Blackham Resources Limited (ASX:BLK) Matilda Upgraded to 1.5Moz gold

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Perth, Australia, Jan 14, 2013 - (ABN Newswire) - Blackham Resources Ltd (ASX:BLK.AX - News) is pleased to report an upgrade in resources around its Matilda Mine which increases the Matilda Gold Project gold resource to 24Mt @ 1.9 g/t au for 1.5Moz au.

Independent geological consultants, RungePincockMinarco were commissioned to review and update the resources for the Matilda Mine. The Matilda Mine resource is now 14Mt at 1.8g/t Au for 784,000oz which has increased from 68,000oz of resource when Blackham acquired the project in November 2011. Blackham's revised gold resources at the Matilda Gold Project can be found summarised in the link below.

Management believe there is significant potential to increase the resources at Williamson and are currently planning a drill programme to both increase the confidence in the existing resource and test the high grade extensions down plunge.

Matilda Mine Resource Update

Resources at the Matilda Mining Centre have now reached 14Mt @ 1.8g/t au for 784,000oz, further consolidating its position as the largest gold endowment within the Matilda Project. The recent 3,000m RC drill programme that concentrated on the M1 and M4 lodes was successful in increasing the size and confidence of the resource in this area. This drilling programme increased the M1 and M4 resources by 12% and 38%, respectively whilst also increasing the measured and indicated resource by 64%.

Most the gold deposits remain open along strike and down plunge with very limited drilling below 100m depth. The M1 long section demonstrates the high grade potential down plunge from the M1 West ore body.

The Matilda gold lodes in the M1, M2, M3, M4 & M5 deposits are part of a large mineralised system. These gold lodes are stacked next to each other. The historical RAB pattern drilling at the Mine was effective in identifying the lodes close to surface. Recent drilling at M4 has identified further gold lodes below the shallow historical drilling. Some of the known gold lodes also show depletion zones closer to surface. Within this system there are a number of areas with little or no drilling that if tests prove successful, may provide additional resources as well as a positive impact on the mining economics around these deposits.

The Company is delighted with the rapid growth of the Matilda Gold Project. In the 14 months since acquisition the Project resources have grown over 382%. Most of this growth has come from the Matilda Mine which has grown from 68,000oz to 784,000oz in the same time. Management are currently advancing plans to drill the Williamson Mine which has a very large exploration target and some very high grade historical drill intercepts.

For all tables and figures, please visit:
http://media.abnnewswire.net/media/en/docs/ASX-BLK-620929.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) 2013 ABN Newswire. All rights reserved.

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