Blackham Resources closes in on 4.8Moz Matilda Gold Project
Set to be a gold producer later this year, BLK stated that a number of legalities had been finalised.
An amendment to the existing Wiluna Environment License was approved by the Department of Environment Regulation.
The Department of Mining and Petroleum (DMP) approved the Williamson Mine Mining Proposal. The DMP also approved the Matilda Mine and Wiluna Mining Proposals.
Permits for vegetation clearing over the mine site have been received.
As has water extraction licences over the project from the Department of Water, which is required to begin dewatering of the Matilda pits.
As a result of receiving the above permits BLK has acquired $23 million in funding from its financial agreement with Orion Mine Finance.
Orion and BLK have extended the expiry term from 31 August 2018 to 28 February 2019, with repayments being matched to the gold price and cash flow coming from the project.
BLK requested a drawdown notice of $15 million which it expects to receive in 12 business days.
Matilda Gold Project site
With the permits and financial aspects of operations now settled, the focus is now on completing the prep work before mining production begins.
The Tailings Storage Facility contractor have begun works on site, with Matilda open pit and underground mining contractors expected to mobilise onto the site later this month.
The Matilda Gold Project has 45Mt @ 3.3g/t for 4.8Moz (51% indicated) of resource.
BLKs Matilda Gold Project is within 25km of its 100% owned Wiluna gold plant, which is targeted for over 100,000oz gold production per annum.
Plant and infrastructure at the site is progressing as planned per the company schedule, with gold production at the Matilda Gold Project set to commence in the next quarter of 2016.
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.