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Blackham Resources Ltd

Blackham Resources to benefit from nearby drilling success

A nearby gold explorer is in discussions with Blackham regarding the use of its 100% owned gold processing plant.

liquid gold being poured
A formal deal could result in future cash flows for Blackham

Blackham Resources (ASX:BLK) is positioned to benefit from the development of the nearby Golden Monarch gold deposit near to its Wiluna gold processing plant in Western Australia.

Recent assay results received from Golden Monarch by the deposit’s owner, GWR Group (ASX:GWR) build the case for the deposit to be developed as a near-term production opportunity.

In January 2017 GWR executed a memorandum of understanding (MoU) with Blackham for the potential treatment of gold deposits through Blackham’s Wiluna plant.

Under the MoU, GWR will be responsible for drilling the gold deposits out to JORC 2012 level and for initial sighter metallurgical testwork associated with the deposits. 

Discussions are ongoing to formalise treatment options as per MoU. 

A resource model update and pit optimisation studies are both currently being undertaken by GWR Group.

Background

Over the last six years, Blackham has consolidated the Wiluna Goldfield with a tenement package covering over 1,100 square kilometres into one operation.

The Matilda-Wiluna Gold Operation comprises 6.2 million ounces of gold resources grading 3.1 g/t all within a 20 kilometre radius of the Wiluna Gold Plant.

Operations recommenced gold production in October 2016.

Blackham has focused its exploration strategy around ensuring it has a long open pit mine life to provide certainty with feeding an expanded 3.3 million tonnes per annum processing facility.

Recent expansion study and funding

Blackham recently revealed the results of its expansion preliminary feasibility study which supported the operation’s growth to 207,000 ounces per year of gold production.

The study demonstrated robust economics and improved economies of scale supporting the expansion.

Furthermore, most recently Blackham secured up to $72 million in funding to continue to advance expansion studies and manage its balance sheet.

Quick facts: Blackham Resources Ltd

Price: $0.01

Market: ASX
Market Cap: $44.07 m
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