6ec26792-fd87-4d0d-8044-c183fb2a489e.pdf
29th January 2016
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
Email:
[email protected]
Website:
www.talismanmining.com.au
Capital Structure
Shares on Issue:
148,559,904 (TLM)
Options on Issue:
6,400,000 (Unlisted)
Quarterly Activities Report December 2015
Highlights
Springfield Cu-Au Projects - (JV with Sandfire Resources NL)
Accelerated resource definition drilling program conducted by Sandfire at the Monty high-grade VMS copper-gold discovery.
Drilling currently on track to deliver a maiden Mineral Resource estimate for Monty in
the March 2016 quarter.
Key significant results from holes drilled during and since the end of the quarter include (not true width):
Lower Zone
-
TLDD0026 - 7.3 metres grading 6.2% Cu and 2.8g/t Au from 325.6m down- hole and 21.6 metres grading 34.4% Cu and 0.4g/t Au from 339.4m down- hole
-
TLDD0061 - 25.8 metres grading 24.1% Cu and 0.5g/t Au from 299.0m down-hole including a bornite rich zone of:
8.5 metres grading 41.8% Cu and 0.5 g/t Au from 315.4m
down-hole
-
TLDD0042 - 20.8 metres grading 14.9% Cu and 1.3g/t Au from 372.7m down-hole
Upper Zone
-
TLDD0029 - 8.3 metres grading 8.0% Cu and 1.1g/t Au from 173.9m down- hole
Further regional exploration planned across the Springfield JV project at Monty Deeps, step-out drilling along the Monty trend, Homer and other targets.
Sinclair Nickel Project
Successfully completed the maiden exploration program at Sinclair with five diamond drill-holes at three target areas - Delphi North, Cody Well and Fly Bore prospects.
Assay results returned from diamond drill-hole, SND001, located at the Delphi North Prospect, 4km south of the Sinclair nickel mine, including:
o 2.2 metres grading 1.9% Ni from 396.9m down-hole (true width not known at this time; top of the intersection is approximately 348m below surface); including:
Nickel sulphide mineralisation intersected over 600 metres of strike at highly prospective Delphi North prospect.
Interpreted continuation of the fertile Sinclair ultramafic unit intersected at Cody Well with stringer sulphide mineralisation.
Doolgunna Projects (JV with Sandfire Resources NL)
The Doolgunna Projects are a portfolio of high quality VMS copper-gold exploration projects in the Bryah Basin region of Western Australia (see Appendix 1) that has recently seen the discovery of exceptionally high grade copper-gold mineralisation at Monty which confirms the significant exploration potential of the projects.
Talisman Mining Ltd (ASX: TLM) and Sandfire Resources NL (ASX: SFR) have formed a 30%:70% joint venture over the Doolgunna Projects (the Joint Venture) following Sandfire's sole funded expenditure of
$15 million on the Doolgunna Projects during the past two years.
Springfield Project
Exploration drilling, undertaken by Sandfire, has focused on resource definition of the Monty copper-gold discovery with activities accelerated to enable a maiden Mineral Resource estimate to be prepared by the end of the March 2016 quarter. During the December quarter, 12,185m of Diamond, 7,171m of Reverse Circulation (RC) and 30,869m of Air Core Drilling has been completed at the Joint Venture, see Table 1.
Monty
Following the discovery of high-grade massive sulphide mineralisation at Monty during the June 2015 quarter, diamond and RC drilling has continued through the December 2015 quarter and beyond. The drilling has focused on defining the extents of mineralisation and infill drilling to support an initial resource estimate targeted for completion by the end of the March 2016 quarter.
Figure 1: Plan view of Monty showing collar locations of holes drilled to date, where assay results have been received, and simplified interpreted geology
Monty Lower Zone
Resource definition drilling has continued and advanced at Monty, focused on defining the Monty Lower Zone mineralisation. The aim of the drilling was twofold; edge definition and infill drilling to confirm the continuity of the mineralisation.
During the quarter, additional drill rigs were employed to conduct the ongoing drill campaign with four diamond rigs and one RC drill rig working on the Monty drill program by the end of the quarter. A number of significant assays results from the Monty lower zone mineralisation were returned during this quarter. Some of the better results included:
TLDD0021:
-
3.4 metres grading 17.9% Cu and 3.9g/t Au from 239.0m down-hole and;
-
8.0 metres grading 13.3% Cu and 1.8g/t Au from 286.2m down-hole
TLDD0025:
-
9.4 metres grading 7.2% Cu and 2.2g/t Au from 326.0m down-hole (down-hole width)
TLDD0027:
-
1.3 metres grading 11.5% Cu and 2.2g/t Au from 393.5m down-hole (down-hole width); and
-
10.7 metres grading 6.2% Cu and 2.0g/t Au from 411.0m down-hole (down-hole width).
Following the end of the December 2015 quarter, further significant assays results have been returned with some of the better results including:
TLDD0040:
-
5.0 metres grading 9.8% Cu and 2.9g/t Au from 334.7m - 339.7m
(down-hole width, top of intercept is 298m vertically below surface);
TLDD0042:
-
20.8 metres grading 14.9% Cu and 1.3g/t Au from 372.7m - 393.5m
(down-hole width, top of intercept is 314m vertically below surface);
TLDD0043:
-
11.3 metres grading 6.7% Cu and 2.9g/t Au from 392.2m - 403.5m
(down-hole width, top of intercept is 344m vertically below surface); and
TLDD0046:
-
13.9 metres grading 7.2% Cu and 2.3g/t Au from 332.7m - 346.56m
(down-hole width, top of intercept is 285m vertically below surface).
A complete list of significant assay results returned to date from the Monty Prospect is included in
Table 3.
The recent drilling results continue to substantiate initial interpretations of the orientation, grade and extent of the mineralisation at Monty that were based on the initial wide-spaced exploration holes. As can be seen, the interpretation of the Monty mineralisation is evolving with the closer spaced drilling (see Figure 2 and Figure 3).
Talisman is encouraged by recent drilling results that both extend the limits of the Monty mineralisation to the north-east and confirm the continuity of the mineralisation within the Monty lenses.
Talisman considers that potential exists to further extend the Monty Lower Zone mineralisation to the north-east, as well as to the south-west, along strike from the currently interpreted mineralised extents with further drilling (See Figure 3).
Resource drilling of the Monty Lower Zone is anticipated to continue through to early-February on a nominal 40m x 40m pattern with the results to be used in calculating the maiden Mineral Resource estimate for Monty by the end of the March 2016 quarter.
Figure 2: Interpretive cross-section of the Monty mineralisation (Lower Zone)