Blackham Resources (ASX:BLK) has received an initial substantial shareholder notice from Polo Investments (AIM:POL), which holds a 19.5% interest in the company.
Polo holds a direct shareholding of 4,761,905 shares and has also acquired a 49% interest in Perfectus Management, which holds 15,888,495 shares in Blackham.
It had acquired its stake on 19 March for $1 million and acquired the interest in Perfectus for A$1 million in cash and A$2 million in shares earlier this month.
Polo also has the option to purchase a further 49% of Perfectus within the next two years for $3 million by the issue or transfer to the vendor of shares in Polo at an agreed price of £0.15 per share.
Blackham has delivered some outstanding results from the Galaxy Deposit of its Matilda Gold Project, including the best ever drill intercept of 9 metres at 13.4 grams per tonne gold with strong widths and grades from near surface.
It is well on the road towards becoming a near term gold producer, having recently acquired the Wiluna Mine and processing plant near Matilda.
The Wiluna mine holds 16.7 million tonnes at 5.3g/t gold for 2.8 million ounces, complementing the Matilda project’s 23.7 million tonnes at 1.9g/t gold for 1.4 million ounces.
It is also participating in the Zanthus Project in the Fraser Range, Western Australia, where partner Rumble Resources (ASX:RTR) has started a magnetic survey to scout for nickel.
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