Blackham Resources Limited (ASX:BLK) Update on Maltilda Gold Mine Acquisition
Perth, Oct 17, 2011 AEST (ABN Newswire) - Blackham Resources Limited (
ASX:BLK) is pleased to announce it has elected under the Heads of Agreement to formally acquire 100% acquisition the Matilda and Williamson Gold Mines and the Regents, Carol Prior, Galaxy Gold Deposits in the Wiluna gold belt of Western Australia (Project).
The due diligence over the project supports the decision to acquire the Project.
Blackham Managing Director, Bryan Dixon made the following statement, "Initially on entering into the Heads of Agreement, Management were focused on extensions to the existing gold deposits down plunge. During the due diligence phase it has become very apparent that substantial potential exists to extend these deposits along strike in the shallow oxide material as well."
Blackham's main focus will initially be to explore for new gold resources in and around the Matilda Mine. Matilda is a large gold system which has been mined in most places to less than 50m with 7 small pits over a strike of 3.5kms. Most of the existing Matilda deposits remain open both along strike and at depth. Asarco ceased production at Matilda in 1996 when the gold price was about US$400/oz. Production from all previous owners reached approximately 280,000oz from 7 open pits.
Blackham intends to target the extensions along strike and the high grade extensions below the existing pits then remodel the resources and re-optimise pits based upon current gold prices.
Blackham has begun planning for its initial drilling programmes aimed at commencing in December, subject to rig availability and regulatory approvals. Little systematic regional exploration has taken place on the Project since Great Central Mines sold the Wiluna Mine and surrounding package to Normandy in 2002. Since 1996, the Project has been owned by numerous companies and most of the exploration has focused on the neighbouring Mine.
For the complete Blackham Resources announcement including figures, please view the following link:
http://media.abnnewswire.net/media/en/docs/ASX-BLK-561547.pdf
About Wiluna Mining Corporation Ltd
Wiluna Mining Corporation (ASX:WMC) (OTCMKTS:WMXCF) is a Perth based, ASX listed gold mining company that controls over 1,600 square kilometres of the Yilgarn Craton in the Northern Goldfields of WA. The Yilgarn Craton has a historic and current gold endowment of over 380 million ounces, making it one of most prolific gold regions in the world. The Company owns 100% of the Wiluna Gold Operation which has a defined resource of 8.04M oz at 1.67 g/t au. In May 2019, a new highly skilled management team took control of the Company with a clear plan to leverage the Wiluna Gold Operation's multi-million-ounce potential.
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