Perth, Sep 20, 2012 (ABN Newswire) - Blackham Resources Ltd (ASX:BLK) has secured $1.1 million in funds to progress the exploration program at its 100%-owned Matilda Gold Project which currently yields 1.35 million ounces of JORC-compliant gold resources. Blackham has agreed to issue 5,800,000 ordinary shares ("the Placement") at AU$0.19 per share to professional and sophisticated investors and a separate disclosure document is not required. Approval for the Placement was given in its general meeting of the 29 June 2012. The lead manager of the placement was Paradigm Securities.
Blackham's Managing Director, Bryan Dixon, stated, "The Placement will allow Blackham to fund further infill and extension drilling, complete a scoping study and begin its critical path feasibility work at the Matilda Mine.
Blackham Resources Limited (ASX:BLK), a Western Australian resources company, is focused on exploration and development at the Matilda and Williamson Gold Mines in the Wiluna gold belt of Western Australia. The Matilda Gold Project contains resources of 24.5Mt @ 1.90g/t gold. The tenure package covers 50km of strike along the Wiluna Mine sequence and Coles Shear which has produced over 4Moz of gold. Blackham have the largest landholding (>500km2) in the Wiluna goldfield, one of Western Australia’s major Archaean greenstone belts. Blackham aims to delineate a multi-million ounce gold resource and targeting converted resources to reserves in the near term.