Blackham Resources' new gold hits extend Matilda lodes
Blackham Resources (ASX: BLK) has used reverse circulation drilling to extend the M1 Central Lode at the Matilda Gold Project in Western Australia, with the results providing positive implications for open-pit economics.
Blackham has undertaken a large drilling campaign at the Matilda Mining Centre to extend and increase the confidence of the existing resource, with the latest highlights:
- 13 metres at 3.20g/t gold from 119 metres, including 6 metres at 4.38g/t;
- 10 metres at 2.40g/t gold from 176 metres, including 3 metres at 4.76g/t; and
- 7 metres at 2.93g/t gold from 131 metres.
These results support the previous broad high grade intersection of: 35 metres at 5.05g/t gold.
This result was from the hinge of the Central Lode anticline which characteristically is the highest grade portion of the lode, with subsequent new results from the limbs of the anticline which is a broad mineralised zone with a higher grade core.
Also a new Hanging Wall Zone was found at M4, containing near-surface gold such as; 4 metres at 7.51g/t gold from 56 metres; and 3 metres at 6.24g/t gold from 51 metres. These are the best results from the lode so far.
This drilling has defined the “Iceberg Zone” beneath the existing pit which has also identified a continuous hanging wall lode.
A positive for the latest results is with their near surface nature, Blackham said that it is expected to have a positive effect on open pit economics by reducing the amount of overburden previously thought to be waste.
The Matilda Mining Centre has a Measured, Indicated and Inferred Resource of 13.8 million tonnes at 1.8g/t gold for 784,000 ounces.
Last week Blackham shareholders approved resolutions to secure a funding package from Great Central Gold Pty Ltd.
Earlier in the year, a $13 million funding was secured for the wholly-owned Matilda Gold Project with Great Central Gold Pty Ltd.
Blackham announced that Great Central had agreed to subscribe for 15.79 million fully paid ordinary shares at $0.21 per share to raise $3.32 million.
In addition to the Placement, Great Central has agreed to subscribe for 40 million Convertible Notes in Blackham at $0.25 each having a total face value of $10 million.
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