Blackham Resources Ltd: High-Grade Intercepts at Bulletin Mine

Perth - 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.

Further drilling is planned to close out mineralisation that remains open at depth and along strike towards the Gap Pit (see Figure 2 in link below - WURC0446 and WURC0449).

Secondary and tertiary lodes trend sub-parallel to the main Bulletin lode and are likely attributable to subsidiary splays that propagate off the main Bulletin fault.

Stage 1 drilling indicates the upward vertical extent of the lodes is dominantly continuous, with the ore zones lying within 150m of the surface in places. Additional Stage 2 drilling is planned to further test the extent of these subsidiary lodes, both laterally and along strike to the south.

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. Furthermore, the extension of the ore lenses into the surficial oxide levels provides Blackham with a potentially minable source of free-milling ore.

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

About Blackham Resources Ltd:

Blackham Resources Ltd. (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 Ltd.
Office: +61-8-9322-6418

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

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

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