Independent research by Arlington Group has highlighted the opportunity for Blackham to create significant value for shareholders.
Following is an extract from Arlingtons research note:
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 much-needed 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.
With a rebuilt capital structure and a significant exploration program ahead, the journey is just beginning.
If we now turn our attention to current free-milling operations, Blackham continue to target 70,000 to 80,000 ounces of gold at A$1,550 to A$1,750/oz for the Financial Year (FY) 2020. Free-Milling operations will continue while the Stage 1 Expansion for the sulphides operatRead More – Source