold.


Moonlight Shear

The Moonlight Shear maiden resource is located less than two kilometres from Blackham’s 100% owned gold plant.

Further mining and exploration studies will focus on identifying shallow oxide and transitional resources along strike of the existing open pits where the mineralisation continues along the shear zones.

The open pit and underground mining studies underway will aim to extend the mine life of Matilda beyond 8 years.


Analysis

This recent resource increase shows the potential the Matilda Gold Project has to extend its mine life past 8.3 years.

While extending the mine life adds value to the project, the immediate focus for Blackham is the commencement of mining at its Matilda and Golden Age mines within the Matilda project.

Blackham is on track to pour its first gold bar in the September quarter as it looks to become Australia's next 100,000 ounces per year gold producer.

The final environmental, mining and water approvals are in place at the Matilda project, which have unlocked a $23 million funding facility provided by Orion Mine Finance.

Shares in Blackham are up over 180% year to date, currently trading at circa $0.66 per share.

As a near term gold producer, Blackham is leveraged to an AUD gold price nearing its all time highs, currently trading at A$1,795 per ounce.

Blackham maintains its broker coverage through BW Equities with a price target of $0.75 per share and Canaccord Genuity with a target of $0.80 per share.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Mon, 27 Jun 2016 10:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150751/blackham-resources-ltd-grows-gold-resource-to-over-5-million-ounces-69452.html
<![CDATA[News - Blackham Resources Ltd now has Hunter Hall as substantial shareholder ]]> http://www.proactiveinvestors.com.au/companies/news/150750/blackham-resources-ltd-now-has-hunter-hall-as-substantial-shareholder-69420.html Blackham Resources Ltd's (ASX:BLK) newest substantial shareholder, Hunter Hall, has built a position in the company through on-market purchases.

The fund manager has acquired a 9.79% interest, after the purchase of 24.78 million shares.

Blackham is well progressed down the path to becoming Western Australia's next 100,000 ounces per year gold producer by developing the Matilda Gold Project.

Blackham recently secured all required approvals for the commencement of both open pit and underground mining at Matilda.

Mining about to begin at Matilda

Blackham plans to commence mining within 2 weeks, initially focusing on the open pit Matilda Mine and the underground Golden Age orebody.

The focus is on the free-milling resources which Blackham intends to process through the established low risk circuit of crushing, grinding, gravity and carbon in leach.

Gold production from Matilda is on track for the 2016 September quarter.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Fri, 24 Jun 2016 11:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150750/blackham-resources-ltd-now-has-hunter-hall-as-substantial-shareholder-69420.html
<![CDATA[News - Blackham Resources Ltd grows gold reserves ahead of first pour at Matilda ]]> http://www.proactiveinvestors.com.au/companies/news/150749/blackham-resources-ltd-grows-gold-reserves-ahead-of-first-pour-at-matilda-69276.html Blackham Resources Ltd (ASX:BLK) has increased free milling reserves by 43,000 ounces of gold at the Matilda Gold Project in Western Australia.

Total reserves have now grown to 7.0 million tonnes at 2.5g/t gold for 560,000 ounces, or 17% higher since DFS, with the mining inventory 9.3 million tonnes at 2.9g/t gold for 873,000 ounces, up 14% since DFS.

Blackham recently secured all required approvals for the commencement of both open pit and underground mining at the Matilda project.

Five drill rigs are currently completing infill and extensional drilling at the project with mining to commence within 3 weeks.

Alan Thom, executive director, commented: “Matilda gold production is now imminent.

"This announcement is a great result in both strengthening our reserves and lengthening the project life.

"The expansion of the free milling reserves gives us confidence that we can keep growing the size of the Matilda Gold Project.”


Matilda Gold Project growth

The 860 square kilometre Matilda Gold Project hosts a combined resources of 46 million tonnes at 3.3 g/t for 4.8 million ounces of gold.

Blackham’s 100% owned Wiluna gold plant, which operated up until 2013, is located in the centre of the Matilda Gold Project and can process up to 100,000 ounces per annum.

Since publishing the definitive feasibility study (DFS) in February 2016, Blackham have:

- increased Mining Inventory by 116,000 ounces of gold to 873,000 ounces of gold;
- increased Reserves by 79,000 ounces of gold to 560,000 ounces of gold;
- increased initial life of mine by 1 year to 8.3 years;
- increased average annual gold production by 3,000 ounces to 104,000 ounces;
- lowered C1 cash costs by A$10 per ounce of gold to A$840 per ounce of gold; and
- lowered all-in sustaining costs (AISC) by A$30 per ounce of gold to A$1,130 per ounce of gold.


Production imminent

Blackham plans to commence mining within 3 weeks, initially focusing on the open pit Matilda Mine and the underground Golden Age orebody.

The focus is on the free-milling resources which Blackham intends to process through the established low risk circuit of crushing, grinding, gravity and carbon in leach.

The free-milling open pit deposits are planned to provide a base load feed stock for the Wiluna gold plant which will be supplemented with the high grade quartz reef deposits and shallow underground deposits.


Analysis

The continued increase of project reserves following the published DFS in February shows the potential the project has for resource upgrades, reserve upgrades and mine design optimisation.

With mining to begin within three weeks, the focus is now on Blackham's operational execution as it approaches pouring its first gold bar.

The final environmental, mining and water approvals are now in place at the Matilda project.

These approvals have unlocked a $23 million funding facility provided by Orion Mine Finance.

With this important final hurdle now complete, Blackham is on track to become a gold producer in the September quarter.

Shares in Blackham are up over 100% year to date, currently trading at circa $0.475 per share.

As a near term gold producer, Blackham is leveraged to the AUD gold price which continues to trade around its three year highs at A$1,740 per ounce.

Blackham maintains its broker coverage through BW Equities with a price target of $0.75 per share and Canaccord Genuity with a target of $0.80 per share.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 17 Jun 2016 09:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150749/blackham-resources-ltd-grows-gold-reserves-ahead-of-first-pour-at-matilda-69276.html
<![CDATA[News - Blackham Resources Ltd receives final approvals for Matilda Gold Project ]]> http://www.proactiveinvestors.com.au/companies/news/150748/blackham-resources-ltd-receives-final-approvals-for-matilda-gold-project-69195.html Blackham Resources Ltd (ASX:BLK) has gained its final approvals and required funding commitment to commence operations at its 4.8 million ounce Matilda Gold Project in Western Australia.

The approval of licenses and permits confirms the $23 million funding facility provided by Orion Mine Finance.

Blackham has lodged a drawdown notice for $15 million, which it expects to see in 12 business days.

Plant and infrastructure refurbishment is progressing well and remains on schedule, and mining contractors are expected to mobilise to site during June.

Gold production from Matilda is on track for the 2016 September quarter.


Project approvals

The amendment to the existing Wiluna Environmental License has now been approved by the Department of Environment Regulation.

The Department of Mining and Petroleum (DMP) has now approved the Williamson Mine Mining Proposal.

The DMP also recently approved the Matilda Mine and Wiluna Mining Proposals. Vegetation clearing permits have been received over the entire mine plan.

The Department of Water has granted all the water extraction licenses over the project required to begin dewatering the Matilda pits.


Matilda Gold Project

Matilda currently hosts 45 million tonnes at 3.3 g/t for 4.8 million ounces of gold (51% indicated) all within a 20 kilometre radius of the wholly-owned Wiluna gold plant.

Blackham intends to increase its resource inventory and grow the mine life through local exploration as the company works towards a 10 year mine life across four large geological systems.


Funding facility

Orion has confirmed the $23 million project facility is now available under the revised funding agreement.

Orion and Blackham have agreed to extend the expiry term on the $23 million facility to 28 February 2019, from 31 August 2018.

Repayments will be matched to the gold price and cash flow resulting from the project. 


Analysis

The final environmental, mining and water approvals are now in place at the Matilda Gold Project.

With this important final hurdle now complete, Blackham is on track to become a gold producer in September quarter.

Shares in Blackham are up over 100% year to date, currently trading at circa $0.475 per share.

Blackham remains leveraged to the AUD gold price which continues to trade around its three year highs at A$1,735 per ounce.

Blackham maintains its broker coverage through BW Equities with a price target of $0.75 per share and Canaccord Genuity with a target of $0.80 per share.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Tue, 14 Jun 2016 13:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150748/blackham-resources-ltd-receives-final-approvals-for-matilda-gold-project-69195.html
<![CDATA[News - Blackham Resources Ltd gains key mining approvals for Matilda Gold Project ]]> http://www.proactiveinvestors.com.au/companies/news/150747/blackham-resources-ltd-gains-key-mining-approvals-for-matilda-gold-project-68617.html Blackham Resources Ltd (ASX:BLK) has moved closer to gold production with a number of approvals received at the Matilda Gold Project in Western Australia.

Approvals were received for the Matilda Mine and Wiluna Mining Proposals, including tailings dam designs, and vegetation clearing permits over the entire mine plan.

The remaining Mining Proposal over the Williamson Mine, scheduled for mining in year 3, is well advanced.

The Department of Water has granted the water extraction license over Galaxy and the Wiluna underground dewatering approvals remain in place.

Blackham remains on track to mobilise both the Matilda open pit mining contractor and the Golden Age underground mining contractor next month.

Gold production from the Matilda Gold Project is on track for the September 2016 quarter.


Background

The Matilda Gold Project currently hosts 45 million tonnes at 3.3 g/t for 4.7 million ounces of gold (50% indicated) all within a 20 kilometre radius of the wholly-owned Wiluna gold plant.

Blackham intends to increase its resource inventory and grow the mine life through local exploration as the company works towards a 10 year mine life across four large geological systems.


Recent updates

Most recently Blackham agreed to purchase 370,000 tonnes at 5.0 g/t gold of tailings from Intermin Resources Ltd (ASX:IRC) for A$1.5 million.

The tailings stockpile, which contains 59,500 ounces of gold is located adjacent to Blackham's Wiluna Gold Plant and will give the company flexibility in its development plan.

The tailings purchase followed recent news of Blackham hedging 20,000 ounces of gold at $A1,701 per ounce ahead of planned September quarter production at the Matilda gold project.


Analysis

Shares in Blackham are up over 120% year to date, currently trading at circa $0.525 per share.

The mining approvals and vegetation permits are further evidence that Blackham is well progressed down the path to becoming Western Australia's next 100,000 ounces per year gold producer.

Blackham remains leveraged to the AUD gold price which continues to trade around its three year highs at A$1,750 per ounce.

Blackham maintains its broker coverage through BW Equities with a price target of $0.75 per share and Canaccord Genuity with a target of $0.80 per share.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 16 May 2016 09:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150747/blackham-resources-ltd-gains-key-mining-approvals-for-matilda-gold-project-68617.html
<![CDATA[News - Blackham Resources Ltd buys gold tailings next to the Wiluna Plant ]]> http://www.proactiveinvestors.com.au/companies/news/150746/blackham-resources-ltd-buys-gold-tailings-next-to-the-wiluna-plant-68597.html Blackham Resources Ltd (ASX:BLK) has agreed to purchase 370,000 tonnes at 5.0 g/t gold of tailings from Intermin Resources Ltd (ASX:IRC) for A$1.5 million.

The tailings stockpile, which contains 59,500 ounces of gold is located adjacent to Blackham's Wiluna Gold Plant.

The purchase allows Blackham greater flexibility over the placement of tailings within the direct vicinity of the plant.

Blackham will make an initial payment of $800,000 with the balance due by 31 December 2016.

This follows recent news of Blackham hedging 20,000 ounces of gold at $A1,701 per ounce ahead of planned September quarter production at the Matilda gold project.

Matilda currently hosts 45 million tonnes at 3.3 g/t for 4.7 million ounces of gold (50% indicated) all within a 20 kilometre radius of the wholly-owned Wiluna gold plant.


Background

The Matilda Gold Project incorporates over 780 square kilometres of tenements in Western Australia.

Resources at the Matilda project are planned to be processed by Blackham’s 100% owned Wiluna gold plant capable of over 100,000 ounces per annum gold production.

Blackham intends to increase its resource inventory and grow the mine life through local exploration as the company works towards a 10 year mine life across four large geological systems.


Analysis

Shares in Blackham are trading around $0.50 per share, representing an increase of 110% year to date.

Blackham maintains its broker coverage through BW Equities with a price target of $0.75 per share and Canaccord Genuity with a target of $0.80 per share.

The purchase of the tailings provides feed for Blackham's 100% owned Wiluna gold plant.

It also provides Blackham with flexibility and options as it plans to get into production during the September quarter.

Blackham is set to become Western Australia's next 100,000 ounces per year gold producer at a favourable time as the AUD gold price has been rallying recently, now trading at A$1,730 per ounce.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Fri, 13 May 2016 11:50:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150746/blackham-resources-ltd-buys-gold-tailings-next-to-the-wiluna-plant-68597.html
<![CDATA[News - Blackham Resources Ltd secures Matilda hedge as gold price soars ]]> http://www.proactiveinvestors.com.au/companies/news/150745/blackham-resources-ltd-secures-matilda-hedge-as-gold-price-soars-68503.html Blackham Resources Ltd (ASX:BLK) has sold forward 20,000 ounces of gold at an average price of A$1,701 per ounce.

This gold hedge takes advantage of a rising AUD gold price and will ensure early cash flow certainty from the Matilda Gold Project.

The hedge adds to the already standing 20,000 ounces of puts at an exercise price of A$1,575 per ounce.

Matilda gold production is on track for the Sept 2016 quarter.

Bryan Dixon, managing director, commented: “I am pleased that Blackham has been able to secure gold price protection at near record highs prior to production commencing.

"This hedge provides certainty over Matilda’s revenue as it quickly transitions to 100,000 ounces per annum production."

Matilda currently hosts 45 million tonnes at 3.3 g/t for 4.7 million ounces of gold (50% indicated) all within a 20 kilometre radius of the wholly-owned Wiluna gold plant.

Blackham is aiming for +10 year mine life with the greenfields exploration.


Analysis

This price protection derisks the project, which will see Blackham become Western Australia’s next 100,000 ounces per year producer.

While Blackham has given itself some downside protection, it still remains upside to a rising AUD gold price, which is now trading at circa A$1,750 per ounce.


Exploration targets

Meanwhile, Blackham has defined multiple greenfields exploration targets from ground surveys completed at the Matilda Gold Project.

An analysis of data has defined 25 target areas, including 12 high-priority target areas for immediate follow-up.

Follow-up activities will include initial auger, aircore and reverse circulation exploratory drilling.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 09 May 2016 13:30:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150745/blackham-resources-ltd-secures-matilda-hedge-as-gold-price-soars-68503.html
<![CDATA[News - Blackham Resources Ltd finds more high-grade gold at Matilda project ]]> http://www.proactiveinvestors.com.au/companies/news/150744/blackham-resources-ltd-finds-more-high-grade-gold-at-matilda-project-68272.html Blackham Resources Ltd (ASX:BLK) has intersected more high-grade gold from diamond drilling at the Bulletin mine in the Matilda Gold Project, Western Australia.

Significant intersections from the latest drilling includes:

- 8.7 metres at 8.99 g/t gold from 85 metres, including 6 metres at 11.95 g/t
- 8.8 metres at 4.60 g/t gold from 80 metres, including  3 metres at 9.81 g/t

The diamond drill program was designed to extend the lode identified in Blackham’s previous round of drilling between two historical stopes. Drilling totalled five underground drill holes for 691 metres.

The drilling has established gold continuity in the area between the high grade historical stopes, and is expected to upgrade the Bulletin gold resource from from Inferred to Indicated category.

The latest drill results support Blackham’s strategy to identify shallow ore reserves within 500 metres from surface, since the high-grade results were obtained from less than 150 metres below surface and remain open at depth.

Further underground drilling at the Bulletin mine is planned to commence in the beginning of May, to further infill the area down plunge of the high-grade intercepts.


Background

The Matilda Gold Project incorporates over 780 square kilometres of tenements and now has 45 million tonnes resources at 3.2 g/t gold for 4.7 million ounces (50% indicated).

The measured and indicated resources for the Matilda project is 21 million tonnes at 3.4 g/t gold for 2.3 million ounces.

These resources are all located within a 20 kilometres radius of Blackham’s 100% owned Wiluna gold plant capable of over 100,000 ounces per annum gold production.

Last week, Blackham provided an upgraded ore reserve for the Bulletin sulphide of 938,000 tonnes at 4.7 g/t for 142,000 ounces gold.

This has increased the total ore reserves of the Matilda Gold Project to 6,354,000 tonnes at 2.5g/t for 517,000 ounces gold.


Analysis

The latest drill assays continue to show the results of a committed exploration program at the Matilda project, which is expected to have a long mine life of more than 10 years.

The successful capital raising of A$20.3 million in March will provide additional financial strength and flexibility to Blackham to fast-track the company’s efforts at the Matilda project.

Shares in Blackham last traded at A$0.39 for a market cap of A$97.23 million, which is a 50% increase in share price during the last 3 months.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Tue, 26 Apr 2016 12:33:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150744/blackham-resources-ltd-finds-more-high-grade-gold-at-matilda-project-68272.html
<![CDATA[News - Blackham Resources Ltd swells Ore Reserves to 517,000 gold ounces ]]> http://www.proactiveinvestors.com.au/companies/news/150743/blackham-resources-ltd-swells-ore-reserves-to-517000-gold-ounces-68164.html Blackham Resources Ltd (ASX:BLK) has revised its Ore Reserves at its Matilda Gold Project in Western Australian upward to 6,354,000 tonnes at 2.5g/t gold for 517,000 ounces.

The estimate was undertaken by Entech Pty Ltd based on the successful Bulletin Resources upgrade last month, and delivered a very strong conversion of Bulletin Mining Inventory to Reserves.

Entech focussed on the Bulletin Upper portion of the Bulletin Sulphide mine plan and completed a redesign and reschedule of the area incorporating the updated resource information.

The Ore Reserve estimate is based on financials and modifying factors determined as part of the recent Definitive Feasibility Study (DFS).

Bryan Dixon, managing director, commented:

“This is a good first pass result based on our early drilling of the Bulletin Underground and shows our strategy of targeting shallow resources with easy access that can be easily converted to reserves for a low risk mining solution."


Background

Recently the company appointed Bruce Kendall as chief geological officer. Kendall has been involved with planning the discovery holes for the Tropicana and Coyote gold deposits and has helped increase the resource bases at the Sunrise Dam Gold Mine and Stockman VMS project.

The Matilda Gold Project incorporates over 780 square kilometres of tenements and now has 45 million tonnes at 3.3g/t gold for 4.7 million ounces of resource.

These resources are all located within a 20 kilometres radius of Blackham’s 100% owned Wiluna gold plant capable of over 100,000 ounces per annum gold production.

Blackham intends to increase its resource inventory and grow the mine life through local exploration as the company works towards a 10 year mine life across four large geological systems.

Blackham is targeting gold production in Q3, 2016.


Analysis

Shares in Blackham are trading around $0.40 representing a solid appreciation from the $0.22 per share they started 2016.

Blackham continues to attract broker coverage through BW Equities who increased their price target to $0.75 a share last month and Canaccord Genuity with a target of $0.80 a share.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Tue, 19 Apr 2016 13:00:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150743/blackham-resources-ltd-swells-ore-reserves-to-517000-gold-ounces-68164.html
<![CDATA[News - Blackham Resources Ltd drill results to expand Matilda gold mine ]]> http://www.proactiveinvestors.com.au/companies/news/150742/blackham-resources-ltd-drill-results-to-expand-matilda-gold-mine-68009.html Blackham Resources Ltd (ASX:BLK) has intersected both broad mineralised and high-grade zones at its Western Australian Matilda Gold Project in its latest round of drilling.

The results from 79 reverse circulation holes for 5,637 metres are expected to further extend the resource beyond the planned mining areas as well as upgrade a significant portion of the remaining in-pit Inferred resource to Indicated category.

A revision of the resource estimate is underway.

Results included follow-up holes at new shallow higher grade shoots at M6 North:

- 7m at 4.21 g/t gold from 69m
- 6m at 3.28 g/t from 74m
- 4m at 4.20 g/t from 73m

And further positive results both north and south of the main M4 pit:

- 4m at 7.80 g/t from 63m, & 10m @ 1.87 g/t from 85m
- 5m at 4.29 g/t from 36m, & 2m @ 12.48 g/t from 52m
- 3m at 5.91 g/t from 40m
- 3m at 5.37 g/t from 57m
- 4m at 3.55 g/t from 26m

The drilling at Matilda continues to focus on finding further repeating and stacked lodes and drilling out the recently identified lodes.


Background

The Matilda Gold Project incorporates over 780 square kilometres of tenements and now has 45 million tonnes at 3.2g/t gold for 4.7 million ounces (49% indicated) of resource.

These resources are all located within a 20 kilometres radius of Blackham’s 100% owned Wiluna gold plant capable of over 100,000 ounces per annum gold production.

Measured and indicated resources now total 21 million tonnes at 3.4g/t for 2.3 million ounces of gold.

Recently the Matilda Mine Resource was increased to 12.9 million tonnes at 1.8g/t gold for 724,000 ounces, and importantly 61% is in the higher confidence Measured and Indicated categories.

The Matilda resource model is currently being updated to incorporate these latest results.

Blackham is currently evaluating the resource extensions of each deposit and reserves to expand the current mining inventory of gold to enable the company to move to the next stage of development.

Blackham last month raised A$20.3 million in an oversubscribed equity raising to institutional investors.

Blackham is targeting gold production in Q3, 2016.


Exploration

Blackham’s exploration strategy is to test the full 10 kilometre long strike extent of the Matilda shear zone to identify further Matilda-sized deposits (~1 million ounces).

Blackham is now planning a geophysical survey to detect gold and sulphides beneath alluvial cover north and south of the mine, followed by a large rotary air blast drill program to test the basement.

Historical drilling intercepts up to 4 kilometres along strike from the mine include 4 million tonnes at 13.9g/t and 6 million at 13.9g/t.


Analysis

The latest drill results continue to show the potential Blackham has to increase its resource inventory and grow the mine life through local exploration as the company works towards a 10 year mine life across four large geological systems.

Blackham will become Western Australia’s next +100,000oz pa producer with production targeted in Q3, 2016.

Blackham has broker coverage with BW Equities increasing their price target to $0.75 a share last month and Canaccord Genuity with a target of $0.80 a share.

Shares in Blackham last traded at $0.43 for a market cap of A$108m, which is nearly double the price ($0.22) it started the year.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 12 Apr 2016 09:23:00 +1000 http://www.proactiveinvestors.com.au/companies/news/150742/blackham-resources-ltd-drill-results-to-expand-matilda-gold-mine-68009.html
<![CDATA[News - Blackham Resources Ltd boosts confidence of gold depth extensions at Matilda ]]> http://www.proactiveinvestors.com.au/companies/news/150741/blackham-resources-ltd-boosts-confidence-of-gold-depth-extensions-at-matilda-67799.html Blackham Resources Ltd (ASX:BLK) continues to intersect high-grade gold at its Matilda Gold Project in Western Australia.

The latest highlights include:

- Golden Age mine: 1.5 metre at 47.8g/t gold from 245 metres.
- Galaxy outside the DFS pit: 4 metres at 4.84g/t gold from 80 metres.
- Lake Way Reef: 1 metre at 11.9g/t gold from 80 metres; and 2 metres at 7.28g/t gold from 105 metres.

Blackham’s exploration team have identified further drill targets ‘Golden Age offset’ and ‘Black Swan’, which together with Galaxy, Lake Way and Golden Age gold deposits form part of the 15 kilometre long quartz reef trend.

Blackham’s exploration program is designed to build on the existing mineral inventory with the goal of developing greater than 10 years of mine life at Matilda.

Matilda currently hosts 45 million tonnes at 3.3g/t gold for 4.7 million ounces of resource all within a 20 kilometres radius of Blackham’s wholly-owned Wiluna gold plant capable of 1.3Mtpa for over 100,000ozpa gold production.

Measured and Indicated Resources total 21 million tonnes at 3.4g/t gold for 2.4 million ounces.

Bryan Dixon, managing director, commented:

“Blackham’s recently completed definitive feasibility study confirmed the economics of Galaxy and Golden Age as high-grade ore bodies suitable for open pit and underground mining with good metallurgical recoveries.

"The latest drilling provides further confidence in the resources and their extensions at depth.

"We’re expanding known resources down plunge and along strike, and our exploration effort is aimed at finding new high-grade quartz reef resources at Lake Way and Golden Age Offset targets.

"Later this year Blackham intends to start mining both the Galaxy and Golden Age ore bodies as high grade feedstocks for its Wiluna gold plant.

"Interestingly Golden Age is the only one of these high grade reefs which has had significant drilling below 100 metres despite many of them having extensive old timer underground workings.”

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Thu, 31 Mar 2016 15:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/150741/blackham-resources-ltd-boosts-confidence-of-gold-depth-extensions-at-matilda-67799.html
<![CDATA[News - Blackham Resources Ltd signs key refurbishment contracts for Matilda Gold ]]> http://www.proactiveinvestors.com.au/companies/news/150740/blackham-resources-ltd-signs-key-refurbishment-contracts-for-matilda-gold-67550.html Blackham Resources Ltd (ASX:BLK) has taken another step towards gold producer status, with the signing of the key refurbishment contracts for the Matilda Gold Project.

Blackham is targeting gold production in Q3, 2016. The wholly-owned Matilda Gold Project currently hosts 4.7 million gold ounces.

The Wiluna Gold Plant refurbishment will be undertaken by Interquip/Mintrex, as the structural, mechanical and piping (SMP) contractor and Practon Engineering as the electrical and instrumentation contractor.

All critical path long lead items for refurbishment have been ordered and engineering work has commenced.

Bryan Dixon, managing director, commented:

“The awarding of the SMP, E&I and Camp contracts is another key milestone in the development of the Matilda Gold Project.

"The board is impressed by the quality of the contractors undertaking these roles and commitment to complete the work inside Blackhams timeline.

"The $20.3 million placement announced on Monday allowed for these contracts to be awarded and the work to proceed.“


Broker ratings

Blackham has also been attracting broker attention.

Earlier in the month, stockbroker BW Equities increased its price target to $0.75 a share. Canaccord Genuity has a target of $0.80 a share.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Wed, 16 Mar 2016 09:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/150740/blackham-resources-ltd-signs-key-refurbishment-contracts-for-matilda-gold-67550.html