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Blackham Resources Ltd finds more high-grade gold at Matilda project

Blackham Resources Ltd (ASX:BLK) has intersected more high-grade gold from diamond drilling at the Bulletin mine in the Matilda Gold Project, Western Australia.

Significant intersections from the latest drilling includes:

- 8.7 metres at 8.99 g/t gold from 85 metres, including 6 metres at 11.95 g/t
- 8.8 metres at 4.60 g/t gold from 80 metres, including 3 metres at 9.81 g/t

The diamond drill program was designed to extend the lode identified in Blackham's previous round of drilling between two historical stopes. Drilling totalled five underground drill holes for 691 metres.

The drilling has established gold continuity in the area between the high grade historical stopes, and is expected to upgrade the Bulletin gold resource from from Inferred to Indicated category.

The latest drill results support Blackham's strategy to identify shallow ore reserves within 500 metres from surface, since the high-grade results were obtained from less than 150 metres below surface and remain open at depth.

Further underground drilling at the Bulletin mine is planned to commence in the beginning of May, to further infill the area down plunge of the high-grade intercepts.

Background

The Matilda Gold Project incorporates over 780 square kilometres of tenements and now has 45 million tonnes resources at 3.2 g/t gold for 4.7 million ounces (50% indicated).

The measured and indicated resources for the Matilda project is 21 million tonnes at 3.4 g/t gold for 2.3 million ounces.

These resources are all located within a 20 kilometres radius of Blackham's 100% owned Wiluna gold plant capable of over 100,000 ounces per annum gold production.

Last week, Blackham provided an upgraded ore reserve for the Bulletin sulphide of 938,000 tonnes at 4.7 g/t for 142,000 ounces gold.

This has increased the total ore reserves of the Matilda Gold Project to 6,354,000 tonnes at 2.5g/t for 517,000 ounces gold.

Analysis

The latest drill assays continue to show the results of a committed exploration program at the Matilda project, which is expected to have a long mine life of more than 10 years.

The successful capital raising of A$20.3 million in March will provide additional financial strength and flexibility to Blackham to fast-track the company's efforts at the Matilda project.

Shares in Blackham last traded at A$0.39 for a market cap of A$97.23 million, which is a 50% increase in share price during the last 3 months.

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