Ann: GWR: GWR Group and Blackham Resources sign MoU, page-19

CD - I just took a little look at GWR. As far as I can tell, whilst they have some cash, they made an investment in Excelsior last year that was... not that prudent (i.e total FUBAR), however, it would seem that Excelsior are slowly turning it around (but realistically, not going to make any real return for another 12 months if at all). My guess is that the deal showed them that they are far better off by doing treatment deals, and not involving themselves in ventures where their capital is at risk (or larger sums anyway).

(btw - I do seem to remember BLK mentioning GWR, but that was quite a while ago, perhaps in a quarterly, or.. perhaps a poster might have mentioned it, so my bad then).

Today's announcement has a couple of layers for me.
B.D is showing the market, that even with the 6.4m ounces in resources/reserves, he is able to lock in future ore without spending a cent in the near term. The asset is really only viable to BLK and what B.D is doing is two fold. Firstly, getting GWR to drill it out and prove its worth BLKs time to put money in for the Feasibility study, and even then if it falls flat, BLK losses little, but... potentially adds a couple of years to the mine plan.

As @Hardrock25 mentioned, the deposit is close by, high grade (for open pits) and as others have mentioned, RMS trucks ore over 200km, yet it costs them approx 0.7g/t. So... 40km should cost BLK perhaps 0.1-0.2g/t, which hopefully will still see the grade above 2g/t. Awesome for a big hungry plant.
Also there other resources surrounding Wiluna, which hopefully can be picked up over time.

Also, it would seem that the tenement has the potential for even more exploration.

Not so sure BLK is looking to buy the deposit, as the MOU makes it pretty clear it will be a deal that will provide revenue to GWR, that's what they are after, fees.... to keep them in afloat. Anything else is a bonus.

Very very happy with the announcement today.

We should be getting closish to the Stage 2 plant study being released. Although perhaps it wont be until March due to adding in more recent drill results.