Blackham Resources Ltd: Exceptional High-Grades from Wiluna Sulphides Project

Perth, Australia - Blackham Resources Ltd. (ASX:BLK) (FRA:NZ3) (OTCMKTS:BKHRF) is pleased to report on positive results from reserve development drilling designed to expand and upgrade reserves ahead of Stage 1 sulphides production at the Wiluna gold project. Drilling has commenced targeting high-grade zones anticipated to be mined early in the mine plan, which are located close to surface and close to existing underground infrastructure to allow for rapid development.

Highlights

- First results from Sulphide Reserves expansion drilling:
WURC0802: 26m @ 15.69g/t from 182m

- Major reserve drilling program commenced to upgrade and extend the Stage 1 sulphide mine plan.

- Golden Age free-milling underground exploration continues:
GAGC0283: 0.84m @ 74.90g/t from 33.50m
GAGC0297: 1.44m @ 52.13g/t from 18.03m
GAGC0298: 2.55m @ 24.06g/t from 29.50m

Sulphide reserves infill drilling commenced at the Essex zone at Wiluna, with 8 holes for 1,589m completed. Initial results include an outstanding intercept of 26m @ 15.69g/t from 182m in WURC0802. This result reflects that Wiluna has historically been a high-grade mine, and drilling continues to produce very high-tenor results in shallow areas that can readily be developed.

RC drilling has also progressed to drilling of the company's very large inferred sulphide resource at the Bulletin zone, and to testing modelled locations for the discovery of high-grade gold shoots as outlined in the ASX release dated 23rd January 2020. Further results are expected in the coming weeks.

Stage 1 Sulphide Reserve Development

Blackham is pleased to provide an update of programs to infill and extend Stage 1 sulphide reserves ahead of the commencement of mining in mid-2020 (see ASX release dated 23rd December 2019).

Drill programs are designed to:

- Expand and upgrade inferred and indicated resource areas

- Discover new high-grade shoots in modelled structural locations

Blackham's Stage 1 sulphide expansion project will see underground production ramp up through FY 2021 to 100-120,000oz per annum over an initial 6-year underground mine plan. Wiluna is endowed with a large underground sulphide resource that currently stands at 18.5Mt @ 4.82 g/t for 2.9Moz, including 1.7Moz (58%) in the inferred category, which presents the company with substantial reserve conversion and life-of-mine extension opportunities.

Blackham's strategy is to target high-grade +5g/t shoots on the main mineralised structures at Wiluna, which have a combined strike length of 7.5km and host most of the Wiluna sulphide resources and reserves. High-grade shoot discoveries within 300m of surface could be quickly brought into the mine plan as substantial mine development already exists including 5 access declines. Further, only limited drilling has occurred in the modelled shoot positions and at depths greater than 500m below surface.

Figures 1 & 2* show latest results from drilling aimed at enhancing the grade and confidence category of resources within the current mining inventory at the Essex zone. Essex is to be developed early in the mine plan owing to its shallow depth and location close to existing infrastructure that requires minimal dewatering and rehabilitation to access high-grade ore.

Free-Milling Mine Extension Drilling

The Company also continues to extend the high-grade free-milling Golden Age orebody to sustain or increase production over the next 12-18 months. Phase 1 drilling at Golden Age has comprised a further 8 holes for 412m targeted at the 1148 level of the mine, with results presented herein confirming both the continuity and strong gold mineralisation within the Golden Age footwall ore lens (Figure 5*). Figures 6* & 7* show photographs of high-grade quartz reef intersections in GAGC0297 (1.44m @ 52.13g/t) and GAGC0298 (2.55m @ 24.06g/t).

Phase 2 drilling at Golden Age will commence later this month with the arrival of a second rig on site to begin drilling down-plunge extensions to Golden Age between the 775 and 650 levels. The Phase 2 program will cover further extensional targets around Golden Age as outlined in the ASX release dated 13th November 2019.

* To view tables and figures, please visit:
https://abnnewswire.net/lnk/6W2UJHD7

About Blackham Resources Ltd:

Blackham Resources Ltd. (ASX:BLK) (OTCMKTS:BKHRF) Wiluna-Matilda Gold Operation is located in Australia's largest gold belt which stretches from Norseman through Kalgoorlie to Wiluna. The Operation now includes resources of 96Mt @ 2.2g/t for 6.7Moz Au all within 20kms of the central processing facility. Blackham has consolidated the entire Wiluna Goldfield within a +1,440km2 tenure package which has historically produced in excess of 4.4 million ounces over a 120-year mining history.

Source:

Blackham Resources Ltd.

Contact:

Milan Jerkovic Executive Chairman Office: +61-8-9322-6418 Jim Malone Investor Relations Mobile: +61-419-537-714