661eecfe-5dfc-4bf3-a743-f49ebbdc7509.pdf
F o c u s e d A u s t r a l i a n M i n e r a l E x p lo r a t i o n C o m p a n y
30th November 2015
COMPANY SNAPSHOT
Board of Directors Alan Senior
Non-Executive Chairman
Gary Lethridge
Managing Director
Brian Dawes
Non-Executive Director
Karen Gadsby
Non-Executive Director
Contact Details Telephone:
+61 8 9380 4230
Facsimile:
+ 61 8 9382 8200
Email:
[email protected]
Website:
www.talismanmining.com.au
Capital Structure
Sinclair Nickel Project - Exploration Update
Talisman completes maiden exploration program at Sinclair with encouraging results received
Highlights
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Five Diamond drill holes complete at three high priority target areas at the Delphi North, Cody Well and Fly Bore prospects within the Sinclair Nickel Project.
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Assay results returned from Diamond drill hole, SND001, located at the
Delphi North Prospect, 4km south of the Sinclair nickel mine, including:
Talisman Mining Limited (ASX: TLM) is pleased to advise that it has completed its maiden exploration program at the 100%-owned Sinclair Nickel Project in WA (see Appendix 1).
Five Diamond drill holes have been completed across three prospects at Delphi North, Cody Well and Fly Bore for a total of 1052.7m of Diamond drilling and 1960m of RC pre-collars.
Encouraging results have been received in a number of areas, with final assays received for the previously reported hole SND001 and assays awaited for the four other holes. Detailed interpretation of results from this campaign will continue towards advancing the Company's geological understanding of the prospects tested during this campaign and the prospectivity of the broader Sinclair Nickel Project.
This information will be used to refine the ongoing exploration strategy and future exploration programs.
Delphi North Prospect
Two Diamond drill holes were completed at Delphi North (see Figure 1) targeting historical down-hole electromagnetic (DHEM) anomalies and a moving-loop electromagnetic (MLEM) anomaly.
As previously reported, drill-hole SND001 (see Figure 1 and Table 1), which targeted the interpreted MLEM anomaly, intersected a number of massive, matrix and breccia sulphide horizons in a deformed sequence of host ultramafic and basaltic rock units.
Figure 1:Delphi Prospect interpretive plan showing a close-up of the Delphi North Prospect & drill holes SND001 and SND002
The assay results (previously reported; see ASX announcement dated 06th November 2015) confirm that SND001 intersected a zone of nickel sulphide mineralisation with final assays returning an overall intercept of:
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2.2m at 1.9% Ni from 396.9m down-hole (true width not known at this time; top of the intersection is approximately 348 metres below surface).
Narrow zones of massive nickel sulphides within the overall intersection reported above returned assay results including:
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0.6m at 2.19% Ni from 396.9m down-hole (true width not known at this time); and
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0.5m at 2.94% Ni from 398.6m down-hole (true width not known at this time).
The main sulphide intersection within the hole is represented by a total of 1.4 metres of massive, matrix and breccia sulphides within a 2.2 metre interval, with narrow zones of strongly foliated basaltic rocks from 396.9m to 399.1m down-hole (true width not known at this time). The vertical depth of this intersection is approximately 348m below surface.
Drill hole SND002, (see Figure 1 and Table 1) which was completed approximately 100m south of SND001, intersected a narrow zone of stringer sulphides within a highly deformed, complex sequence of ultramafic, basaltic and sedimentary rock units. While the stringer sulphides intersected by this hole are not interpreted to host significant mineralisation, the hole demonstrates the continuity of the fertile ultramafic horizon at Delphi North.
In conjunction with historical intersections at Delphi North, the recent drilling has now defined nickel sulphide mineralisation over a strike length of 600m. Talisman interprets these results to represent a fertile mineralised environment that has the potential to host significant mineralisation, and will continue detailed work to unlock this potential.
The recent surface MLEM program at Delphi has been successful in targeting exploration towards accumulations of nickel sulphide mineralisation, and the recent nickel sulphide intersections at Delphi North has given Talisman confidence that it has access to the best and most appropriate exploration tools - and personnel - for the discovery of new nickel sulphide occurrences. With the success of the recent MLEM and drilling program, Delphi is a very strong target corridor.
Both drill holes completed to date at Delphi North have been cased with PVC to facilitate down-hole electromagnetic (DHEM) surveys that will be conducted in due course.
Cody Well Prospect
The Cody Well Prospect is located approximately 3km north of the Sinclair Nickel Mine (see Figure 2).
Figure 2: Cody Well prospect showing interpreted geology, geophysical anomaly and location of drill hole SND003
One Diamond drill hole was completed at Cody Well to target a priority EM anomaly interpreted to lie in a favourable stratigraphic position along strike from the Sinclair deposit and an associated coincident geochemical anomaly.
The hole, SND003, intersected narrow stringer sulphides in the stratigraphic hangingwall position and a narrow ultramafic unit which is interpreted to represent the extension of the fertile Sinclair ultramafic unit. Visual inspection of the mineralisation identifies Pyrrhotite as the dominant nickel-bearing sulphide mineral with accessory pyrite and chalcopyrite.
Talisman considers the identification of the fertile Sinclair ultramafic unit at Cody Well and the discovery of stringer sulphide mineralisation to represent a significant advance in early-stage exploration of this area. Samples have been submitted for laboratory analysis and results are pending. A DHEM survey will be completed at a later date and is expected to provide greater definition for the source of the surface FLEM anomaly and any other potential conductors along strike.
Figure 3: Fly Bore prospect showing interpreted geology, geophysical anomalies and location of drill holes SND004 and SND005
Fly Bore Prospect
The Fly Bore prospect is located ~15km north of the Sinclair Nickel Mine and hosts more than 10km of prospective ultramafic stratigraphy.
As part of the exploration program Talisman has completed two Diamond drill holes to target recently re-interpreted geophysical anomalies identified as part of the project targeting review.
Drill hole SND004 was drilled to target coincident historic DHEM and fixed loop electromagnetic (FLEM) anomalies that lie in an interpreted favourable stratigraphic position.
The hole intersected 0.5m of matrix and breccia-style sulphides on the contact between the high magnesian ultramafic rocks and the interpreted basaltic footwall sequence.
Disseminated sulphides were also encountered over a zone of 36 metres within high magnesian ultramafic rocks above the matrix and breccia sulphides. Visual inspection of the sulphide mineralisation has identified pyrrhotite as the dominant sulphide mineral with accessory chalcopyrite also noted.
Drill hole SND005 was drilled to target a historic FLEM anomaly interpreted to lie in a favourable stratigraphic position. The hole intersected a sequence of sheared ultramafic rocks over approximately 10 metres but did not intersect any visible sulphide mineralisation.
Bedrock drilling across the Fly Bore prospect remains very sparse with exploration of the area considered still to be at a very early stage. Talisman is encouraged by the intersection of sulphide mineralisation at the interpreted base of a significant ultramafic sequence and will use these recent results to advance the Company's exploration strategy for this area.
Assay results from these holes are pending and are expected to help determine the nature of the sulphide mineralisation at Fly Bore. DHEM surveys will also be completed in the future on these holes to help guide future exploration activities.