New Talisman Gold Mines is undertaking a pro-rata one for five renounceable rights offer of new listed shares with the intention of raising NZ$1.3 million. The funds will be applied to a bulk sampling project and working capital.
The company recently completed a placement that raised NZ$280,000 and has also extended the new offer to close at 5pm on November 14.
New Talisman is advancing the Talisman mine project at Karangahake. Following receipt of the Authority to Enter and operate from the Department of Conservation the company has focused its attention on the Health and Safety Management plan which has recently been lodged.
Over the coming months the company will start the process to restore the mine workings and install the initial equipment and site offices on the hardstand area prior to initiating the bulk sampling project. This sampling project is envisaged to produce 600 tonnes of ore per month with approximately 190 ounces of contained gold.
The company also recently lodged an application to extend the area of land of its mining permit at Talisman to include the highly prospective Rahu exploration permit. Extending the area of the Talisman mining permit over Rahu is part of the company’s strategy to ensure the future growth and expansion of the Talisman project.
The company has long recognized that the gold mineralized vein system at Talisman extends into Rahu where less erosion has preserved the upper levels of the mineralization and the likelihood of high grade veins at moderate depth.
New Talisman Gold is a dual-listed leading New Zealand minerals development company with 1890 shareholders mainly from Australia and New Zealand. The company’s flagship, asset the Talisman mine, holds a JORC-compliant mineral resource, a JORC-compliant reserve and has been granted resource consents and access arrangements for the initial phase of the project.
The company is initiating bulk sampling and continues to advance the development of the mine.
New Talisman’s wholly-owned subsidiary Coromandel Gold, with a separate management and board, holds a portfolio of highly prospective mineral interests and gold properties in the Hauraki and Northland Districts of New Zealand. Through a subsidiary company, New Talisman Gold owns 20.29% of Broken Hill Prospecting Limited, which holds a significant cobalt project at Thackaringa, about 25km south-west of Broken Hill in Australia and a heavy mineral sands exploration portfolio.