New Talisman Gold Mines has delivered another significant resource upgrade at its Talisman Gold Project in the Coromandel region of New Zealand. The upgrade comes after completion of the third module pertaining to the Talisman Deeps project.
Resource modelling of the Talisman and Bonanza zones has resulted in quantifying of an inferred resource of 73,601 gold equivalent ounces at a grade of 23.64 g/t gold equivalent. This brings the total JORC 2012-compliant resource for the Maria vein to 427,600 gold ounces equivalent.
This module completes the initial resource upgrade of the Maria Vein Deeps zones.
The grades from this module are the highest recorded thus far on the JORC 2012 resource upgrades at Talisman.
On the plane of the ore body of these zones a further area of 154,000 square metres has been identified as an exploration target. Information available indicated that this area is likely to yield a vein width of between 1.6 and 2.4 metres with mean gold equivalent grades ranging between 17.10 and 21.6 g/t for between 300,000 and 600,000 contained ounces. This target represents a global exploration target as defined in the 2012 JORC Code.
New Talisman has commenced analysis of the Crown and Mystery Modules to comply with JORC 2012 reporting standards. This work is expected to take three months.
The company’s chief executive officer Matthew Hill said, “The final module for the first series of JORC 2012 resources forming Talisman Deeps has clearly demonstrated the consistency of world-class grades at Talisman, which are amongst the world’s highest.
“The high level of international and local interest from both an investor level and project level has been tremendous.
“Whilst we continue to finalise analysis on the remaining resource blocks to upgrade all resources to JORC 2012 our primary focus is completion of prospecting and forging ahead into the extraction phase which is expected to commence in December.”
The company has identified a drill rig, sized appropriately to the dimensions of the mine workings, to conduct exploration drilling into some of these target areas. This will enable it to upgrade the confidence of the resource estimate for inclusion in the updated Talisman project pre-feasibility study.
The drill will also allow surface exploration of Taukani Hill, which is being sampled where previous sampling provided bonanza grade chip samples at surface.
Meantime, New Talisman is offering shareholders the chance to participate in a share purchase plan, which provides eligible shareholders resident in New Zealand or Australia on August 25, 2017 to subscribe for shares up to NZ$15,000, or A$13,875 in total or in lots of NZ$1000 or A$925.
The issue price will be NZ$0.022 or A$0.02035, and in addition for every five shares applied for, a free option exercisable NZ$0.055 will be issued.