Moving along..... 14/8/2017 — Gold New Talisman achieving target...

Moving along.....

14/8/2017 — Gold
New Talisman achieving target schedules

New Talisman Gold Mines Ltd (NZX & ASXL NTL) told the market late last week that the Talisman gold project at Karangahake was on schedule with development targets and budgets.

Earlier in the week it received a query from the Australian Securities Commission on the steady uplift in its share price and, in response, pointed out that it has had significant lifts in resources and reserves and was advancing with restoring the historic Talisman adit and drives.

At week end, the share price at trading close on the NZX was 2.5 cents, more than double the price it was before redevelopment work and exploration results were detailed.

The latest report said water and compressed air reticulation systems have been installed and are providing services for ongoing refurbishment works of the No 8 Level Drive.

“With access to the workings secured and the first three timber sets replaced, work has now focused on the bridge area some 330 metres into the mine,” the report said.

NTL said a start on bulk sampling in December will trigger compliance with the full HSWA Mining Regulations. The company lodged these plan in October 2014 and was in discussion with Worksafe NZ on managing the transition.

Managing director Matthew Hill said the prospecting work at Talisman remains on schedule for completion in late 2017.

“While there has been activity by a minority group of anti-miners this has had no effect on the company’s ability to execute the scope of works,” he said.

NTL said it was the sole NZX listed Gold developer with exposure to the $NZ gold price.
“The $NZ gold price has climbed significantly over the past month. Macro economic conditions and the Korea issue appear to be increasing the momentum toward gold as a storage of wealth and as a safe haven asset as has traditionally been the case,” Hill said.

Late last week the gold price was nearing $NZ1,800 an ounce.

The company said it was important the company could achieve increased scope for the levels of bulk sampling by gaining access to deeper levels of the ore body below the 8 level.

The Bonanza Deeps module was currently undergoing final review which requires a significant amount of complex calculations as modules are checked and rechecked prior to finalising the table one resource model.

It was expected the Bonanza module - the second last module of Talisman Deeps - will be released in the next 2 weeks.

The final module which will also include all of Talismans resources (including Mystery and Crown) will be upgraded to JORC 2012 standards by November.

Community support for the project has pleased the company which was undertaking programmes to eradicate pests such as rates and invasive vegetation species such as gorse.

Hill said the company hoped to work with the Department of Conservation on a plan for the entire area, as rats in particular pose a potential disease hazard.

Hill said recent international articles have attracted interest from around the world on the Talisman project.

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