ASX Media Release - 13 September 2016
Springfield Copper Project Exploration Update
Highlights
Board of Directors Jeremy Kirkwood
Non-Executive Chairman
Dan Madden
Managing Director
Alan Senior
Non-Executive Director
Brian Dawes
Non-Executive Director
Karen Gadsby
Non-Executive Director
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Contact Details
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Springfield Joint Venture exploration budget approved for the four- month period to the end of December. Work planned to include:
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Diamond Drilling targeting the potential down dip extensions to the Monty Deposit
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RC drilling to follow-up air-core anomalies at Monty NE and Southern Volcanics
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Infill air-core drilling at Homer East Regional, Monty NE and Southern Volcanic Trend
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Systematic air-core drilling over the western portion of the Southern Volcanics
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Orientation Induced Polarisation (IP) geophysical survey over the Monty Deposit
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Shallow oxide copper results (5m @ 4.11% Cu from 55m) from air-core drilling at Monty NE provides encouragement with further drilling planned
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Feasibility Study Progressing, completion still expected in Q1 CY2017
Telephone:
+61 8 9380 4230
Email: [email protected]
Website: www.talismanmining.com.au
Capital Structure
Shares on Issue: 185,699,879 (TLM)
Options on Issue: 5,650,000 (Unlisted)
Figure 1: Springfield Project and prospective VMS corridors
TALISMAN MINING LIMITED ABN 7109 536 495
6 Centro Avenue, Subiaco Western Australia 6008 www.talismanmining.com.au
Talisman Mining Limited (ASX: TLM "Talisman") advises that the Springfield Project Joint Venture, managed by Sandfire Resources NL (ASX: SFR "Sandfire"), has approved a $3.07 million budget (100% basis) for the four-month period to the end of December 2016 with work now underway. This budget is separate to expenditure on the ongoing Monty Deposit Feasibility Study ("Feasibility Study").
The current four-month exploration budget focuses exploration efforts predominantly on the identification and further definition of the prospective exhalative horizons across the Springfield Project. This continues from the previous budget period where Joint Venture exploration moved to a more systematic strategy stepping outside of the known Monty Deposit following an inward looking resource definition focus.
Consistent with this strategy, a key aspect of the forthcoming budget is a planned 30,100 metres of air- core drilling to better define interpreted exhalative horizons within the prospective Homer, Monty and Southern Volcanic VMS corridors.
In addition to the planned air-core drilling, the Joint Venture plans to undertake reverse circulation (RC) drilling to follow up shallow copper anomalism encountered in previous air-core drilling at both Monty North East and Monty South.
The first diamond drill hole to test the potential down dip extensions to the Monty Deposit is budgeted to be undertaken in October 2016.
Talisman believes that this budgeted work will assist in understanding the deposit and regional scale geology and structure in the Doolgunna region. This work is crucial to unlocking the location of potential new lenses or fault displaced extensions to known mineralisation, as well as uncovering new stand-alone deposits.
Springfield Exploration During Budget Period 1 June to 30 August 2016
Work completed by the Joint Venture at the Springfield Project (Appendix 1) over the three-month budget period ending 31 August 2016 included air-core, RC and diamond drilling across the Springfield Project area. Drilling has encompassed both exploration and Feasibility Study activities.
In addition to the recent drilling, exploration activities were also focused on the completion of a detailed ground-based SQUID EM survey over and along strike from the Monty Deposit and the compilation of a 3D structural geological model of the Monty Deposit.
RC and air-core productivity during the period was hampered by severe weather events. Budgeted exploration diamond drilling aimed at testing for potential down-dip and down-plunge extensions of the Monty Deposit was not undertaken during the period. The below budgeted drill metres resulted in budget undercalls throughout the period with actual expenditure being below budget. Actual drill metres against budget are shown below in Table 1.
Air-Core Drilling
The Joint Venture undertook systematic air-core drilling to delineate the interpreted VMS horizon along the prospective host horizons during the budget period focused on the Monty NE and Homer East Regional areas (Figure 1 and Figure 2).
Results from this recent drilling has led to the identification of an area of anomalous copper mineralisation in the Monty NE area, where air-core drill hole TLAC2694 (Figure 3) has returned an intersection of 5m @ 4.11%Cu1 from 55m down hole (Table 4).
Figure 2: Springfield Project June-August budget period completed air-core drilling locations
A series of holes have been recently completed around TLAC2694, including eight additional air-core holes (TLAC2783 - 2790), and one RC drill hole (TLRC0053), drilled beneath hole TLAC2694 to an end-of-hole depth of 448 metres to follow-up this anomaly (Figure 3).
Figure 3: Monty NE air-core Anomaly Collar Location Plan
1 air-core results are based on five-meter composite spear samples.
This work was recently completed and results from sampling of these holes are yet to be received. However, no visible sulphide mineralisation was logged in the RC hole and a subsequent DHEM survey of this RC drill hole did not identify any off-hole conductors.
Further drilling is required to follow up this recent work and understand what is a geologically complex area. This additional drilling is included in the approved budget for the period to the end of December 2016.
Reverse Circulation and Diamond Drilling
RC drilling completed during the budget period ending 31 August 2016 was primarily focused on the interpreted VMS horizon along strike from Monty to inform the interpretation of the host stratigraphy. This work included the targeting of the interpreted Monty southwest fault off-set position, the Monty north east extensions and the follow-up of discrete geochemical anomalies identified from previous air-core drilling.
The majority of diamond drilling undertaken during the budgeted period was focused on geotechnical drilling of the proposed box cut and decline positions, budgeted as part of the ongoing Feasibility Study.
The location of diamond and RC drilling undertaken during the budget period is shown in Figure 4 and a full list of the completed RC and diamond drill collars (including geotechnical diamond drilling completed under the separate Feasibility Study budget) is provided in Table 2.
Figure 4: Springfield Project RC and Diamond Drilling locations