Blackham Resources Ltd (ASX:BLK) has received the final assay results from its drill program targeting extensions to mineralisation at the Wiluna Gold Mine within the 5.1 million ounce Matilda Gold Project in Western Australia.
Highlights from the recent assays include 12 metres at 7.52 g/t gold, 5 metres at 13.7 g/t gold and 8 metres at 3.44 g/t gold.
Blackham remains on track for first gold production during the September quarter, with open pit and underground mining to begin shortly.
Follow up drilling is planned and these new results will be incorporated into the ongoing open pit and underground mining studies.
Drill result details
A total of 17 reverse circulation holes for 4,067 metres have been completed targeting extensions to mineralisation at the Wiluna Gold Mine.
Holes were designed to test areas within 150 metres of existing open pits and underground development to ensure that any extensions to mineralisation could be rapidly converted to
Drilling returned positive results from the West Lode, Squib and Happy Jack deposits.
- 5 metres at 13.7 g/t gold from 191 metres including 3 metres at 20.9 g/t gold;
- 8 metres at 3.44 g/t gold from 48 metres including 4 metres at 5.42 g/t gold; and
- 12 metres at 7.52 g/t gold from 147 metres including 2 metres at 38.1 g/t gold.
Blackham's exploration strategy is to test the full 10 kilometre long strike extent of the Matilda shear zone to identify further 1 million ounce deposits.
Historical drilling intercepts up to 4 kilometres along strike from the mine include 4 metres at 13.9 g/t gold and 6 metres at 13.9 g/t gold.
To assist with target definition, an induced polarisation (NYSE:IP) survey has commenced with final results and modelling of the data expected in August.
Matilda Gold Project
All 5.1 million ounces of gold in the 860 square kilometre Matilda Gold Project are within a 20 kilometre radius of the company owned Wiluna gold plant.
The Wiluna gold plant, which operated up until 2013 can process up to 100,000 ounces per annum.
The final environmental, mining and water approvals are in place at the Matilda project, which have unlocked a $23 million funding facility provided by Orion Mine Finance.
These drill results continue to exhibit the exploration potential of the Matilda Gold Project.
Blackham will look to rapidly convert any gold mineralisation extensions found into resources.
The key short term focus for Blackham remains the commencement of mining this month at its Matilda and Golden Age mines within the Matilda project.
Blackham is on track to pour its first gold bar in the September quarter, which is fortuitously timed as the AUD gold price is trading strongly at A$1,750 per ounce.
Shares in Blackham are up over 260% year to date.
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