Blackham Resources Ltd.: Quarterly Report December 2017
Perth - The Board of Blackham Resources Ltd. (ASX:BLK) (OTCMKTS:BKHRF) (Blackham or the Company) provides the following update on its activities for the quarter ended 31 December 2017 and thereafter:Matilda-Wiluna Gold Operation
- Quarterly gold production totalled 14,922oz (Sep'17 quarter 15,619oz)
- Mining:
o high grade ore zones now accessed from M4 and Galaxy pits, which will provide higher grade feed during 2018, underpinning anticipated improved production and positive cash flows
o high grade ore mined during month of Dec'17 of 137kt @ 1.6g/t, with total gold mined for the month of 7,887oz
o high grade ore mined during the first four weeks of January of 210kt @ 1.55g/t, with a total of 11,410oz of gold mined during that period at a rate significantly higher than monthly milling capacity of 160kt per month
o significant reduction in waste material mined in the quarter, leading to reduced open pit mining costs
o underground mined grades during Dec'17 and Jan'18 significantly better than reserve grades
o high grade stockpiles built up since mid-Dec'17 and are currently 111kt @ 1.4g/t Au
- Record milled tonnes of 443kt during the Dec'17 quarter, with plant recovery increasing to 92.3% (379kt and 91.5% in Sep'17 quarter)
- Record weekly gold production of 1,685oz achieved in last week of Dec'17 at an average mill feed grade of 1.5g/t Au
- All in sustaining costs reduced to A$1,359/oz in the month of Dec'17 and A$1,882/oz for the Dec'17 quarter (Sep'17 quarter A$2,236/oz)
Corporate
- Cash and bullion at the end of the quarter $10.3m (30 Sep'17 - $9.8m)
- Successful refinancing of $14.3 million term loan repayment (previously due on 31 Dec'17)
- Fully underwritten renounceable Entitlement Offer launched to raise approximately $36 million (before costs)
- Board and executive team strengthened
o Milan Jerkovic appointed Executive Chairman
o Greg Fitzgerald to be appointed a Non-Executive Director
o Mr Linton Kirk and Mr Jonathan Lea to join a newly formed Technical Advisory Committee
To view the full report, please visit:
http://abnnewswire.net/lnk/353O4XI7
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:
Milan Jerkovic Chairman
Blackham Resources Ltd.
Office: +61-8-9322-6418
Jim Malone Investor Relations Manager
Blackham Resources Ltd.
Office: +61-419-537-714
John Gardner Media Relations Citadel-MAGNUS
Office: +61-413-355-997
