Quarterly Activities & Cash Flow Report June 2016
Perth, July 22, 2016 AEST (ABN Newswire) - The Board of Blackham Resources Limited (
ASX:BLK) ('Blackham' or 'the Company') is pleased to provide an update on its activities for the quarter ended 30 June 2016 and thereafter.
HIGHLIGHTS INCLUDE:
- Gold production targeted for late August/early September
- Matilda open pit mining commenced
- Underground development has commenced at Golden Age
- Gold plant wet commissioning on track for August
- Current Mineral Inventory of 9.3Mt @ 2.9g/t for 873,000oz Au
- 106,000oz added to the mine plan since February
- Reserves now total 560,000oz
- Initial Wiluna open pit mining studies are positive
- Large gold resource 48Mt @ 3.3g/t for 5.1Moz (48% indicated) including:
- New resources identified on Moonlight Shear
- Upgraded resources for Matilda, Galaxy, Golden Age and Bulletin
- Drilling success included:
- High grade Essex, Squib and West Lode mineralisation
- Further Bulletin extensions
- Extensions to Matilda M4 and M6 mineralisation
- Exploration targeting work completed at Matilda and Lake Way
Corporate
- $32m in cash at the end of the financial year
- $15M project facility drawn down during quarter
- $8 million undrawn project facility
- Hedging - forwards 20,000oz @ A$1,701/oz
Blackham Resources Ltd has commenced open pit mining and underground development work at the Company's Matilda Gold Project. Blackham's open pit contractor, MACA Ltd has mobilised the initial mining fleet and commenced mining operations at the Matilda M10 open pit. Pybar Mining Services Ltd has also commenced underground development at the high grade golden Age orebody.
The commencement of wet commissioning of the Wiluna processing plant is on track to commence in August 2016.
The Matilda Gold Project is located in Australia's largest gold belt which stretches from Norseman through Kalgoorlie to Wiluna. Blackham's 100% owned Wiluna gold plant is located in the centre of the Matilda Gold Project and can process up to 1.7Mtpa or ~100,000ozpa as indicated by the recently published definitive feasibility study (DFS). The expanded Matilda Gold Project now includes JORC 2012 Measured, Indicated and Inferred Resources of 48Mt @ 3.3g/t for 5.1Moz Au (refer to ASX release 27th June 2016) within a 860km2 exploration tenement package and has historically produced in excess of 4.3 million ounces.
Blackham is initially focused on the free-milling resources which it intends to process through the established low risk circuit of crushing, grinding, gravity and carbon in leach. The free-milling open pit Matilda deposits are planned to provide a base load feed stock for the Wiluna gold plant which will be supplemented by the high grade quartz reef deposits and shallow underground deposits.
To view the complete quarterly report, please visit:
http://abnnewswire.net/lnk/B03JQ8K4
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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