Blackham hits again on the exploration front
Published 01-JUL-2016 13:13 P.M.
1 minute read
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Blackham Resources (ASX:BLK) says it has confirmed further shallow high grade mineralisation close to existing infrastructure after releasing more drilling results today.
BLK has been busy on the exploration and drilling front – even as it nears for first gold production in September.
It comes at a great time too – with the price of gold sitting above $US1300 an ounce on the back of market instability – partially caused by the Brexit vote.
Investors should note that this is a static price, and there is no guarantee of it remaining at this price.
BLK said today that three drillholes sunk into the Essex deposit at its Matilda gold project came back with good grades.
Hits included: 6m @3.47g/t gold from 104m; 6m @ 8.99g/t Au from 119m; 19m @6.71g/t Au from 128m and; 18m @ 4.88g/t from 181m.
The Essex deposit is right near the Wiluna East Lode fault – with the Wiluna East lode pencilled in as a source of shallow high-grade gold for the Wiluna project.
BLK managing director Bryan Dixon said the Essex deposit fit into a strategy of chasing “open pit and shallow underground mineralisation close to existing infrastructure.”
It adds further exploration fodder for the company as it simultaneously gears up for first production and tries to beef up mining inventory to extend the mine life of the project.
BLK said follow-up drilling at Essex is being planned while a resource estimate would be revised on the back of the drilling.
The entire gold project has a mineral resource of 48 million tonnes at 3.3 grams per tonne for a contained gold resource of 5.1Moz.
Measured and Indicated makes up 22Mt @ 3.4g/t for 2.4Moz.
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