Finding High Grade Gold Under The Head Frame.
Blackham Resources have announced more high-grade gold assays from drilling within 300 metres of surface. Grades reported in the 17 March 2020 announcement include;
8m at 10.1 g/t Au at Bulletin
4m at 8.2 g/t Au at Bulletin
21m at 7.0 g/t Au at Essex
These assays follow hot-on-the-heels of the 26m at 16 g/t Au at Essex reported last month from the same drill program. Approximately 3,000 metres have been drilled to date, of a planned 45,000 metre exploration program. We expect an extended period of regular exploration announcements in the weeks and months ahead.
Additionally, with the success of the A$26m equity placement, Blackham Resources’ balance sheet will be able to undergo muchneeded repair. Subject to the mechanics of the fully-underwritten rights issue and receipt of necessary approvals at the upcoming EGM, the Company will be able to simplify their previously complex capital structure. By our calculations, completion of the A$52m equity raising (A$26m equity placement and A$26m rights issue), will leave Blackham with net cash of approximately A$33m, should all of the secured debt be extinguished and ignoring current operations.