Bonanza Resource Upgrade Delivers Bonanza Results 9:57am, 5 Sep...

Bonanza Resource Upgrade Delivers Bonanza Results

9:57am, 5 Sep 2017 | MKTUPDTE

HIGHLIGHTS
• MAIDEN BONANZA RESOURCE OF 73,000 OUNCES Au/Eq
• HIGHEST GRADES RECORDED THUS FAR ON 2012 JORC RESOURCE UPGRADES AT 23.6g/t AuEq
• UNDERGROUND DEVELOPMENTS REACH 400m
• TOTAL JORC 2012 RESOURCES REACH 427,600 OUNCES GOLD EQUIVALENT, AN INCREASE OF 188% ON PREVIOUS ESTIMATES FOR THE SAME AREAS.
New Talisman Gold Mines Ltd (ASX:NTL, NZX:NTL) today announced another milestone with a substantial upgrade to its gold resources after the completion of the third module pertaining to the Talisman Deeps project in the Coromandel region of New Zealand. This module completes the initial resource upgrade of the Maria Vein Deeps zones. Analysis of the Crown and Mystery Modules to comply with JORC 2012 reporting standards has commenced and is anticipated to take 3 months.
Resource modelling of the Talisman and Bonanza Zones has resulted in quantifying of an Inferred resource of 73,601 oz gold equivalent (Au Eq) at a grade of 23.64g/t Au Eq. and brings the total JORC 2012 compliant resource estimate for the Maria vein to 427,600 Oz AuEq.
In the Bonanza and Talisman Zones a further area of 154,000m2 on the plane of the orebody has been identified as a Exploration Target. Information available indicates that this area is likely to yield a vein width of between 1.6m and 2.4m with mean AuEq grades ranging between 17.10g/t and 21.6g/t, for between 300,000 and 600,000 contained ounces. This target constitutes a global Exploration Target as defined in the 2012 JORC Code. The potential quantity and grade is conceptual in nature and there has been insufficient exploration to estimate a Mineral Resource. It is uncertain if further exploration will result in the estimation of a Mineral Resource.
The Bonanza and Talisman Zones were the most extensively mined of the four known zones in the Maria vein, and were the source of the bulk of the ore mined historically. The Inferred resource referred to in this announcement is contained in the lower reaches of the zone below 14 Level where little or no mining has taken place as such mining coincided with the first world war where many of the miners sadly never returned.
Matthew Hill CEO stated – “The final module for the first series of JORC 2012 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”.