(MENAFN- ABN Newswire) Auckland, July 31, 2017 AEST (ABN Newswire) - New Talisman Gold Mines Limited () is pleased to present the quarterly report on activities for the period ended 30 June 2017.
HIGHLIGHTS
- Summary of Jorc 2004 resources released as addendum to Annual report of 204,000 Ounces;
- Deeps first 2 of 4 JORC 2012 compliant resource estimates complete;
- Resources at Dubbo Deeps increase to 312,800 oz gold equivalent at 21.8 g/t;
- Resources at Woodstock increase to 41,000 Oz AuEq;
- NTL's Jorc 2004 and 2012 resources increase by to 396,000 Oz AuEq;
- Talisman Site cleared and permanent fixtures installed;
- Underground work passes 300M underground;
- Prospecting commences underground;
- Final Talisman Deeps modules to be released shortly;
Summary
This has been one of the busier quarters for your company with the start of the prospecting program well underway and work commencing underground. The site is now restored back to the permanent mine site it has been for majority of the past 100 years.
The Talisman site now once again has power, water and compressed air installed with a permanent site office and full underground communications and Wifi connected. The team has passed the 300m mark underground.
The Talisman deeps project has delivered the expected results with the first of the modules being Dubbo deeps and Woodstock released delivering a resource of 353,000 ounces AuEq an upgrade over 73% above the entire New Talisman JORC 2004 resource and a substantial grade increase at both resources.
This provides for a significant opportunity to expand operations at the Talisman mine. The resource consent which allows for 100,000 tonnes of ore per annum is expected to be triggered in December for a period of 24 months. The significant development and further inspection of access drives is currently being reviewed with an aim to either commence a separate bulk sampling project on the Deeps or increase outputs from the mine to a higher level.
The company is currently prospecting underground which is a permitted activity under the Hauraki District councils district plan allowing 5kg samples to be taken from the mine. These samples are being bagged and tagged currently and will be sent to SGS shortly for testing. 5kg samples from areas of interest will form the basis for further targeting using existing channel sampling and known data.
The prospecting phase currently well underway at the Talisman site has established the site and the refurbishment of underground areas is providing access to the Mystery Vein. The underground team is now some 300 Metres inside the mine.
The resource upgrade at Woodstock and Dubbo Deeps, and the Bonanza module to be released in the next 10 days as well as any further resource updates including Mystery and Crown will be included in an updated pre-feasibility study and ore reserve statement. Where possible, areas identified within the mine such as stopes and other areas found to be accessible during upgrades will be prospected taking 5kg samples and tested at SGS Waihi for inclusion into the Bulk sampling program scope of works. As announced the team is investigating separate prospecting and bulk sampling programs at areas of the deeps at completion of the deeps resource modelling, any additional areas which are not included in the current bulk sampling plan will be the target of any additional plans.
During the period the company announced a significant upgrade to its resources and mineral targets with the first module Dubbo deeps providing a 102% increase to the Dubbo resource at a grade of 21.98 grams per ton AuEq.
Matthew Hill Stated : It has been a significant quarter for the company in bringing together both the site and underground establishment which coupled with the releases of the first deeps modules has delivered tremendous value to our shareholders. We are well on our way to the commencement on extraction and we are very excited by the potential for further resource enhancements in the coming days, particularly given the ability under our resource consent to extract up to 100,000 Tonnes of ore per annum. We are delighted by the overwhelming support from our shareholders and the wider community."
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About New Talisman Gold Mines Limited
() ()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 Goldvisit the Company website, .
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