More gold and more cash for Blackham

Blackham Resources has added another 40 000 ounces of gold to its resource inventory and another $20m to its bank account by way of a successful drilling campaign followed by an equally successful oversubscribed capital raise.

The company recently undertook a maiden drilling campaign at the historic Bulletin decline at the Wiluna Gold Project which reaped immediate results.

The headline result from the campaign was 11.5m @ 5.08 grams per tonne gold which included a 7m intersection grading 7.01 grams per tonne gold.

Other results included 3m @ 4.91g/t gold, 2.85m @ 6.60 grams per tonne, 7m @ 3.86 grams per tonne, 8.6m @ 2.61g/t and 1.95m @ 11.2 grams per tonne gold.

In a move designed to sure up the company’s balance sheet ahead of production, Blackham also raised $20.3m recently in a heavily oversubscribed capital raise led by Canaccord Genuity (Australia) Ltd

BW Equities acted as broker to the Placement.

The placement, which was undertaken at 45c per share will enable Blackham to fast track the refurbishing of its Wiluna Gold Plant in readiness for production expected to commence next quarter.

The upgrading of the Bulletin resource brings the total resource at the Matilda Gold Project in Wiluna to 45Mt @ 3.3g/t for 4.7M ounces of gold.

The Bulletin prospect is notable for a previous spectacular drilling intersection of 40m grading 15 grams per tonne gold.

It seems that Blackham can do no wrong right now with capital being easily raised, significant gold hits every time they put a hole down and production now just around the corner.