Perth, Nov 27, 2017 AEST (ABN Newswire) - Blackham Resources Ltd (ASX:BLK) (OTCMKTS:BKHRF) ("Blackham") is pleased to provide an update on the Reserve Definition Drilling at the Bulletin Lode which has been completed as part of the Expansion Study and will provide the basis for a reserve update for the Bulletin underground mine. Drilling has tested areas currently classified as Inferred which are likely to be accessible within 3 years of the re-commencement of underground mining at Bulletin.

Highlights

- High grade mineralisation intercepted in the Bulletin Main lode as well as sub-parallel structures

- Better intercepts (downhole widths) include:

BUUD0064: 16.6m @ 6.03g/t Au 100g*m
BUUD0069: 8.0m @ 11.1g/t Au & 89g*m
2.3m @ 9.44g/t Au 22g*m

BUUD0061: 15.0m @ 5.32g/t Au & 80g*m
8.0m @ 4.31g/t Au & 35g*m
5.0m @ 6.91g/t Au 35g*m

BUUD0072: 11.3m @ 6.63g/t Au 75g*m

BUUD0057: 11.0m @ 3.10g/t Au & 34g*m
13.8m @ 4.91g/t Au 68g*m

BUUD0075: 8.5m @ 8.33g/t Au 71g*m

WURC0446: 9m @ 5.66g/t Au from 278m 51g*m

WURC0449: 4m @ 10.5g/t Au from 185m 42g*m

WURC0481: 7m @ 5.79g/t Au from 162m 41g*m

These ore-grade results suggest that Inferred resource areas are likely to be upgraded to Indicated status, adding further confidence to the Bulletin underground mine plan as outlined in the Expansion Study PFS. The confirmation of sub-parallel lodes is significant as they will increase the ounces/vertical metre and hence reduce mining costs.

Recently Blackham announced an increased Mineral Resource estimate for the Wiluna northern pits, including Bulletin (ASX release dated 12th October 2017). These latest drilling results will form part of an updated Mineral Resource and Reserve estimate, currently in progress for the Bulletin underground mine.

The current life of mine plan, as outlined in the Expansion Preliminary Feasibility Study (refer to ASX release dated 30th August 2017), includes Inferred resource areas within the proposed Bulletin underground mine. The majority of these areas are planned to be mined towards the end of the mine life. Recent surface and underground drilling has targeted areas classified as Inferred. Results from this drilling will improve the confidence level of the Mineral Resource and allow Ore Reserve estimation to be completed in these areas, de-risking the early years of the operation.

Infill drilling has intersected high grade mineralisation in several sub-parallel lodes at Bulletin. Results generally confirm previous assay results (see Figure 1 in link below). Better results (downhole widths quoted) include:

BUUD0064: 16.6m @ 6.03g/t Au from 48.6m 100g*m

BUUD0069: 8.0m @ 11.1g/t Au from 116m & 89g*m
2.3m @ 9.44g/t Au from 137.4m 22g*m

BUUD0061: 15.0m @ 5.32g/t Au from 36m & 80g*m
8.0m @ 4.31g/t Au from 54m & 35g*m
5.0m @ 6.91g/t Au from 65m 35g*m

BUUD0072: 11.3m @ 6.63g/t Au from 65.7m 75g*m

BUUD0057: 11.0m @ 3.10g/t Au from 0m & 34g*m
13.8m @ 4.91g/t Au from 26.0m 68g*m

BUUD0075: 8.5m @ 8.33g/t Au from 28.0m 71g*m

WURC0446: 9m @ 5.66g/t Au from 278m 51g*m

WURC0449: 4m @ 10.5g/t Au from 185m 42g*m

WURC0481: 7m @ 5.79g/t Au from 162m 41g*m

This drilling has confirmed and improved the confidence of at least two lodes which are to the west of and sub-parallel to the main Bulletin lode (see Figure 1 in link below). Although these lodes are generally restricted in strike and dip extents compared with the main lode, they have the potential to increase the ounces per vertical metre and reduce the overall mining costs.

Mineralisation remains open at depth and along strike towards the Gap Pit (see Figure 2 in link below). Additional drilling is required to determine the full extent of these subsidiary lodes, both laterally and along strike to the south.

The drilling confirmed and improved the confidence in at least two subsidiary lodes which are to the west of and sub-parallel to the main Bulletin lode (see Figure 1 in link below). These lodes are interpreted to be splays propagating off the main Bulletin fault. Although generally restricted in strike and dip extents compared with the main lode, they have the potential to increase the ounces per vertical metre, reducing overall mining costs.

Considering the proximity of the Bulletin deposit to existing underground infrastructure and the surface haulage network, the definition of additional resources within close proximity to the main lode are likely to benefit the economics of the deposit significantly during the mining stage.

To view figures, please visit:
http://abnnewswire.net/lnk/R4OY262M


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 Limited
Office: +61-8-9322-6418

Bruce Kendall
Chief Geological Officer
Office: +61-8-9322-6418

Jim Malone
Investor Relations
Blackham Resources Limited
Office: +61-419-537-714

John Gardner
Media Enquiries
Citadel Magnus
Office: +61-8-6160-4901



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