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Talisman Mining Enters Lucknow Gold Project Farm In

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THE BOURSE WHISPERER: Talisman Mining (ASX: TLM) has entered into a farm-in agreement (FIA) with privately-owned Lucknow Gold Limited in relation to the Lucknow gold project in New South Wales.

Talisman Mining’s wholly-owned subsidiary, Talisman B Pty Ltd, has entered into the FIA with Lucknow Gold.

Talisman will be manager of the exploration program throughout the earn-in period.

Talisman B has the right to earn up to a 70 per cent interest in the project, by spending a minimum of $1.5 million on exploration over four years and issuing $250,000 worth of Talisman shares to Lucknow Gold.

The Lucknow Goldfield is located within the Macquarie Arc in NSW, which hosts extensive gold and copper mineralisation including the Cadia-Ridgway (copper-gold) and McPhillamys (gold) deposits, as well as the Browns Creek (copper-gold), Forrest Reefs (gold) and Junction Reefs (gold) deposits.

Talisman Mining said the project still ranks highly amongst global high-grade gold mines despite there being very little modern exploration completed outside of the existing mine workings.

Talisman indicated it intends to undertake a program of geochemical surface sampling and mapping at the Lucknow project ahead of a drilling program to test for potential down plunge extensions of the high-grade gold ore shoots and repeat structures throughout the project area.

“There have been numerous recent examples in Australia of exciting new gold discoveries being made by using modern exploration techniques to target depth extensions in known goldfields,” Talisman Mining managing director Dan Madden said in the company’s announcement to the Australian Securities Exchange.

“Lucknow is one of the world’s highest-grade gold mining areas with reported mined gold grades in excess of 100 grams per tonne, so the potential value of any new areas of mineralisation that can be identified is clear.

“The farm-in agreement is consistent with Talisman’s approach towards business development targeting advanced exploration or project development opportunities in gold and base metals where we believe we can generate value for Talisman shareholders.

“Lucknow is located within the same broad area as our Lachlan copper-gold project and will enhance our exploration activities in this very prospective mining region.

“We look forward to commencing on ground exploration activities at Lucknow which are expected to begin late in the current quarter.”

 

Web: www.talismanmining.com.au

 

Talisman Mining Commences RC Drilling at Blind Calf

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THE DRILL SERGEANT: Talisman Mining (ASX: TLM) has commenced it third RC drilling program at the Blind Calf prospect in the company’s Lachlan copper-gold project in New South Wales.

Talisman Mining is close to completing preliminary site works to enable commencement of RC drilling to consist of an estimated 4,000 metres of drilling in 19 holes across three target areas, including down plunge extensions and DHEM conductors at Blind Calf as well as a number of parallel lodes to the north west, south and south east of the Blind Calf-Dunbars system.

Assay results from a soil and auger geochemical sampling campaign earlier this year have identified a new strong goldin-soil anomaly at the Melrose prospect within the wider Blind Calf region.

Talisman has planning underway for a submission of an initial Stage 2 targeted RC drill program at the Melrose prospect to the NSW Department of Planning and Energy for drill testing later in the 2019 calendar year.

XRF and assay results from the recent soil and geochemical sampling programs in the Blind Calf region also identified several anomalies for follow up work, including the Blind Calf Au prospect, presenting a strong gold-in-soil anomaly that extends for over one kilometre along strike.

“The Blind Calf Au prospect gold anomaly is closely associated with a geophysical feature characterised by a flexure in a regional magnetic trend,” Talisman Mining explained it is ASX announcement.

“Detailed mapping at Blind Calf has shown a similar flexure associated with strong alteration in the vicinity of the high-grade copper lodes.

“Site validation of the large gold anomaly has identified a similar system to that at Blind Calf, with a north south trending shear zone with associated shear veins dipping steeply to the west, hosted within Ordovician sediments close to the contact with Devonian volcanics.”

The company has also commenced planning for an initial program of Stage 2 targeted RC drilling at this new high-priority target area with programs anticipated to be submitted shortly for NSW DPE approval.

“The identification of these new geochemical anomalies from the first areas covered by the regional sampling campaign, validates Talismans strategy of systematic exploration based on proven geological principals and provides high priority targets for RC drill testing currently in the planning phase,” the company continued.

Talisman signalled it was continuing the extensive soil and auger geochemical sampling campaign.

It has two teams on site systematically collecting samples across multiple Stage 1 and Stage 2 target areas.

Sampling is approximately 60 per cent completed and it is anticipated that the remaining sampling programs will also generate further targets for future RC and/or diamond drill testing.

 

Website: www.talismanmining.com.au

 

Talisman Mining Expands Lachlan Fold Belt Landholding

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Talisman Mining (ASX: TLM) has expanded its landholding in the prospective Lachlan Fold Belt of New South Wales.

Talisman Mining, through a farm-in agreement with private company Bacchus Resources Pty Ltd.

Bacchus is a privately-owned exploration company with a primary focus on the exploration and potential development of the Wollwonga gold project in the Pine Creek Orogeny of the Northern Territory.

Under the terms of the Farm-in Agreement, Talisman has the right to earn up to an 80 per cent interest in six granted exploration licences, covering an area of approximately 1,067 square kilometres held by Bacchus in the Lachlan Fold Belt through on-ground expenditure of $2.3 million over a four-year period.

Talisman will undertake a staged farm-in, involving an expenditure of $1.3 million in the first 36 months from commencement to earn a 51 per cent interest.

Should Talisman elect to continue, it will be required to spend a further $1 million over 12 months to earn an 80 per cent interest.

Talisman has also inked a purchase agreement with Kidman Resources (ASX: KDR), under which it will acquire a 100 per cent interest in the Kidman copper-gold projects.

Kidman’s Crowl Creek project comprises a total of six granted exploration licences covering an area of approximately 278sqkm , which are adjacent to, and west of, the Mineral Hill polymetallic mine.

Crowl Creek covers the same stratigraphic sequence and a parallel structure to the Mineral Hill deposit host structure and is considered prospective for low-sulphidation epithermal and orogenic precious and base-metals mineralisation.

Talisman has entered into an agreement to purchase the Crowl Creek project from Kidman for consideration of $250,000 which becomes payable upon formal renewal, transfer and registration of the tenements from Kidman to Talisman by the NSW Department of Industry Division of Resources and Energy.

The company considers both projects to be complementary and contiguous with its existing 100 per cent-owned NSW exploration tenements and the previously announced Peel Mining (ASX: PEX) Joint Venture where Talisman is earning up to a 75 per cent interest.

“Securing control of these two projects consolidates Talisman’s position in the highly mineralised Lachlan Fold Belt and provides an exciting new front for gold and base metal exploration activities,” Talisman Mining managing director Dan Madden said in the company’s announcement to the Australian Securities Exchange.

“Talisman has secured its large 2,360 square kilometre position for minimal upfront cost and near-term capital commitment.

“The focus of expenditure on the New South Wales projects will be into the ground, with on-ground activities starting in early 2018 and our first drill program anticipated late in the March quarter 2018.

“The Lachlan Fold Belt projects fit neatly alongside the ongoing active exploration program being undertaken at the Springfield Joint Venture in Western Australia where we believe significant upside potential remains.”

 

Website: www.talismanmining.com.au