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Blackham Resources Ltd.: Gold Production Kicks Off as Expansion Study Draws Near

11.01.2017  |  ABN Newswire
Sydney - Blackham Resources (ASX:BLK) has announced their first quarter gold production results at their Matilda Gold Project.

Highlights include:

- Gold production - 9,240oz (5,010 - December month);

- Gold production commenced in mid-October 2016;

- Gold recoveries - 92% (Nov & Dec); and

- FY17 production target - 64koz to 71koz.

Analyst Comment: As production only commenced during the December quarter (ramp-up period) we saw little value in examining the headline gold production numbers too closely. We were however encouraged that the only major issue encountered during the ramp-up period, (mechanical issue with the secondary and tertiary cone crushers) has been resolved.

Catalysts: The March quarter is shaping up to be defining for Blackham for two reasons.

First, we expect the ramp-up period to be concluded during the quarter which should result in a significant increase in production (TSI estimate - 26koz). This will be driven by increased throughput as well as an increase to the head grade (TSI assumption - 2g/t to 2.5g/t).

Secondly, Blackham will release the results of their Expansion Study (TSI production estimate 180koz to 220koz Au pa). The Expansion Study is the key driver for our long term valuation and a positive outcome could see the Matilda Gold Project become one of the few gold mining operations in Australia that produces +200koz Au pa and not owned by a major producer.

The information in this email should not be the only trigger for your investment decision. We strongly recommend you seek professional financial advice whenever making financial investment decisions.

Valuation: We slightly reduced our valuation to $1.50 / share (share price $0.60 / share). The reduction was due to a decrease in our gold price assumption (A$1,625 / oz). To see the full details of our Valuation & Investment Analysis click on the button below.

To view the video, please visit:
http://www.abnnewswire.net/press/en/86318/BLK

The information contained in this email communication is general information only. Any advice is general advice only. Neither your personal objectives, financial situation or needs have not been taken into consideration. Accordingly you should consider how appropriate the advice (if any) is to those objectives, financial situation and needs, before acting on the advice. Adam Kiley (AR No. 458224) is an authorised representative of Intelligent Financial Markets Pty Ltd (AFSL No. 426359).

TSI Capital Pty Ltd (TSI Capital) will only initiate coverage of a company that passes our internal investment checklist. Once a company has passed this checklist will we initiation coverage of the company as well as follow up with ongoing updates and commentary on that company's activities.

TSI Capital does and seeks to do business with companies featured in videos on this website. As a result, investors should be aware that TSI Capital may have a conflict of interest that could affect the objectivity of our analysis. Investors should consider the information and commentary within this website as only a single factor in making any investment decision. The publishers of this video also wish to disclose that they may hold this stock in their portfolios and that any decision to purchase this stock should be done so after the purchaser has made their own inquires as to the validity of any information in this video.


About Blackham Resources Ltd:

Blackham Resources Limited (ASX:BLK), is an emerging gold producer focused on its Matilda Gold Project in Western Australia where mining and production is imminent. Matilda €™s resources of 48Mt @ 3.3g/t for 5.1Moz, all within a 20km radius of its gold plant currently being re-commissioned. The Matilda Gold Project incorporates over 780 square kilometres of tenements and cover around 55 kilometres of strike along the Wiluna and Coles Find Mine Sequences. The Project has historically produced 4.3 million ounces of gold.


About The Sophisticated Investor:

The Sophisticated Investor is a new equity investment tool which seeks to assist investors in becoming more informed in their investment decision making.

We show and tell investors about a company in a series of short, informative videos.

We possess specialist equity analyst skills and are complemented by video professionals.

We conduct site visits and interview management, in a way most investors simply aren’t able to access.

We promote long term value creation for investors by employing detailed financial analysis and intrinsic value calculations.

Source: Blackham Resources Ltd / The Sophisticated Investor



Contact:

Adam Kiley Director
TSI Capital Pty Ltd
E: adam.kiley@tsicapital.com.au

Bryan Dixon Managing Director
Blackham Resources
T: +61-8-9322-6418
E: info@blackhamresources.com.au
www.blackhamresources.com.au
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