QUARTERLY REPORT March 2011
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1 QUARTERLY REPORT March 2011 Australian energy company, Blackham Resources Ltd (Blackham) ( ASX: BLK ) continues to advance the development of the Scaddan and Zanthus Coal to Liquids ( CTL ) projects. The Blackham Board is very pleased to report the following highlights during the quarter: HIGHLIGHTS Preliminary Processing Study commenced Coal upgrading testwork ongoing following positive initial results Drilling results also confirm extensions of the Scaddan deposit to the north Zanthus drilling programme completed awaiting assays Current diesel and crude oil prices offer robust operating margins Existing resources offers first rate leverage to increasing crude oil and diesel prices Scaddan Term Sheet amended saving Blackham $1.2 million Scaddan resource statement to be updated shortly Australian energy company, Blackham continues to advance the development of the Scaddan and Zanthus Energy Projects into Australia s premier coal to liquid (CTL) facility. The Scaddan Energy Projects, located near Esperance, Western Australia, contains world scale lignite deposits with over 9,200 PJ of energy at shallow depth and very low mining costs. The project has the potential to produce 600 million barrels of oil product, consisting mainly of a clean diesel, as well as additional power for the region. The Scaddan Energy Project is surrounded by complimentary infrastructure approximately 60 kilometres north of the town and major port of Esperance and 10 kilometres east of the Esperance to Kalgoorlie highway, gas pipeline and railway line. Blackham has large landholdings in the Esperance region. Positive Scaddan drilling results outside the existing resource During the quarter, Blackham reported drill results from the first 27 holes of the 66 hole drill programme at its Scaddan and Grass Patch projects near Esperance, Western Australia. The drill program is expected to upgrade the coal resource category within the mining pit area and test for extensions to the north of the deposit. The programme was conducted using air core and diamond drilling.
2 Results received so far from the exploration holes are positive. The holes directly to the north of the existing resource have returned intersections larger than previously drilled holes. Best intersections included: Table 1: Exploration drill results Hole ID From (m) Intercept (m) Gross Wet Value (MJ/kg) (ar) Gross Dry Value (MJ/kg) For full details of results please refer to announcement of 14 March Gross Dry Value (Kcal) SEA ,882 SEA ,927 SEA ,728 SEA ,568 Holes SEA070, SEA071 and SEA072 had intersections of 11m, 9m and 14 meters respectively. Previously the seam thickness through this region was estimated to be in the range of 2 8m from the historical drilling. Figure 1 also shows the recent drilling and the historical coal intercepts used to classify the area as Inventory coal. The remaining exploration holes tested the East and West margins of the current Inventory coal area. These holes will help in the upgrading of confidence of the Inventory coal areas to resource status during the next review. Figure 1: Exploration holes at the north of the deposit 2
3 Positive Scaddan drilling results from start of mining pit area Drill results from the resource drilling programme are shown in table 2 and the drilling reflects well with the resource model created in March 2010 by Runge. The intercept of 19 meters in hole SEA058 confirms the thickness in the area from historical drilling. Best intersections included: Table 2: Infill drilling results Hole ID From (m) Intercept (m) Gross Wet Value (MJ/kg) (ar) Gross Dry Value (MJ/kg) For full details of results please refer to announcement of 14 March Gross Dry Value (Kcal) SEA ,663 SEA ,663 SEA ,292 SEA ,537 Figure 2: Cross Section of the First 7 years of the planned mining pit Each colour section represents 1 years mining or 8Mtpa of coal. The current drilling results have provided additional confidence in the quality and tonnage of coal in the early years of the pit area. Drilling results suggest it is likely to increase the average coal seam width in the first 7 years of mine pit (Figure 2). 3
4 The drill programme tested the extensions of the mining pit area to the north with a view to increasing the size and confidence levels in the 860 million tonne coal resource currently within the Scaddan project. The proximate analysis results of the remaining set of 36 holes as well as an updated resource are both expected within a month. Zanthus Exploration Programme During the quarter, the Company completed an infill drilling campaign for the Zanthus project. The drill programme is designed to validate the historical drilling on the project and provide samples for further processing test work. A total of 18 aircore holes were completed. The laboratory is currently preparing and analysing the samples. Total Lignite Resources Blackham currently manages a combined lignite resource of 1.2 billion tonnes estimated in accordance with the JORC Code. Blackham s attributable resources, taking into account the 70% interest in the Scaddan lignite deposit and the 100% owned Zanthus deposit is 950 million tonnes of lignite. Project Scaddan Table 3 Summary of Coal Resources Total JORC 1 Resource Category Tonnes (millions) Measured 40 Indicated 460 Inferred 360 Blackham Attributable Tonnes (millions) Zanthus Inferred Total 1, All figures are rounded to the nearest 10 million tonnes 1 The JORC Code Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, the Joint Ore Reserves Committee of the AusIMM AIG and MCA, December
5 Project Table 4 Summary of Inventory Coal (Non JORC) 2 Total Tonnes (millions) Blackham Attributable Tonnes (millions) Scaddan Zanthus Total 820 1, ,080 All figures are rounded to the nearest 10 million tonnes 2 An estimate of inventory coal was prepared by Runge based upon the drill hole data. However the coal inventory tonnage and quality is conceptual in nature and has not had sufficient exploration to define a mineral resource and uncertainty still exists as to if further exploration will result in the determination of a mineral resource. The Estimate of inventory coal is in addition to the Resources. For further information on the Scaddan and Zanthus coal resources and inventory coal please refer to the June 2010 Quarterly Report. The above resources have not been updated for the recently completed drill programme. A revised resource statement is expected by the end of May. Preliminary Process Study Following the completion of successful testwork during 2010, Blackham has begun a preliminary process study (PPS). Over the last 2 years Blackham and its consultants have collected coal gasification feed specifications and expected process performance efficiencies During the quarter, the initial stage of the PPS was completed. Process flow diagrams that included feed pre treatment requirements for a short list of six gasification technologies were prepared to produce low temperature Fisher Tropsch (LTFT) diesel and other oil products from Scaddan coal. The second phase of the PPS is now underway and is designed to: Prepare an overall mass and energy balance (MEB) model suitable for comparing the equipment requirements, yields and materials usages for each of the gasifier technologies to be assessed. Trial calculation test the gasification technologies for which operating data is available. The MEB is to be based on the production of Low Temperature Fischer Tropsch (LTFT) fuels. Assess the proven process options available for reducing, were necessary, the Scaddan coal moisture, ash, sodium and chlorine levels to those specified by the six gasification technology vendors. Include a comparison of the pre treatment process flow diagrams, mass and energy balances, oil yields and advantages and disadvantages of each short listed technologies. The process flow sheet for the production of LTFT diesel and naphtha from Scaddan coal was prepared in sufficient detail for providing the key streams required for the MEB analyses. This included process units for the reduction, were necessary, of moisture, ash, sodium and chlorine as specified by the selected gasification technology providers. Coal Upgrading Coal upgrading testwork was conducted in the second half of 2010 which concluded it was possible to improve energy levels and reduce ash and moisture levels in Scaddan coal. This test work is ongoing following initial indications of the work which show the majority of the chlorine and sodium in the coal can be removed. The results of this test work increases the energy content of the lignite. This is consistent with previous test work conducted on the coal. 5
6 Potential Oil Production Blackham currently controls a combined coal resource of 1.2 billion tonnes estimated in accordance with the JORC Code. Blackham s attributable resource, taking into account the 70% interest in the Scaddan lignite deposit and the 100% owned Zanthus deposit is 950 million tonnes of lignite. The Scaddan and Zanthus Projects contain 1.2 billion tonnes of lignite containing over 9,200 PJ of energy and potential for 600 million barrels of oil products mainly in the form of clean diesel. Table 5 Potential barrels of oil products Project Resource Blackham Share Mt Mt Scaddan Energy JV 70% Zanthus deposit 100% Total Resource 1, Potential barrels of oil products* 600 million barrels 475 million barrels All figures are rounded to the nearest 10 million tonnes * scoping studies for the Scaddan Energy project have estimated 0.64 barrels of oil products for every wet tonne of lignite. The scoping study completed in November 2008 was based upon a 15,000 barrel per day operation producing 4.8 million barrels per annum. The current Scaddan mine plan equates to 60 years worth of potential feedstock for a 15,000 barrel per day CTL facility. This initial mine plan also confirms most of the resource in the pit area converts to mineable tonnes. The current pit shell would also allow for greater than 20 years worth feedstock for a 40,000 barrel per day operation. Ongoing drilling of the Scaddan deposit may allow for an increase in capacity of the CTL facility. Diesel Market and Crude Oil Markets Tapis Crude Oil prices are now US$131/bbl close to the pre GFC peak of US$152/bbl. The Perth Diesel Terminal Gate Price (TGP) is now back at US$158/bbl. Chart 1: Perth Diesel v Tapis Oil Price in USD per Barrel 6
7 Perth diesel prices have averaged US$138/bbl during These diesel prices provide robust operating margins for the Scaddan Energy Project. These diesel prices compare to a US$47/bbl operating cost from the Scaddan Energy scoping study completed in Nov If oil prices stay at these levels or higher the Scaddan Energy Project has the capability to provide robust operating margins and 60 years worth of current mine life producing 4.8 million barrels of oil product annually. Access to the goldfields diesel market for the Scaddan Energy Project also gives Blackham a competitive advantage in the CTL sector. Diesel prices in the goldfields region are significantly higher than the Perth TGP. The Scaddan CTL project offers Blackham shareholders significant leverage to energy prices trending upwards as world economies increase their economic growth. Corporate On the 23rd March 2011, Blackham reported it has entered into an agreement with Wesfarmers Premier Coal Limited (Premier Coal) and Wesfarmers Resources Ltd to amend the terms of the Scaddan Energy Term Sheet and Joint Venture. The Scaddan Energy Joint Venture between Scaddan Energy Pty Ltd (a 100% owned subsidiary of the Company) and Wesfarmers Premier Coal Limited (Premier Coal) who had 70% and 30% contributing interests, respectively. The joint venture covers the exploration, mining and downstream processing associated with the development of the Scaddan Energy Project. The Scaddan Energy Joint Venture and Term Sheet was originally signed on 16 January Under the Agreement, Blackham was required to make the following payments to Premier Coal in compensation for receiving the technical data on the Project: (a) (b) (c) $1.2 million upon receipt of all the project information and the grant of the last of the Blackham applications over the Scaddan deposit in cash or shares at Blackham s discretion; $1.3 million upon a decision to commence commercial mining operations for lignite in cash or shares at Blackham s discretion; and a royalty of $0.25/tonne (indexed at CPI) on Blackham s interest of the annual ROM coal tonnes extracted from the project and capped at $12.5 million. Recently Wesfarmers Resources Ltd, a subsidiary of Wesfarmers Ltd has called for expressions of interest on its Premier Coal operation in a bid to capitalise on strong foreign interest in Australian coal assets. In compensation for Blackham allowing Premier Coal to novate its Participating Interest in the Scaddan Energy Joint Venture to Wesfarmers Resources Limited, Premier Coal has agreed to waive the requirement under the Term Sheet for Blackham to make the $1.2 million payment referred to at (a) above. The Blackham directors are very pleased with the arrangement which allows the Company to spend these funds on further advancing the Scaddan Energy Project. Blackham s market capitalisation is currently $8.2 million based upon a share price of 21 cents per share. The enterprise value of Blackham s coal projects equates to just 0.7 cents per tonne coal. The Blackham management continue discussions with potential strategic partners for the Scaddan CTL Project. For further information on Blackham please contact: Bryan Dixon David Tasker/Colin Hay Managing Director Professional Public Relations Blackham Resources Limited Office: Office:
8 Competent Persons Statement The estimate of Coal Resources for the Scaddan Energy Project areas as presented in this report has been carried out in accordance with the Guidelines of the Australasian Code for Reporting of Mineral Resources and Ore Reserves prepared by the Joint Ore Reserves Committee of the Australasian Institute of Mining and Metallurgy, Australasian Institute of Geoscientists and Minerals Council of Australia, December The information in the report to which this statement is attached, that relates to the Scaddan Project Coal Resources, is based on information reviewed by Mr Andrew Banks. Mr Banks is a full time employee of Runge Limited. Mr Banks is a member of the Australasian Institute of Mining and Metallurgy. Mr Banks has reviewed the geological data, including drillhole location, lithology and quality, and has constructed the geological model, and estimated the resources. The information in the report to which this statement is attached, that relates to the Zanthus Energy Projects Coal Resources, is based on information reviewed by Ms Merryl Peterson, and Mr Andrew Banks. Both Ms Peterson and Mr Banks are full time employees of Runge Limited and are also both members of the Australasian Institute of Mining and Metallurgy. Mr Banks reviewed the geological data, including drillhole location, lithology and quality, and has constructed the geological model, and estimated the resources. Ms Peterson supervised the review of the geological data, construction of the geological model, and the estimation of the resources, and reviewed the modelling and resource estimation procedures. Mr Banks and Ms Peterson have sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which they are undertaking to qualify as Competent Persons as defined in the 2004 edition of the Australasian Code for Reporting of Mineral Resources and Ore Reserves. Mr Banks and Ms Peterson are signing off as the Competent Person for this statement. Both consent to the inclusion in the report of the matters based on this information in the form and context in which is appears. 8
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