The Monty copper-gold deposit in Western Australia is a 70:30 joint venture between Sandfire Resources and Talisman.
The study was initiated following the completion of a maiden resource, which was 1.05 million tonnes at 9.4% copper and 1.6 grams per tonne gold.
Talisman said the purpose of the study was to identify any fatal flaws and to investigate the optionality of the development.
The results were positive and the partners are working on finalising the scope of a full feasibility study, which is expected to begin in the coming weeks.
In the meantime, the JV will shift its exploration focus from resource definition to a more systematic approach, including stepping out from the mineralisation at Monty.
A budget for the three-month period to the end of August has been approved, which will include aircore drilling across the broader Springfield project, reverse circulation drilling and down-hole electromagnetics within the Monty region, and diamond drilling at Monty Deeps and other nearby areas.
Ground-based SQUID EM and induced polarisation surveys will be used for the first time along strike from Monty.
“It is hoped that utilising alternate sensor technology, these new surveys will be able to generate a signature over Monty, which can then be used as a guide to locate and target potential repetitions of this high-grade mineralisation,” Talisman said.
Talisman had $A22.2 million cash at the end of March.
TLM Price at posting:
38.0¢ Sentiment: Buy Disclosure: Held
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