eb7d3e44-2873-4324-bd26-3757907826d0.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
5th 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
Monty Exploration Update
Thick zone of bornite-bearing massive sulphides assays at 34.4% copper
Highlights
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Outstanding thick high-grade copper intercept returned from recent step- out hole TLDD0026:
-
7.3 metres grading 6.2% Cu and 2.8g/t Au from 325.6m down-hole
(down-hole width, top of intercept is 275m vertically below surface)
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21.6 metres grading 34.4% Cu and 0.4g/t Au from 339.4m down-hole
(down-hole width, top of intercept is 286m vertically below surface)
Telephone:
+61 8 9380 4230
Facsimile:
+ 61 8 9382 8200
Email:
[email protected]
Website:
www.talismanmining.com.au
Capital Structure
Shares on Issue:
148,559,904 (TLM)
Options on Issue:
6,400,000 (Unlisted)
ASX: TLM
Photo: Cross section through TLDD0026 NQ2 drill core showing bornite disseminated in the matrix of the sulphides (359.3 metres down hole).
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Further high-grade assay results received from ongoing drilling, which continues to confirm the grade, tenor and continuity of the Lower Zone at Monty. New results include (all intercepts are down-hole widths):
-
1.5 metres grading 13.8% Cu and 1.1g/t Au from 272.3m down-hole
(TLDD0020)
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3.4 metres grading 17.9% Cu and 3.9g/t Au from 239.0m down-hole
(TLDD0021)
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8.0 metres grading 13.3% Cu and 1.8g/t Au from 286.2m down-hole
(TLDD0021)
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2.6 metres grading 14.2% Cu and 1.1g/t Au from 445.6m down-hole
(TLDD0024)
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Drilling by Sandfire is continuing to define the extents of the mineralisation at Monty with initial in-fill drilling of the known mineralisation envelope also now underway.
Talisman Mining Limited (ASX: TLM 'Talisman') is pleased to announce that Sandfire Resources NL (ASX: SFR; 'Sandfire') has provided an update on ongoing exploration activities at the Monty copper-gold discovery within Talisman's Springfield Project located approximately 10km east of the DeGrussa Copper-Gold Mine (see Appendix 1).
The collar locations of advised holes drilled to date by Sandfire are shown in the plan view diagram below (see Figure 1) and Table 1.
Figure 1: Plan view of Monty showing drill-hole collar locations and simplified interpreted geology.
Monty Lower Zone Assay Results
Sandfire have advised that assay results have been received for additional step-out Diamond drill-holes targeting the Lower Zone mineralisation including the recently reported zone of bornite-bearing massive sulphides intersected in step-out hole TLDD0026.
Assay Results for TLDD0026
Diamond drill hole TLDD0026 was drilled approximately 45 metres along strike from recently reported hole TLDD0021 (see TLM ASX announcement - 2 October 2015) and approximately 46 metres up-dip of the halo mineralisation intersected in TLDD0014 (see Figures 1 and 2).
Sandfire have advised that TLDD0026 has returned exceptional assay grades of:
-
7.3 metres grading 6.2% Cu and 2.8g/t Au from 325.6m down-hole
(down-hole width, top of intercept is 275m vertically below surface); and
-
21.6 metres grading 34.4% Cu and 0.4g/t Au from 339.4m down-hole
(down-hole width, top of intercept is 286m vertically below surface).
Talisman is highly encouraged by an intersection of this magnitude which represents a further exciting breakthrough in exploration activities at Monty.
Although the significance of this bornite-rich zone is not yet fully understood by Sandfire or Talisman, it is pleasing to note that this 21.6 metre intersection of massive sulphides is interpreted to correlate with the existing mineralisation in the lower zone intersected in previous drilling and previously described in the ASX Announcements of 2nd and 15th October 2015.
Importantly the mineralisation in TLDD0026 is open up-dip with follow-up drilling planned by Sandfire.
Additional Lower Zone Assay Results
In addition to the exceptional result from TLDD0026, assays have been received for previously completed holes TLDD0011, TLDD0014, TLDD0016, TLDD0020, TLDD0021 and TLDD0024 (significant intersections to date are shown in Table 2).
Better assay results from the above holes, which continue to demonstrate extraordinary high copper grades, include:
Hole ID Interval From
To (m)Downhole
Estimated True
Intersection
(m)
|
Width (m)
|
Width (m)
|
Cu (%)
|
Au (g/t)
|
TLDD0020
|
272.3
|
273.8
|
1.5
|
0.9
|
13.8
|
1.1
|
TLDD0021
|
1
|
239.0
|
242.4
|
3.4
|
1.8
|
17.9
|
3.9
|
2
|
286.2
|
294.2
|
8.0
|
4.6
|
13.3
|
1.8
|
TLDD0024
|
445.6
|
448.2
|
2.6
|
1.7
|
14.2
|
1.1
|
Geological Interpretation of Lower Zone
These latest results provide further support and assistance in confirming the continuity and grade of the mineralisation intersected to date at Monty and have enabled Sandfire to provide an updated interpretation of the geological setting of the known mineralisation.
An updated vertical longitudinal projection (looking to the south-east) is shown in Figure 2 on the following page.
In line with the growing understanding of the variable orientations of the mineralisation at Monty, Sandfire has provided true width estimates for the mineralisation for the first time. As noted in prior releases, the estimated true widths for the Upper Zone mineralisation are significantly thinner than the down-hole widths as shown in Table 2.
Figure 2: Vertical Longitudinal Projection and initial interpretation of the Monty Prospect with drill-hole pierce points at the top of the primary intercept shown in bold. All intercepts are down-hole widths. A significant intersection is defined here as any intersection ≥ 3m estimated true width that has a grade of ≥ 2.0 % Cu, inclusive of non-mineralised material. To determine whether intersections that are 2.0% Cu, with the non-mineralised material included, then the intersection is considered significant. New intersections (not previously reported) are highlighted in yellow.
Further Exploration Activity
Exploration of the Monty discovery continues to gather momentum with the exceptional results for step-out hole TLDD0026 marking another significant milestone for the ongoing program.
Sandfire have advised that in addition to continuing drilling at Monty to define the extents of mineralisation, it will be stepping up drilling capacity at Monty with a program of in-fill drilling recently commencing within the known mineralised envelope.
It is expected that this in-fill drilling will continue through the quarter with the data to be used to underpin a maiden Mineral Resource estimate which is planned by Sandfire during the first quarter of next year.
In addition to continuing step-out definition drilling along with the commencement of in-fill drilling around the currently known mineralisation, Sandfire is also stepping further afield and actively targeting additional accumulations of mineralisation along the entire 5km long Monty trend, which remains extremely prospective for further discoveries.
Sandfire are also planning Diamond drilling at Homer, located 4km along strike to the east of DeGrussa, during this quarter with the objective of continuing to unlock the significant exploration potential of the broader Springfield Project.