New Talisman Gold Mines has been granted a certificate of compliance that allows for commencement of site activities at the Talisman Gold Project in New Zealand. It also allows for commencement of sampling work to test geological data from Talisman and Talisman Deeps.
Work at Talisman Deeps has resulted in identification of a number of additional areas of gold mineralisation, which can potentially be included in the bulk-sampling project.
The company’s plan is to establish the deeper ore body known as Talisman Deeps immediately whilst finalising the traffic management plan for the mine.
New Talisman chairman Charbel Nader said, “It is a pleasure to say we are commencing works at the Talisman site area. With access now available to establish the site we are well on our way to progressing our ambitions for the historically productive Talisman Mine.”
The site work activities that will be undertaken alongside the advancement of the traffic management plan include:
· Perimeter fencing;
· Construction of the portal pad and associated structures;
· Ventilation fan installation;
· Installation of a generator and air compressor;
· Installation of reticulation services through the underground workings;
· Removal of old beams and replacement of underground structures;
· Sampling and drilling at Mystery and other targeted areas;
· Establishment of site office and security office;
· Road use and maintenance; and
· Vegetation management – trimming and weed control.
New Talisman retains a 100% interest in the Talisman Mine and a 20% interest in the Rahu project, which is immediately to the north of the Talisman mine.
A pre-feasibility study for underground mining at Talisman confirmed an initial phase one life of mine of 5 years to generate NZ$68.2 million in revenues and a cash surplus of NZ$23.4 million.
During August 2016, the company commenced an exercise to quantify gold mineralisation thought to be hosted at depths, which is known as Talisman Deeps.
A review of data to date provides supporting evidence of Talisman Deeps to increase gold resources below 15 Level of the historical mine.
The company also has an agreement with Newcrest Mining at Rahu for Newcrest to spend up to $5 million on an exploration permit.