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Perth, Sep 4, 2012 AEST (ABN Newswire) - Blackham Resources Limited (ASX:BLK) is pleased to report the Resource Estimate for the M1 Deposit at the Matilda Gold Project has been completed by independent geological consultant Runge Limited (ASX:RUL). The M1 Deposit is estimated to contain 4.1Mt at 2.2g/t Au for a total of 281,200oz. The combined Matilda Project estimate has grown to 22.2Mt at 1.9g/t for 1.35Moz Au (see Table 1).

The M1 Resource is the largest tonnage and highest grade of the six individual deposits modelled at the Matilda Mining Centre and it is expected this will have a positive impact on mining development studies.

Blackham's revised gold resources at the Matilda Gold Project are summarised, see link below:
http://media.abnnewswire.net/media/en/docs/ASX-BLK-602672.pdf

Matilda Resource Update

Resources at the Matilda Mining Centre have now reached 641,000oz Au representing the largest gold endowment within the Matilda Project. Further increases are expected with the M3 & M8 deposits currently being estimated.

The estimate for M1 represents an increase of 78% above the previous quoted estimate at the Matilda Mine.

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).

The resources for the M3 & M8 deposits are currently in the process of being estimated. Previous owners have mined 314,000t @ 2.08 g/t for 21,000oz au at M3 and M8 is yet to be mined. The M3 & M8 remaining resource estimates are expected in the coming weeks.

M1 Resource

The M1 resource has been estimated at 4.1Mt @ 2.2 g/t for 281,200oz gold with a cut-off grade of 0.75g/t (see Table 3). In the early 1980's the previous owners mined 1.48Mt of ore at 2.54g/t for 121,000oz of gold.

Multiple parallel ore bodies have been identified from previous drilling and mining. These structures demonstrate consistent plunge geometry and down-dip potential deserves further drilling. High grade drilling intercepts include 13m @ 8.78g/t from 211m and 14m @ 6.75g/t from 236m.

The M1 deposit has good potential for both open pit and underground mining. Good grades exist directly below the old pit area which could be accessed with minimal stripping. Blackham has begun open pit mining design work for the M1 pit. The development of the M1 open pit will be considered with the interaction of the adjacent M3 deposit.

The multiple parallel structures enhance the underground potential of M1. At a cut-off grade of 2g/t the resource is 1.7Mt @ 3.2g/t for 176,300oz. Further exploration drilling of the western M1 structure needs to take place prior to assessing the underground potential.

Managing Director, Mr Bryan Dixon was quoted "This resource upgrade to 1.35Moz is significant as it is likely to give the Matilda Gold Project a critical mass for development. The company will now focus on the development options to re-commission the Matilda Mine."

View the complete Blackham Resources announcement including Tables & Figures, please click the link below:
http://media.abnnewswire.net/media/en/docs/ASX-BLK-602672.pdf



About Blackham Resources Ltd

Blackham Resources ASX:BLKBlackham Resources Limited (ASX:BLK) (OTCMKTS:BKHRF), is an emerging gold producer focused on its Matilda Gold Project in Western Australia where mining and production is imminent. The Matilda/Wiluna Gold Operation incorporates over 1,000 square kilometres of tenements containing total JORC 2012 resources of 63Mt @ 3.2 g/t for 6.4Moz of gold. These tenements cover around 55 kilometres of strike along the Wiluna Mine Sequence and 10 kilometres of strike along the Coles Find Sequence. The Wiluna Mine and Coles Find Sequence has historically produced 4 million ounces of gold.

All the deposits are within 26 kilometres by existing haul roads of Blackhams recently acquired Gold Plant. With exploration prospects at Mt Poole, Monarch, Carroll Prior, Red Lady, Zenith, Island and Albion in the Lakeway area provides the company with excellent exploration areas for potential future projects.

   


Contact

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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