Blackham Resources’ Substantial Shareholder Nathan McMahon Raises Stake To 12.26%

May 14, 2012 1:21 AM ET
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Blackham Resources' (ASX: BLK) substantial shareholder Nathan McMahon has increased his interest in the company to 12.26%.

McMahon, who is well known for his roles as joint managing director of Cazaly Resources (ASX: CAZ) and non-executive chairman of Dempsey Minerals (ASX: DMI), acquired 627,113 shares on-market for a total consideration of A$138,542, or $0.22 per share.

He now owns nearly 6 million shares in Blackham.

The company is in an interesting position at its Matilda Gold Project with recent drilling identifying gold mineralisation outside of the current Resource.

The more than 600 square kilometre project surrounds Apex Minerals' (ASX: AXM) operating 12.7 million tonnes at 5.4 grams per tonne (g/t) Wiluna Gold Mine, in a region that has produced more than 4 million ounces of gold.

High grade intercepts from the latest round of assays include 2 metres at 5.79g/t gold from 66 metres, 3 metres at 3.18g/t gold from 91 metres and 4 metres at 3.82g/t gold from 22 metres.

Importantly, these assays show mineralisation remains open around the periphery of the historically mined pits.

The Matilda Project, located 19 kilometres south of the township of Wiluna in Western Australia, produced 168,000 ounces of gold from seven shallow pits prior to closure in 1992.

Most of these pits were mined to less than 50 metres and feature shallow mineralisation outside the pit limits.

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