viewWiluna Mining Corporation Ltd

Blackham Resources farm-in partner making headway at nickel-cobalt project

The company farmed out its Wilconi Nickel-Cobalt Project to focus on its core gold operations.

Blackham Resources Ltd - Blackham Resources farm-in partner making headway at nickel-cobalt project
Blackham remains leveraged to exploration and development success at Wilconi

Blackham Resources Ltd (ASX:BLK) farm-in partner A-Cap Energy Ltd (ASX:ACB) has generated high metallurgical recoveries for the Wilconi Nickel-Cobalt Project.

Leaching test work on diamond drill samples produced recoveries up to 99% nickel and 99.7% cobalt.

Three leaching options were testing, hydrochloric acid (most effective), sulphuric acid, and nitric acid.

These initial results are encouraging and show there are multiple treatment options available at the Wilconi Project.

A-Cap’s consultants are now upgrading the JORC resource at Wilconi and the next phase of work will be more bulk metallurgical sampling and infill drilling.

Blackham keeps focus on gold operations

Blackham remains exposed to the Wilconi asset through a joint venture, which is similar to its involvement with the Lake Way potash asset.

The strategy behind these joint ventures is so Blackham can remain focused on its flagship Matilda-Wiluna Gold Operations in Western Australia.

Blackham has guided to production of between 70,000 and 80,000 ounces of gold at an all-in sustaining cost of A$1,550-$1,750 per ounce in FY2020.

This represents annual production growth of 7-22% on FY19 which produced 65,406 ounces of gold at an AISC of A$1,760 per ounce.

Production in FY20 will be focussed on free milling ore bodies prior to Blackham transitioning to Stage 1 of its Sulphide Expansion Project, which is planned to commence production during FY21.

Production guidance for the current September 2019 quarter is 17,500-19,500 ounces at an AISC of A$1,550-$1,750 per ounce.

Expansion tipped to begin in October 2019

Blackham plans to expand production at Matilda-Wiluna through two stages of expansion, stage I targeting 100,000-120,000 ounces of gold per annum and stage two increasing to 250,000 ounces per annum.

Stage I focuses on the production of a gold concentrate predominantly from the Wiluna underground with flexibility to also process its free milling and tailings Reserves.

Blackham’s Stage 1 Sulphide Expansion Project1 is forecast to commence in October 2019.

Quick facts: Wiluna Mining Corporation Ltd

Price: 1.895 AUD

Market: ASX
Market Cap: $190.39 m

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