a7e437c1-fa6e-45d9-b6f5-f71fa9c96c3c.pdf
[Insert date] 2016
COMPANY SNAPSHOT
Board of Directors Jeremy Kirkwood
Non-Executive Chairman
Alan Senior
Non-Executive Director
Brian Dawes
Non-Executive Director
Karen Gadsby
Non-Executive Director
Acting CEO Dan Madden
Contact Details 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)
9 June 2016 COMPANY SNAPSHOT
Board of Directors Jeremy Kirkwood
Non-Executive Chairman
Alan Senior
Non-Executive Director
Brian Dawes
Non-Executive Director
Karen Gadsby
Non-Executive Director
Acting CEO
Dan Madden
Contact Details 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)
SPRINGFIELD PROJECT UPDATE
Monty high level study completed, Feasibility Study to progress.
Exploration now refocussing on wider Springfield Project and to further understand the near environs of the Monty Deposit.
Highlights
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Monty high level study completed with no fatal flaws identified
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Joint Venture to now progress with Feasibility Study
-
Exploration activities at Springfield beginning to step-out from the high-grade Monty Deposit, as well as refocus on the potential of the wider project area
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Joint Venture exploration budget approved for the three month period to the end of August, with planned work to include:
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Systematic Air-Core drilling across Springfield Project
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RC drilling and DHEM within the Monty region
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Diamond drilling at Monty Deeps and other selected areas within the Monty region
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Detailed ground-based SQUID EM and IP surveys over and along strike from the Monty Deposit
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First stage of step-out RC drilling undertaken across both the Monty and Homer trends with down-hole surveys now substantially completed
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Targeted structural Diamond drilling program completed, with results to form the basis for a detailed 3D geological model of the Monty Deposit
Figure 1: Large diameter (PQ) metallurgical drill core from Monty copper-gold deposit
Overview
Talisman Mining Limited (ASX: TLM) is pleased to advise that following the delineation and recent announcement of the Maiden Resource Estimate for the Monty Deposit (see ASX announcement dated 13 April 2016), the Springfield Joint Venture, managed by Sandfire Resources NL ("Sandfire") will now shift its exploration focus from inward-looking resource definition to a more systematic exploration strategy including stepping out from the high-grade copper-gold mineralisation at Monty.
Monty Feasibility Work
A high level study assessing potential for mining of the Monty Deposit has now been completed. The purpose of the study was to identify any high level fatal flaws and to investigate optionality of various facets of Monty including surface infrastructure location, site access, applicable mining methods and permitting and approval pathways.
Results of the study work to date were positive with no fatal flaws identified. It is anticipated that the scope of the Feasibility Study will shortly be finalised by the Joint Venture allowing work to commence in the forthcoming weeks.
Monty Exploration
The maiden Monty Mineral Resource1 estimate of 1.05Mt at 9.4% Cu and 1.6g/t Au is exceptionally high-grade and is the first deposit to be discovered outside of Sandfire's DeGrussa VMS complex. This recent discovery, when combined with the high-grade DeGrussa complex of deposits (over
0.66 million tonnes of contained copper and 0.79 million oz of contained gold as at 31 December 2013, (see SFR ASX announcement 16 May 2013), provides a proof of concept for the potential of the region to host multiple clusters or "camps" of high-grade VMS mineralisation.
The application of knowledge and learnings from the DeGrussa deposits, the Monty Deposit and regional exploration provides a sound basis for the Joint Venture to focus its efforts on finding the next mineralised ore body within this emerging world class VMS district.
Following the discovery of the DeGrussa Deposit in early 2009, Sandfire has compiled a significant knowledge database and continues to refine its exploration approach in the Doolgunna region.
Sandfire, as manager of the Springfield Joint Venture, adopts a forensic, systematic exploration approach by applying a combination of RC drilling, down-hole Electro-Magnetic (DHEM) surveys and Diamond drilling, along with the continual integration of new data and re-interpretation of results. This approach as proven over a two year period that included more than 200,000m of AC, RC and Diamond drilling, was successful in delineating DeGrussa and the subsequent discovery of the C1, C4 and C5 VMS deposits (Figure 2). This same approach was instrumental in the discovery of Monty.
Figure 2: Schematic long section showing DeGrussa deposits (not to scale), illustrating mine infrastructure and complexity of orebody geometry (Source: SFR Company Update Presentation - 4 May 2016)
Talisman believes that understanding deposit scale, geology and structure in the Doolgunna region is crucial to unlocking the location of potential new lenses or fault-displaced extensions to mineralisation and that this is evidenced at DeGrussa where the Shiraz and Merlot faults offset the C1, C4 and C5 deposits at the DeGrussa Mine (Figure 2).
The Monty discovery hole was drilled in June 2015 and in the following 12 months approximately 45,000m of RC and Diamond drilling has been completed, focused primarily on a resource definition drilling program.
Figure 3 shows the outline of the Monty resource with an interpreted fault to the south west, and all Diamond and RC holes that have intersected the interpreted host horizon along a 1.5km strike section. Many areas in the vicinity along strike from the defined resource, or at depth, remain untested. The plan view (Figure 4) shows all Diamond and RC drilling completed to date by the Joint Venture along a similar 1.5km strike length of the interpreted Monty host horizon.
Figure 3: Stylised vertical longitudinal projection by Talisman showing Monty Resource outline and all RC and Diamond holes intersecting the interpreted host horizon
Figure 4: Plan view of Monty Resource drill collars (outlined), and Joint Venture exploration RC and Diamond holes
Evidence of multiple structures has been logged in the resource definition Diamond drill core at Monty, and is interpreted to impact on the massive sulphide lenses within the Monty Deposit. The Joint Venture is now focusing on further understanding the structure and mineralising controls within the near Monty environment with the aim of unlocking potential mineralisation at Monty.
A program of specifically targeted Diamond drilling designed to intersect these interpreted fault structures has recently been completed and interpretation of the logged geology and structure is now underway by Sandfire and will lead to the development of a detailed 3D geological model of the deposit.
Talisman anticipates that this work will lead to selected conceptual positions for RC and Diamond drilling which is scheduled to be undertaken in the current budget period to test for the potential of structurally offset mineralisation.
A program of Diamond drilling and subsequent DHEM geophysical surveys aimed at testing for potential down-dip and down-plunge extensions of the Monty Deposit is also planned to be undertaken in the budget period.