Blackham Resources Ltd. Updates Pre-Feasibility Study for Matilda Gold Project

Perth, Australia (ABN Newswire) - Blackham Resources Ltd (ASX:BLK) is pleased to provide an update on the results from the recent resource definition and Definitive Feasibility Study (DFS) drilling activities at its Galaxy gold deposit.

High-grade free milling intercepts include:

o 12m @ 4.57 g/t from 83m (GARC0065)

o 10m @ 4.52 g/t from 82m

Including 3m 10.0 g/t from 88m (GLDD0005)

o 2m @ 7.99 g/t from 10m &

5m @ 6.33 g/t from 18m (GLDD0006)

o 3m @ 4.29 g/t from 63m &

10m @ 2.54 g/t from 82m (GARC0067)

o 4m @ 7.93 g/t from 88m (GARC0066)

Galaxy is located 13km from Blackham's 100% owned Wiluna gold plant. The recently published Pre-Feasibility Study (PFS) confirms Galaxy's high grade resource from surface will be an attractive feed for re-commissioning the Wiluna gold plant.

Blackham has completed an RC drill program of 26 holes for 2,347m as part of the DFS phase of the project. Holes GARC0065, GARC0066, and GARC0067 returned outstanding oxide intercepts of 12m @ 4.57g/t, 4m @ 7.93g/t, and 10m @ 2.54g/t, respectively.

A small diamond program of 3 holes for 188.5m was also completed to provide further geological confidence and metallurgical samples. The program identified further high-grade mineralisation within the optimised pit shell. Holes GLDD0005 and GLDD0006 (10m @ 4.52g/t from 82m and 5m @ 6.33g/t from 18.5m) confirmed mineralisation continuity at depth, and along strike.

Galaxy is part of a system of high-grade quartz reef Au deposits extending northwest from the Wiluna mining centre; several high-priority prospects remain to be drill tested including Caledonian, Lake Way, and Black Swan.

The current RC drill program has identified higher grade mineralisation in holes GARC0059 to GARC0070 in the deeper north eastern portion of the optimised pit. However, holes GARC0045 to GARC0058 intersected low tenor mineralisation at the south eastern limits of the Galaxy, and have effectively closed off the deposit to the south east.

Previous drill programmes at Galaxy have confirmed the high grade shoots are stacked, flatter lying and have greater strike extensions than modelled in the current PFS resource block model. The latest results will lead to an update of the DFS resource block model, which is currently in progress.

Previously reported RC drilling results:

4m @ 19.6 g/t Au from 37m GARC0011
2m @ 28.9 g/t Au from 23m GARC0024
9m @ 13.4 g/t Au from 73m GARC0027
6m @ 8.82 g/t Au from 13m GARC0037
3m @ 6.77g/t Au from 117m GLDD0003
2.5m @ 12.84g/t Au from 80m GLDD0002
3.55m @ 6.39g/t Au from 35m GLDD0001

Blackham's Managing Director, Bryan Dixon commented: "Blackham's recent Pre-Feasibility Study confirmed the economics of the Galaxy deposit as a high grade shallow deposit suitable for open pit mining with good metallurgical recoveries. The latest drilling provides further confidence within the Galaxy pit and located further high grade mineralisation outside the PFS pit design.

The Galaxy and Golden Age deposits are two high grade, free milling quartz reefs in the immediate vicinity of the Wiluna gold plant that Blackham intends to mine early in the mine plan. These deposits are 13km's apart with numerous quartz reef prospects in between. Blackham is currently finalising plans for its maiden drill programme into the Caledonia pit."

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About Blackham Resources Limited:

Blackham Resources Limited (ASX:BLK), a Western Australian resources company, is focused on exploration and development at the Matilda and Williamson Gold Mines in the Wiluna gold belt of Western Australia. The Matilda Gold Project contains resources of 24.5Mt @ 1.90g/t gold. The tenure package covers 50km of strike along the Wiluna Mine sequence and Coles Shear which has produced over 4Moz of gold. Blackham have the largest landholding (>500km2) in the Wiluna goldfield, one of Western Australia’s major Archaean greenstone belts. Blackham aims to delineate a multi-million ounce gold resource and targeting converted resources to reserves in the near term.



Contact:

Tony Dawe Senior Counsel
T: +61 8 9388 0944
E: Tony.Dawe@ppr.com.au
www.ppr.com.au

Blackham Resources Limited
T: +61 8 9322 6418
F: +61 8 9322 6398
www.blackhamresources.com.au