Proactiveinvestors USA & Canada Blackham Resources Ltd https://www.proactiveinvestors.com Proactiveinvestors USA & Canada Blackham Resources Ltd RSS feed en Sun, 21 Jul 2019 03:32:02 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Blackham Resources Ltd tracking for first gold pour in September ]]> https://www.proactiveinvestors.com/companies/news/165414/blackham-resources-ltd-tracking-for-first-gold-pour-in-september-70855.html Blackham Resources Ltd (ASX:BLK) is underway with the wet commissioning of the Wiluna gold plant and expects the first gold pour within the next three weeks.

Open pit mining continues from within the 5.1 million ounce Matilda Gold Project located in Western Australia and underground mining is expected to start within days.

Stockpiles of ore mined equate to circa one month of throughput at the plant.

The company is well funded with $43.7 million in cash after recently completing a $25 million placement.

Blackham is focused on a timely ramp up to commercial production as it looks to become Western Australia’s next 100,000 ounces per year gold producer.


Matilda Gold Project

All 5.1 million ounces of gold in the 860 square kilometre Matilda Gold Project are within a 20 kilometre radius of the company owned Wiluna gold plant.

The Wiluna gold plant, which operated up until 2013 can process up to 100,000 ounces per annum.

With open pit mining now commenced and underground mining to begin shortly, Blackham remains on track for first gold production during the September quarter.

Matilda gold production is targeted within 3 weeks with the following recent site updates:

- Ore mining at the Matilda M10 pit advancing well;
- Matilda M3 pit cutback commenced
- Golden Age underground development within days of first ore;
- Haulage of ore to plant run-of-mine (ROM) has commenced; and
- ROM stockpiles now total 145,000 tonnes @ 1.4 g/t for 6,800 ounces of gold (circa 1 month throughput).


Site update

Gold processing and infrastructure updates include:

- Ore crushing commenced last week and fine ore stockpiles building;
- Ball mills dry commissioning commenced;
- New Knelson gravity concentrator installed;
- Leach tanks nearing completion;
- New tailings dam ready for use;
- New power station and high voltage fully operational; and
- 280 rooms at camp fully active.

The refurbishment contractor has advised a small delay to the commissioning of leach tanks due to weather disruptions and lags in installation top of tank steel.

An additional paint coating is being applied to the leach tanks to reduce future maintenance.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 05 Sep 2016 14:00:00 -0400 https://www.proactiveinvestors.com/companies/news/165414/blackham-resources-ltd-tracking-for-first-gold-pour-in-september-70855.html
<![CDATA[News - Blackham Resources Ltd drills out more high grade gold at Matilda ]]> https://www.proactiveinvestors.com/companies/news/165413/blackham-resources-ltd-drills-out-more-high-grade-gold-at-matilda-70651.html Blackham Resources Ltd (ASX:BLK) has received high grade gold assays from its drill program testing extensions to the underground Golden Age deposit within the Matilda Gold Project in Western Australia.

Highlights include 1.9 metres at 38.6 g/t gold including 0.9 metres at 80.6 g/t gold.

This program is likely to yield a JORC Reserve increase for this portion of Golden Age.

Golden Age is located within the 100% owned 5.1 million ounce Matilda Gold Project.

Bryan Dixon, managing director, commented: “The latest Golden Age drilling is likely to add further grade profile to the mill feed during the first 2 years of production. “


Golden Age drill results

A total of 39 holes for 2726.5 metres have been drilled to identify additional resources at the Golden Age deposit.

Results indicate that additional high grade ore exists between and along strike from existing stopes with better results including:

- 1.9 metres at 38.6 g/t gold from 48 metres including 0.9 metres at 80.6 g/t gold;
- 3.7 metres at 17.1 g/t gold from 41 metres including 1.0 metre at 28.8 g/t gold;
- 1.9 metre at 12.9 g/t gold from 46.2 metres;
- 2.0 metres at 13.4 g/t gold from 47.2 metres including 1.0 metre at 25.6 g/t gold;
- 2.7 metres at 8.63 g/t gold from 59.0 metres including 2.0 metres at 11.3g/t; and
- 1.3 metres at 8.29 g/t gold from 52 metres including 0.6 metres at 23.7 g/t.     

Golden Age is a high-grade, free milling, quartz hosted ore body.


Matilda Gold Project

All 5.1 million ounces of gold in the 860 square kilometre Matilda Gold Project are within a 20 kilometre radius of the company owned Wiluna gold plant.

The Wiluna gold plant, which operated up until 2013 can process up to 100,000 ounces per annum.

With open pit mining now commenced and underground mining to begin shortly, Blackham remains on track for first gold production during the September quarter.

Matilda gold production is targeted within 2 weeks with the following recent site updates:

- Matilda open pit mining is into ore;
- Crushing circuit has been energised;
- Mills are mechanically complete and relining has commenced;
- Leach tank wet commissioning expected later this month;
- New tailings dam commissioning in August;
- Power station has been commissioned; and
- 290 room camp fully operational.


Analysis

These drill results are beneficial to project economics as the mineralisation intersected is easily accessible and is just above the existing Golden Age reserves where mining activities commenced in July.

The mining study over this new area is being prioritised.

The recent operations update from the Matilda Gold Project shows that Blackham remain on schedule to pour its first gold bar.

Production timing for Blackham is fortuitous with the AUD gold price continuing to trade strongly, currently at A$1,755 per ounce.

An expansion study is underway aiming to grow annual gold production to 175,000-235,000 ounces of gold and better monetise the large resource.

Blackham has a strong financial position having recently raised $25 million through a share placement.

Shares in Blackham are up over 330% year to date, currently trading at an all-time high of $0.99 per share.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Wed, 24 Aug 2016 15:00:00 -0400 https://www.proactiveinvestors.com/companies/news/165413/blackham-resources-ltd-drills-out-more-high-grade-gold-at-matilda-70651.html
<![CDATA[News - Blackham Resources Ltd raises $25M to fast track Matilda Gold Project ]]> https://www.proactiveinvestors.com/companies/news/165412/blackham-resources-ltd-raises-25m-to-fast-track-matilda-gold-project-70560.html Blackham Resources Ltd (ASX:BLK) has raised $25 million through the placement of 25 million shares at $1.00.

Funds will be used to fast track expansion plans at the 100% owned 5.1 million ounces of gold, Matilda Gold Project, located in Western Australia.

Mining has commenced and first gold production is targeted within three weeks.

Bryan Dixon, managing director, commented: “The funding allows for a significant drill budget aiming to lengthen the mine life.

“We will also be fast tracking the plant expansion study on the Matilda-Wiluna Gold Project that has a gold endowment greater than nine million ounces.”


Use of funds

The placement proceeds will be used at Blackham’s Matilda Gold Project with the aim to:
 
- expand the oxide and free milling resources and reserves;
- grow the sulphide open pit and underground mine plan and reserves;
- fast track the plant expansion study and sulphide circuit refurbishment; and
- strengthen the balance sheet and increase working capital.


Operations update

Matilda gold production is targeted within 3 weeks with the following site updates:

- Matilda open pit mining is into ore;
- Crushing circuit has been energised;
- Mills are mechanically complete and relining has commenced;
- Leach tank wet commissioning expected later this month;
- New tailings dam commissioning in August;
- Power station has been commissioned; and
- 290 room camp fully operational.


Recent drill results

Recent results from underground drilling at the Bulletin mine, within the Matilda Gold Project, included the following highlights:

- 6.0 metres at 26.4g/t gold;
- 15.6 metres at 7.51g/t gold; and
- 8 metres at 7.05g/t gold.

This current program will allow resources to be upgraded from unclassified or Inferred to Indicated.

The Bulletin ore reserve is currently 938,000 tonnes at 4.7g/t gold for 142,000 gold ounces, but this is expected to increase following recent results.


Analysis

By raising a fast $25 million, Blackham are able to provide themselves with a funding buffer, which in turn, de-risks project operations.

The recent drill results from Bulletin and the success Blackham have seen in their district exploration program highlights the opportunity of a larger exploration budget, which this funding also provides.

Furthermore, the operations update from the Matilda Gold Project shows that Blackham remain on schedule to pour its first gold bar.

Production timing for Blackham is fortuitous with the AUD gold price continuing to trade strongly, currently at A$1,755 per ounce.

An expansion study is underway aiming to grow annual gold production to 175,000-235,000 ounces of gold and better monetise the large resource.

Shares in Blackham are up over 370% year to date, currently trading at an all-time high of $1.10 per share.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Fri, 19 Aug 2016 09:30:00 -0400 https://www.proactiveinvestors.com/companies/news/165412/blackham-resources-ltd-raises-25m-to-fast-track-matilda-gold-project-70560.html
<![CDATA[News - Blackham Resources Ltd heads to market for Matilda gold ]]> https://www.proactiveinvestors.com/companies/news/165411/blackham-resources-ltd-heads-to-market-for-matilda-gold-70491.html Blackham Resources Ltd (ASX:BLK) has been granted a trading halt by the ASX, pending details of a capital raising.

Blackham will become Australia's next 100,000 gold ounce annual producer, with the maiden pour imminent from the 5.1 million ounce Matilda Gold Project located in Western Australia.

The halt will remain in place until the opening of trade on Friday 19th August 2016, or earlier if an announcement is made to the market.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Wed, 17 Aug 2016 09:30:00 -0400 https://www.proactiveinvestors.com/companies/news/165411/blackham-resources-ltd-heads-to-market-for-matilda-gold-70491.html
<![CDATA[News - Blackham Resources Ltd shares hit record high after gold discovery ]]> https://www.proactiveinvestors.com/companies/news/165410/blackham-resources-ltd-shares-hit-record-high-after-gold-discovery-70480.html Blackham Resources Ltd (ASX:BLK) has been a share market star over the past year, with the stock hitting a new all-time-high of $1.13 intra-day today after more gold discoveries.

A year ago shares could have been snapped up for just $0.15.

Blackham will become Australia's next 100,000 gold ounce annual producer, with the maiden pour imminent from the 5.1 million ounce Matilda Gold Project located in Western Australia.

Bryan Dixon, managing director, commented: "The latest Bulletin drilling has demonstrated the potential to continue growing the Wiluna resources close to surface.

"An updated Bulletin resource is likely to compliment the work we are doing on the Wiluna open pits with both feed sources be integrated into the Wiluna expansion study currently underway."


More gold

Today Blackham has revealed the latest results from underground drilling at the Bulletin mine, with highlights including:

- 6.0 metres at 26.4g/t gold;
- 15.6 metres at 7.51g/t gold; and
- 8 metres at 7.05g/t gold.

The diamond drill program was designed to infill the lode identified in Blackham’s previous round of drilling between two historical stoping areas.

This current program will allow resources to be upgraded from unclassified or Inferred to Indicated.

The Bulletin ore reserve is currently 938,000 tonnes at 4.7g/t gold for 142,000 gold ounces, but this is expected to swell following recent results.

Bulletin forms part of Blackham’s wholly-owned Matilda Gold Project.


Analysis

Blackham’s drilling has established gold continuity in the area between the high grade historical stopes and is expected to upgrade the resource in the area to Indicated from areas that were either Inferred or unclassified.

These results will be incorporated into an updated resource which will be used for the estimation of additional reserves previously defined within close proximity to current infrastructure.

Blackham will become Australia's next 100,000 annual gold ounce producer.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Tue, 16 Aug 2016 13:20:00 -0400 https://www.proactiveinvestors.com/companies/news/165410/blackham-resources-ltd-shares-hit-record-high-after-gold-discovery-70480.html
<![CDATA[News - Blackham Resources Ltd nearing first gold pour at Matilda ]]> https://www.proactiveinvestors.com/companies/news/165409/blackham-resources-ltd-nearing-first-gold-pour-at-matilda-70432.html Blackham Resources Ltd (ASX:BLK) expects to pour its first gold in the next three weeks from the 5.1 million ounce Matilda Gold Project located in Western Australia.

Open pit mining continues and underground development is progressing well.

Haulage of stockpiled ore is due to commence this week.

Dry commissioning of the crushing circuit is also to commence this week.

The first gold pour will be another important milestone for Blackham as it looks to become Australia’s next 100,000 ounces per year gold producer.


Matilda Gold Project

All 5.1 million ounces of gold in the 860 square kilometre Matilda Gold Project are within a 20 kilometre radius of the company owned Wiluna gold plant.

The Wiluna gold plant, which operated up until 2013 can process up to 100,000 ounces per annum.

With open pit mining now commenced and underground mining to begin shortly, Blackham remains on track for first gold production during the September quarter.


Operations highlights

Mining highlights from Matilda include:

- Mining of ore at the Matilda M10 open pit has commenced;
- Underground development at the high grade Golden Age orebody is progressing well; and
- Haulage of ore from Williamson stockpile due to commence this week.

Processing and infrastructure highlights include:

- ROM and ROM wall improvements complete;
- Crushing circuit dry commissioning to commence this week;
- Mills are mechanically complete and relining will commence this week;
- Gravity circuit is on site and ready for installation;
- Leach tank parts all on site with wet commissioning expected later this month;
- New tailings dam commissioning in August;
- Power station and HV commissioning has commenced; and
- 290 room camp fully operational


District Exploration

Blackham’s exploration strategy is to test the full 10 kilometre long strike extent of the Matilda shear zone to identify further 1 million ounce deposits.

Historical drilling intercepts up to 4 kilometres along strike from the mine include 4 metres at 13.9 g/t gold and 6 metres at 13.9 g/t gold.

To assist with target definition, an induced polarisation (IP) survey has commenced with final results and modelling of the data expected in August.

A number of recently completed drill programs have already provided evidence of additional gold mineralisation showing both underground and open pit mining potential.


Analysis

The operations highlights from the Matilda Gold Project show that Blackham remains on track to pour its first gold bar in the September quarter.

Production timing for Blackham is fortuitous with the AUD gold price continuing to trade strongly, currently at A$1,745 per ounce.

An expansion study is underway aiming to grow annual gold production to 175,000-235,000 ounces of gold and better monetise the large resource.

Shares in Blackham are up over 320% year to date, currently trading at an all-time high of $1.01 per share.

At the end of June the company reported $31.9 million in cash and it has recently lodged an $8 million project facility draw down notice.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Mon, 15 Aug 2016 09:20:00 -0400 https://www.proactiveinvestors.com/companies/news/165409/blackham-resources-ltd-nearing-first-gold-pour-at-matilda-70432.html
<![CDATA[News - Blackham Resources Ltd commences mining at 5.1M ounce Matilda Gold Project ]]> https://www.proactiveinvestors.com/companies/news/150756/blackham-resources-ltd-commences-mining-at-51m-ounce-matilda-gold-project-69924.html Blackham Resources Ltd (ASX:BLK) is well on its way to becoming Australia’s next 100,000 ounces per year gold producer as it commences mining at its Matilda Gold Project.

Open pit mining contractor, MACA Ltd (ASX:MLD) has commenced mining operations at the Matilda M10 open pit.

Pybar Mining Services Ltd has also commenced underground development at the high grade Golden Age orebody.

Blackham remains on track for first gold production during the September quarter. Commissioning of the Wiluna plant is on track to begin in August.

Bryan Dixon, managing director, commented:

“The commencement of mining represents another significant milestone in the company’s transition from gold explorer to producer at a time of record Australian gold prices.”


Matilda Gold Project

All 5.1 million ounces of gold in the 860 square kilometre Matilda Gold Project are within a 20 kilometre radius of the company owned Wiluna gold plant.

The Wiluna gold plant, which operated up until 2013 can process up to 100,000 ounces per annum.

The final environmental, mining and water approvals are in place at the Matilda project, which have unlocked a $23 million funding facility provided by Orion Mine Finance.

With open pit mining now commenced and underground mining to begin shortly, Blackham remains on track for first gold production during the September quarter.


District Exploration

Blackham’s exploration strategy is to test the full 10 kilometre long strike extent of the Matilda shear zone to identify further 1 million ounce deposits.

Historical drilling intercepts up to 4 kilometres along strike from the mine include 4 metres at 13.9 g/t gold and 6 metres at 13.9 g/t gold.

To assist with target definition, an induced polarisation (IP) survey has commenced with final results and modelling of the data expected in August.

A number of recently completed drill programs have already provided evidence of additional gold mineralisation showing both underground and open pit mining potential.


Analysis

The commencement of open pit mining, on time, is another key milestone for Blackham as it aims to pour its first gold bar in the September quarter.

Production timing for Blackham is fortuitous with the AUD gold price climbing past A$1,775 per ounce today.

Shares in Blackham are up over 260% year to date, currently trading at $0.83 per share.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 20 Jul 2016 10:00:00 -0400 https://www.proactiveinvestors.com/companies/news/150756/blackham-resources-ltd-commences-mining-at-51m-ounce-matilda-gold-project-69924.html
<![CDATA[News - Blackham Resources Ltd hits high-grade gold at Wiluna ]]> https://www.proactiveinvestors.com/companies/news/150755/blackham-resources-ltd-hits-high-grade-gold-at-wiluna-69877.html Blackham Resources Ltd (ASX:BLK) has received the final assay results from its drill program targeting extensions to mineralisation at the Wiluna Gold Mine within the 5.1 million ounce Matilda Gold Project in Western Australia.

Highlights from the recent assays include 12 metres at 7.52 g/t gold, 5 metres at 13.7 g/t gold and 8 metres at 3.44 g/t gold.

Blackham remains on track for first gold production during the September quarter, with open pit and underground mining to begin shortly.

Follow up drilling is planned and these new results will be incorporated into the ongoing open pit and underground mining studies.


Drill result details

A total of 17 reverse circulation holes for 4,067 metres have been completed targeting extensions to mineralisation at the Wiluna Gold Mine.

Holes were designed to test areas within 150 metres of existing open pits and underground development to ensure that any extensions to mineralisation could be rapidly converted to
resources.

Drilling returned positive results from the West Lode, Squib and Happy Jack deposits. 

Intercepts include:

- 5 metres at 13.7 g/t gold from 191 metres including 3 metres at 20.9 g/t gold;
- 8 metres at 3.44 g/t gold from 48 metres including 4 metres at 5.42 g/t gold; and
- 12 metres at 7.52 g/t gold from 147 metres including 2 metres at 38.1 g/t gold.


District Exploration

Blackham’s exploration strategy is to test the full 10 kilometre long strike extent of the Matilda shear zone to identify further 1 million ounce deposits.

Historical drilling intercepts up to 4 kilometres along strike from the mine include 4 metres at 13.9 g/t gold and 6 metres at 13.9 g/t gold.

To assist with target definition, an induced polarisation (IP) survey has commenced with final results and modelling of the data expected in August.


Matilda Gold Project

All 5.1 million ounces of gold in the 860 square kilometre Matilda Gold Project are within a 20 kilometre radius of the company owned Wiluna gold plant.

The Wiluna gold plant, which operated up until 2013 can process up to 100,000 ounces per annum.

The final environmental, mining and water approvals are in place at the Matilda project, which have unlocked a $23 million funding facility provided by Orion Mine Finance.


Analysis

These drill results continue to exhibit the exploration potential of the Matilda Gold Project.

Blackham will look to rapidly convert any gold mineralisation extensions found into resources.

The key short term focus for Blackham remains the commencement of mining this month at its Matilda and Golden Age mines within the Matilda project.

Blackham is on track to pour its first gold bar in the September quarter, which is fortuitously timed as the AUD gold price is trading strongly at A$1,750 per ounce.

Shares in Blackham are up over 260% year to date.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 18 Jul 2016 14:00:00 -0400 https://www.proactiveinvestors.com/companies/news/150755/blackham-resources-ltd-hits-high-grade-gold-at-wiluna-69877.html
<![CDATA[News - Blackham Resources Ltd grows Matilda Gold Project as mining set to begin ]]> https://www.proactiveinvestors.com/companies/news/150754/blackham-resources-ltd-grows-matilda-gold-project-as-mining-set-to-begin-69780.html Blackham Resources Ltd (ASX:BLK) has intersected significant extensions to high grade gold zones in its latest results from infill and extensional drilling at the Matilda Gold Project in Western Australia.

Deeper drilling, including 2 metres at 6.98 g/t gold from 419 metres confirms the high grade Matilda system extends a further 250 metres down-plunge from previous results.

With open pit and underground mining to begin this month, Blackham remains on track for first gold production during the September quarter.

District exploration is underway targeting additional 1 million ounce gold deposits within the 780 square kilometre, 5.1 million ounce Matilda Gold Project.


Drill result details

The latest of 60 reverse circulation holes for 6,579 metres and 2 diamond tails for 347.4 metres, have intersected significant extensions to higher-grade zones and have upgraded a significant portion of the remaining in-pit Inferred resource to Indicated category

Successful drilling of the Matilda Mine, within the Matilda Gold Project has grown the resource to 721,000 ounces gold with 61% now in the Measured and Indicated Resource categories.

A resource model update is underway to include these results.


Drill results include:

2 metres at 6.98 g/t gold from 419 metres (M1 new mineralisation at depth);
4 metres at 7.94 g/t gold from 69 metres (M10 pit extension);
3 metres at 9.44 g/t gold from 104 metres (M10 pit extension);
4 metres at 5.75 g/t gold from 6 metres (M10 pit extension);
5 metres at 2.94 g/t gold from 37 metres (M10 pit extension);
2 metres at 6.35 g/t gold from 82 metres (M10 pit extension);
9 metres at 3.05 g/t gold from 133 metres, including 2 metres at 6.57 g/t gold from 137 metres (M3 pit extension);
16 metres at 2.31 g/t gold from 163 metres, including 1 metres at 11.5 g/t gold from 163 metres (M4 pit extension); and
12 metres at 2.98 g/t gold from 42 metres (M6 extension confirming mining potential of new resource area).


District Exploration

Blackham’s exploration strategy is to test the full 10 kilometre long strike extent of the Matilda shear zone to identify further 1 million ounce deposits.

Historical drilling intercepts up to 4 kilometres along strike from the mine include 4 metres at 13.9 g/t gold and 6 metres at 13.9 g/t gold.

To assist with target definition, an induced polarisation (IP) survey has commenced with final results and modelling of the data expected in August.


Matilda Gold Project

All 5.1 million ounces of gold in the 860 square kilometre Matilda Gold Project are within a 20 kilometre radius of the company owned Wiluna gold plant.

The Wiluna gold plant, which operated up until 2013 can process up to 100,000 ounces per annum.

The final environmental, mining and water approvals are in place at the Matilda project, which have unlocked a $23 million funding facility provided by Orion Mine Finance.

With open pit and underground mining to begin shortly, Blackham remains on track for first gold production during the September quarter.


Analysis

These drill results are further evidence of the exploration potential the Matilda Gold Project has to increase its resource base in size and confidence.

With district exploration underway targeting the 10 kilometre long strike extend of the Matilda shear zone, Blackham remains leveraged to exploration success while it moves into production.

Blackham is set to commence mining this month at its Matilda and Golden Age mines within the Matilda project.

The open pit mine plan consists of 5.8 million tonnes at 1.7 g/t gold for 324,000 ounces of shallow free milling ore to be mined over the first 4 years

Underground mining at the Golden Age ore body is targeting the recovery of 206,000 tonnes at 6 g/t gold for 38,000 ounces. High grade feed from Golden Age will be blended with open pit feed.

Blackham is on track to pour its first gold bar in the September quarter, which is fortuitously timed as the AUD gold price is trading strongly at A$1,750 per ounce.

Shares in Blackham are up over 280% year to date.

Blackham maintains broker coverage and most recently Canaccord Genuity increased their price target to A$0.90 and maintained their Speculative Buy rating.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 13 Jul 2016 08:40:00 -0400 https://www.proactiveinvestors.com/companies/news/150754/blackham-resources-ltd-grows-matilda-gold-project-as-mining-set-to-begin-69780.html
<![CDATA[News - Blackham Resources Ltd drills high grade extensions at Matilda Gold Project ]]> https://www.proactiveinvestors.com/companies/news/150753/blackham-resources-ltd-drills-high-grade-extensions-at-matilda-gold-project-69562.html Blackham Resources Ltd (ASX:BLK) has drilled out high grade extensions at the Essex gold deposit located within the 5.1 million ounce Matilda Gold Project in Western Australia.

Blackham will start open pit and underground gold mining at Matilda this month.

Three reverse circulation holes were drilled returning intersections including 18 metres at 4.88 g/t gold and 5 metres at 10.8 g/t gold.

Follow up drilling is currently being planned and a revision of the resource estimate at Essex is underway.

Bryan Dixon, managing director, commented: “Blackham’s strategy is to chase open pit and shallow underground
mineralisation close to existing infrastructure. 

"The latest Essex drilling has confirmed there is further high grade shallow mineralisation along the Wiluna East Lode Fault."


Drill result details

A program of three holes has been completed targeting extensions of mineralisation in close proximity to existing infrastructure.

All holes targeted extensions of mineralisation within 150 metres of existing infrastructure at depths of less than 500 metres from surface.

Results include:

- 6 metres at 3.47 g/t gold from 104 metres;
- 6 metres at 8.99 g/t gold from 119 metres;
- 19 metres at 6.71 g/t gold from 128 metres;
- 18 metres at 4.88 g/t gold from 181 metres; and
- 5 metres at 10.8 g/t gold from 134 metres.

The mineralisation is currently being re-modelled and shows both underground and open pit mining potential.


Matilda Gold Project

All 5.1 million ounces of gold in the 860 square kilometre Matilda Gold Project are within a 20 kilometre radius of the company owned Wiluna gold plant.

The Wiluna gold plant, which operated up until 2013 can process up to 100,000 ounces per annum.

The final environmental, mining and water approvals are in place at the Matilda project, which have unlocked a $23 million funding facility provided by Orion Mine Finance.

With open pit and underground mining to begin shortly, Blackham remains on track for first gold production during the September quarter.


Analysis

While the commencement of underground and open pit gold mining this month is the focus for Blackham, low cost exploration programs such as this drilling at Essex is positive.

Blackham is leveraging off the existing data in order to add ounces to its mine plan cost effectively.

Due to the proximity to infrastructure, any economic mineralisation intersected will require limited additional capital development to access and is likely to allow rapid conversion into the mine plan. 

With contractors now selected and mining to begin this month, Blackham is on track to pour its first gold bar in the September quarter.

Production timing for Blackham is fortuitous with the AUD gold price trading strongly at A$1,775 per ounce.

Shares in Blackham are up over 190% year to date, currently trading at $0.68 per share.   

Blackham maintains its broker coverage through BW Equities with a price target of $0.75 per share and Canaccord Genuity with a target of $0.80 per share.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 01 Jul 2016 08:50:00 -0400 https://www.proactiveinvestors.com/companies/news/150753/blackham-resources-ltd-drills-high-grade-extensions-at-matilda-gold-project-69562.html
<![CDATA[News - Blackham Resources Ltd set to begin gold mining in July as gold price soars ]]> https://www.proactiveinvestors.com/companies/news/150752/blackham-resources-ltd-set-to-begin-gold-mining-in-july-as-gold-price-soars-69482.html Blackham Resources Ltd (ASX:BLK) is one step closer to production after selecting mining contractors following final approvals being given at its 5.1 million ounce Matilda Gold Project in Western Australia.

MACA Ltd (ASX:MLD) will commence open pit mining and Pybar Mining Services will commence underground mining in July.

Blackham awarded the tailings dam construction contract to Cape Crushing & Earthworks and the power station contract to Contract Power Group.

The final environmental, mining and water approvals are in place at the Matilda project, which have unlocked a $23 million funding facility provided by Orion Mine Finance.

With open pit and underground mining to begin shortly, Blackham remains on track for first gold production during the September quarter.


Matilda Gold Project

All 5.1 million ounces of gold in the 860 square kilometre Matilda Gold Project are within a 20 kilometre radius of the company owned Wiluna gold plant.

The Wiluna gold plant, which operated up until 2013 can process up to 100,000 ounces per annum.

Since publishing the definitive feasibility study (DFS) in February 2016, Blackham has:

- increased Mining Inventory by 116,000 ounces of gold to 873,000 ounces of gold;
- increased Reserves by 79,000 ounces of gold to 560,000 ounces of gold;
- increased initial life of mine by 1 year to 8.3 years;
- increased average annual gold production by 3,000 ounces to 104,000 ounces;
- lowered C1 cash costs by A$10 per ounce of gold to A$840 per ounce of gold; and
- lowered all-in sustaining costs (AISC) by A$30 per ounce of gold to A$1,130 per ounce of gold.

Blackham most recently increased the project resource through a maiden resource estimate for Moonlight Shear of 2.6 million tonnes at 4.6 g/t gold for 381,000 ounces of gold.

Open pit and underground mining studies are underway on Moonlight Shear and will aim to extend the mine life of Matilda beyond 8 years.


Analysis

The immediate focus for Blackham is the commencement of mining at its Matilda and Golden Age mines within the Matilda project.

The selection of contractors was a key final step required to begin mining operations.

With mining now set to begin in July, Blackham is on track to pour its first gold bar in the September quarter.

Production timing for Blackham is fortuitous with the AUD gold price testing the A$1,800 per ounce level today.

Shares in Blackham are up over 190% year to date, currently trading at $0.68 per share.   

Blackham maintains its broker coverage through BW Equities with a price target of $0.75 per share and Canaccord Genuity with a target of $0.80 per share.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Tue, 28 Jun 2016 10:00:00 -0400 https://www.proactiveinvestors.com/companies/news/150752/blackham-resources-ltd-set-to-begin-gold-mining-in-july-as-gold-price-soars-69482.html
<![CDATA[News - Blackham Resources Ltd grows gold resource to over 5 million ounces ]]> https://www.proactiveinvestors.com/companies/news/150751/blackham-resources-ltd-grows-gold-resource-to-over-5-million-ounces-69452.html Blackham Resources Ltd (ASX:BLK) has grown its Matilda Gold Project in Western Australia to now host 48 million tonnes at 3.3 g/t for 5.1 million ounces of gold.

The latest increase came from a maiden resource estimate for Moonlight Shear of 2.6 million tonnes at 4.6 g/t gold for 381,000 ounces of gold.

Open pit and underground mining studies on the deposit have commenced. Blackham see significant potential in the 2 kilometre long underexplored shear.

Blackham recently secured all required approvals for the commencement of both open pit and underground mining at the Matilda project.

Blackham plans to commence mining within 2 weeks, initially focusing on the open pit Matilda Mine and the underground Golden Age orebody.


Matilda Gold Project

All 5.1 million ounces of gold in the 860 square kilometre Matilda Gold Project are within a 20 kilometre radius of the company owned Wiluna gold plant.

The Wiluna gold plant, which operated up until 2013 can process up to 100,000 ounces per annum.

Since publishing the definitive feasibility study (DFS) in February 2016, Blackham has:

- increased Mining Inventory by 116,000 ounces of gold to 873,000 ounces of gold;
- increased Reserves by 79,000 ounces of gold to 560,000 ounces of gold;
- increased initial life of mine by 1 year to 8.3 years;
- increased average annual gold production by 3,000 ounces to 104,000 ounces;
- lowered C1 cash costs by A$10 per ounce of gold to A$840 per ounce of gold; and
- lowered all-in sustaining costs (AISC) by A$30 per ounce of gold to A$1,130 per ounce of gold.


Moonlight Shear

The Moonlight Shear maiden resource is located less than two kilometres from Blackham’s 100% owned gold plant.

Further mining and exploration studies will focus on identifying shallow oxide and transitional resources along strike of the existing open pits where the mineralisation continues along the shear zones.

The open pit and underground mining studies underway will aim to extend the mine life of Matilda beyond 8 years.


Analysis

This recent resource increase shows the potential the Matilda Gold Project has to extend its mine life past 8.3 years.

While extending the mine life adds value to the project, the immediate focus for Blackham is the commencement of mining at its Matilda and Golden Age mines within the Matilda project.

Blackham is on track to pour its first gold bar in the September quarter as it looks to become Australia's next 100,000 ounces per year gold producer.

The final environmental, mining and water approvals are in place at the Matilda project, which have unlocked a $23 million funding facility provided by Orion Mine Finance.

Shares in Blackham are up over 180% year to date, currently trading at circa $0.66 per share.

As a near term gold producer, Blackham is leveraged to an AUD gold price nearing its all time highs, currently trading at A$1,795 per ounce.

Blackham maintains its broker coverage through BW Equities with a price target of $0.75 per share and Canaccord Genuity with a target of $0.80 per share.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Mon, 27 Jun 2016 10:00:00 -0400 https://www.proactiveinvestors.com/companies/news/150751/blackham-resources-ltd-grows-gold-resource-to-over-5-million-ounces-69452.html
<![CDATA[News - Blackham Resources Ltd now has Hunter Hall as substantial shareholder ]]> https://www.proactiveinvestors.com/companies/news/150750/blackham-resources-ltd-now-has-hunter-hall-as-substantial-shareholder-69420.html Blackham Resources Ltd's (ASX:BLK) newest substantial shareholder, Hunter Hall, has built a position in the company through on-market purchases.

The fund manager has acquired a 9.79% interest, after the purchase of 24.78 million shares.

Blackham is well progressed down the path to becoming Western Australia's next 100,000 ounces per year gold producer by developing the Matilda Gold Project.

Blackham recently secured all required approvals for the commencement of both open pit and underground mining at Matilda.

Mining about to begin at Matilda

Blackham plans to commence mining within 2 weeks, initially focusing on the open pit Matilda Mine and the underground Golden Age orebody.

The focus is on the free-milling resources which Blackham intends to process through the established low risk circuit of crushing, grinding, gravity and carbon in leach.

Gold production from Matilda is on track for the 2016 September quarter.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Fri, 24 Jun 2016 11:00:00 -0400 https://www.proactiveinvestors.com/companies/news/150750/blackham-resources-ltd-now-has-hunter-hall-as-substantial-shareholder-69420.html
<![CDATA[News - Blackham Resources Ltd grows gold reserves ahead of first pour at Matilda ]]> https://www.proactiveinvestors.com/companies/news/150749/blackham-resources-ltd-grows-gold-reserves-ahead-of-first-pour-at-matilda-69276.html Blackham Resources Ltd (ASX:BLK) has increased free milling reserves by 43,000 ounces of gold at the Matilda Gold Project in Western Australia.

Total reserves have now grown to 7.0 million tonnes at 2.5g/t gold for 560,000 ounces, or 17% higher since DFS, with the mining inventory 9.3 million tonnes at 2.9g/t gold for 873,000 ounces, up 14% since DFS.

Blackham recently secured all required approvals for the commencement of both open pit and underground mining at the Matilda project.

Five drill rigs are currently completing infill and extensional drilling at the project with mining to commence within 3 weeks.

Alan Thom, executive director, commented: “Matilda gold production is now imminent.

"This announcement is a great result in both strengthening our reserves and lengthening the project life.

"The expansion of the free milling reserves gives us confidence that we can keep growing the size of the Matilda Gold Project.”


Matilda Gold Project growth

The 860 square kilometre Matilda Gold Project hosts a combined resources of 46 million tonnes at 3.3 g/t for 4.8 million ounces of gold.

Blackham’s 100% owned Wiluna gold plant, which operated up until 2013, is located in the centre of the Matilda Gold Project and can process up to 100,000 ounces per annum.

Since publishing the definitive feasibility study (DFS) in February 2016, Blackham have:

- increased Mining Inventory by 116,000 ounces of gold to 873,000 ounces of gold;
- increased Reserves by 79,000 ounces of gold to 560,000 ounces of gold;
- increased initial life of mine by 1 year to 8.3 years;
- increased average annual gold production by 3,000 ounces to 104,000 ounces;
- lowered C1 cash costs by A$10 per ounce of gold to A$840 per ounce of gold; and
- lowered all-in sustaining costs (AISC) by A$30 per ounce of gold to A$1,130 per ounce of gold.


Production imminent

Blackham plans to commence mining within 3 weeks, initially focusing on the open pit Matilda Mine and the underground Golden Age orebody.

The focus is on the free-milling resources which Blackham intends to process through the established low risk circuit of crushing, grinding, gravity and carbon in leach.

The free-milling open pit deposits are planned to provide a base load feed stock for the Wiluna gold plant which will be supplemented with the high grade quartz reef deposits and shallow underground deposits.


Analysis

The continued increase of project reserves following the published DFS in February shows the potential the project has for resource upgrades, reserve upgrades and mine design optimisation.

With mining to begin within three weeks, the focus is now on Blackham's operational execution as it approaches pouring its first gold bar.

The final environmental, mining and water approvals are now in place at the Matilda project.

These approvals have unlocked a $23 million funding facility provided by Orion Mine Finance.

With this important final hurdle now complete, Blackham is on track to become a gold producer in the September quarter.

Shares in Blackham are up over 100% year to date, currently trading at circa $0.475 per share.

As a near term gold producer, Blackham is leveraged to the AUD gold price which continues to trade around its three year highs at A$1,740 per ounce.

Blackham maintains its broker coverage through BW Equities with a price target of $0.75 per share and Canaccord Genuity with a target of $0.80 per share.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Fri, 17 Jun 2016 09:00:00 -0400 https://www.proactiveinvestors.com/companies/news/150749/blackham-resources-ltd-grows-gold-reserves-ahead-of-first-pour-at-matilda-69276.html
<![CDATA[News - Blackham Resources Ltd receives final approvals for Matilda Gold Project ]]> https://www.proactiveinvestors.com/companies/news/150748/blackham-resources-ltd-receives-final-approvals-for-matilda-gold-project-69195.html Blackham Resources Ltd (ASX:BLK) has gained its final approvals and required funding commitment to commence operations at its 4.8 million ounce Matilda Gold Project in Western Australia.

The approval of licenses and permits confirms the $23 million funding facility provided by Orion Mine Finance.

Blackham has lodged a drawdown notice for $15 million, which it expects to see in 12 business days.

Plant and infrastructure refurbishment is progressing well and remains on schedule, and mining contractors are expected to mobilise to site during June.

Gold production from Matilda is on track for the 2016 September quarter.


Project approvals

The amendment to the existing Wiluna Environmental License has now been approved by the Department of Environment Regulation.

The Department of Mining and Petroleum (DMP) has now approved the Williamson Mine Mining Proposal.

The DMP also recently approved the Matilda Mine and Wiluna Mining Proposals. Vegetation clearing permits have been received over the entire mine plan.

The Department of Water has granted all the water extraction licenses over the project required to begin dewatering the Matilda pits.


Matilda Gold Project

Matilda currently hosts 45 million tonnes at 3.3 g/t for 4.8 million ounces of gold (51% indicated) all within a 20 kilometre radius of the wholly-owned Wiluna gold plant.

Blackham intends to increase its resource inventory and grow the mine life through local exploration as the company works towards a 10 year mine life across four large geological systems.


Funding facility

Orion has confirmed the $23 million project facility is now available under the revised funding agreement.

Orion and Blackham have agreed to extend the expiry term on the $23 million facility to 28 February 2019, from 31 August 2018.

Repayments will be matched to the gold price and cash flow resulting from the project. 


Analysis

The final environmental, mining and water approvals are now in place at the Matilda Gold Project.

With this important final hurdle now complete, Blackham is on track to become a gold producer in September quarter.

Shares in Blackham are up over 100% year to date, currently trading at circa $0.475 per share.

Blackham remains leveraged to the AUD gold price which continues to trade around its three year highs at A$1,735 per ounce.

Blackham maintains its broker coverage through BW Equities with a price target of $0.75 per share and Canaccord Genuity with a target of $0.80 per share.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Tue, 14 Jun 2016 13:00:00 -0400 https://www.proactiveinvestors.com/companies/news/150748/blackham-resources-ltd-receives-final-approvals-for-matilda-gold-project-69195.html
<![CDATA[News - Blackham Resources Ltd gains key mining approvals for Matilda Gold Project ]]> https://www.proactiveinvestors.com/companies/news/150747/blackham-resources-ltd-gains-key-mining-approvals-for-matilda-gold-project-68617.html Blackham Resources Ltd (ASX:BLK) has moved closer to gold production with a number of approvals received at the Matilda Gold Project in Western Australia.

Approvals were received for the Matilda Mine and Wiluna Mining Proposals, including tailings dam designs, and vegetation clearing permits over the entire mine plan.

The remaining Mining Proposal over the Williamson Mine, scheduled for mining in year 3, is well advanced.

The Department of Water has granted the water extraction license over Galaxy and the Wiluna underground dewatering approvals remain in place.

Blackham remains on track to mobilise both the Matilda open pit mining contractor and the Golden Age underground mining contractor next month.

Gold production from the Matilda Gold Project is on track for the September 2016 quarter.


Background

The Matilda Gold Project currently hosts 45 million tonnes at 3.3 g/t for 4.7 million ounces of gold (50% indicated) all within a 20 kilometre radius of the wholly-owned Wiluna gold plant.

Blackham intends to increase its resource inventory and grow the mine life through local exploration as the company works towards a 10 year mine life across four large geological systems.


Recent updates

Most recently Blackham agreed to purchase 370,000 tonnes at 5.0 g/t gold of tailings from Intermin Resources Ltd (ASX:IRC) for A$1.5 million.

The tailings stockpile, which contains 59,500 ounces of gold is located adjacent to Blackham's Wiluna Gold Plant and will give the company flexibility in its development plan.

The tailings purchase followed recent news of Blackham hedging 20,000 ounces of gold at $A1,701 per ounce ahead of planned September quarter production at the Matilda gold project.


Analysis

Shares in Blackham are up over 120% year to date, currently trading at circa $0.525 per share.

The mining approvals and vegetation permits are further evidence that Blackham is well progressed down the path to becoming Western Australia's next 100,000 ounces per year gold producer.

Blackham remains leveraged to the AUD gold price which continues to trade around its three year highs at A$1,750 per ounce.

Blackham maintains its broker coverage through BW Equities with a price target of $0.75 per share and Canaccord Genuity with a target of $0.80 per share.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Mon, 16 May 2016 09:30:00 -0400 https://www.proactiveinvestors.com/companies/news/150747/blackham-resources-ltd-gains-key-mining-approvals-for-matilda-gold-project-68617.html
<![CDATA[News - Blackham Resources Ltd buys gold tailings next to the Wiluna Plant ]]> https://www.proactiveinvestors.com/companies/news/150746/blackham-resources-ltd-buys-gold-tailings-next-to-the-wiluna-plant-68597.html Blackham Resources Ltd (ASX:BLK) has agreed to purchase 370,000 tonnes at 5.0 g/t gold of tailings from Intermin Resources Ltd (ASX:IRC) for A$1.5 million.

The tailings stockpile, which contains 59,500 ounces of gold is located adjacent to Blackham's Wiluna Gold Plant.

The purchase allows Blackham greater flexibility over the placement of tailings within the direct vicinity of the plant.

Blackham will make an initial payment of $800,000 with the balance due by 31 December 2016.

This follows recent news of Blackham hedging 20,000 ounces of gold at $A1,701 per ounce ahead of planned September quarter production at the Matilda gold project.

Matilda currently hosts 45 million tonnes at 3.3 g/t for 4.7 million ounces of gold (50% indicated) all within a 20 kilometre radius of the wholly-owned Wiluna gold plant.


Background

The Matilda Gold Project incorporates over 780 square kilometres of tenements in Western Australia.

Resources at the Matilda project are planned to be processed by Blackham’s 100% owned Wiluna gold plant capable of over 100,000 ounces per annum gold production.

Blackham intends to increase its resource inventory and grow the mine life through local exploration as the company works towards a 10 year mine life across four large geological systems.


Analysis

Shares in Blackham are trading around $0.50 per share, representing an increase of 110% year to date.

Blackham maintains its broker coverage through BW Equities with a price target of $0.75 per share and Canaccord Genuity with a target of $0.80 per share.

The purchase of the tailings provides feed for Blackham's 100% owned Wiluna gold plant.

It also provides Blackham with flexibility and options as it plans to get into production during the September quarter.

Blackham is set to become Western Australia's next 100,000 ounces per year gold producer at a favourable time as the AUD gold price has been rallying recently, now trading at A$1,730 per ounce.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

]]>
Fri, 13 May 2016 11:50:00 -0400 https://www.proactiveinvestors.com/companies/news/150746/blackham-resources-ltd-buys-gold-tailings-next-to-the-wiluna-plant-68597.html
<![CDATA[News - Blackham Resources Ltd secures Matilda hedge as gold price soars ]]> https://www.proactiveinvestors.com/companies/news/150745/blackham-resources-ltd-secures-matilda-hedge-as-gold-price-soars-68503.html Blackham Resources Ltd (ASX:BLK) has sold forward 20,000 ounces of gold at an average price of A$1,701 per ounce.

This gold hedge takes advantage of a rising AUD gold price and will ensure early cash flow certainty from the Matilda Gold Project.

The hedge adds to the already standing 20,000 ounces of puts at an exercise price of A$1,575 per ounce.

Matilda gold production is on track for the Sept 2016 quarter.

Bryan Dixon, managing director, commented: “I am pleased that Blackham has been able to secure gold price protection at near record highs prior to production commencing.

"This hedge provides certainty over Matilda’s revenue as it quickly transitions to 100,000 ounces per annum production."

Matilda currently hosts 45 million tonnes at 3.3 g/t for 4.7 million ounces of gold (50% indicated) all within a 20 kilometre radius of the wholly-owned Wiluna gold plant.

Blackham is aiming for +10 year mine life with the greenfields exploration.


Analysis

This price protection derisks the project, which will see Blackham become Western Australia’s next 100,000 ounces per year producer.

While Blackham has given itself some downside protection, it still remains upside to a rising AUD gold price, which is now trading at circa A$1,750 per ounce.


Exploration targets

Meanwhile, Blackham has defined multiple greenfields exploration targets from ground surveys completed at the Matilda Gold Project.

An analysis of data has defined 25 target areas, including 12 high-priority target areas for immediate follow-up.

Follow-up activities will include initial auger, aircore and reverse circulation exploratory drilling.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 09 May 2016 13:30:00 -0400 https://www.proactiveinvestors.com/companies/news/150745/blackham-resources-ltd-secures-matilda-hedge-as-gold-price-soars-68503.html
<![CDATA[News - Blackham Resources Ltd finds more high-grade gold at Matilda project ]]> https://www.proactiveinvestors.com/companies/news/150744/blackham-resources-ltd-finds-more-high-grade-gold-at-matilda-project-68272.html Blackham Resources Ltd (ASX:BLK) has intersected more high-grade gold from diamond drilling at the Bulletin mine in the Matilda Gold Project, Western Australia.

Significant intersections from the latest drilling includes:

- 8.7 metres at 8.99 g/t gold from 85 metres, including 6 metres at 11.95 g/t
- 8.8 metres at 4.60 g/t gold from 80 metres, including  3 metres at 9.81 g/t

The diamond drill program was designed to extend the lode identified in Blackham’s previous round of drilling between two historical stopes. Drilling totalled five underground drill holes for 691 metres.

The drilling has established gold continuity in the area between the high grade historical stopes, and is expected to upgrade the Bulletin gold resource from from Inferred to Indicated category.

The latest drill results support Blackham’s strategy to identify shallow ore reserves within 500 metres from surface, since the high-grade results were obtained from less than 150 metres below surface and remain open at depth.

Further underground drilling at the Bulletin mine is planned to commence in the beginning of May, to further infill the area down plunge of the high-grade intercepts.


Background

The Matilda Gold Project incorporates over 780 square kilometres of tenements and now has 45 million tonnes resources at 3.2 g/t gold for 4.7 million ounces (50% indicated).

The measured and indicated resources for the Matilda project is 21 million tonnes at 3.4 g/t gold for 2.3 million ounces.

These resources are all located within a 20 kilometres radius of Blackham’s 100% owned Wiluna gold plant capable of over 100,000 ounces per annum gold production.

Last week, Blackham provided an upgraded ore reserve for the Bulletin sulphide of 938,000 tonnes at 4.7 g/t for 142,000 ounces gold.

This has increased the total ore reserves of the Matilda Gold Project to 6,354,000 tonnes at 2.5g/t for 517,000 ounces gold.


Analysis

The latest drill assays continue to show the results of a committed exploration program at the Matilda project, which is expected to have a long mine life of more than 10 years.

The successful capital raising of A$20.3 million in March will provide additional financial strength and flexibility to Blackham to fast-track the company’s efforts at the Matilda project.

Shares in Blackham last traded at A$0.39 for a market cap of A$97.23 million, which is a 50% increase in share price during the last 3 months.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Tue, 26 Apr 2016 12:33:00 -0400 https://www.proactiveinvestors.com/companies/news/150744/blackham-resources-ltd-finds-more-high-grade-gold-at-matilda-project-68272.html
<![CDATA[News - Blackham Resources Ltd swells Ore Reserves to 517,000 gold ounces ]]> https://www.proactiveinvestors.com/companies/news/150743/blackham-resources-ltd-swells-ore-reserves-to-517000-gold-ounces-68164.html Blackham Resources Ltd (ASX:BLK) has revised its Ore Reserves at its Matilda Gold Project in Western Australian upward to 6,354,000 tonnes at 2.5g/t gold for 517,000 ounces.

The estimate was undertaken by Entech Pty Ltd based on the successful Bulletin Resources upgrade last month, and delivered a very strong conversion of Bulletin Mining Inventory to Reserves.

Entech focussed on the Bulletin Upper portion of the Bulletin Sulphide mine plan and completed a redesign and reschedule of the area incorporating the updated resource information.

The Ore Reserve estimate is based on financials and modifying factors determined as part of the recent Definitive Feasibility Study (DFS).

Bryan Dixon, managing director, commented:

“This is a good first pass result based on our early drilling of the Bulletin Underground and shows our strategy of targeting shallow resources with easy access that can be easily converted to reserves for a low risk mining solution."


Background

Recently the company appointed Bruce Kendall as chief geological officer. Kendall has been involved with planning the discovery holes for the Tropicana and Coyote gold deposits and has helped increase the resource bases at the Sunrise Dam Gold Mine and Stockman VMS project.

The Matilda Gold Project incorporates over 780 square kilometres of tenements and now has 45 million tonnes at 3.3g/t gold for 4.7 million ounces of resource.

These resources are all located within a 20 kilometres radius of Blackham’s 100% owned Wiluna gold plant capable of over 100,000 ounces per annum gold production.

Blackham intends to increase its resource inventory and grow the mine life through local exploration as the company works towards a 10 year mine life across four large geological systems.

Blackham is targeting gold production in Q3, 2016.


Analysis

Shares in Blackham are trading around $0.40 representing a solid appreciation from the $0.22 per share they started 2016.

Blackham continues to attract broker coverage through BW Equities who increased their price target to $0.75 a share last month and Canaccord Genuity with a target of $0.80 a share.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

]]>
Tue, 19 Apr 2016 13:00:00 -0400 https://www.proactiveinvestors.com/companies/news/150743/blackham-resources-ltd-swells-ore-reserves-to-517000-gold-ounces-68164.html
<![CDATA[News - Blackham Resources Ltd drill results to expand Matilda gold mine ]]> https://www.proactiveinvestors.com/companies/news/150742/blackham-resources-ltd-drill-results-to-expand-matilda-gold-mine-68009.html Blackham Resources Ltd (ASX:BLK) has intersected both broad mineralised and high-grade zones at its Western Australian Matilda Gold Project in its latest round of drilling.

The results from 79 reverse circulation holes for 5,637 metres are expected to further extend the resource beyond the planned mining areas as well as upgrade a significant portion of the remaining in-pit Inferred resource to Indicated category.

A revision of the resource estimate is underway.

Results included follow-up holes at new shallow higher grade shoots at M6 North:

- 7m at 4.21 g/t gold from 69m
- 6m at 3.28 g/t from 74m
- 4m at 4.20 g/t from 73m

And further positive results both north and south of the main M4 pit:

- 4m at 7.80 g/t from 63m, & 10m @ 1.87 g/t from 85m
- 5m at 4.29 g/t from 36m, & 2m @ 12.48 g/t from 52m
- 3m at 5.91 g/t from 40m
- 3m at 5.37 g/t from 57m
- 4m at 3.55 g/t from 26m

The drilling at Matilda continues to focus on finding further repeating and stacked lodes and drilling out the recently identified lodes.


Background

The Matilda Gold Project incorporates over 780 square kilometres of tenements and now has 45 million tonnes at 3.2g/t gold for 4.7 million ounces (49% indicated) of resource.

These resources are all located within a 20 kilometres radius of Blackham’s 100% owned Wiluna gold plant capable of over 100,000 ounces per annum gold production.

Measured and indicated resources now total 21 million tonnes at 3.4g/t for 2.3 million ounces of gold.

Recently the Matilda Mine Resource was increased to 12.9 million tonnes at 1.8g/t gold for 724,000 ounces, and importantly 61% is in the higher confidence Measured and Indicated categories.

The Matilda resource model is currently being updated to incorporate these latest results.

Blackham is currently evaluating the resource extensions of each deposit and reserves to expand the current mining inventory of gold to enable the company to move to the next stage of development.

Blackham last month raised A$20.3 million in an oversubscribed equity raising to institutional investors.

Blackham is targeting gold production in Q3, 2016.


Exploration

Blackham’s exploration strategy is to test the full 10 kilometre long strike extent of the Matilda shear zone to identify further Matilda-sized deposits (~1 million ounces).

Blackham is now planning a geophysical survey to detect gold and sulphides beneath alluvial cover north and south of the mine, followed by a large rotary air blast drill program to test the basement.

Historical drilling intercepts up to 4 kilometres along strike from the mine include 4 million tonnes at 13.9g/t and 6 million at 13.9g/t.


Analysis

The latest drill results continue to show the potential Blackham has to increase its resource inventory and grow the mine life through local exploration as the company works towards a 10 year mine life across four large geological systems.

Blackham will become Western Australia’s next +100,000oz pa producer with production targeted in Q3, 2016.

Blackham has broker coverage with BW Equities increasing their price target to $0.75 a share last month and Canaccord Genuity with a target of $0.80 a share.

Shares in Blackham last traded at $0.43 for a market cap of A$108m, which is nearly double the price ($0.22) it started the year.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 12 Apr 2016 09:23:00 -0400 https://www.proactiveinvestors.com/companies/news/150742/blackham-resources-ltd-drill-results-to-expand-matilda-gold-mine-68009.html
<![CDATA[News - Blackham Resources Ltd boosts confidence of gold depth extensions at Matilda ]]> https://www.proactiveinvestors.com/companies/news/150741/blackham-resources-ltd-boosts-confidence-of-gold-depth-extensions-at-matilda-67799.html Blackham Resources Ltd (ASX:BLK) continues to intersect high-grade gold at its Matilda Gold Project in Western Australia.

The latest highlights include:

- Golden Age mine: 1.5 metre at 47.8g/t gold from 245 metres.
- Galaxy outside the DFS pit: 4 metres at 4.84g/t gold from 80 metres.
- Lake Way Reef: 1 metre at 11.9g/t gold from 80 metres; and 2 metres at 7.28g/t gold from 105 metres.

Blackham’s exploration team have identified further drill targets ‘Golden Age offset’ and ‘Black Swan’, which together with Galaxy, Lake Way and Golden Age gold deposits form part of the 15 kilometre long quartz reef trend.

Blackham’s exploration program is designed to build on the existing mineral inventory with the goal of developing greater than 10 years of mine life at Matilda.

Matilda currently hosts 45 million tonnes at 3.3g/t gold for 4.7 million ounces of resource all within a 20 kilometres radius of Blackham’s wholly-owned Wiluna gold plant capable of 1.3Mtpa for over 100,000ozpa gold production.

Measured and Indicated Resources total 21 million tonnes at 3.4g/t gold for 2.4 million ounces.

Bryan Dixon, managing director, commented:

“Blackham’s recently completed definitive feasibility study confirmed the economics of Galaxy and Golden Age as high-grade ore bodies suitable for open pit and underground mining with good metallurgical recoveries.

"The latest drilling provides further confidence in the resources and their extensions at depth.

"We’re expanding known resources down plunge and along strike, and our exploration effort is aimed at finding new high-grade quartz reef resources at Lake Way and Golden Age Offset targets.

"Later this year Blackham intends to start mining both the Galaxy and Golden Age ore bodies as high grade feedstocks for its Wiluna gold plant.

"Interestingly Golden Age is the only one of these high grade reefs which has had significant drilling below 100 metres despite many of them having extensive old timer underground workings.”

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Thu, 31 Mar 2016 15:00:00 -0400 https://www.proactiveinvestors.com/companies/news/150741/blackham-resources-ltd-boosts-confidence-of-gold-depth-extensions-at-matilda-67799.html
<![CDATA[News - Blackham Resources Ltd signs key refurbishment contracts for Matilda Gold ]]> https://www.proactiveinvestors.com/companies/news/150740/blackham-resources-ltd-signs-key-refurbishment-contracts-for-matilda-gold-67550.html Blackham Resources Ltd (ASX:BLK) has taken another step towards gold producer status, with the signing of the key refurbishment contracts for the Matilda Gold Project.

Blackham is targeting gold production in Q3, 2016. The wholly-owned Matilda Gold Project currently hosts 4.7 million gold ounces.

The Wiluna Gold Plant refurbishment will be undertaken by Interquip/Mintrex, as the structural, mechanical and piping (SMP) contractor and Practon Engineering as the electrical and instrumentation contractor.

All critical path long lead items for refurbishment have been ordered and engineering work has commenced.

Bryan Dixon, managing director, commented:

“The awarding of the SMP, E&I and Camp contracts is another key milestone in the development of the Matilda Gold Project.

"The board is impressed by the quality of the contractors undertaking these roles and commitment to complete the work inside Blackhams timeline.

"The $20.3 million placement announced on Monday allowed for these contracts to be awarded and the work to proceed.“


Broker ratings

Blackham has also been attracting broker attention.

Earlier in the month, stockbroker BW Equities increased its price target to $0.75 a share. Canaccord Genuity has a target of $0.80 a share.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Wed, 16 Mar 2016 09:30:00 -0400 https://www.proactiveinvestors.com/companies/news/150740/blackham-resources-ltd-signs-key-refurbishment-contracts-for-matilda-gold-67550.html
<![CDATA[News - Blackham Resources Ltd pockets A$20.3M in oversubscribed raising ]]> https://www.proactiveinvestors.com/companies/news/150739/blackham-resources-ltd-pockets-a203m-in-oversubscribed-raising-67489.html Blackham Resources Ltd (ASX:BLK) received strong institutional support in a A$20.3 million oversubscribed raising.

The placement consisted of circa 45 million shares at $0.45. The funds enhance Blackham's balance sheet, and also provide a cash war chest for growth opportunities.

Bryan Dixon, managing director, commented: “Blackham is pleased with the strong support received for the placement.

"The funding allows the plant refurbishment to be fast tracked at the Matilda Gold Project and delivers additional financial strength and flexibility to Blackham."

Dixon added: "To date Blackham has focussed its efforts on re-working known resources from or adjacent to existing open pit and underground workings within the Matilda and Wiluna goldfields.

"Blackham has only just begun to unlock the geological potential of the Matilda, Quartz reefs and Lake Way extensions and regional prospects.

"We will continue to strengthen and lengthen our reserves as well as ramp up our search for game changing discoveries in a gold project with a 9Moz gold endowment.”


Analysis

Today's oversubscribed funding in still difficult capital markets, highlights the confidence and support institutions have for Blackham's future gold production strategy.

Blackham has also been attracting broker attention. Earlier in the month, stockbroker BW Equities increased its price target to $0.75 a share. Canaccord Genuity has a target of $0.80 a share.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Mon, 14 Mar 2016 10:00:00 -0400 https://www.proactiveinvestors.com/companies/news/150739/blackham-resources-ltd-pockets-a203m-in-oversubscribed-raising-67489.html
<![CDATA[News - Blackham Resources Ltd enters trading halt ]]> https://www.proactiveinvestors.com/companies/news/150738/blackham-resources-ltd-enters-trading-halt--67424.html Blackham Resources Ltd (ASX:BLK) has entered a trading halt regarding a capital raising as it steps closer to production at the Wiluna Processing Facility.

A definitive feasibility study for its Matilda gold project near Wiluna in Western Australia revealed the project could have one of the fastest paybacks of capital amongst its Western Australian development peers.

The DFS has provided a mine life of 7+ years, with substantially improved mining inventory.

Underpinned by a large tenement position and a growing gold resource Blackham will likely emerge in the September quarter of 2016 as a producer of over 100,000 ounces of gold per year with the potential to grow both mine life and production.

The trading halt is requested until the commencement of trading on Monday, 14 March 2016.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Thu, 10 Mar 2016 12:30:00 -0500 https://www.proactiveinvestors.com/companies/news/150738/blackham-resources-ltd-enters-trading-halt--67424.html
<![CDATA[News - Blackham Resources Ltd: Broker increases price target on Matilda DFS ]]> https://www.proactiveinvestors.com/companies/news/150737/blackham-resources-ltd-broker-increases-price-target-on-matilda-dfs-67373.html Blackham Resources Ltd (ASX:BLK) has received a buy rating and an increased price target of $0.75 from stockbroker BW Equities.

The price target reflects a 54% premium to the recently traded price and is based on a risked NPV derived from the brokers DCF model of the Matilda Gold Project assuming an eight year mine life.

Shares in Blackham last traded at $0.49. The following is an extract from the report.


Study adds significant mine life and improves quality of mining inventory - Further Upside Exists


Investment Summary

Blackham Resources has completed a Definitive Feasibility Study (DFS) on the Matilda Gold Project and is another step closer to recommencing production at the Wiluna Processing Facility.

The DFS has provided a mine life of 7+ years, with substantially improved mining inventory.

Underpinned by a large tenement position and a growing gold resource Blackham will emerge in the September qtr 2016 as a producer of over 100,000 ozs of gold per year with the potential to grow both mine life and production.


Investment Highlights

- BW valuation lifted to 75 cents per share based on 8 years mine life and AUD $1600 gold price.

- Recent drilling is not yet in mine plan. Ongoing drilling will expand Resources and Reserves increasing mine life towards ten years with the real possibility of increasing gold output in the medium term from a potentially large at Matilda with the addition of several new gold loades identified as yet unexplored.

- On track for gold production in September Quarter 2016 to re-establish >100,000ozpa gold production.

- Tenements of 780km2 surrounding the Wiluna Processing Facility with a total gold resource of 4.7million oz.



Valuation Change

Following Blackhams release of the Definitive Feasibility Study at the Matilda Gold Project we have revised our DCF valuation at A$1600 per ounce gold price on a fully diluted after tax basis, net of the project debt to $0.75 (75 cents) per share.

This includes modest upside from the stated DFS to 8 years life coming from the recent drilling announced at Matilda. Timing for this value to be realised is progressive share price increase as the company moves to plant commissioning in about August this year. We have applied a discount of 15% to the valuation to allow for commissioning risk. However, valuation is still expected to rise prior to commissioning as Blackham announces additional mine life from ongoing drilling.



Investment Recommendation

BUY Rating on an increased price target of $0.75

Our price target reflects a 54% premium to the recently traded price and is based on a risked NPV derived from our DCF model of the Matilda Gold Project assuming an eight year mine life.

Risks associated with the Matilda Gold Project are rapidly reducing as DFS work together with ongoing drilling progresses. Redevelopment is fully funded and the target price is based on the completion of Blackham Board approval to formally commence engineering work for recommencement of production.

The DFS demonstrates that re-commencement of gold production with a low capital cost refurbishment of the Wiluna Processing Facility can be achieved by September 2016.

Resource drilling is ongoing. Recently announced results not in the DFS will add to the mine life as resources continue to be upgraded prior to production start.

BW expects that by the time production re-starts later this year the mine life will be at close to ten years and growing.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Tue, 08 Mar 2016 08:30:00 -0500 https://www.proactiveinvestors.com/companies/news/150737/blackham-resources-ltd-broker-increases-price-target-on-matilda-dfs-67373.html
<![CDATA[News - Blackham Resources: Broker increases share price target ]]> https://www.proactiveinvestors.com/companies/news/150736/blackham-resources-broker-increases-share-price-target-67297.html Blackham Resources (ASX:BLK) has received an increased share price target of $0.80 (previously $0.75) from Canaccord Genuity (Australia).

Shares in the company last traded at $0.48. The following is an extract from the report.


DFS confirms project viability

BLK has released a DFS for its Matilda gold project, with majority of the key outcomes in line with our previous assumptions.

We expect the company to commence commissioning the project late in the SepQ'16, and ramp up to a sustainable production profile of ~100kozpa for 6 years.

In our view, the project's low capex and short timeline to production continues to offer exceptional leverage to favorable A$ gold prices and the current sector tailwinds.

Our valuation for BLK has increased modestly to A$0.80/sh and we maintain our SPECULATIVE BUY recommendation.


Few surprises in the DFS.

Outcomes from the DFS are mostly in line with our expectations, which were based on the Oct'15 PFS and subsequent drilling programs.

BLK has outlined a 7 year mine life, with 6 years sustainable at ~100kozpa, representing ~1 additional year of meaningful production on top of our previous forecasts.

Capex increased slightly from A$28m to A$32m, and forecast LOM AISC's were higher than our prior estimate of A$1,120/oz at A$1,160/oz.

Our estimates suggest that once at running nameplate, the Matilda gold project can generate an average EBITDA of A$82m pa, comfortably allowing BLK to service its debt requirements within the first 2 years, fund the refurbishment of the BIOX plant and maintain an aggressive exploration budget.


Exploration to drive upside.

BLK has a number of drilling programs ongoing which have yet to be included in the current mine plan.

In particular, we highlight the extensional program north and south of the M4 pit and the underground drill out at Golden Age as offering potential additions to ore supply for the current 3 year oxide/free milling strategy.

We note however, that funding capacity for exploration prior to production and cashflow looks limited on our numbers, and without accessing additional capital, BLK will only be able to maintain a modest drilling program.

We continue to see exploration as a key value driver underpinning our investment thesis.

Delineation of additional oxide/free milling resources and reserves that can defer the transition to the sulphide milling strategy offers a lower risk, more profitable investment proposition in our view.


Awaiting final permits for the debt to be released.

As part of BLK's secured project financing facility, Orion Mine Finance requires completion of the DFS and all remaining permits being received for the Matilda gold project.

At this stage, BLK has submitted the Notice of Intent to Mine (main approval to commence operations) and expects final approvals in the MarQ'16.

This will release the remaining A$23m financing facility, and see the company announce a formal development decision.

BLK has indicated that first gold can be poured within 6 months of this decision.


Valuation

Our A$0.80/sh price target (previously A$0.75/sh) has increased slightly resulting from a refined mine plan and capex profile.

Our valuation is underpinned by the Matilda gold project (NPV10%) net of corporate and other adjustments.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Wed, 02 Mar 2016 12:00:00 -0500 https://www.proactiveinvestors.com/companies/news/150736/blackham-resources-broker-increases-share-price-target-67297.html
<![CDATA[News - Blackham Resources’ low-cost Matilda gold heads for near-term cashflow ]]> https://www.proactiveinvestors.com/companies/news/150735/blackham-resources-low-cost-matilda-gold-heads-for-near-term-cashflow-67174.html Blackham Resources’ (ASX:BLK) definitive feasibility study for its Matilda gold project near Wiluna in Western Australia reveals robust near-term cashflows, benefiting substantially from the strong Australian dollar gold price as well as strong inherent project metrics.

Matilda could be in production as early as the second half of 2016.

Blackham managing director Bryan Dixon said: “Matilda is the most capital efficient, nearest term producer and has the shortest payback amongst its Western Australian development peers.

“The drill programmes at Matilda and Golden Age are ongoing with the aim of improving the length, quality and sustainability of the mine life. It is an exciting time as Blackham implements its low-risk execution plan to become Western Australia’s next gold producer,” he said.

The definitive feasibility study highlights Matilda’s robust economics including a low capital requirement, short timeframe to production, fast payback and operating costs that are in line with its Western Australian peers.

The very low capex required for the project is due to the substantial plant and infrastructure at site and the minor plant refurbishments required to restart the project.

During the definitive feasibility process, an additional 2.5 years was added to the mine life from the pre-feasibility, which results in a significant improvement in the project’s economics.

The definitive feasibility study’s mining Inventory contains 8.3 million tonnes at 2.9g/t for production of 668,000 ounces of gold recovered over seven years and three months. The mineral inventory under the definitive feasibility has grown 203,000 ounces from the pre-feasibility study (increase of 44%).

Since finalising the resources contained in the definitive feasibility study, Blackham has continued drilling at Matilda, Golden Age and Bulletin with the aim of improving the quality and quantity of the reserve ounces. Further reserve re-estimates are expected before production.


Highlights panel:

Highlights include:
- Mining inventory 8.3 million tonnes at 2.9g/t for 767,000 ounces
- Reserves of 6.1 million tonnes at 2.5g/t for 481,000 ounces
- Initial life of mine more than seven years
- Average annual production 101,000 ounces per annum over the first five years
- Life of mine C1 cash costs A$850 per ounce or US$600 per ounce
- Annual EBITDA at $1,600/oz A$58 million (year one) and A$62 million (five-year average)
- Pre-production capital costs A$32 million
- Project cash flow A$234 million
- NPV 7% before corp and tax A$170 million
- Payback 12 months
- IRR before corp and tax 150% all at A$1,600 per ounce or US$1,207 per ounce
- Rapid low capital pathway to gold producer within six months
- Ore reserve estimate of 481,000 ounces (pre-feasibility study 270,000 ounces) demonstrates very high conversion of mineral inventory into reserves
- DFS adds two years of mine life enabling sustainable ongoing production
- Project implementation underway


Analysis

The metrics contained in the definitive feasibility study for Matilda gold mine released today indicate a capital efficient, low-risk, fast payback period on a sturdy 100,000-plus ounce per annum gold mine with substantial upside for the discovery of more ounces.

The definitive feasibility study was based on a A$1,600 gold price, and if a A$1,700 price was used EBITDA would increase from $62M - $72M and boost the IRR from 150% to 211%.

The low CAPEX due to previous investment in plant enables a fast path to a (largely) de-risked production outcome in 2016.

Based on the study results and also the strong AUD gold price, the Blackham share price should continue its growth trajectory.

Earlier this week, Blackham received a speculative buy and A$0.75 target from broker Canaccord Genuity.

Shares in Blackham last traded at $0.48, a figure which is double the value if its shares at the start of 2016.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Wed, 24 Feb 2016 13:00:00 -0500 https://www.proactiveinvestors.com/companies/news/150735/blackham-resources-low-cost-matilda-gold-heads-for-near-term-cashflow-67174.html
<![CDATA[News - Blackham Resources: Speculative buy and A$0.75 target from broker ]]> https://www.proactiveinvestors.com/companies/news/150734/blackham-resources-speculative-buy-and-a075-target-from-broker-67156.html Blackham Resources (ASX:BLK) has received a speculative buy from broker Canaccord Genuity, with a target price of A$0.75.

Blackham was trading at A$0.43 when the report was released this week. The following is an extract.


Waltzing Matilda - The Encore

We believe Blackham Resources is poised to be Australia's next ~100kozpa gold producer, with its Matilda gold project set to come on line in the 2H 2016.

The company's consolidated landholding in the Wiluna district of Western Australia benefits from existing infrastructure allowing for a low capex, quick transition into production.

Positive sentiment continues to provide good tailwinds for the Australian gold sector, and we believe this will help drive a re-rate in BLK's share price as it transitions into production and cash flow.

We initiate coverage with a SPEC BUY recommendation and A$0.75/sh price target.


Highlights:

Definitive Feasibility Study (DFS) due imminently

BLK is in the final phases of a DFS on its Matilda gold project, with outcomes expected in late February 2016.

We have currently assumed a conservative production profile, based on PFS (October 2015) outcomes and interpretations of subsequent exploration results, which underpins a production profile of ~100kozpa at an AISC of A$1,120/oz for 5 years.

BLK is pursuing an oxide and free-milling strategy, which we believe is sustainable for 3 years based on current resources before transitioning to a higher grade sulphide ore strategy.

Following the DFS, we expect to see a formal development decision, which should see first gold production within 6 months.


Exploration potential across the landholding

With limited access to capital over the past few years, BLK has run a targeted exploration program with a view to building free milling gold reserves.

Once in cash flow, we expect BLK to significantly ramp up exploration activity on many of the prospective targets across the landholding.

We see ongoing exploration success, particularly with respect to high grade Quartz Reef material, as a key value driver for BLK.

Ultimately, we expect our assumed production schedule to evolve both in terms of scale and mine life as further resources are delineated.


Low capex and short timeline to production

An engineering review of the existing Wiluna plant estimates refurbishment capital at A$17m, including a new gravity circuit and extension to the tailings dam.

In addition, A$11m will be allocated for pre-production mining and working capital.

At the end of the DecQ'15, BLK had cash on hand of A$9.5m, which together with an undrawn finance facility of A$23m provides adequate funding for the capital development.


Sulphide resource an option for down the track

BLK has a total resource base of 4.7Moz, with 3.3Moz classified as Wiluna Sulphides.

While not part of the immediate production strategy, we note that BLK's processing facility has an existing BIOX circuit which for minimal capex (CG est. ~A$10m) could be utilised to treat ore from this considerable resource base.

At this stage, we have modeled 2 years of production from the sulphide resource base but highlight the good potential for extensions beyond our current assumptions.


Valuation

Our A$0.75/sh price target is underpinned by the Matilda gold project (NPV10%) net of corporate and other adjustments.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 23 Feb 2016 13:00:00 -0500 https://www.proactiveinvestors.com/companies/news/150734/blackham-resources-speculative-buy-and-a075-target-from-broker-67156.html
<![CDATA[News - Blackham Resources discovers more gold lodes at Matilda Gold Project ]]> https://www.proactiveinvestors.com/companies/news/150733/blackham-resources-discovers-more-gold-lodes-at-matilda-gold-project-67133.html Blackham Resources (ASX:BLK) has discovered more gold lodes from the latest drilling program at the Matilda Gold Project in Western Australia.

The reverse circulation campaign covered 24 holes for 1775 metres, and identified two new highly prospective lodes.

Highlights include: 20 metres at 1.81 g/t gold from 22 metres; and 7 metres at 4.71 g/t gold from 42 metres.

M10 East shoot infill drilling includes: 9 metres at 2.78 g/t gold from 19 metres.

Also, a highly anomalous air-core sterilisation composite results reveal new gold lode: 16 metres at 0.61 g/t gold from 32 metres; and 16 metres at 1.16 g/t gold from 60 metres.

The Matilda Mine is 19 kilometres by existing haul road from the Wiluna Gold Plant and will provide the base load open pit feed the plant has not had since the early 1990’s.

The Matilda mineralisation is soft, deeply weathered oxide with a number of stacked loads that often repeat along strike and down plunge.


Matilda Mine metrics

The Matilda Mine resources totals: 12.9 million tonnes at 1.8g/t gold for 724,000 ounces, with 61% indicated.

The Blackham mining team and consultants have finalised the DFS pit designs and updated reserves are imminent.


Matilda Gold Project metrics

In total, the Matilda Gold Project hosts 45 million tonnes at 3.2g/t gold for 4.7 million ounces, with 49% in the higher confidence Indicated category.

All within a 20 kilometres of the company's wholly-owned Wiluna gold plant.


Analysis

Blackham has a clear strategy to become Western Australia’s next +100,000 gold ounce per annum producer, with production to commence mid-2016 from oxides and high grade free milling reefs.

The plan includes a low risk start up with soft free milling ore will be used to repay debt, while exploration continues on high grade reefs and base load ore.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 22 Feb 2016 13:20:00 -0500 https://www.proactiveinvestors.com/companies/news/150733/blackham-resources-discovers-more-gold-lodes-at-matilda-gold-project-67133.html
<![CDATA[News - Blackham Resources lifts ounces, confidence of Williamson gold resource ]]> https://www.proactiveinvestors.com/companies/news/150732/blackham-resources-lifts-ounces-confidence-of-williamson-gold-resource-66976.html Blackham Resources (ASX:BLK) has delivered an upgrade in resources at the Williamson Mining Centre, which forms part the company's Matilda Gold Project in Western Australia.

Blackham has a clear strategy to become Western Australia’s next +100,000 gold ounce per annum producer, with production to commence mid-2016 from oxides and high grade free milling reefs.

The plan includes a low risk start up with soft free milling ore will be used to repay debt, while exploration continues on high grade reefs and base load ore.

Blackham has a 1.3 million tonne per annum plant and associated infrastructure, which is the key to unlocking the value from Matilda.

Currently the company has a 4.7 million gold ounce resource and a 780 square kilometre footprint in Australia’s biggest gold belt.


Williamson resource estimate

The new Williamson resource estimate (including the Williamson South Deposit) is 7.1 million tonnes at 1.6g/t gold for 360,000 ounces. In the Indicated category, is 3.3 million tonnes at 1.62g/t gold for 171,000 ounces.

The increased confidence in the Williamson block model was the result of the inclusion of 5 diamond and 41 reverse circulation holes that were drilled in late 2015.

The Williamson/Lake Way area is expected to be an important source of base load free milling ore to extend the mine life of the project.

Williamson is a bulk-tonnage gold deposit with geological similarities to Thunderbox (Saracen Mineral Holdings) and Gruyere (Gold Road Resources) elsewhere in the Yilgarn region.

The company has recently measured and analysed a low-grade stockpile containing 100,000 tonnes at 1.4g/t gold for 4,500 ounces.

This material is ready for haulage and early production of gold.

The Williamson Gold Mine is located 26 kilometres south of the Wiluna Gold Plant and is situated on an extension of the Wiluna Mine Sequence under the shallow alluvial cover of Lake Way.


Analysis

Blackham has been one of the best performing stocks on the ASX over the past 12-months.

Shares hit $0.50 today, which is around six times higher than the same time one year ago.

Blackham remains one of Proactive Investors top gold picks for 2016.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Thu, 11 Feb 2016 12:00:00 -0500 https://www.proactiveinvestors.com/companies/news/150732/blackham-resources-lifts-ounces-confidence-of-williamson-gold-resource-66976.html
<![CDATA[News - Blackham Resources jumps 61% this year as gold production beckons ]]> https://www.proactiveinvestors.com/companies/news/150731/blackham-resources-jumps-61-this-year-as-gold-production-beckons-66858.html Blackham Resources (ASX:BLK) shares have been on a tear in 2016 with a 61% gain, closing yesterday at $0.355.

Blackham has a clear strategy to become Western Australia’s next +100,000 gold ounce per annum producer, with production to commence mid-2016 from oxides and high grade free milling reefs.

The plan includes a low risk start up with soft free milling ore will be used to repay debt, while exploration continues on high grade reefs and base load ore.

Currently the company has a 4.7 million gold ounce resource and a 780 square kilometre footprint in Australia’s biggest gold belt.

The game-changer for Blackham is its 1.3 million tonne per annum plant and associated infrastructure, which is the key to unlocking the value from the company's Matilda Gold Project.

There is a huge opportunity of the Wiluna sulphides resource of 3.3 million ounces at 4.6g/t gold, as the PFS demonstrated East West sulphides are economic at an all-in-sustaining-cost of <A$1100 an ounce.

With gold in Australian Dollars just shy of A$1600 an ounce, the metrics are compelling.


Drilling underway

Blackham is currently drilling a 4500 metre reverse circulation program at the Matilda Mine to upgrade Inferred lodes to Indicated as identified within the DFS pit optimisation.

Drilling is also as targeting further repeating and stacked lodes along the 7 kilometres of strike.


Analysis

Blackham remains one of Proactive Investors top gold picks for 2016.

On January 19 we wrote:

"With the Blackham share price at $0.24, market cap. of circa A$50 million; this still underscores the mis-pricing of the stock.

"We expect the Blackham share price climb to accelerate in the lead up to plant recommissioning."

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Thu, 04 Feb 2016 11:30:00 -0500 https://www.proactiveinvestors.com/companies/news/150731/blackham-resources-jumps-61-this-year-as-gold-production-beckons-66858.html
<![CDATA[News - Blackham Resources boosts Measured and Indicated resources at Matilda Mine ]]> https://www.proactiveinvestors.com/companies/news/150730/blackham-resources-boosts-measured-and-indicated-resources-at-matilda-mine-66782.html Near term gold producer Blackham Resources (ASX:BLK) has further enhanced the credentials of its wholly-owned Western Australia based gold assets.

The Matilda Mine Resources has increased to 12.9 million tonnes at 1.8g/t gold for 724,000 ounces, and importantly 61% is in the higher confidence Measured and Indicated categories. DFS mining studies are also well advanced for the mine.

The Matilda Mine occurs within the highly prospective Coles Shear and its mineralisation is mainly soft, deeply weathered oxide, while being located 19 kilometres by existing haul road from Blackham’s Wiluna Gold Plant.

The Matilda Mine is part of the Matilda Gold Project.

The project now boasts 45 million tonnes at 3.3g/t gold for 4.7 million ounces,  all within a 20 kilometre radius of the Wiluna Plant.

Measured and Indicated resources now total 20 million tonnes at 3.5g/t gold for 2.3 million ounces, representing 49% of the total resource.

The plant is capable of over 100,000oz pa gold production.

Bryan Dixon, managing director, commented: "The increase in the Measured and Indicated resources at the Matilda Mine gives us further confidence that the Matilda Mine will keep growing.

"We continue to find repeat and stacked lodes along the deeply weathered Matilda system.

"The Matilda Mine is shaping up as an important source of base load free milling ore to re-commission the Wiluna Gold Plant.”


Next steps

Blackham outlined that the next steps include DFS mining studies which are well advanced on the updated resource at the Matilda Mine.

Additional drilling is planned to infill and extend M4 Pit Further north and south, and both the M10 starter pit and M4 main pit increase in size

These already indicate the shallow mineralisation at Iceberg 2 and Scorchers immediately to the north and south of the M4 Pit influence the optimisations to extend in each direction.

Also recent drilling at M3 and M1 South has pushed these pits wider and deeper.
Currently 90% of the in-pit resource is in the Measured and Indicated categories giving solid confidence in the resources.


Drilling underway

Blackham is currently drilling a 4500 metre reverse circulation program at the Matilda Mine to upgrade Inferred lodes to Indicated as identified within the DFS pit optimisation.

Drilling is also as targeting further repeating and stacked lodes along the 7 kilometres of strike.


Analysis

Blackham will become Western Australia’s next +100,000oz pa producer with production targeted mid-2016, and the 1.3Mtpa plant and associated infrastructure unlocks the value of the Matilda Gold Project.

The PFS confirms robust economics with a low-risk start up strategy, as the company works towards a 10 year mine life across four large geological systems.

Shares in Blackham last traded at $0.30, which is three times higher than a year ago, but the market cap remains low at circa A$60 million, or A$14/resource ounce.

 

Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Mon, 01 Feb 2016 09:20:00 -0500 https://www.proactiveinvestors.com/companies/news/150730/blackham-resources-boosts-measured-and-indicated-resources-at-matilda-mine-66782.html
<![CDATA[News - Blackham Resources grows nuggetty gold resource as mill readies ]]> https://www.proactiveinvestors.com/companies/news/150729/blackham-resources-grows-nuggetty-gold-resource-as-mill-readies-66703.html Blackham Resources' (ASX:BLK) nearly recommissioned gold plant in Western Australia is set to benefit from major increases in potential feedstock as the company's Matilda project posts a healthy resource upgrade.

Exploration work at the project's high-grade quartz reef area has resulted in a 21% increase in total resources at the Golden Age and Galaxy deposits to 1.8 million tonnes at 3.6g/t gold for 216,000 ounces of gold.

Resources in the indicated category within these deposits improved 41% to 750,000 tonnes at 4.1g/t gold for 99,000 ounces of gold.

The Golden Age middle zone, where Blackham intends to commence mining, contains a high grade resource of 185,000 tonnes at 9g/t for 53,000 ounces of gold sitting just off the existing mine development.

When the top cut is removed, the average resource grade increases to 15.3g/t gold for 90,900 ounces of uncut resource at the deposit, which will be an important free milling source of ore in the first 2 to 3 years of the Matilda mine plan.

Golden Age and Galaxy are the first of a number of high-grade prospects stretching over at least 15 kilometres of strike that are being evaluating as sources of moderate to high grade feed for the Wiluna plant, which is expected to undergo recommissioning in mid-2016.

Recent Definitive Feasibility Study metallurgical studies for Golden Age and Galaxy confirmed strong results with gravity and cyanide leach recoveries ranging from 93% to 96%.

DFS gravity results in the Golden Age ore have shown 17% gravity recoveries while DFS gravity results on the Galaxy ore shown 4% to 21% gravity recoveries.
 
PFS gravity recoveries were as high as 82% demonstrating the nuggetty nature of the orebody.

Matilda resources now total 44 million tonnes at 3.3g/t gold for 4.7 million ounces of gold, with a measured and indicated component of 20 million tonnes at 3.5g/t gold for 2.2 million ounces of gold.


Recent activity

New resource improvements and metallurgical study milestones at Matilda have built on a number of recent exploration successes at the site, including confirmation earlier this month of high-grade ore in the base of the M10 pit with 6.8 metres at 12.6g/t gold and 1.6 metres at 11.4g/t gold.

M10 is at the start of the Pre-Feasibility Study (PFS) mining schedule and is located only 1.5 kilometres south of the main Matilda mining area.

Previous drilling at the pit has also returned high grades, including 4 metres at 5.16g/t gold and 4 metres at 8.45g/t gold.

Also, recent drilling in the quartz reef area that encompasses Golden Age and Galaxy has demonstrated gold mineralisation below the initial open pit design with 3.1 metres at 9.6 g/t gold, 3.1 metres 2 g/t gold and 0.7 metres at 8.52 g/t gold.

Although this area is initially proposed as for open pit operations, the confirmation of mineralisation at depth supports PFS results which contemplated underground mining as well.


Analysis

The inventory improvements at Matilda are expected to significantly enhance DFS mining study outcomes in the near term.

Importantly, all of the resources defined to date a Matilda are within 20 kilometres of the Wiluna plant, which is set for recommissioning in mid-2016.

The Golden Age and Galaxy resources are both important sources of high grade free milling ore for the initial years of Matilda plan, with Golden Age already benefiting from all the required underground infrastructure.

From the mining and processing studies conducted to date, the high grades and strong recoveries from these orebodies plus the base load Matilda ore will provide important cash flow to quickly payoff the low capital cost needed to recommission the plant.

Average annual production at Matilda is planned at 98,000 ounces with life-of-mine all-in sustaining costs of A$1,150 an ounce.

At this rate, the operation would generate gross revenue of A$720 million at a gold price of A$1,550 an ounce.

Even more immediate price catalysts for Blackham exist in ongoing Golden Age and Galaxy drilling which is expected to further grow the mine plan prior to production.

Blackham has commenced a further 2,700-metre underground drill program into the Golden Age orebody with the aim of extending the resource further east along strike to add further high-grade ore into the mine plan.

Growth is likewise possible at other priority quartz reef targets within the broader Matilda area including Republic, Brothers, Caledonian, the Lake Way Reef and Golden Age Offset.



Proactive Investors is a global leader reporting financial news, media, research and hosts events for listed emerging growth companies and investors across four continents.

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Mon, 25 Jan 2016 13:17:00 -0500 https://www.proactiveinvestors.com/companies/news/150729/blackham-resources-grows-nuggetty-gold-resource-as-mill-readies-66703.html
<![CDATA[News - Blackham Resources drills Matilda as major gold milestones beckon ]]> https://www.proactiveinvestors.com/companies/news/150728/blackham-resources-drills-matilda-as-major-gold-milestones-beckon-66627.html Blackham Resources (ASX:BLK) has found high grade gold from drilling at Matilda Project in Western Australia as recommissioning of the Wiluna Plant is expected to start mid 2016.

The high grade ore was confirmed in the base of the M10 pit from drilling of 6.8 metres at 12.6 g/t gold and 1.6 metres at 11.4g/t. This should add to ore reserves and position Matilda as a source of base load oxide feed for the Wiluna Plant.

Blackham’s managing director, Bryan Dixon said, "The Wiluna Gold Plant (the 100% owned by Blackham) has not had a base load oxide feed for many years which gives Blackham a very significant comparative advantage over previous operators."

The Matilda resource re-estimation is well advanced.

The Definitive Feasibility Study is expected to be completed in February 2016 based on a re-design of the expanded pit sizes expected at the Matilda Mine.

The Matilda Gold Project has a 4.7 million ounce gold resource all within a 20 kilometres radius of the Wiluna gold plant with an average throughput of1.3 million tonnes per annum to produce over 100,000 ounces of gold per annum.

The base load Matilda ore will be supplemented with high grade quartz reefs for an estimated average feed grade of 2.8g/t gold.

Resource extensional drilling at Matilda, Golden Age and Galaxy is ongoing toward growing the mine life further prior to starting production.


High grade gold confirmed in the base of the M10 pit

The Matilda M10 orebody is at the start of the Pre Feasibility Study mining schedule and is located 1.5 kilometres south of the main Matilda Mining area.

The current drill results highlight the high grade ore in the hinge of the M10 antiform 6.8m at 12.6 g/t and 1.6m at 11.4g/t gold.

Previous drilling at M10 had also returned high grades: 4m at 5.16g/t and 4m at 8.45g/t gold.

M10 is a new pit with ore coming to surface allowing a low development cost to access the ore.


Pit size to increase

DFS metallurgical test work has confirmed very strong 98-99% recoveries including 27% gravity recovery.

The combination of drilling success, higher process recoveries and lower processing cost is likely to significantly increase the size of the M10 pit.


Matilda M3 & M4 orebodies continue to grow

The current diamond drilling has also highlighted a high grade core within M4 that may be amenable to underground mining.

Results from M4 included:

- 35.8m at 1.85g/t from 130m
- 14m at 3.26g/t from 87m
- 24m at 1.78g/t from 83m
- 1.7m at 11.6g/t from 35m

M4 now includes a large 1.5 kilometre long open pit that continues to grow along strike with the discovery of new high grade lodes. Significantly the M4 orebody is still open to the north, south and at depth.


M3 Pit expected to go deeper

Drilling beneath the M3 orebody has previously returned a scorcher high grade hit of 10 metres at 8.93 g/t gold from 91 metres. This intercept is positioned less than 10 metres below the base of the PFS Pit Design and remains open down-plunge.

From this drilling the M3 pit is expected to go deeper merging into both the M4 and M1 pits reducing the combined stripping ratio in this area and improving the economics of the Matilda orebodies.


Matilda PFS

The Matilda Mine PFS resources totalled 12.5 million tonnes at 1.8g/t for 705,000 ounces. The Matilda Mining Centre is intended as a base load feed of soft oxide ore for up to 1.7 million tonnes per annum through the Wiluna gold plant.


Analysis

With the Australian gold sector well favoured among investors, forward momentum for well funded Blackham is accelerating as targeted drilling has identified high grade ore feed for Blackham's Wiluna Plant.

Significant share price drivers are in sight:

- Definitive Feasibility Study expected to be completed in February 2016
- Matilda resource re-estimation is well advanced and
- Recommissioning of the Wiluna Plant which is expected to start mid 2016.

Funding from Orion Mine Finance ensures Blackham is financed to advance the Matilda Gold Project into production.

With production targeted for mid 2016, the AUD exchange rate mitigates project risk and underscores the robustness of the Matilda project economics and the undervaluation equation of Blackham shares.

Previous PFS Economics
- Capex $28M
- NPV A$124M or $0.62 per share
- IRR 105%

On a comparative ranking of gold producers, Blackham sits low on the curve with an EV/Resource of just A$11/oz, well below the average of $66/oz.

With the Blackham share price at $0.24, market cap. of circa A$50M; this still underscores the mis-pricing of the stock. We expect the BLK share price climb to accelerate in the lead up to plant recommissioning.

 

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 19 Jan 2016 11:35:00 -0500 https://www.proactiveinvestors.com/companies/news/150728/blackham-resources-drills-matilda-as-major-gold-milestones-beckon-66627.html
<![CDATA[News - Blackham Resources hits more high-grade gold, plans extensions at depth ]]> https://www.proactiveinvestors.com/companies/news/150727/blackham-resources-hits-more-high-grade-gold-plans-extensions-at-depth-66571.html Blackham Resources (ASX:BLK) is sharpening its outlook as a near-term producer with more encouraging drilling results from the high-grade quartz reef at its Matilda operations in Western Australia.

The latest results at the Galaxy deposit have demonstrated gold mineralisation below the initial open pit design with 3.1 metres at 9.6 g/t gold, 3.1 metres 2 g/t gold and 0.7 metres at 8.52 g/t gold.

These assays represent the completion of Definitive Feasibility Study drilling at Galaxy, where metallurgical testwork has now confirmed the free milling nature of the ore with recoveries up to 96%.

Galaxy remains open at depth, and a follow up 800-metre reverse circulation program is due to begin next week to test Galaxy’s potential as an underground mining target.

Underground extensional drilling is also planned to begin next week at the Golden Age orebody, where initial drilling established an average composite grade of 83g/t gold in the middle portion of the deposit.

This area of Golden Age also previously returned 5.1 metres at 198 g/t gold from 173 metres, including 0.8 metres at 1,148 g/t gold from 177 metres.

More new action at the 15-kilometre quartz reef has included maiden drilling results from the Caledonian area which is located on a mining lease 5 kilometres from the Wiluna gold plant by existing haul roads.

Drilling highlights at the prospect included 4 metres at 7.97 g/t from 57 metres, 1 metres at 5.82 g/t from 63 metres and 1 metre at 5.32 g/t from 77 metres.

An upcoming resource re-estimation in the broader area is expected to allow for fast-tracked production through Wiluna, which is capable of processing 1.3 million tonnes of material per annum for 100,000 ounces of gold.

Matilda resources currently total 44 million tonnes at 3.3 g/t gold for 4.7 million ounces, all within a 20-kilometre radius of the plant.


Analysis

The latest drilling provides further confidence in the Galaxy orebody and its extensions at depth.

This bodes well for a resource upgrade in the near term, which could accelerate production plans at Matilda.

Blackham’s recent Pre-Feasibility Study confirmed the economics of Galaxy and Golden Age as high grade orebodies suitable for open pit and underground mining with good metallurgical recoveries.

Price catalysts for Blackham include the imminent extensional drilling at Galaxy and Golden Age.

Interestingly, Golden Age is the only one of these high-grade reefs which has had significant drilling below 100 metres despite many of them having extensive historic underground workings.

Funding for Blackham’s immediate development ambitions has been supported recently by the early drawn down of $7 million on its $30 million undrawn debt facility with mining-focused investment business Orion Mine Finance.

These funds are expected to fast-track production at Matilda, where average annual production is planned at 98,000 ounces with life-of-mine all-in sustaining costs of A$1,150 an ounce.

At this rate, the operation would generate gross revenue of A$720 million at a gold price of A$1,550 an ounce.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 14 Jan 2016 11:46:00 -0500 https://www.proactiveinvestors.com/companies/news/150727/blackham-resources-hits-more-high-grade-gold-plans-extensions-at-depth-66571.html
<![CDATA[News - Blackham Resources' delivers width and high-grade gold at Williamson ]]> https://www.proactiveinvestors.com/companies/news/150726/blackham-resources-delivers-width-and-high-grade-gold-at-williamson-66369.html Blackham Resources' (ASX:BLK) latest drilling results from the Williamson deposit are impressive, delivering width and high-grade gold.

Williamson is part of Blackham's Matilda Gold Project, which currently hosts 44 million tonnes at 3.3g/t gold for 4.7 million ounces.

Blackham already has a clear plan for Williamson, which is intended to act as a base load feed of free-milling ore for the 1.3Mtpa Wiluna Gold Plant.

The DFS is expected to be completed by Q1, 2016.

Blackham is targeting production by Q2, 2016.


New high grade oxide lode extensions at Williamson

Blackham recently completed 22 reverse circulation holes, which extended the new shallow high-grade zone of oxide mineralisation along the western (footwall) flank of Williamson.

The program also added confidence and extended the Williamson main lode resource at the base of the pit design.

The drilling in this area is now likely to support an Indicated resource classification.


Results: High-grade

- 1 metre at 30.9g/t gold from 49 metres; and 3 metres at 6.65g/t gold from 58 metres;
- Extends high grade mineralisation south of recently reported 2 metres at 95.14g/t gold from 33 metres; and
- New oxide gold lode remains open to north and south and down dip.


Results: Width

- 29 metres at 1.81g/t gold; and 6 metres at 1.93g/t gold;
- 16 metres at 1.4g/t gold;
- 14 metres at 1.16g/t gold; and 13 metres at 1.11g/t gold; and
- 13 metres at 0.87g/t gold; and 8 metres at 0.97 g/t gold.


Analysis

Today's results are expected to expand and add further confidence to the free milling, open pit mining inventory prior to the planned recommissioning of the Wiluna Gold Plant in 2016.

The Williamson/Lake Way area is expected to be an import source of base load ore to extend the mine life of the project.

Williamson is a bulk-tonnage gold deposit with geological similarities to Saracen's (ASX:SAR) Thunderbox and Gold Road Resources' (ASX:GOR) Gruyere, which are located elsewhere in the Yilgarn region.

Initial oxide gravity results in the Williamson oxide confirmed 65 to 71% gravity recoveries and total recoveries of 98.3 to 99.5% after 24 hours of leaching.

The Wiluna plant is capable of producing circa 100kozpa.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 29 Dec 2015 09:20:00 -0500 https://www.proactiveinvestors.com/companies/news/150726/blackham-resources-delivers-width-and-high-grade-gold-at-williamson-66369.html
<![CDATA[News - Blackham Resources on the fast-track to gold production at Matilda ]]> https://www.proactiveinvestors.com/companies/news/150725/blackham-resources-on-the-fast-track-to-gold-production-at-matilda-66024.html Blackham Resources (ASX:BLK) has agreed an early drawn down of $7 million on its $30 million undrawn debt facility with Orion Mine Finance, with the funds to fast-track the wholly-owned Matilda Gold Project towards production.

Earlier in the year, a A$38.5 million funding package was agreed with Orion on which A$15.5 million has either been received, or a drawdown notice issued.

Orion is a mining-focused investment business with circa $1.85 billion under management.

Funds will be allocated to; ordering long lead items; initial plant and infrastructure refurbishment; additional drilling aiming at extending the reserves and mine life inventory; and completion of the Definitive Feasibility Study (DFS) by January 2016.

Recently, Blackham delivered a Preliminary Feasibility Study (PFS) which confirmed the robust economics Matilda.

The PFS was based on a current Matilda resource inventory of 4.7 million ounces of gold at 3.3g/t gold.

Bryan Dixon, managing director for Blackham, commented:

“Blackham is pleased to have agreed with Orion the early drawdown of funds under the debt facility.

"A lot of the DFS work programmes have been completed.

"The early drawdown of these funds allows the Blackham team to look beyond the studies and begin the first stages of development work.

"Starting the refurbishment of the plant and infrastructure will allow a more orderly progression into gold production planned for the middle of next year.”


PFS key takeaways

Key takeaways that highlight the bankability of the project include:

- A rapid low capital pathway to being a significant gold producer

- Definitive Feasibility Study (DFS) work programmes well advanced and due for completion by January 2016

- Initial Ore Reserve Estimate of 270,000oz demonstrates high conversion of Scoping Mineral Inventory into Reserves

- The PFS adds an additional year of mine life with significant growth potential with ongoing drill programmes

The current mine life is forecast at 4.9 years but this is likely to be expanded based on exploration success and through ongoing drilling programmes.

Once the project metrics from the PFS are peeled back, the quality of this project can be seen.

Average annual production is 98,000 ounces at a Life of Mine AISC Cost of A$1,150 an ounce which would generate gross revenue of A$720 million at a gold price of A$1,550 an ounce.

This would lead to operating cash flow of A$185 million from pre-production capital costs of a modest A$28 million generating a pre-tax NPV of A$124M or A$0.62 share.

This would see a mighty fast payback of 14 months and generate a barnstorming Internal Rate of Return before tax of 105%.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 07 Dec 2015 13:00:00 -0500 https://www.proactiveinvestors.com/companies/news/150725/blackham-resources-on-the-fast-track-to-gold-production-at-matilda-66024.html
<![CDATA[News - Blackham Resources' worth more than double current valuation, broker ]]> https://www.proactiveinvestors.com/companies/news/150724/blackham-resources-worth-more-than-double-current-valuation-broker-65952.html Blackham Resources (ASX:BLK) has received a Buy recommendation and Target Price of $0.50 from BW Equities.

The target is around double the last traded price. The following is an extract from the report.


Matilda Gold Project, on track for mid-2016 production


Investment Summary

Blackham Resources has completed a Pre-Feasibility Study on the Matilda Gold Project and is another step closer to recommencing production at the Wiluna Processing Facility.

Over the next three months Blackham will incorporate the recent drilling into an upgraded Reserve and Resource, complete the DFS and commit to the Wiluna Processing Facility refurbishment.

Underpinned by a large tenement position and a growing gold resource Blackham will emerge in mid 2016 as a producer of over 100,000 ozs of gold per year with the potential to grow both mine life and production.


Investment Highlights

- BW unrisked project valuation based on mine life of 6 years 9 months V BLK 4 years 9 months is A$226 million. After corporate costs, interest and tax our unrisked valuation is $156 million. Payback on refurbishment capital is 14 months.

- Recent drilling is not yet in mine plan. Ongoing drilling will expand Resources and Reserves increasing mine life towards ten years with the real possibility of increasing gold output in the medium term from a potentially large resource in the Williamson area.

- On track for gold production in mid 2016 to re-establish >100,000ozpa gold production.

- Tenements of 780km2 surrounding the Wiluna Processing Facility with a total gold resource of 4.7million oz.


Investment Recommendation

BUY Rating on an increased price target of $0.50.

Our price target reflects an 85% premium to the recently traded price and is based on a risked NPV derived from our DCF model of the Matilda Gold Project assuming a seven year mine life.

Risks associated with the Matilda Gold Project are rapidly reducing as PFS and DFS work together with ongoing drilling progresses.

Redevelopment is fully funded and the target price is based on the completion of the DFS and Blackham Board approval to formally commence engineering work for recommencement of production.

This is expected before March 2016.

The Pre Feasibility Study demonstrates that re-commencement of gold production with a low capital cost refurbishment of the Wiluna Processing Facility can be achieved by Mid-2016.

Resource drilling is ongoing.

Recently announced results not in the PFS can increase the mine life by at least two years and allow a rescheduling of higher grade ore to even out planned production to over 100,000 per year.

BW expects that by the time production re-starts next year the mine life will be at close to ten years and growing.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 03 Dec 2015 08:00:00 -0500 https://www.proactiveinvestors.com/companies/news/150724/blackham-resources-worth-more-than-double-current-valuation-broker-65952.html
<![CDATA[News - Blackham Resources shares fly as Matilda gold develops ]]> https://www.proactiveinvestors.com/companies/news/150723/blackham-resources-shares-fly-as-matilda-gold-develops-65728.html Blackham Resources (ASX:BLK) shares are racing today as the company attracts increased interest from a London-listed investor on the back of an improving outlook at Blackham’s steadily developing Matilda gold project in Western Australia.

Blackham shares were last trading 12.5% higher at A$0.27 on the news today, which also coincided with the naming of Milan Jerkovic as the company’s new non-executive chairman, and Paul Murphy will continue as the non-executive deputy chairman.

The stock has gained 69% over the past two months.

The latest bounce comes with confirmation that Polo Resources (AIM:POL) has agreed to acquire 10 million Blackham shares for A$2.1 million, or $0.21 per share, citing robust economics and a relatively low capital requirement to reach production at Matilda.

A recent PFS has confirmed Matilda as on-target to produce first gold in the June quarter of 2016, with payback expected within 14 months and an outstanding internal rate of return before tax of 105%.

Upon completion of the share acquisition, Polo’s undiluted interest in Blackham will increase from its current direct holding of 2.4% to 7.4%, resulting in a combined direct and indirect holding of 10.3%, of which 8.8% is attributable to Polo.

The most recent development traction at Matilda has included the discovery of a new lode with a 2-metre intercept at 95g/t gold from 33 metres. 

This new mineralised area extends into the Pre-Feasibility Study pit design and is considered likely to improve the pit’s economics.

Blackham is expected to complete a Definitive Feasibility Study by Q1 2016 and continue adding significant tonnages and grades to current resources totalling 44 million tonnes at 3.3g/t for 4.7 million ounces of gold.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 20 Nov 2015 16:00:00 -0500 https://www.proactiveinvestors.com/companies/news/150723/blackham-resources-shares-fly-as-matilda-gold-develops-65728.html
<![CDATA[News - Blackham Resources appoints Milan Jerkovic chairman as gold production beckons ]]> https://www.proactiveinvestors.com/companies/news/150722/blackham-resources-appoints-milan-jerkovic-chairman-as-gold-production-beckons-65720.html Blackham Resources (ASX:BLK) has appointed Milan Jerkovic as the company’s new non-executive chairman, and Paul Murphy will continue as the non-executive deputy chairman.

Jerkovic is one of Australia’s foremost mining specialists and project financiers, and assumes the role as the company moves towards gold production in Q1 2016.

Bryan Dixon, managing director, commented:

“Mr. Jerkovic will bring valued expertise and business connections to the board.

"He has a track record of building teams and projects and his experience is very complementary to the development of Blackham’s 4.7Moz Matilda Gold Project.

"Milan also has an outstanding record of successful equity and debt financing and in attracting funding partners, so this experience and these networks will be invaluable for Blackham.”

Matilda's 4.7 million gold ounces are all located within a 20 kilometres radius of Blackham’s wholly-owned Wiluna gold plant.

The plant is capable of 1.3Mtpa for over 100,000 gold ounces produced annually.

Measured and Indicated Resources total 20 million tonnes at 3.5g/t for 2.2 million gold ounces.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Fri, 20 Nov 2015 13:00:00 -0500 https://www.proactiveinvestors.com/companies/news/150722/blackham-resources-appoints-milan-jerkovic-chairman-as-gold-production-beckons-65720.html
<![CDATA[News - Blackham Resources high-grade gold grows free milling confidence at Matilda ]]> https://www.proactiveinvestors.com/companies/news/150721/blackham-resources-high-grade-gold-grows-free-milling-confidence-at-matilda-65664.html Maiden drilling at the Williams deposit of Blackham Resources’ (ASX:BLK) Matilda gold project in Western Australia has resulted in discovery of a new lode with one 2-metre intercept at 95g/t gold.

The recently completed program has confirmed the presence of a new shallow high-grade zone of oxide mineralisation along the western flank of Williamson, which extends into the Pre-Feasibility Study pit design which is likely to improve the pit’s economics.

The drilling has also successfully infilled the southern extensions of the resource to a spacing that is likely to support an Indicated resource classification.

Mineralisation at Williamson remains open to the north and south and down dip in the new oxide lode.

Intercepts from the exploration have included:

- 2 metres at 95.14g/t gold from 33 metres
- 1.45 metres at 5.73g/t gold from 70 metres
- 7.78 metres at 2.15 g/t gold from 124 metres
- 16.65 metres at 1.09 g/t gold from 201 metres
- 5 metres at 4.25g/t gold from 153 metres
- 3.7  metres at 7.40g/t gold from 78 metres

These results are expected to expand and add further confidence to the free milling, open pit mining inventory prior to the planned recommissioning of the Wiluna Gold Plant in 2016.

Williamson is a bulk-tonnage gold deposit with geological similarities to Saracen Mineral Holdings’  (ASX:SAR) Thunderbox and Gold Road Resources’ (ASX:GOR) Gruyere  elsewhere in the Yilgarn region.

Whilst the overall grade of the Williamson resource is modest, 6.3 million tonnes at 1.7g/t for 350,000 ounces of gold, the relative large tonnage typical of this style of mineralisation is an attractive exploration and development target for ensuring a sustainable base load mine plan for the Wiluna Gold Plant.

Blackham’s drilling and mining studies have been focused on adding further confidence as well as extensions to the Matilda Gold Project resources totalling 44 million tonnes at 3.3g/t for 4.7 million ounces of gold.


Recent progress

Blackham has marked significant momentum at Matilda in recent weeks, with the discovery earlier this month of new high-grade extensions in a deposit only 13 kilometres from the plant expected to sharpen project economics.

Definitive Feasibility Study drilling in the high-grade Galaxy deposit returned 12 metres at 4.57 g/t gold from 83 metres and 10 metres at 4.52 g/t gold from 82 metres (including 3 metres 10 g/t gold from 88 metres).

Further confirmation of the high-grade and shallow nature of this deposit has reinforced confidence in its potential efficiency as an open pit operation with good metallurgical recoveries.

This is expected to enhance already positive economics for Matilda, contemplated in a recent PFS to include an average annual production rate of 98,000 ounces of gold at a life-of-mine all-in sustaining cost of A$1,150 an ounce.

The PFS confirmed Blackham as on-target to produce first gold in the June quarter of 2016, with Matilda payback expected within 14 months and an outstanding internal rate of return before tax of 105%.

Other key takeaways that highlighted the bankability of the project included:

- A rapid low-capital pathway to being a significant gold producer
- DFS work programmes well advanced and due for completion by January 2016
- Initial Ore Reserve Estimate of 270,000 ounces demonstrates high conversion of Scoping Mineral Inventory into Reserves
- The PFS adds an additional year of mine life with significant growth potential with ongoing drill programs

The current mine life is forecast at 4.9 years, but this is likely to be expanded based on exploration success and through ongoing drilling programs.


Analysis

Discovery of this additional shallow high-grade mineralisation is significant since it appears that it will likely have a positive impact on pit cutback economics.

It is also expected to allow the planned pit to extend further west as well as deeper on the main zone of mineralisation.

Also, the 2-metre intercept at 95g/t gold represents a tantalising hint of the potential for this deposit to offer significantly higher grades than are currently established in the resource estimate.

Consistent exploration success at Matilda has helped propel Blackham shares 62.5% over the past two months to their last trading price of A$0.26.

Further price catalysts for the stock are expected in more planned drilling to infill the newly discovered zone and to deliver an indicated resource classification prior to the DFS.


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 18 Nov 2015 11:49:00 -0500 https://www.proactiveinvestors.com/companies/news/150721/blackham-resources-high-grade-gold-grows-free-milling-confidence-at-matilda-65664.html
<![CDATA[News - Blackham Resources hits more high-grade gold as production nears ]]> https://www.proactiveinvestors.com/companies/news/150720/blackham-resources-hits-more-high-grade-gold-as-production-nears-65447.html Blackham Resources (ASX:BLK) is primed to fast-track production (in 2016) at its Matilda gold project in Western Australia as economic outlooks sharpen with new high-grade extensions in a deposit only 13 kilometres from the process plant.

The latest exploration results at the project mark the completion of Definitive Feasibility Study drilling in the high-grade Galaxy deposit, with free milling intercepts returning 12 metres at 4.57 g/t gold from 83 metres and 10 metres at 4.52 g/t gold from 82 metres (including 3 metres 10 g/t gold from 88 metres).

More results at Galaxy included 2 metres at 7.99 g/t gold from 10 metres, 5 metres at 6.33 g/t gold from 18 metres and 4 metres at 7.93 g/t gold from 88 metres.

Further confirmation of the high-grade and shallow nature of this deposit has reinforced confidence in its potential efficiency as an open pit operation with good metallurgical recoveries.

This is expected to enhance already positive economics for Matilda, contemplated in a recent Pre-Feasibility Study to include an average annual production rate of 98,000 ounces of gold at a life-of-mine all-in sustaining cost of A$1,150 an ounce.

This would generate gross revenue of A$720 million at a gold price of A$1,550 an ounce and lead to operating cashflow of A$185 million Preproduction capital costs have been estimated at a modest A$28 million, generating a pre-tax NPV of A$124 million or A$0.62 share.

Shares in Blackham were last trading at A$0.235 (62% higher than just two months ago) and spot gold was last trading at about A$1,550 per ounce.

Galaxy is part of a system of high-grade quartz reef gold deposits at Matilda extending northwest from the Wiluna mining centre, which includes a gold plant with a capacity of 1.3 million tonnes per annum for over 100,000 ounces per annum of gold production.

The PFS has confirmed that Galaxy’s high-grade resource from surface (currently 51,000 ounces of gold) will be an attractive feed for re-commissioning of this plant.

Total Matilda resources stand at 44 million tonnes at 3.3 g/t gold for 4.6 million ounces of gold, although several high-priority prospects remain to be drill tested in the area, including Caledonia, Lake Way, and Black Swan.

Blackham is currently finalising plans for its maiden drill program at Caledonia.


Barnstormer gold study

Confirmation of Galaxy’s strengths as a fast-track to Matilda production follows quickly on excellent PFS results, which are expected to precipitate funding and more advanced development of the project.

The study confirmed Blackham as on-target to produce first gold in the June quarter of 2016, with Matilda payback expected within 14 months and an outstanding internal rate of return before tax of 105%.

Other key takeaways that highlighted the bankability of the project included:

- A rapid low-capital pathway to being a significant gold producer
- DFS work programmes well advanced and due for completion by January 2016
- Initial Ore Reserve Estimate of 270,000 ounces demonstrates high conversion of Scoping Mineral Inventory into Reserves
- The PFS adds an additional year of mine life with significant growth potential with ongoing drill programs


The current mine life is forecast at 4.9 years, but this is likely to be expanded based on exploration success and through ongoing drilling programmes.


Analysis

The new Galaxy drill results point to a resource upgrade which may further improve the already impressive operational economics at Matilda.

This will help fast-tract first gold production at the deposit in the June quarter 2016 only 13 kilometres from the Wiluna plant.

The encouraging economics and geology at Matilda have been well illustrated by the project’s recent PFS, helping drive a fantastic performance for Blackham stock in recent weeks.

Shares in Blackham were last trading 62% higher than just two months ago at A$0.235.

This momentum is expected to continue with future price catalysts related to more advanced feasibility work financing progress and drilling at Matilda’s untested areas such as Caledonia.

Most importantly, significant valuation upside is inherent in Blackham’s expected transition into WA’s next significant gold producer next year. 


Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 05 Nov 2015 14:43:00 -0500 https://www.proactiveinvestors.com/companies/news/150720/blackham-resources-hits-more-high-grade-gold-as-production-nears-65447.html
<![CDATA[News - Blackham Resources unveils barnstormer gold study at Matilda ]]> https://www.proactiveinvestors.com/companies/news/150719/blackham-resources-unveils-barnstormer-gold-study-at-matilda-65207.html Blackham Resources (ASX:BLK) has delivered a highly anticipated Preliminary Feasibility Study (PFS) for its Matilda Gold Project in Western Australia which did not disappoint with high project returns forecast from development.

Based on the project metrics, Matilda will gain funding and move to development.

The PFS is based on a current Matilda Gold Project gold resource inventory of 4.7 million ounces of gold at 3.3g/t gold.

Key takeaways that highlight the bankability of the project include:

- A rapid low capital pathway to being a significant gold producer

- Definitive Feasibility Study (DFS) work programmes well advanced and due for completion by January 2016

- Initial Ore Reserve Estimate of 270,000oz demonstrates high conversion of Scoping Mineral Inventory into Reserves

- The PFS adds an additional year of mine life with significant growth potential with ongoing drill programmes

The current mine life is forecast at 4.9 years but this is likely to be expanded based on exploration success and through ongoing drilling programmes. 

Once the project metrics from the PFS are peeled back, the quality of this project can be seen.

Average annual production is 98,000 ounces at a Life of Mine AISC Cost of A$1,150 an ounce which would generate gross revenue of A$720 million at a gold price of A$1,550 an ounce.

This would lead to operating cash flow of A$185 million from pre-production capital costs of a modest A$28 million generating a pre-tax NPV of A$124M or A$0.62 share. 

This would see a mighty fast payback of 14 months and generate a barnstorming Internal Rate of Return before tax of 105%.


Additional PFS background

The extremely low capex required for the Project is due to the substantial plant and infrastructure at site and the relatively minor plant refurbishments required for re-starting the Project.

The PFS process has added an additional year to the mine life that was forecast in the Scoping Study which results in a significant improvement to the Project’s economics. 

The PFS confirmed strong conversion of Inferred Resources into Indicated Resources and Scoping Mineral Inventory into Reserves.

Since finalising the PFS Resources, Blackham has enjoyed significant exploration success at Golden Age and Matilda, and is awaiting drill results from the Galaxy and Williamson drilling programmes.

The existing plant, infrastructure and the processing of soft Matilda oxides from open pits at the beginning of the mine schedule equate to a low risk start up strategy.

Overall metallurgical performance achievable from Matilda will be 87.7% gold recovery, Williamson 86.6%, Golden Age 91.9% and Galaxy 95.8%. Gravity recovery will be incorporated within the milling circuit as most ores benefitted from gravity recovery through reduced leach times.

Blackham managing director Bryan Dixon said: “The Matilda Gold Project PFS has confirmed the robust cash flows that will be generated by the Project, its capital efficient nature and that it can be bought into production rapidly. The DFS drill programmes and studies are well advanced enabling the DFS to be completed by January 2016. 

"Since finalising the PFS Resource, we have enjoyed significant exploration success and we plan to keep growing the mine life through aggressive drilling programmes. 

"It is an exciting time as we look to transition Blackham into Western Australia’s next significant gold producer.”

 

Analysis

Blackham has been a standout performer on the ASX, its shares rocketing 380% since the start of the year. Today's PFS results are more affirmative of the reasons why. The low pre-production Capex, fast payback period and a barnstorming IRR are some of the features of a high quality economic project.

A forecast pre-tax NPV of A$124M equates to A$0.62 a share. This is against a current share price of $0.24. There is significantly more upside in store for Blackham on the road to the West's next major gold producer.

 

 

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 21 Oct 2015 11:06:00 -0400 https://www.proactiveinvestors.com/companies/news/150719/blackham-resources-unveils-barnstormer-gold-study-at-matilda-65207.html
<![CDATA[News - Blackham Resources to divulge key Matilda project update ]]> https://www.proactiveinvestors.com/companies/news/150718/blackham-resources-to-divulge-key-matilda-project-update-65163.html Blackham Resources (ASX:BLK) has been granted a trading halt by the ASX pending a key Matilda project update.

Matilda has a resource of: 44 million tonnes at 3.3g/t gold for 4.7 million ounces, all within a 20 kilometres of its wholly-owned Wiluna Gold Plant.

The plant is capable of 1.3Mtpa which would produce over 100,000 gold ounces annually.

The halt will remain in place until the opening of trade on Wednesday 21st October 2015, or earlier if an announcement is made to the market.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Mon, 19 Oct 2015 15:30:00 -0400 https://www.proactiveinvestors.com/companies/news/150718/blackham-resources-to-divulge-key-matilda-project-update-65163.html
<![CDATA[News - Blackham Resources talks Q2 2016 gold production at Proactive Luncheons ]]> https://www.proactiveinvestors.com/companies/news/150717/blackham-resources-talks-q2-2016-gold-production-at-proactive-luncheons-65025.html Blackham Resources (ASX:BLK) is on-target to produce first gold in the June quarter of 2016 from its wholly-owned Matilda Gold Project in Western Australia.

Operating costs at Wiluna are estimated at between A$1,000 to A$1,100 per ounce, signalling potential for handsome margins with the Australian gold price currently in excess of A$1,550 per ounce.


Meet managing director, Bryan Dixon, at Proactive's Sydney / Melbourne Luncheons on the 20th / 21st October.

Limited registration places:

Sydney Investor Luncheon, Tuesday, 20th October.

Melbourne Investor Luncheon, Wednesday, 21st October.



Matilda has a 8.7 million ounce gold endowment in the highly prospective Northern Yilgarn region, where a broader endowment of 40 million ounces has been estimated.

Scope for Matilda expansion also exists in Blackham’s 780 square kilometres of tenure and 55 kilometres of mine sequence strike in a region where little systematic exploration has transpired in more than two decades.

Blackham is well-funded and holds cash and investments of $10 million at the end of June 2015, as well as a $30 million undrawn debt facility.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Sat, 17 Oct 2015 07:50:00 -0400 https://www.proactiveinvestors.com/companies/news/150717/blackham-resources-talks-q2-2016-gold-production-at-proactive-luncheons-65025.html
<![CDATA[News - Blackham Resources' makes key appointments during transition to gold producer ]]> https://www.proactiveinvestors.com/companies/news/150716/blackham-resources-makes-key-appointments-during-transition-to-gold-producer-65125.html Blackham Resources (ASX:BLK) is on-target to produce its first gold in the June quarter 2016, from its wholly-owned Matilda Gold Project in Western Australia.

Operating costs at Wiluna are estimated at between A$1,000 to A$1,100 per ounce, signalling potential for handsome margins with the Australian gold price currently in excess of A$1,550 per ounce.

The company has now made two key appointments to strengthen its commercial, operational and technical capabilities.

Richard Boffey has been appointed, matilda general manager, while Jeff Dawkins appointed CFO.

Bryan Dixon, managing director, commented:

“We are fortunate to have secured the services of Richard and Jeff, both very experienced mining executives who bring a wealth of knowledge and expertise in gold project development and operations as we gear up for impending production from the Matilda Gold Project.

"We will continue to build the operational team as the Matilda Gold Project progresses closer to production.”

Meet managing director, Bryan Dixon, at Proactive's Sydney / Melbourne Luncheons on the 20th / 21st October.

Limited registration places:

Sydney Investor Luncheon, Tuesday, 20th October.

Melbourne Investor Luncheon, Wednesday, 21st October.


Matilda has a 8.7 million ounce gold endowment in the highly prospective Northern Yilgarn region, where a broader endowment of 40 million ounces has been estimated.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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Thu, 15 Oct 2015 16:30:00 -0400 https://www.proactiveinvestors.com/companies/news/150716/blackham-resources-makes-key-appointments-during-transition-to-gold-producer-65125.html
<![CDATA[News - Blackham Resources' shares shine on high-grade gold discoveries at Matilda ]]> https://www.proactiveinvestors.com/companies/news/150715/blackham-resources-shares-shine-on-high-grade-gold-discoveries-at-matilda-64967.html Blackham Resources (ASX:BLK) shares were climbing today as the discovery of several high-grade zones at the Matilda gold project in Western Australia added to inventory confidence ahead of a process plant restart next year.

Shares in Blackham hit a 12-month high of $0.24 intra-day, which is more than five times higher where the company was trading at the start of 2015.

Outstanding hits in latest round of drilling at the site included a 10-metre intersection grading 8.93g/t gold from 91 metres, containing a 3-metre sample at 26.5 g/t gold.

This 26.5 g/t intercept remains open down-plunge, indicating the considerable exploration upside of its immediate area.

Other pits were further defined by results grading as high as 8.62 g/t gold across 5 metres from 91 metres and 4.93 g/t gold across 5 metres from 62 metres.

This work completes planned drilling at the project’s Galaxy deposit, while drilling continues in the Matilda and Williamson areas further south.

The current results are likely to reinforce Matilda economics and will be included in the resource and mining studies for the definitive feasibility study

The resource models, geotechnical studies and metallurgical testwork for a prefeasibility study (PFS) are now complete. The mining designs are in the process of being refined based on the latest data, and mine schedules are also being optimised.

The PFS is now in the final stage of completion and is expected to be reported shortly.


Improving confidence

The new drilling at Matilda has helped reinforce plans for one of the first pits to be mined, known as the M10 pit.

M10 has been prioritised due to its shallow oxide ore coming to surface and has been further supported with drilling results of 8 metres at 5.33 g/t gold from 32 metres, 4 metres at 5.15 g/t gold from 45 metres and 4 metres at 8.45 g/t gold from 81 metres.

These results provide confirmation of a geological model comprising high-grade oxide mineralisation in flat supergene horizons, as well as steeply dipping feeder lodes.

M10 mineralisation remains open at depth.

The latest drill results are also expected to improve other areas of Matilda with lower stripping ratios, which in turn will likely result in tighter economics.

Drilling results announced at the project’s Golden Age reef last month recorded up to 42.1 g/t gold in an area that had previously delivered bonanza grades of 5.1 metres at 198 g/t gold, including 0.8 metres at 1,148 g/t gold.

Blackham’s drilling and mining studies have been focused on adding further confidence as well as extensions to Matilda mine resources, which total 12.5 million tonnes at 1.8 g/t for 712,000 ounces of gold.

The Matilda Mining Centre is intended as a base load feed of soft free-milling ore for the 1.3 million tonnes per annum Wiluna plant.


Plant progress

The Wiluna plant, which lies only 19 kilometres by haul road from the Matilda mine site, is set for re-commissioning in the second quarter of 2016.

The mill is expected to unlock the value of the project through the processing of 1.3 million tonnes per annum, allowing for a production rate of over 100,000 ounces of gold per annum.

Earlier this year, Blackham signed a memorandum of understanding with mineral extraction technology company EcoTech Mining Limited with a view to improving the metallurgical ore recoveries and processing costs at the plant.

Wiluna has a floatation and biox process that over the last 10 years has averaged recoveries of 82%. Its refractory circuit has operated successfully for more than 25 years. 

The processing circuit is 100% owned by Blackham and will underpin a 10-year strategy focused on the free milling of a stage-one free milling resource totalling 22 million tonnes at 1.9 g/t gold for 1.4 million ounces of gold. 

Matilda’s global resource stands at 44 million tonnes grading 3.3 g/t gold for 4.7 million ounces of gold.


Analysis

The latest drilling results are significant in that they allow for further streamlining of Matilda’s mining plans and economics during the lead-up period before the Wiluna plant is ready for restart.

All of the recently enhanced deposits are within 20 kilometres of the plant via existing haul roads.

Operating costs at Wiluna are estimated at between A$1,000 to A$1,100 per ounce, signalling potential for significant margins with the Australian gold price currently in excess of A$1,550 per ounce.

Matilda has a 8.7 million ounce gold endowment in the highly prospective Northern Yilgarn region, where a broader endowment of 40 million ounces has been estimated.

Scope for Matilda expansion also exists in Blackham’s 780 square kilometres of tenure and 55 kilometres of mine sequence strike in a region where little systematic exploration has transpired in more than two decades.

Blackham held cash and investments of $10 million as of the end of June as well as a $30 million undrawn debt facility.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Wed, 07 Oct 2015 12:50:00 -0400 https://www.proactiveinvestors.com/companies/news/150715/blackham-resources-shares-shine-on-high-grade-gold-discoveries-at-matilda-64967.html
<![CDATA[News - Blackham Resources has more high grade gold at Golden Age ]]> https://www.proactiveinvestors.com/companies/news/150713/blackham-resources-has-more-high-grade-gold-at-golden-age-64536.html Blackham Resources’ (ASX:BLK) latest drill results of up to 42.1 grams per tonne gold from Golden Age Reef provide more potential feed milling gold feed for re-commissioning of the Wiluna Plant.

The results are also in line with historical high grade results of the quartz reef which produced 160,000oz at 9g/t gold.

The system is still open based on current drill result and the previous modelling looks likely to be conservative.

Previously, Golden Age assays returned bonanza high grades of 5.1 metres at 198g/t gold including 0.8 metres at 1,148g/t gold.

The results do show the variable or “nuggety” nature of mineralisation of the reef.

Most recent results are:

- 2.2 metres at 18.9g/t gold including 0.8 metres at 42.1/t gold (GAUD0004);
- 0.9 metres at 24.8g/t gold (GAUD0005);
- 3 metres at 9.18g/t gold (GAUD0012); and
- 0.7 metres at 16.2g/t gold (GAUD0011).

Golden Age is a free milling quartz reef that previously produced 160,000 ounces of gold at 9 grams per tonne with a remaining resource of 600,000 tonnes at 6.7g/t for 125,000 ounces of gold.

The Golden Age Stage 1 drill results provide further confidence to the Inferred Resource while confirming the deposit is still open to the east.

Bryan Dixon, managing director, commented:

“The drilling at Golden Age has confirmed our understanding that this deposit has significant further high-grade potential, that remains open, and has previously been conservatively modelled.

“The high-grade Golden Age ore will be blended with Matilda open-pit ore to increase the average head-grade of the mill feed.

“Golden Age is just one of numerous high-grade quartz deposits in close vicinity of the Wiluna Gold Plant. Golden Age has established underground infrastructure that will allow mining to commence rapidly following the development decision.”


Drilling Results

Results from the central portion of the Golden Age deposit average 2.2 metres at 83g/t gold between 900 metres to 1100 metres.

The middle portion of the deposit includes the extremely high grade GAUD0003 intersection which contained visual gold with the exceptional assay of 0.8 metres at 1,148g/t gold from 176.6 metres.

GAUD0003 had intersected part of the Inferred Resource that was previously estimated as lower grade due to a lack of data.


Analysis

Blackham appears increasingly likely to upgrade resources at the high-grade Golden Age reef with drill results indicating that previous modelling was conservative.

This is encouraging given that ore from Golden Age will be blended with Matilda open-pit ore to increase the average head-grade of the mill feed for the Wiluna Gold Plant.

Wiluna can be rapidly brought into operation on receipt of approvals with production starting as early as 2Q 2016.

This allows production of over 100,000 ounces of gold per annum at operating costs of $1,000 to $1,100 per ounce.

With Australian gold currently over $1,500 per ounce, this offers significant margins for Blackham.

The company’s existing $30 million debt facility ensures it is fully funded to restart the Wiluna Gold Plant. It also had $9.9 million in cash as at 30th June 2015.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 15 Sep 2015 13:30:00 -0400 https://www.proactiveinvestors.com/companies/news/150713/blackham-resources-has-more-high-grade-gold-at-golden-age-64536.html
<![CDATA[News - Blackham Resources has more free milling gold at Matilda ]]> https://www.proactiveinvestors.com/companies/news/150712/blackham-resources-has-more-free-milling-gold-at-matilda-64410.html Blackham Resources (ASX:BLK) drilling has returned more high grade gold hits and identified extensions that could expand and add further confidence to the free milling, open pit mining inventory at its Matilda Project in Western Australia.

Drilling and mining studies have focussed on adding extensions to the Matilda Mine resources totalling 712,000 ounces as a base load feed of soft free-milling ore to re-commission the 1.3 million tonne per annum Wiluna gold plant.

This could improve economics and provide the targeted 10-year free-milling mine life.

Wiluna can be rapidly brought into operation on receipt of approvals with production starting as early as 2Q 2016. It allows production of over 100,000 ounces of gold per annum.

The recently completed diamond drilling program intersected mineralisation at the M1, M2 and M10 deposits of the Matilda Mining Centre. Key results are:

M1 Pit
- 14.5 metres at 6.74 grams per tonne gold from 163 metres including 4.4 metres at 15.6g/t gold from 163 metres (MADD0018); and
- 9.5 metres at 2.64g/t gold from 123 metres and 11.1 metres at 0.97g/t gold from 138 metres and 8 metres at 2.26g/t gold from 153 metres and 10 metres at 1.39g/t gold from 175 metres (MADD0019).

M10 Deposit
- 14.2 metres at 3.64g/t gold from 38.5 metres (MADD0006); and
- 1 metres at 8.08g/t gold from 47 metres (MADD0012).

M2 pit
- 6.5 metres at 1.25g/t gold from 142 metres and 14.8 metres at 1.65g/t from 150 metres (MADD0010); and
- 7.65 metres at 2.03g/t gold from 35.8 metres (MADD0011).

Drilling has also provided samples for metallurgical test work and geotechnical assessment as part of the preliminary feasibility study which is currently well advanced.

Blackham has resumed reverse circulation drilling at the project.

Drilling Results

Four holes drilled at the M1 pit intersected mineralisation at the expected depths, validating the geological model based largely on historical drilling and Blackham’s reverse circulation drilling.

Drilling also intersected the critical base-of-pit area, which provides further confidence in the resource model grade and geological interpretation.

Notably, the peak result of 14.45 metres at 6.74g/t in MADD0018 from within the preliminary proposed A$1240 pit confirms M1 as a source of high grade free milling ore.

M1 remains open down-plunge where previous reverse circulation drilling intercepts have revealed extensions to mineralisation of potentially economic widths and grades.

These include 11 metres at 5.43g/t gold from 133 metres in MDDH013 (Central Lode) and 7 metres at 11.9g/t gold from 244 metres in MARC0166 (West Lode).

At the M10 pit, two diamond holes have provided confirmation of the geological model comprising high grade oxide mineralisation in flat supergene horizons, steeply east dipping lodes, and a high grade west-dipping lode in the centre of the pit.

M10 mineralisation remains open at depth.

Further reverse circulation drilling of these structures is planned to convert a larger proportion of in-pit resources from the Inferred to Indicated categories.

In addition, the M10 pit is planned to be mined early in the mine schedule due to the mineralisation proximity to surface.

Drilling has also confirmed the resource model grade and interpretation at the base of the proposed M2 pit cutback.

While M2 has a lower grade resource of 2.9 million tonnes at 1.3/gt for 126,000 ounces of gold compared with other Matilda pits, it also offers lower stripping ratios.


Matilda Gold Project

The Matilda Gold Project has total resources of 44 million tonnes at 3.3g/t gold for 4.7 million ounces, all within a 20 kilometres radius of Blackham’s wholly-owned Wiluna gold plant.

It has 4 million ounces of historic production and offers potential for further resource growth given that little systematic regional exploration has been carried out in over two decades.

Blackham has over 780 square kilometres of tenure and 55 kilometres of mine sequence strike.

The company is working to establish a 10-year mine life focusing on free milling ores, which offer low risk processing.

Current mining inventory is 5 million tonnes at 2.8g/t for 454,000 ounces of gold.

Start-up costs of $25 million will be financed out of the company’s existing $30 million debt facility while all-in-sustaining costs are estimated at between $1,000 and $1,100 per ounce.

Stage 2 will involve development of high grade refractory ores to complement free milling ores.


Analysis

Blackham Resources’ drilling has returned more gold hits at the Matilda Mining Centre and identified extensions that could expand the free milling, open pit mining inventory.

This takes the company another step closer towards becoming a mid-size ASX-listed gold producer capable of producing over 100,000 ounces of gold per annum at operating costs of $1,000 to $1,100 per ounce.

And with Australian Dollar gold currently over A$1600 an ounce, this provides significant margins.

Blackham’s existing $30 million debt facility ensures it is fully funded to restart the Wiluna Gold Plant with its cash of $9.9 million as at 30th June 2015 providing further support.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX emerging companies with distribution in Australia, UK, North America and Hong Kong / China.

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Tue, 08 Sep 2015 09:20:00 -0400 https://www.proactiveinvestors.com/companies/news/150712/blackham-resources-has-more-free-milling-gold-at-matilda-64410.html