Blackham beefs up greenfield exploration efforts
Blackham Resources (ASX:BLK) continues to beef up its longer-term mining inventory – with a gravity and passive surveys firming up 25 new targets, 12 of which are “high-priority”.
As BLK rushes toward first gold production at its Matilda Gold Project in Western Australia, it has also begun a program aimed at extending the amount of inventory available to mine.
It has identified an area close to its existing Williamson and Regent deposits known as the Lake Way district.
It contains a salt lake, and therefore has proved difficult in the past to delineate a gold resource as the salt cover obscured previous surveys.
This means previous drilling done was broad based with limited multi-element analysis completed.
By conducting gravity and passive seismic surveys though, BLK thinks it may have cracked the code.
It has firmed up 25 target areas – including 12 areas BLK has labelled as targets for high-priority drilling.
Follow up activities will include aircore and reverse circulation drilling, with multi-element analysis to boot.
BLK managing director Bryan Dixon told shareholders that it could be an exciting area.
“Blackham is very encouraged by the anomalies identified in the gravity and seismic survey,” he said. “The Lake Way area is a very large free milling gold system with exploration in the past...masked by the lake sediments.”
He said while a total of 92,000m of air core drilling has proved there is a mineralised system in the area, BLK has only completed 5000m of reserve drilling into Williamson.
This has been the only drilling at Lake Way in the past 9 years.
The news comes off the back of revelations late Friday that it had effectively locked in 20,000 ounces of sales gold at $1701 per ounce, and a further 20,000 ounces at $1575/oz as a put option. The sales have expiry dates of 2 and 9 August respectively.
S3 Consortium Pty Ltd (CAR No.433913) is a corporate authorised representative of LeMessurier Securities Pty Ltd (AFSL No. 296877). The information contained in this article is general information only. Any advice is general advice only. Neither your personal objectives, financial situation nor needs have been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice.
Conflict of Interest Notice
S3 Consortium Pty Ltd does and seeks to do business with companies featured in its articles. As a result, investors should be aware that the Firm may have a conflict of interest that could affect the objectivity of this article. Investors should consider this article as only a single factor in making any investment decision. The publishers of this article also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this article.
The information contained in this article is current at the finalised date. The information contained in this article is based on sources reasonably considered to be reliable by S3 Consortium Pty Ltd, and available in the public domain. No “insider information” is ever sourced, disclosed or used by S3 Consortium.