Blackham Resources identifies new gold at Matilda
THE DRILL SERGEANT: Blackham Resources (ASX: BLK) has received results from 18 hole, 3,454 metres RC program recently conducted at the company’s Matilda gold project in Western Australia.
The drilling was carried out to test potential new lode positions at the M1, M2, M3 and M4 deposits at the Matilda Mining Centre.
M4 North and M2 hole locations. Source: Company announcement
The company said it had been encouraged by the results, in particular those from the M4 North and M2 areas.
Results from the M4 North area returned mineralisation at much shallower depths than Blackham was expecting.
Best results include:
– 6 metres at 3.31 grams per tonne gold from 42 metres, including 1 metre at 14.3g/t gold; and
– 4m at 2.64g/t gold from 29m.
Drilling conducted during the program was the first deeper drilling underneath the M2 deposit.
Blackham explained the M2 deposit is characterised by broad zones of lower-grade mineralisation within the oxide zone, however recent investigations have suggested that higher-grade mineralisation may exist in fresh rock, similar to the high-grade shoots that extend beneath the M1 and M4 Deposits.
The company has interpreted these shoots to plunge northwards from beneath the pit floor.
Only two holes were drilled as part of this program with a best result of:
– 7m at 3.38 g/t gold from 197m.
“Unfortunately the hole did not reach target depth due to unstable ground conditions and failed to test all potential lode positions,” Blackham Resources said in its ASX announcement.
“However, the result does provide proof of concept and encouragement for further depth testing that may identify potential underground extensions to mineralisation.”
Results from M1 and M3 confirmed the presence of interpreted lode positions with M3 demonstrating mineralisation continuity.
Blackham said this provided it with some confidence new resources can be found between M2, M3 and M4.
Further interpretation of drill results and planning of future programs is underway.
“Open pit targets are currently being prioritized, however the company believes vast potential remains for discovering new deep deposits that could sustain a long-lived mining operation,” Blackham said.
“The exploration focus has also broadened beyond the immediate mining centre and planning is underway for regional exploration programs designed to discover new deposits.”
Preparations are also well advanced for the company’s maiden drilling program to be conducted at the Williamson Mine.
Blackham indicated this drilling will test for extensions of mineralisation beneath the existing open pit that would facilitate a cut-back.
Blackham’s resource inventory at the Matilda gold project is currently 25 million tonnes at 1.9g/t gold for 1.5 million ounces of gold.
The company has taken the Matilda Mining Centre resource from 68,000 ounces from its acquisition in November 2011, to 14 million tonnes at 1.8g/t gold for 784,000 ounces of gold.