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1/8/2018 — Gold
NTL moves closer to Talisman production

The custom-built ventilation fan for the Talisman mine renaissance at Karangahake was now on its way from Perth as a prelude to production.

New Talisman Gold Mines Ltd (NZX & ASX: NTL) said in its June quarter report said installation of this fan will allow for a start to production.

NTL said that during the June quarter it completed underground refurbishments ahead of schedule which “now see both target areas Mystery and Dubbo in sight.”

Mystery was now accessible, and recent check sampling of ore at the drive face yielded grades of up 40 grams/tnne gold.

Work on re-opening the Dubbo Zone has started and, when completed, will allow access to the high-grade areas identified by borehole BM37, drilled in 1989, which assayed 656 g/t Au over 1.8m including 1,154 g/t Au over 1 metre.

Progress was made on refurbishment of the No 8 Level drives with works having been completed through Keillors Crosscut to the face of the drives on the Mystery Vein.

Concurrently the team continued rehabilitation of the Dubbo drive, now nearing completion to the BM37 crosscut.

“This means that remedial works have now progressed more than 900m into the mine. Services have been extended to the Mystery Vein and telecommunications are in place at Dubbo.”

The development team has faced geotechnical challenges along the way and have completed the works to date without any notifiable incidents.

Chief operating officer Waynes Chowles said: “The next exciting phase of this project will bring with it many new challenges, and we look forward to meeting them with the same positive approach that has yielded such excellent results to date”

NTL said outcome of the pre-feasibility study (PFS) ore update supports a 50% increase in the ore reserve at Talisman.

Ore Reserves, based on a cut-off grade of 2.6 g/t, were 45,000 tonnes at 30.6 g/t Au equivalent.

NTL said a review of the PFS by independent experts found the proposed mining plan was appropriate for the style of deposit at Talisman.

Latest data has shown, based on annual production of 45,000 tonnes at 30.6 g/t AuEq there would be lower mine costs to $NZ583/oz and C2 cash costs of $NZ710/0z.

In contrast to this development work the early stage work on Talisman Deeps included a conceptualised stand-alone project.

This stand-alone project, released to the market in late 2017, indicated a substantially increased mineral resource. To gain a better understanding of Talisman Deeps a scoping study was commissioned. This was completed in June and was reviewed as part of the Valmin compliant valuation.

Chief executive Matthew Hill said the company was now nearing a start to mining Talisman.

“Once the ventilation fan is installed, underground machinery, blasting, ore extraction and subsequent processing activities can commence. This is in line with the extraction volumes agreed with the regulators under the existing resource consent and mining permit,” he added.

PDF File Cash flow report. (146.2 kilobytes)
PDF File Quarterly report. (284.8 kilobytes)
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