26/7/2017 — Gold
New Talisman continues to lift resources
By Ross Louthean
At the close of trade on the Australian Securities Exchange yesterday New Talisman Gold Mines Ltd’s (NZX & ASX: NTL) share price continued its steady climb as the result of another positive increase in the resources picture at the Talisman project.
At close of trading on the ASX, New Talisman’s share price lifted to A1.8 cents and was NZ1.9¢ on the NZX.
The company said it had earlier highlighted it was completing assessments on the deeps models at the Talisman mine at Karangahake, covering three models taking in the Dubbo, Woodstock and Talisman/Bonanza zones.
Once all these modules are completed the company will upgrade the Mystery and Crown vein estimates.
Yesterday, New Talisman chairman Charbel Nader said: “As the results are exceeding original expectations the company may potentially review the manner and or timing of the exploitation of these resources.
“Once all the modules are complete we will review the options available with a view to maximising shareholder value and delivering benefits to all our stakeholders and the broader community.”
The latest announcement relates to the second module for Woodstock of the Talisman Deeps resource upgrade, with the remaining Bonanza Module on target for completion “in the coming days.”
The Woodstock Zone is the smallest resource with sparse sampling coverage in the deeper areas of the mine. The zone is within metres of the portal opening and has multiple open faces in the mine and through a second portal. Access to this part of the orebody is “relatively easy” with more work on this target to be carried out in coming weeks.
The updated resource for Woodstock takes in a total resource of 203,102 tonnes grading 6.3 grams/tonne gold for 41,170 oz. The company used a cut-off grade of 2.5 g/t Au. NTL said application of this cut-off grade has seen the average grade of Woodstock Zone increase from 3.7 g/t to 6.3 g/t.
NTL said the resource upgrade at Woodstock and the any further resource increases at Talisman Deeps will be included in an updated pre-feasibility study and ore reserve statement in due course. Where possible, areas identified will be prospected and tested for inclusion into the body of works during Bulk sampling.
The company said a further area of 206,000 square metres on the plane of the orebody has been identified as an exploration target.
“Information available indicates that this area is likely to yield a vein width of between 1.6m to and 2.4m (827,296t to 1,240,944t) with gold equivalent grades ranging between 2.7 g/t and 5.35 g/t.” The potential quantity and grade is conceptual
With modelling of the first two zones now complete, NTL is focused on completion of the Talisman/Bonanza estimate where the historic databases acquired in 2015 have shown potential to increase the current resources to JORC 2012 compliance, which would further enhance the overall mineral resource estimate.
Replacing the JORC 2004 Dubbo resource and Woodstock estimates with the new estimate for both zones, and converting the remaining JORC 2004 resources from Crown and Mystery to gold equivalents, gives total measured, indicated, and inferred resources of 396,000 oz gold equivalent. This is prior to results from resource modelling underway on Talisman/Bonanza.
NTL Price at posting:
1.8¢ Sentiment: Buy Disclosure: Held
