Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Blackham Resources New Substantial Shareholder Increases Interest

Blackham Resources' (ASX: BLK) newest substantial shareholder Nathan McMahon has increased his holding to 11.1%.

McMahon has purchased 561,000 shares on market at a price of $0.214, for total consideration of $120,387.49 after becoming a substantial holder in the company in late February.

McMahon was one of the sellers of a 500 kilometre landholding in the highly prospective Wiluna gold belt that was acquired by Blackham last year.

Under the heads of agreement, announced on 21 September 2011, the vendors - Buckland Capital, Clive Jones and McMahon - agreed to sell 100% of the entire issued share capital of Kimba Resources to Blackham for a consideration of cash and scrip, including 2.4 million shares in Blackham.

With the acquisition, Blackham now has one of the largest landholdings in the mining centre and one of Western Australia's major Archean greenstone belts.

The company now holds 100% stakes in the Matilda and Williamson gold mines and the Regents, Carol Prior and Galaxy gold deposits.

Earlier this month the company identified a further three priority areas of mineralisation at the Matilda Mining Centre.

Drilling targeting shallow extensions of mineralisation adjacent to several open pits at Matilda returned intercepts of:

- 13 metres at 2.79 grams per tonne (g/t) gold from 58 metres;
- 22 metres at 1.7g/t gold from 42 metres; and
- 11 metres at 2.49g/t gold from 37 metres.

All of these holes lie outside the existing JORC Resource.

In January Blackham confirmed an Inferred Resource for the Matilda Gold Project of 10.2 million tonnes at 1.8g/t for 601,000 ounces of gold.

The project surrounds Apex Minerals' (ASX: AXM) operating Wiluna Gold Mine which has a gold Resource of more than 1 million ounces.

Blackham has established a toll treating agreement with Apex that could provide early cash flow.