Blackham Resources hits 2015 high
Published 07-OCT-2015 13:09 P.M.
2 minute read
Hey! Looks like you have stumbled on the section of our website where we have archived articles from our old business model.
In 2019 the original founding team returned to run Next Investors, we changed our business model to only write about stocks we carefully research and are invested in for the long term.
The below articles were written under our previous business model. We have kept these articles online here for your reference.
Our new mission is to build a high performing ASX micro cap investment portfolio and share our research, analysis and investment strategy with our readers.
Click Here to View Latest Articles
Shares in Blackham Resources (ASX:BLK) have jumped by over 10% to hit a 2015 high after it released a slew of drilling results which give it increased confidence in its main Matilda Mine.
It has tested several planned pit floors with the drill bit in recent times, drilling 22 holes into the M3, M10, M1 South, and M4 North pits.
At M3, it told the market this morning, it returned high-grade results including 10m @ 8.93 grams per tonne gold from 91m, from below the base of the planned pit. This included 3m @26.5g/t
Given the mineralisation was hit at less than 10m below the current planned pit floor, this opens the possibility of deepening the pit floor in a cost-effective fashion.
It also said further drilling results from the M10 and M1 South pit floors firmed up its previous thoughts on the resource in the area, but drilling at the M4 North pit had the potential to spur the merger of two key pits.
BLK drilled into the eastern section of the M4 North Pit, with results including 8m @ 2.37g/t from 49m and 5m @ 4.93g/t from 62m.
It said that the results “should help merge the M4 and M4 North pits into one pit”.
The upshot of this according to BLK was that it would likely improve stripping ratios and enhance the economics of the pits.
The pits are at the Matilda Mine, which is being planned as the initial source of gold for its Wiluna Gold Plant, which is scheduled to open next year.
BLK said the latest drilling results are “likely” to be folded into mining studies which are being used to inform a definitive feasibility study.
Meanwhile, BLK confirmed that the resource models, geotechnical studies, and metallurgical work done for a pre-feasibility study had been done.
Shares in BLK are currently trading at 23.5c, up 11.9% for the day in intraday trading.
About Blackham Resources (ASX:BLK) and Wiluna
BLK is planning to bring gold from the Matilda Gold Project from the Northern Yilgarn region in Western Australia into production using the existing, but mothballed, Wiluna Gold Plant.
The aim is to start producing gold in the second quarter of next year, with the first stage of production to utilise soft oxide and free milling, using the existing resources at the Matilda Mine, with additional gold ores coming from the high grade reefs like Golden Age, Galaxy and Caledonia.
The overall project has a total measured, indicated, and inferred resource of 44 million tonnes of gold at an average grade of 3.3 grams per tonne for a total of 4.6 million ounces of gold. However, measured and indicated make up 20Mt @ 3.5g/t for 2.3Moz of this.
It is currently working on a pre-feasibility study, with BLK telling the market that it is currently in the final stages of completion and “is expected to be reported shortly”.
Shares in BLK have risen by 370% since the start of the calendar year, with today’s intraday price of 23.5c a high for 2015.
General Information Only
S3 Consortium Pty Ltd (S3, ‘we’, ‘us’, ‘our’) (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 and is for informational purposes only. Any advice is general advice only. Any advice contained in this article does not constitute personal advice and S3 has not taken into consideration your personal objectives, financial situation or needs. Please seek your own independent professional advice before making any financial investment decision. Those persons acting upon information contained in this article do so entirely at their own risk.
Conflicts of Interest Notice
S3 and its associated entities may hold investments in companies featured in its articles, including through being paid in the securities of the companies we provide commentary on. We disclose the securities held in relation to a particular company that we provide commentary on. Refer to our Disclosure Policy for information on our self-imposed trading blackouts, hold conditions and de-risking (sell conditions) which seek to mitigate against any potential conflicts of interest.
Publication Notice and Disclaimer
The information contained in this article is current as at the publication date. At the time of publishing, the information contained in this article is based on sources which are available in the public domain that we consider to be reliable, and our own analysis of those sources. The views of the author may not reflect the views of the AFSL holder. Any decision by you to purchase securities in the companies featured in this article should be done so after you have sought your own independent professional advice regarding this information and made your own inquiries as to the validity of any information in this article.
Any forward-looking statements contained in this article are not guarantees or predictions of future performance, and involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, and which may cause actual results or performance of companies featured to differ materially from those expressed in the statements contained in this article. S3 cannot and does not give any assurance that the results or performance expressed or implied by any forward-looking statements contained in this article will actually occur and readers are cautioned not to put undue reliance on forward-looking statements.
This article may include references to our past investing performance. Past performance is not a reliable indicator of our future investing performance.