THE BOURSE WHISPERER: Blackham Resources (ASX: BLK) declared a record gold producing month for March 2018 at the company’s 6.5 million ounce Matilda-Wiluna gold operation in Western Australia.
Blackham Resources announced gold production in March of 7,419 ounces, an 11 per cent increase on February 2018, when it produced 6,713 ounces.
The figures presented a new record quarterly gold production of 20,631 ounces of gold, providing at a 38 per cent increase to the previous December 2017 quarter achievement of 14,922 ounces.
The company put the March quarter’s production increase down to it gaining access to higher grade zones in the M4 and Galaxy pits late in the December 20117 quarter
During the September 2017 and December 2017 quarters 248,000 tonnes and 206,000 tonnes of low grade stockpiles where processed respectively at an average grade of 0.7 grams per tonne, reducing mill feed grade for those quarters.
During the March quarter throughput increased eight per cent on the prior quarter while plant recoveries decreased slightly as deeper ore from the M4 pit was processed.
“The March operational results demonstrate a continuation of the step change in project economics that commenced in December 2017,” Blackham Resources executive chairman Milan Jerkovic said in the company’s announcement to the Australian Securities Exchange.
“Record production and significantly reduced costs underpinned a quarter of strong operational cashflows, whilst building stockpiles.
“We remain confident that 2018 will be a transformational year that will generate significant operating cash flows and value for Blackham and its shareholders.”