Quarterly Activities and Cashflow Report December 16
- At Matilda/Wiluna Operations, first gold was achieved in October 2016. The quarterly gold production totalled 8,773oz, and commercial production has been achieved and operations are now cash flow positive. The forecast for 2017 FY production is between 60,000 and 70,000oz. New tertiary crusher installed successfully during December, and new gas power station commissioned in December is going to provide energy savings to the operation.
- Resources increase 25% since last quarterly. Large gold resource updated to 63Mt @ 3.2g/t for 6.4Moz Au, including maiden Wiluna open pit resources of 12.5Mt @ 2.6g/t for 1.1Moz Au - 69% indicated and high grade Golden Age resource grows by 21%. Maiden Wiluna open pit resources to underpin the expansion plan.
- In terms of Expansion Study, stage 2 expansion studies focused on increasing gold production beyond 200,000ozpa are progressing well, and expansion targeting mill throughput is 3.2Mtpa due to the success in the open pit resources.
- The achievments on exploration include successful 25,000m drill programme completed on the Wiluna open pits, and a further 30,000m drill program was planned for this quarter.
- At the end of the quarter, the Company had A$10.7 million in cash, and has 11,079oz of forwards at A$1,709/oz allocated to the next quarter of production.
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About Blackham Resources Ltd
Blackham 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.
Blackham Resources Ltd