Perth, Sep 20, 2012 AEST (ABN Newswire) - Blackham Resources Limited (ASX:BLK) is pleased to report the Resource Estimate for the M3 Deposit at the Matilda Gold Project has been completed by independent geological consultant Runge Limited (ASX:RUL). The M3 Deposit is estimated to contain 755,000t at 1.7g/t Au for a total of 42,000oz. The combined Matilda Project estimate has grown to 23Mt at 1.9g/t for 1.4Moz Au (see Table 1). The M3 deposit is crucial to unlocking the value of the Matilda Project due to its strategic position between the larger deposits of M1 and M4.

Blackham's revised gold resources at the Matilda Gold Project are summarised below (see link at bottom of release).

Matilda Resource Update

Resources at the Matilda Mining Centre have now reached 682,500oz Au further consolidating its position as the largest gold endowment within the Matilda Project. Further increases are expected when the M8 deposit and other prospects are estimated.

The Matilda deposits contain a mix of oxidation types as shown in the Table 4 below, (see link below).

The completion of the M3 resource has also highlighted that lodes from M1, M2, M3, M4 & M5 deposits are part of a large mineralised system (Figure 1). 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 (Figures 2 & 3).

As the Company shifts its focus towards development, priority will be given to improving the confidence of resources and ultimately converting resources into reserves. A 3,000m RC drill program commencing next week will focus on infill and extension zones around the M1, M3 and M4 deposits. The Company and the drilling contractor have agreed 50% the drilling contract will be paid in Blackham shares.

The Company is delighted with the recent growth of the Matilda Project. In less than 12 months the resources have grown over 350%. The Resource base is now sufficient to consider development options which would see the Company become a producer in the near-term.

To view the complete Blackham Resources announcement including Tables, Figures and revised gold resource at Matilda Gold Project, please click the link below:
http://media.abnnewswire.net/media/en/docs/ASX-BLK-604698.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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