New Talisman Deeps Project Analysis Initiated
Auckland, Aug 17, 2016 AEST (ABN Newswire) - New Talisman Gold Mines Ltd (
NZE:NTL) (ASX:NTL) today advises it has completed a preliminary analysis of assay and geological data from the deeper parts of the Talisman mine, (Talisman Deeps project) to identify areas where extensions to the current indicated and inferred resources can be targeted. The Talisman Deeps project area lies immediately along strike of the workings planned in the Five Year production plan in the Dubbo and could be readily accessed by extending the planned ramp system northward at a very small incremental capital cost.
- Preliminary analysis indicates likely depth extensions of the Talisman and Bonanza shoots
The results have been sufficiently robust to motivate development of a standalone scoping study focussed on quantifying the mineral resource potential, likely production volumes and associated financial metrics of expanding operations into this area of the mine. This study can be carried out at very low cost utilising information from the Pre-Feasibility Study and Bulk Sampling project. In particular the project focusses on the areas immediately north of the Dubbo, (145,000 oz gold at an average grade of 10.1 g/t Au), where data suggests sizeable blocks of unmined ground remain between 10 and 16 Levels, within the portions of the Maria Vein referred to historically as the Bonanza and Talisman Shoots.
A long section plan of the Talisman mine, compiled circa 1919, shows the results and location of approximately 1482 channel samples that were taken up rises and winzes within the abovementioned areas. The grade of these samples is presented as the cash value of bullion (combined gold and silver) contained in a ton of ore based on a gold price of GBP4.25 per troy ounce.
Preliminary results show that the 1482 samples from the Bonanza and Talisman zones have an average grade of 29.41g/t Au (equiv), ranging from 0.00 to 219.55 g/t Au. Sample widths range from 0.15 m to 19.35 m and average 1.2 m. It must be noted that these are not weighted averages due to the early stage of the work.
If a 3 g/t Au lower cut-off is used for comparative purposes to the cut-off used in the prefeasibility study there are 1065 samples that average 40.48 g/t Au.
The Company is in the process of verifying the data, digitising and building a robust geological model which can be used as the basis for evaluating the potential to expand the gold:silver resources in this section of the mine and will take into account, vein widths, unmined and mined areas.
Matthew Hill NTL's CEO says, "The preliminary results confirm our view that there is an excellent opportunity here to expand the current JORC resource and extend the life of mine with an increased production rate beyond the currently identified measured, indicated and inferred resources".
The quality control and assurance procedures in place at the time that the samples were taken cannot be verified at this stage and therefore the data cannot currently be used to generate mineral resource or reserve estimates that will comply with the requirements of the JORC code 2012 but do constitute an 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.
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About New Talisman Gold Mines Limited
New Talisman Gold Mines Limited (NZE:NTL) (ASX:NTL) is a dual listed with over 2,300 shareholders who are mainly from Australia and New Zealand. It is a leading New Zealand minerals development and exploration company with a mining permit encompassing the Talisman mine one of New Zealand's historically most productive gold mines. Its gold properties near Paeroa in the Hauraki District of New Zealand are a granted mining permit, including a JORC compliant mineral resource within the original Talisman underground mine, and a Heads of agreement with Newcrest on an adjacent exploration permit along strike from the mine. The company is now advancing its plans to develop the mine, and advance the exploration project.
More about New Talisman Gold visit the Company website, here.
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