Brief of New Talisman Gold Mines (NTL)
by Robbo24
Talisman Underground Mine Levels 1-8
Note: NTL has $5.5m cash in hand.
NTL’s development and exploration interests are a few kilometres down the highway from Oceania Gold (OGC:ASX / OGC:NZX) at Karangahake (as per these maps). The projects are on State Highway 2:
The Talisman underground mine was closed during World War 1. It was mined by a few blokes in the 1990s. NTL is funded, permitted and environmentally consented to revive the underground mine workings.
The ore they are targeting is 42.56 grams per ton of gold (1.5 ounces per ton) and 227.3 grams of silver per ton (about 6-7 ounces per ton).
An example of this is the stockpiled ore they processed in 2014 from the guys who briefly mined it in the 1990s.
NTL is 15 minutes down the road from the
OGC Martha Pit Mine and all of the processing works that go with it. No formal toll processing announcement has been made yet.
NTL proved up a modest resource of about 1 million tons of ore at an average grade of about 6 g/t but ultimately decided to prove its resource by
clause 19 of the JORC Code 2012 which allows proving of resource by bulk sampling.
NTL has consent to remove 20,000 cubic meters per annum of material. 1 cubic meter is probably about 2-4 tons so there is room to develop cash flow while proving up a very large resource.
They have begun construction of the mine and maintain it will take 6 months to bring the first material out of the mine.
Talisman Underground Mine Levels 8> ("Talisman Deeps")
The Talisman Deeps project is for the more complex, but seemingly un-mined parts of the Talisman mine.
As I understand it, the historical data (some records are written on silk parchment) have been computerised and may actually be able to be converted into JORC Code 2012 compliant resources or exploration targets. Watch this space.
Rahu Project - Joint Venture with Newcrest (NCM)
Rahu is across the road from Talisman. NTL thinks there is a replication of the Talisman mine at Rahu (at least 1+ million ounces of gold, 3+ million ounces of silver). The current JV terms are:
1) NCM expends $5m for exploration to prove a resource
2) NTL gives its knowledge of the area and of Rahu
3) If NCM wants the project, NCM and NTL go 80:20 in setting up the project
4) If NTL doesn't want to take part they get a 2% Net Smelter Royalty
5) If NCM doesn't want the resource then 100% goes back to NTL
Exciting times for NTL
