Blackham hits 500,000oz reserves mark

Published at Apr 19, 2016, in Mining

Near-term gold producer Blackham Resources (ASX:BLK) now has more than 500,000 ounces of gold in reserve after number crunching on its Bulletin Resource at Matilda.

It told its shareholders in a note today that Entech Pty Ltd had crunched the numbers on exploration results at the Matilda Resource – focusing on the upper portion of the Bulletin mine plan.

Historically, mining at Bulletin had taken place at zones which extended to 600m below surface, but BLK said it would focus on shallower horizons as part of a low-risk start up strategy.

Crucially, Entech used the same variables as outlined in the company’s Definitive Feasibility Study.

As a result of the number-crunching, the Bulletin sulphide Ore Reserve now stands at 938,000 tonnes at 4.7 grams per tonne for 142,000 ounces of gold.

The reserve differs from a resource, as a reserve typically indicates the amount of a resource which can be mined economically while a resource indicates a portion of a deposit which has a reasonable chance of being developed.

Thanks to the Bulletin upgrade, the entire Matilda project now has total reserves of 517,000oz.

Blackham Resources' reserves table

Blackham Resources’ reserves table

Meanwhile, the project now has an overall resource of 45 million tonnes of ore at 3.3g/t for 4.7 million ounces.

Of this, measured and indicated resources make up 21Mt @3.4g/t for 2.4Moz of the total.

The news of an increased reserve will be a boon for BLK as it hurtles towards first production of gold at Matilda within the next quarter.

BLK intends to produce around 100,000oz per year when it goes into production in the next quarter, offloading its mined material to the Wiluna gold plant which has a throughout capacity of 1.7Mtpa.

Matilda is located in Australia’s largest gold belt, stretching from Norseman to Wiluna.

BLK currently owns tenements stretching over 780 sq. km. that have historically produced over 4.3 million ounces of gold. BLK also owns the Wiluna gold plant, gas power station, camp, bore-fields and all underground infrastructure needed for production.

tags

Gold

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.

Publishers Notice

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.

Facebook
Twitter
LinkedIn