THE BOURSE WHISPERER: Blackham Resources (ASX:BLK) has had a Resource Estimate completed for the M1 deposit at the company’s Matilda gold project.
The M1 deposit is estimated to contain 4.1 million tonnes at 2.2 grams per tonne gold for a total of 281,200 ounces of gold.
As a result, the combined Matilda project estimate has grown to 22.2 million tonnes at 1.9g/t gold for 1.35 million ounces of gold.
“This resource upgrade to 1.35 million ounces is significant as it is likely to give the Matilda gold project a critical mass for development,” Blackham Resources managing director Bryan Dixon said in the company’s announcement to the Australian Securities Exchange.
“The company will now focus on the development options to re-commission the Matilda Mine.”
The M1 Resource is the largest tonnage and highest grade of the six individual deposits Blackham has modelled at the Matilda Mining Centre.
The company said it expects this will have a positive impact on future mining development studies.
Resources at the Matilda Mining Centre have now reached 641,000 ounces of gold representing the largest gold endowment within the Matilda project.
Source: Company announcement
Blackham anticipates further increases with the M3 and M8 deposits currently being estimated.
The estimate for M1 represents an increase of 78 per cent above the previous quoted estimate at the Matilda Mine.
The Inferred Resource included the remaining areas where the drill spacing was broader and where the lode had been extended down dip with sparse drill intercepts.
Previous owners have mined 314,000 tonnes at 2.08 g/t gold for 21,000 ounces of gold at M3 and M8 is yet to be mined.
The company indicated the M3 and M8 remaining resource estimates are expected in the coming weeks.