Blackham Resources Limited (ASX:BLK) Matilda Drill Results Shows Significant Gold Intercepts

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Perth, Australia, Nov 7, 2012 - (ABN Newswire) - Blackham Resources Ltd (ASX:BLK.AX - News)is pleased to announce further results of recent drilling at the Matilda Gold Project in Western Australia. Blackham has recently completed an infill and extension RC programme at the Matilda Mining Centre focussing on the M1, M3 and M4 Deposits. A total of 3,200m of RC was completed.

The M4 Deposit has been identified as a priority area to recommence mining operations at the Matilda Mining Centre. 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 defined further high-grade zones of mineralisation with significant intercepts of 10m @ 5.47 g/t from 120m including 2m @ 12.4 g/t from 121m (MARC0063) and 5m @ 5.30 g/t from 125m (MARC0062) including 1m @ 20.4 g/t from 127m. These results have extended mineralisation approximately 50m down dip (Figure 1). Together with the earlier reported intercept of 31m @ 2.32 g/t in MARC0051, Blackham has identified a gently plunging (approximately 30° northwards), high-grade shoot with a strike of approximately 200m that remains open at depth (see Figure 2 in link below).

Many of the holes from this programme returned thicker and higher tenor results than intercepted by previous explorers closer to surface, possibly indicating depletion zones in the weathered profile. A large amount of historical drilling at Matilda failed to penetrate past the base of oxidation, thereby raising questions about its effectiveness.

In light of these excellent results the Company will be updating the resource model to determine what effect they may have on the open-pit mining economics. The high-grade nature of these results may also support an underground mining operation which will be investigated in due course.

Blackham's resource inventory at the Matilda Gold Project is currently 23Mt at 1.9g/t for 1.4Moz Au (see Table 1 in link below) which includes 12Mt @ 1.7g/t for 683,000oz Au at the Matilda Mining Centre.

Final results have also been received from the M1 and M3 deposits. An encouraging result of 12m @ 1.35 g/t Au in MARC0068 from the M3 Deposit has confirmed the geological interpretation north of M3 and should provide an upgrade of resource confidence in this area as well as a positive effect on mining economics. Further drilling is required to test the full resource potential. Likewise a result of 2m @ 5.01 g/t Au in MARC0071 at the Eastern Lode of M1 has confirmed the continuity of this lode.

The success of this programme warrants a follow-up programme immediately. Planning for this programme is currently underway and will commence as soon as a suitable rig can be mobilized to site.

A full table of results from this programme can be found in Appendix A as well as diagrams by visiting:
http://media.abnnewswire.net/media/en/docs/ASX-BLK-612746.pdf


About Blackham Resources Limited:

Blackham (ASX:BLK.AX - News), a Western Australian resources company, is focused on exploration at the Matilda and Williamson Gold Mines. It is also evaluating the development of the Scaddan and Zanthus Coal Projects.

Blackham recently acquired 100% acquisition the Matilda Gold Project which includes the old Matilda and Williamson Gold Mines in the Wiluna gold belt of Western Australia. The Matilda Gold Project contains 12.8Mt @ 1.9g/t for 790,000oz gold. The tenure package covers 40km of strike along the Wiluna Mine sequence which has produced over 4Moz of gold. In addition, the strike of the prospective Coles Shear which hosts the Matilda Deposits has been extended to 10 km. Blackham will have the largest landholding (>600km2) in the Mining Centre and one of Western Australia's major Archaean greenstone belts. Blackham is targeting the resources mostly to be converted to reserves in the near term.

Blackham is evaluating the development of the Scaddan and Zanthus Coal Projects for coal export and the building of a coal to liquid (CTL) facility. The Scaddan and Zanthus Coal Projects, located near Esperance, Western Australia, contain coal deposits totalling 1.4 billion tonnes with over 10,600 PJ of energy at shallow depth and very low mining costs. The Scaddan Coal Project is surrounded by complimentary infrastructure approximately 60 kilometres north of the town and major port of Esperance and 10 kilometres east of the Esperance to Kalgoorlie highway, gas pipeline and railway line.


Contact:

 
Blackham Resources Limited
T: +61-8-9322-6418
F: +61-8-9322-6398
WWW: www.blackhamresources.com.au
 

Source:

Blackham Resources Limited

Copyright (C) 2012 ABN Newswire. All rights reserved.

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