News: Talisman Mining cashed up, exploration funded by Sandfire Resources

Talisman Mining (ASX:TLM) has advised that Sandfire Resources (ASX:SFR) has commenced the first phase of ground-based exploration activities at the Springfield Project as part of the $15 million farm-in joint venture in Western Australia.

The JV covers Talisman’s interests in the Springfield, Halloween and Halloween West Projects.

Sandfire has already identified a combined 65 kilometre strike length of prospective Volcanogenic Massive Sulphide horizon across the combined Talisman and Sandfire tenements, providing a significantly expanded potential new copper-gold deposits.

Talisman’s Homer Prospect, located within the Springfield Project, lies immediately along strike, to the east from Sandfire’s DeGrussa Copper-Gold Mine and is interpreted to contain extensions of the volcanic rock which hosts the DeGrussa VMS system.

At least six Reverse Circulation drill-holes previously drilled by Talisman at the Homer Prospect have been identified by Sandfire for the application of high energy DHEM to test for the presence of conductors that may represent accumulations of massive sulphides.

In addition, Sandfire is undertaking a high-powered Fixed-loop Electro Magnetic survey at the Homer Prospect, covering approximately 1.6 kilometres of the prospective DeGrussa host horizon, to better test for conductors beyond the extent of previous ground electromagnetic surveys.

Dependent upon in-field observations, these surveys are expected to take approximately 10 days to complete and may provide important vectors for drill targeting.

Talisman is sitting on a $16.5 million cash balance, to go along with its $15 million exploration joint venture with Sandfire Resources (ASX: SFR).

The joint venture has the potential to unlock a new generation of discoveries by combining Sandfire’s geological knowledge and exploration funding with Talisman’s extensive Doolgunna datasets and groundholding.