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Blackham Resources nearby partner drills more high-grade gold

The company and GWR Group aim to establish a mineral processing joint venture.

gear with collaboration written on it
The arrangement has mutual benefits for the two companies

Blackham Resources Ltd’s (ASX:BLK) partner GWR Group Ltd (ASX:GWR) has received high-grade gold drill results from its Wiluna West Gold Project in Western Australia.

Drill results from 72 reverse circulation (RC) holes for 3,918 metres intersected high-grade gold at all three deposits targeted, Golden Monarch, Emu, and Eagle.

Results feature 7 metres at 12.0 g/t gold from 28 metres (Golden Monarch), 5 metres at 15.0 g/t gold from 45 metres (Emu), and 12 metres at 2.1 g/t gold from 43 metres (Eagle).

These results support growing the current JORC resource of 3.5 million tonnes grading 2.3 g/t gold for 254,000 ounces.

Project 40 kilometres from Blackham’s gold operation

In November 2018, Blackham signed an agreement with GWR Group covering that company’s 254,000-ounce Wiluna West Gold Project.

The binding heads of agreement provides for the establishment of a mineral processing joint venture (JV) which will see Blackham with a 65% share of profits and GWR with 35%.

It promotes exploration, development, mining and processing of gold resources from GWR Group’s project, which is 40 kilometres by road from Blackham’s Wiluna treatment plant.

It provides Blackham with access to additional free milling inventory for the operating plant at the Wiluna-Matilda Gold Operation.

READ: Blackham Resources’ agreement over Wiluna West likely to boost gold free milling inventory

These latest drill results represent a game changer for GWR as it transitions from explorer to gold producer. 

Results show the potential to provide the Wiluna Mill with an additional feed source.

GWR Group intends Golden Monarch to be the first deposit to be mined with feasibility studies continuing.

GWR Group will submit Golden Monarch to Blackham as a Proposed Qualifying Deposit under the terms of the binding heads of agreement.

Quick facts: Blackham Resources Ltd

Price: 0.0115 AUD

Market: ASX
Market Cap: $54.24 m

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