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Blackham Resources Extends Wiluna Open Pits

Thursday, October 12, 2017
THE DRILL SERGEANT: Blackham Resources (ASX: BLK) reported a revised Mineral Resource estimate for the Wiluna North open pits at the company’s Wiluna gold operation in Western Australia.

Blackham Resources explained the new estimate encompasses the Happy Jack, Bulletin, Squib, Essex, Golden Age North and Starlight orebodies.

The company has Mineral Resource estimates currently underway for the Adelaide – Moonlight areas, which it anticipates will be ready to be reported later this quarter.

The Wiluna North open pit Resources now sit at 7.3 million tonnes at 2.69 grams per tonne gold for 630,000 ounces of gold (81% Indicated).

This represents an increase of 310,000 ounces - or 103 per cent – on previous figures with 65 per cent of the resource falling into a $1,400 per ounce pit shell.

The Wiluna open pit resources now total 17 million tonnes at 2.8g/t gold for 1.5 million ounces, which have been delineated at a cost of $7/resource ounce.

The company indicated the continuity of the Resource has been confirmed with the Wiluna open pits now likely to reach beyond 3.5 kilometres.

Total Resources for the Wiluna/Matilda gold project (including depletions to the end of June 2017) now stand at 65 million tonnes at 3.1g/t gold for 6.5 million ounces of gold.

Blackham said the latest Mineral Resource estimate for the Wiluna North lodes has been based on an additional program of RC and diamond drilling the company completed between March and May 2017.

This drilling has resulted in extensions to mineralisation at the Happy Jack - Gap lodes and confirmed the presence of additional footwall lodes to the west of the main Bulletin lode.

Mining studies which will allow an updated open pit Ore Reserve estimate for Wiluna North are underway.

“Since drilling commenced in September last year a total of around $10.5 million has been spent on Resource and Reserve definition drilling on the Wiluna open pits,” Blackham Resources managing director Bryan Dixon said in the company’s announcement to the Australian Securities Exchange.

“In this time, the Mineral Resource has grown from 80,000 ounces to 1,505,000 ounces in just one year, of which 76 per cent is classified as Indicated.

“This represents a very attractive resource addition cost of $7 per ounce.

“This large open pit resource and reserves underpin the growth opportunity as seen in the Expansion PFS released late in August.

“We also expect a significant reserve upgrade to flow from the latest resource upgrade.”



Email: info@blackhamresources.com.au


Website: www.blackhamresources.com.au