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  • Blackham Resources Confirms Thick Gold Mineralisation At Matilda 0 comments
    Apr 3, 2013 11:44 PM

    Blackham Resources (ASX:BLK) has confirmed thick zone of gold mineralisation at the M4 deposit at the Matilda gold project in Western Australia.

    Significant intercepts included 13 metres at 4.51 grams per tonne gold from 119 metres including 2 metres at 14g/t from 128 metres; 12 metres at 2.48g/t from 158 metres; and 11 metres at 3.32g/t from 134 metres.

    The results build on earlier intercepts from last years program that returned 31 metres at 2.32g/t from 120 metres and 10 metres at 5.47g/t gold.

    It also suggest the potential for further resource extension.

    Blackham's resource inventory at the Matilda Gold Project is currently 25 million tonnes at 1.9g/t for 1.5 million ounces of gold and includes 14 million tonnes at 1.8g/t for 784,000 ounces gold at the Matilda Mining Centre.

    Blackham is currently drilling a 30,000 metre reverse circulation program at the Matilda Mining Centre focusing on the M1, M2, M3 and M4 deposit, with M4 identified as a priority area to recommence mining operations.

    The drilling programme was designed to test for extensions of mineralisation beneath the existing resource and to identify high-grade shoots within the broader lodes.

    Latest results from this drilling have confirmed the presence of a gently plunging, high-grade shoot with a strike of approximately 200 metres that remains open at depth.

    Several additional zones of mineralisation have also been intersected in the footwall and hanging wall positions which are likely to improve stripping ratios and general mining economics.

    Further drilling is planned along strike to the north of the M4 pit. Drilling will also soon turn to the extensions of the M1 and M2 deposits, historically the largest producers at the Matilda Mine.

    It recently secured a $13.32 million funding package, which includes a placement at a 37% premium, with a private company controlled by leading mining industry entrepreneur Joseph Gutnick.

    It received the first tranche of deal at $2.31 million in February.

    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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