Blackham Resources (ASX: BLK) shares rallied 14.29% today to A$0.24 shrugging off the broader Australian market’s downward pull.
The company is now sufficiently cashed up to progress its highly prospective Matilda gold project after receiving firm commitments to raise $950,000 via a placement of 4.75 million shares at $0.20 per share.
This boosts Blackham’s cash in the bank to over $1.2 million.
Matilda is hosted in the historical gold province of Wiluna in Western Australia and has a resource of 10.2 million tonnes at 1.8 grams per tonne for 601,000 gold ounces.
Blackham is undertaking a 2,000 metre reverse circulation drilling program at Matilda in the near term, with the company considering the project has the potential for both sizeable open pit and high grade underground deposits.
Previous drilling has identified ore grade prospects that require further follow up programs, with the new program designed to test the continuity of the existing drill data.
Originally published at: http://www.proactiveinvestors.com.au/companies/news/24861/blackham-resources-gains-while-australian-market-falls--24861.html
Proactiveinvestors is a leading multi-media news organisation, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt and London.
No comments:
Post a Comment