Blackham Resources Limited (ASX:BLK) Agreement with Apex Minerals NL (ASX:AXM)
Sydney, Nov 18, 2011 AEST (ABN Newswire) - Blackham Resources Limited (
ASX:BLK) is pleased to announce it has signed a Deed of assignment with Apex Minerals NL (ASX:AXM) under which it confirms Kimba Resources Pty Ltd's (Kimba) rights to all the minerals covering the Mining Lease M53/797 which includes the Williamson Gold Mine. Blackham recently signed an agreement to acquire 100% of Kimba. In addition the Deed confers Blackham's right to the use of Apex's camp and facilities to the extent they are not fully utilised by Apex. The deed also confirms Kimba's rights to explore and mine nickel and uranium on Apex's tenure and Apex's right to explore and mine calcrete on part of Kimba's tenure. As part of the Deed, Blackham will also receive all the mining information relating to the Williamson Gold tenement in Apex's possession.
The parties have initiated discussions with regard to the possibility of processing of ore through Apex's gold plant. The old Matilda and Williamson Gold Mines are located 12 and 17 kilometres respectively from Apex's gold plant. Both Matilda and Williamson are held under mining leases and have existing haul roads linking the old mines to the existing plant.
Processing ore from the Matilda Gold Project through Apex's gold plant is likely to bring mutual benefits to both companies as the plant currently has excess capacity. Apex's Wiluna Plant has the flexibility through two separate mill streams to be able to treat both refractory and free milling ore.
If Blackham is able to supply oxide ore to the plant the throughput capacity can be significantly increased. Previously by running both the oxide and sulphide circuits the mill throughput has been as high as 1.1Mtpa. Apex and Blackham will continue discussions regarding the treatment of ore from the Matilda Gold Project through Apex's gold processing plant.
Blackham plans to focus its initial drilling at the Matilda Gold Project on defining resources and exploration targets that are most likely to create near term mining opportunities at the Matilda Gold Project. The approvals process for the initial drilling programme has begun with drilling expected to commence in December.
Early cash flow from a toll treating agreement could provide Blackham with additional funding to explore the 40 kilometre strike it now has gold rights to along the Wiluna Mine sequence and 10km strike along the Coles Shear.
Blackham committed to the acquisition of Kimba Resources Pty Ltd and its Matilda Gold Project (see announcement on 18 October 20011) it has also secured the exploration and mining rights to gold, nickel and all non-uranium minerals rights to a large tenure package in the Lakeway area. Further information on the terms of the agreement can be found in Blackham's announcement of the 21st September 2011.
The Matilda Gold Project area now includes gold and nickel rights to 40 km of strike along the Wiluna Mine sequence with a total land package to 600 km2. The project now includes the old Matilda Gold Mine, the Williamson Gold Mine and defined targets at Regents, Galaxy, Mt Poole, Monarch, Prior, Red Lady, Zenith, Island and Albion gold prospects in the Lakeway area. The adjacent Wiluna Mine operated by Apex Minerals has produced over 4 million ounces of gold from only 5km of the mine sequence. Apex Minerals reported gold resources of 12.7Mt @ 5.4g/t for 2.2 million ounces of contained gold in their 2010 Annual Report. The Company considers the ground to have strong prospectivity for hosting similar gold bearing structures to the Wiluna Mine.
For the complete Blackham Resources announcement including figures, please view the following link:
http://media.abnnewswire.net/media/en/docs/ASX-BLK-567271.pdf
About Wiluna Mining Corporation Ltd
Wiluna Mining Corporation (ASX:WMC) (OTCMKTS:WMXCF) is a Perth based, ASX listed gold mining company that controls over 1,600 square kilometres of the Yilgarn Craton in the Northern Goldfields of WA. The Yilgarn Craton has a historic and current gold endowment of over 380 million ounces, making it one of most prolific gold regions in the world. The Company owns 100% of the Wiluna Gold Operation which has a defined resource of 8.04M oz at 1.67 g/t au. In May 2019, a new highly skilled management team took control of the Company with a clear plan to leverage the Wiluna Gold Operation's multi-million-ounce potential.
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