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Blackham Resources receives $1.35 price target from Sydney broker

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Blackham Resources (ASX: BLK) is reinvigorating the Wiluna gold belt, and the company has received a $1.35 one-year price target from Sydney broker Paradigm Securities.

The company last traded at $0.23, with the target close to six-times the current value.

Blackham has a resource base of over 4moz and has recently acquired the Wiluna mill to upgrade and operate as a hub to treat non refractory ore from several mostly open cut gold deposits in the region.

Exploration along a strike of more than 40km is open along strike and at depth in a gold region that already has several mines down to 1000m.

The following is an extract from the report.


SUMMARY

Blackham Resources is re-establishing gold mining operations in the Wiluna Gold Belt in the northern extremities of the Lawlers –Wiluna Band of the Yilgarn Achaean Greenstone Belt in Western Australia.

The region has a gold endowment of over 35moz and is relatively under explored.


KEY POINTS

- 1-Year Price Target: $1.35
- Wiluna plant acquisition is game changer for Blackham
- Transforming from developer to near term producer
- Target of >80kozpa in Dec Half 2015 then >90kozpa
- Low capital costs and attractive op costs - Current M&I resources are 16Mt @3.8g/t for 2.0Moz
- Total resource base of >4moz
- Regional exploration potential is high
- Base case NPV8 of A$136m(A$0.96) @A$1500/oz fully diluted)

 

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.

Quick facts: Wiluna Mining Corporation Ltd

Price: 1.47 AUD

ASX:WMX
Market: ASX
Market Cap: $147.42 m
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