There’s a quiet rumbling at Talisman Mining that the next major copper-gold discovery in NSW may not be far away. A recently refocused exploration drive initiated by the ASX-listed explorer has unveiled more than a dozen targets hidden under cover at the company’s wholly owned Lachlan copper-gold project it describes as “compelling.”
Talisman has now confirmed plans to chase down the 13 newly identified targets that management believes could herald the discovery of a major mineralised system in the district.
Earlier this year Talisman completed two preparatory exploration programs including a 6285 line-kilometre versatile time-domain electromagnetic Max, or “VTEM” survey over four key target areas it said demanded further investigation.
The company then initiated a Falcon Airborne Gravity Gradiometer, or “AGG” survey over three major structural features resulting in three high-priority airborne electromagnetic, or “AEM” and 10 high-priority AGG targets coming into sharp focus.
The early results suggest that after a period of subdued activity the chips may be starting to fall into place for Talisman Mining.
Whilst the company is still sifting through the data, it says ongoing analysis over the next few weeks may unlock even more anomalies at the operation and further fuel its renewed exploration focus.
In recent times Talisman has seen its exploration efforts plagued by heavy rain across its east coast operations that along with industry-wide bottlenecks at assay laboratories have put a damper on its copper-gold hunting aspirations.
The latest bounty of targets, spawned out of the two new surveys, could spark a sudden reversal of fortunes with management now earmarking the looming exploration play as part of a significant new drilling push at Lachlan.
The AEM targets are believed to be associated with economic massive sulphide accumulations in the Cobar Superbasin. It remains one of the most mineralised Palaeozoic sedimentary basins in Lachlan Orogen with an estimated pre-mining resource of about 200 tonnes of gold, 4500 tonnes of silver, 2.5 million tonnes of copper, 4.8 million tonnes of zinc and 2.8 million tonnes of lead.
Talisman vectored in on its AEM targets at Lachlan after a tenement review by 25-year mineral exploration veteran Dr Jon Hronsky.
Dr Hronsky’s work underlined a range of areas at the project that could host metal-dominant massive sulphide mineralisation. The explorer says the targets unveiled through its follow-up exercise could be linked to conductive bodies in the ground’s basement rocks.
As a next step, Talisman plans to conduct geological mapping and regolith sampling across the targets to vector in on drill-ready targets.
The AGG targets are thought to be associated with economic mineralisation and nearby alteration halos. The company says the 10 priority gravity anomalies at Lachlan indicate suppressed mineral systems at depth.
Talisman is now looking to drill-test the gravity anomalies.
Talisman Mining's CEO, Shaun Vokes, said: “We have always considered that the Cobar Basin is highly prospective and, as we progress exploration, I strongly believe that the next major mineral discovery in this area will come from a mineral system concealed under cover. I therefore believe that our significant investment in these geophysical surveys will bear significant fruit as exploration advances.”
The Perth-based company has amassed a significant landholding stretching over 4000 square kilometres at Lachlan and is scrubbing up a suite of regional gold and base metal targets across the operation’s tenements.
Talisman is chasing copper at its Babinda, Blind Calf and Noisy Ned targets, whilst its precious metal ambitions are fuelled by its Cumbine, Carpina Ridge, Murrays and Plantation anomalies.
The company is also looking for polymetallics at its Kaolin Shaft prospect in NSW.
The explorer’s portfolio also takes in a 51 per cent stake in the nearby Lucknow gold project, north-west of the Lucknow mine where historical production totalled more than 400,000 ounces of gold for an average estimated mined grade of over 100 g/t.
Management says it is actively chasing up additional gold and base metals opportunities and notably, over the past 18 months has also banked a cool $7.7 million courtesy of an uncapped 1 per cent gross revenue royalty from the sale of an iron ore project to Wonmunna Iron Ore, a subsidiary of Chris Ellison’s over $11 billion-capped Mineral Resources.
The transaction helped Talisman Mining close the June quarter with $8.9 million in the kitty – more than enough to plunge a few holes across its NSW-based gold and base metals targets.
With a dozen compelling targets in its sights, a full-scale exploration program about to swing into gear and a truckload of cash at the ready, Talisman Mining is certainly worth keeping an eye on.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
