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Blackham Resources upgrades Matilda-Wiluna gold bounty to 6.7 million ounces

Measured and indicated resource increases 25% (771,000 gold ounces) in one year after mining depletion.
Shares are trading 7.5% higher intra-day, at 4.3 cents

Blackham Resources Ltd (ASX:BLK) has revealed an upgraded resource of 96 million tonnes at 2.2 g/t gold for 6.7 million ounces of gold at its Matilda-Wiluna Operation in Western Australia.

Mineral reserve calculation is currently underway and will be reported soon.

The changes in the resource results from the combined effects of successful further drill testing in some areas, mining depletions at Matilda, revised pit shells and the initial inclusion of the Wiluna Tailings mineralisation.

About 1.3 million gold ounces of the resource base is free-milling and can be processed through the existing Wiluna CIP (carbon-in-pulp) plant.

READ: Blackham Resources’ drilling reveals large mineralised gold systems in Wiluna

Wiluna open pit resource now total 19 million tonnes at 2.5 g/t gold for 1.5 million ounces, delineated at a cost of $7/resource ounce.

The resource continuity at Wiluna has been reinforced with pit designs stretching about 3.7 kilometres.

Wiluna - Plan view of planned oxide (orange) and sulphide (green) pits design

Feasibility studies are currently being completed on Blackham’s 620,000 gold ounces of tailings with a view to treating them through the existing free milling circuit.

The remainder of the mineralisation is sulphide ore requiring treatment through the Wiluna sulphide circuit.

Blackham is working towards the completion of the feasibility study to justify the capital to re-establish the sulphide circuit and treat the sulphide ores.

READ: Blackham Resources achieves record half-year gold production at Matilda‐Wiluna

Subject to a successful completion of the feasibility study and sourcing of the required funding, it is expected a decision to proceed will be made in 2019, enabling significantly higher gold production through exploiting the large and higher-grade feed sourced from both deeper pits and large-scale underground mining.

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