1.1 Million Ounce Gold Resource at Matilda
1.1 Million Ounce Gold Resource at Matilda
Perth, Aug 21, 2012 AEST (ABN Newswire) - Blackham Resources Limited (ASX:BLK) is pleased to report the Matilda Gold Project's combined resource estimate has grown to 18.2Mt at 1.8g/t for 1,070,000oz of gold (Table 1, see link below). The 3 main mining centres are all located within 10kms of the historic Matilda Mine plant footprint and 26kms of the Wiluna Gold Plant. Blackham contracted independent geological consultant Runge Limited (ASX:RUL) to carry out a review and estimate of the mineral resource for the Matilda Mining Centre gold deposits near Wiluna, Western Australia. This upgrade includes the M4 deposit - 1.9Mt at 2.0g/t for 119,000oz au and revision of the M10 deposit - 578kt at 2.1g/t for 39,500oz au (see Table 1). 98% of both the M4 and M10 resources are within 120m of surface. Blackham has immediately commenced mining studies for both the M4 and M10 deposits. The Company's exploration and development programmes are targeting previously defined deposits which are most likely to be converted to reserves in the near term.

Blackham's revised gold resources at the Matilda Gold Project are summarised in link at bottom of release.

Matilda Resource Update

Blackham contracted independent geological consultant Runge Limited (RUL) to carry out a review and estimate of the mineral resource for the Matilda Mine near Wiluna, Western Australia. The results of this work are summarised in Table 3.

The estimate for M4 and M10 represents an increase of 79% above the previous quoted estimate at the Matilda Mine. The updated resource estimates were classified as Indicated and Inferred Mineral Resources depending on the drill spacing and geological continuity at each deposit.

The Indicated portion of the resource was defined where the drill spacing was predominantly less than 10m by 25m, and continuity of mineralisation was strong. The Inferred Resource included the remaining areas where the drill spacing was broader and where the lode had been extended down dip with sparse drill intercepts.

The full Matilda Project database contained records for 2,784 drill holes for 203,977m of drilling. The RUL Mineral Resource estimates comply with recommendations in the Australasian Code for Reporting of Mineral Resources and Ore Reserves (2004) by the Joint Ore Reserves Committee (JORC).

M4 Resource

The M4 resource has been estimated at 1.9Mt @ 2.0 g/t for 119,400oz gold (see Table 3). In the early 1980's the previous owners mined 386,000t of ore at 2.2g/t for 27,000oz of gold. The M4 pit was still being mined when operations were ceased due to financing factors in 1992. The M4 pit on average has been mined to less than 50m depth. Blackham has now extended the M4 resource along strike to over 650m north of the old pit and now runs adjacent to the M2 deposit. Good grades exist directly below the old pit area which could be accessed with minimal stripping. 98% of the M4 resource is located in the top 120m from surface. The resource is open along strike and at depth where limited drilling exists in both directions.

Blackham has begun open pit mining design work for the M4 pit which indicates a significant portion of the M4 deposit is likely to be economic. The initial M4 pit optimisation confirms the potential of the M3 and M4 pits too merge. The M3 and M4 deposits run parallel to each other and are approximately 100m apart. Significant stripping ratio benefits are expected to be derived if these pit designs merge.

The resources for the M3 & M1 pits are currently in the process of being estimated. Previous owners have mined 1.48Mt @ 2.54 g/t for 121,067oz au at M1 and 314kt @ 2.08 g/t for 20,976oz at M3. The M1 & M3 remaining resource estimates are expected in the coming weeks.

Resources at all deposits are limited by the extent of drilling with mineralisation remaining open. High-grade mineralisation is structurally controlled and typically plunges at 20-30 DEG to the north. Blackham intends to conduct further drilling to test mineralisation along strike and down-plunge. Resource estimations for the M1 and M3 deposits are underway and the Company expects to provide further resource updates in the near future. Open pit design and scoping is ongoing.

Managing Director, Mr Bryan Dixon was quoted "This resource upgrade to greater than 1Moz is significant as it gives Blackham a critical mass to reconsider putting a plant back at the Matilda Mine site."

To view the complete Blackham Resources announcement including Tables, Figures and gold resource summary at the Matilda Gold Project, please click the link below:

About Blackham Resources Ltd

Blackham Resources ASX:BLKBlackham Resources Limited (ASX:BLK) (OTCMKTS:BKHRF) Wiluna-Matilda Gold Operation is located in Australia's largest gold belt which stretches from Norseman through Kalgoorlie to Wiluna. The Operation now includes resources of 96Mt @ 2.2g/t for 6.7Moz Au all within 20kms of the central processing facility. Blackham has consolidated the entire Wiluna Goldfield within a +1,100km2 tenement package which has historically produced in excess of 4.4 million ounces over a 120-year mining history.



Bryan Dixon
Managing Director
Blackham Resources
T: +61-8-9322-6418

Tony Dawe
Professional Public Relations
T: +61-8-9388-0944

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