Quarterly Report December 2017
Perth, Jan 31, 2018 AEST (ABN Newswire) - The Board of Blackham Resources Ltd (
ASX:BLK) (BKHRF:OTCMKTS) (Blackham or the Company) provides the following update on its activities for the quarter ended 31 December 2017 and thereafter:
Matilda-Wiluna Gold Operation
- Quarterly gold production totalled 14,922oz (Sep'17 quarter 15,619oz)
- Mining:
o high grade ore zones now accessed from M4 and Galaxy pits, which will provide higher grade feed during 2018, underpinning anticipated improved production and positive cash flows
o high grade ore mined during month of Dec'17 of 137kt @ 1.6g/t, with total gold mined for the month of 7,887oz
o high grade ore mined during the first four weeks of January of 210kt @ 1.55g/t, with a total of 11,410oz of gold mined during that period at a rate significantly higher than monthly milling capacity of 160kt per month
o significant reduction in waste material mined in the quarter, leading to reduced open pit mining costs
o underground mined grades during Dec'17 and Jan'18 significantly better than reserve grades
o high grade stockpiles built up since mid-Dec'17 and are currently 111kt @ 1.4g/t Au
- Record milled tonnes of 443kt during the Dec'17 quarter, with plant recovery increasing to 92.3% (379kt and 91.5% in Sep'17 quarter)
- Record weekly gold production of 1,685oz achieved in last week of Dec'17 at an average mill feed grade of 1.5g/t Au
- All in sustaining costs reduced to A$1,359/oz in the month of Dec'17 and A$1,882/oz for the Dec'17 quarter (Sep'17 quarter A$2,236/oz)
Corporate
- Cash and bullion at the end of the quarter $10.3m (30 Sep'17 - $9.8m)
- Successful refinancing of $14.3 million term loan repayment (previously due on 31 Dec'17)
- Fully underwritten renounceable Entitlement Offer launched to raise approximately $36 million (before costs)
- Board and executive team strengthened
o Milan Jerkovic appointed Executive Chairman
o Greg Fitzgerald to be appointed a Non-Executive Director
o Mr Linton Kirk and Mr Jonathan Lea to join a newly formed Technical Advisory Committee
To view the full report, please visit:
http://abnnewswire.net/lnk/353O4XI7
About Wiluna Mining Corporation Ltd
Wiluna Mining Corporation (ASX:WMC) (OTCMKTS:WMXCF) is a Perth based, ASX listed gold mining company that controls over 1,600 square kilometres of the Yilgarn Craton in the Northern Goldfields of WA. The Yilgarn Craton has a historic and current gold endowment of over 380 million ounces, making it one of most prolific gold regions in the world. The Company owns 100% of the Wiluna Gold Operation which has a defined resource of 8.04M oz at 1.67 g/t au. In May 2019, a new highly skilled management team took control of the Company with a clear plan to leverage the Wiluna Gold Operation's multi-million-ounce potential.
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