Blackham Resources Ltd. Matilda Mine Keeps Growing in Size

Perth, Australia - Blackham Resources Ltd (ASX:BLK) is pleased to announce the latest results from drilling at the Matilda Gold Project in Western Australia. The latest of 79 RC holes for 5,637m have intersected both broad mineralised and high-grade zones, and are expected to further extend the resource beyond the planned mining areas as well as upgrade a significant portion of the remaining in-pit Inferred resource to Indicated category. A revision of the resource estimate is underway.

Highlights:

- Resource extensions likely to grow the Matilda Mine life.

- Successful follow-up of new shallow higher grade shoot at M6 North:

-- 7m @ 4.21 g/t from 69m (MARC0408)

-- 6m @ 3.28 g/t from 74m (MARC0406)

-- 4m @ 4.20 g/t from 73m (MARC0411)

- Further positive results both north and south of the main M4 pit:

-- 4m @ 7.80 g/t from 63m, & 10m @ 1.87 g/t from 85m (MARC0351)

-- 5m @ 4.29 g/t from 36m, & 2m @ 12.48 g/t from 52m (MARC0350)

-- 3m @ 5.91 g/t from 40m (MARC0414)

-- 3m @ 5.37 g/t from 57m (MARC0391)

-- 4m @ 3.55 g/t from 26m (MARC0349)

- Matilda drilling continues focus on finding further repeating and stacked lodes and drilling out the recently identified lodes

- District-scale exploration for Matilda-sized (~1Moz) deposits underway

The recently published Matilda Definitive Feasibility Study (announced 24th February 2016) resulted in significantly larger open pit designs at Matilda compared to the earlier Prefeasibility Study pits. Blackham has drilled out most of the remaining Inferred resource within the larger pits that could easily be converted to in-pit reserves.

The successful drilling of the Matilda Mine has recently grown the resource to 12.9Mt @ 1.8 g/t for 724,000oz Au with 61% now in the Measured and Indicated resource category (7.6Mt @ 1.8g/t for 439,000oz Au). The Matilda Mine is 19km by existing haul roads from the Wiluna Gold Plant and will provide the base load open pit feed the plant has not had since the early 1990's. The Matilda mineralisation is soft, deeply weathered oxide with a number of stacked loads that often repeat along strike and down plunge. Blackham's drilling continues to target repeating lodes beyond the planned open pits.

Shallow higher grades intersected at M6 North

Initial results from the M6 North shoot and a new Au mineralised corridor discovered during sterilisation drilling, as reported to the ASX on 22nd February 2016, included:

- 20m @ 1.81 g/t from 22m (MARC0334)

- 7m @ 4.71 g/t from 42m incl. 2m @ 11.9 g/t from 44m (MARC0325)

- 5m @ 4.04 g/t from 15m (MARC0324)

Follow up drill results herein include (Figs 1&2):

- 6m @ 3.28 g/t from 74m (MARC0406)

- 7m @ 4.21 g/t from 69m incl. 2m @ 7.56 g/t from 73m (MARC0408)

- 4m @ 4.20 g/t from 73m (MARC0411)

The M6 North area has now been drilled to 50m vertical depth to a spacing that is likely to yield Inferred and Indicated resources with a maiden resource estimate for the area is now in progress.

The M6 North shoot is situated immediately north of the previously mined M6 pit, and is on the same Au-mineralised structure as the M1 deposit that is located 800m further north. Highly encouraging results have been received from numerous holes and scope remains to find further shoots along ~800m of strike on 3 poorly-tested Au-mineralised corridors between M6 and M1 pits.

Successful M4 pit Infill and Extensions

Infill and extension drill holes within M4 and the associated ore shoots Iceberg 2, Hurricanes, Thunder and Sixers, have returned numerous high-grade intercepts and are likely to result in conversion of additional Inferred resources to Indicated resources and mining Reserves (Figs 3-6, see link below).

Historical RAB drilling along strike of the M1/M4 DFS pit designs and M6/M10 pits is mainly limited to set-depth 25m deep holes with 8m composites at the bottom of hole, which has ineffectively tested for higher-grade supergene mineralisation at depth. However, Blackham continues to test these lower-tenor RAB anomalies with deeper RC holes to identify further repeating lodes at the Matilda Mine. Latest intercepts include:

- 4m @ 7.80 g/t from 63m, & 10m @ 1.87 g/t from 85m (MARC0351)

- 5m @ 4.29 g/t from 36m, & 2m @ 12.48 g/t from 52m (MARC0350)

- 3m @ 5.91 g/t from 40m (MARC0414)

- 3m @ 5.37 g/t from 57m (MARC0391)

- 4m @ 3.55 g/t from 26m (MARC0349)

Numerous high-grade intercepts have previously been reported at Iceberg 2, Hurricanes, Thunder and Sixers (see various ASX announcements 2015) including:

- 8m @ 5.16g/t from 58m (EOH) (MARC0217)

- 8m @ 5.60g/t from 49m incl. 2m @ 16.4g/t (MARC0218)

- 2m @ 6.70g/t from 42m & 12m @ 3.64g/t from 48m incl. 2m @ 12.43g/t (MARC0224)

- 4m @ 4.06g/t from 46m & 15m @ 2.59g/t from 83m incl. 3m @ 7.37g/t (MARC0225)

- 17m @ 3.65/t from 24m incl. 3m @ 13.9g/t (MARC0242)

- 7m @ 6.02 g/t from 55m (MARC0264)

- 5m @ 7.99 g/t from 51m (MARC0275)

- 5m @ 4.93g/t from 62m (MARC0305)

Sterilisation Follow-up

On 22nd February 2016 Blackham reported anomalous drill intercepts from a new gold anomaly beneath the planned M4 haul road, including:

- 16m @ 0.61 g/t from 32m & 16m @ 1.16 g/t from 60m (MAAC0008*)

- 12m @ 0.50 g/t from 40m (MAAC0002*)

- 12m @ 0.33 g/t from 48m (MAAC0001*)

*4m composite samples

Blackham has completed a small program of 8 RC holes to follow up this discovery at closer spacing although moderate tenor results were received (best intercept of 2m @ 4.14g/t in MARC0399).

Matilda District Exploration

Blackham's exploration strategy is to test the full 10km-long strike extent of the Matilda shear zone to identify further Matilda-sized deposits (~1Moz). Blackham is now planning gradient array IP geophysical survey to detect gold and sulphides beneath alluvial cover north and south of the mine, followed by a large RAB program to test the basement. Historical drilling intercepts up to 4km along strike from the mine include 4m @ 13.9g/t and 6m @ 13.9g/t (Fig 7, see link below).

The Matilda Mine resources total 12.9Mt @ 1.8g/t for 724,000oz (61% indicated). The Matilda resource model is currently being updated to incorporate these latest results. The Matilda Mining Centre is intended as a base load feed of soft oxide ore for up to 1.7Mtpa through the Wiluna gold plant.

To view tables and figures, please visit:
http://abnnewswire.net/lnk/L59NRFB2


About Blackham Resources Ltd:

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 incorporates over 780 square kilometres of tenements including Regent and the Matilda and Williamson Gold Mines containing total JORC 2012 resources of 44Mt @ 3.3 g/t for 4.7 Moz ounces of gold. These tenements cover around 45 kilometres of strike along the Wiluna Mine Sequence and 10 kilometres of strike along the Coles Find Sequence. The Wiluna Mine & Coles Find Sequence has historically produced 4 million ounces of gold.



Contact:

Bryan Dixon Managing Director Blackham Resources
T: +61-8-9322-6418

Tony Dawe Professional Public Relations
T: +61-8-9388-0944