viewWiluna Mining Corporation Ltd

Blackham Resources finalises joint venture with A-Cap Energy

The farm-out deal keeps Blackham exposed to exploration success at the project.

two puzzle pieces drawn on a blackboard with words joint venture written inside
The farm-out allows focus to remain on the flagship Matilda-Wiluna Gold Operation

Blackham Resources Ltd (ASX:BLK) has entered into a joint venture agreement with A-Cap Energy Ltd (ASX:ACB) related to the Wilconi Cobalt Project in Western Australia.

Under the agreement, A-Cap is farming into Wilconi with the ability to earn up to a 75% interest.

A-Cap will acquire an initial 20% interest by paying $2.8 million and will also acquire exploration data by making an additional $100,000 payment.

An additional 35% interest can be earned through a $500,000 cash payment within 24 months and $5 million worth of exploration spend.

The final 20%, taking A-Cap’s interest to 75%, is achieved by completing a definitive feasibility study (DFS) within 36 months, $1 million payment, and $1.5 million worth of A-Cap shares.

Transaction consistent with Blackham’s strategy

Blackham’s chairman Milan Jerkovic said: “Blackham is delighted to have partnered with A-Cap Energy to add value to the sizeable Wiluna Cobalt Nickel Project.

“This transaction is consistent with Blackham’s previous stated strategy of divesting non-core assets allowing it to focus on its Matilda-Wiluna Gold Operation.

“We look forward to working with our new partners to fast track the exploration of a project within Western Australia’s premier nickel/cobalt province that has had little attention over the last 12 years.”

READ: Blackham Resources agrees to further extension of A-Cap Energy’s Wilconi farm-in deal

Wilconi has a JORC inferred resource of 80.5 million tonnes at 0.77% nickel and 0.058% cobalt.

This transaction is consistent with Blackham’s stated strategy of divesting non-core assets allowing it to focus on its Matilda-Wiluna Gold Operation in Western Australia.

Blackham aims to produce over 200,000 ounces gold per year from one site

Quick facts: Wiluna Mining Corporation Ltd

Price: 1.895 AUD

Market: ASX
Market Cap: $190.39 m

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