Talisman Mining Ltd (ASX: TLM) has further strengthened its Australian copper-gold exploration portfolio after entering into a binding Sale and Purchase Agreement with First Au Limited to acquire a 100% interest in First Au’s Mabel Creek IOCG Project in South Australia.
Encompassing Exploration Licences EL6619, EL6620 and EL6627 (collectively, the Mabel Creek Project or the Project), the Mabel Creek Project covers a contiguous area of 1,048 sq.km in the Gawler Craton of South Australia, and is located 130km to the north-west of the Prominent Hill Mine operated by Oz Minerals and 40km west of Coober Pedy.
The Mabel Creek Project contains prospective lithologies and a number of significant structures thought to be associated with Olympic Dam-style IOCG mineralisation and Gawler Craton-style gold mineralisation.
Mabel Creek Project
The Mabel Creek Project area was initially identified as part of the South Australian Government’s “Gawler Challenge” in 2020 and was identified by both the winner and runner-up of the competition as one of the most significantly prospective yet under-explored areas in South Australia for IOCG and Gawler Craton-style gold mineralisation.
No on-ground exploration activities have been undertaken on the Project area since 2014, with First Au only conducting desktop studies since the Mabel Creek Project tenements were granted in mid-2021.
The Project tenements span a major deep-seated east-west trending fault system which is interpreted to host multiple intrusive lithologies, including the Hiltaba Granite Suite, theorised as instrumental in the genesis of mineralisation at Olympic Dam.
Demagnetised areas evident on recently acquired aeromagnetic data from the Geological Survey of South Australia suggest the presence of extensive alteration associated with the fault system, indicating that it has been a fluid conduit potentially hosting mineralisation.
Post-mineral cover is relatively shallow across the Mabel Creek Project compared to other areas of the Gawler Craton, with the cover sequence interpreted as varying from 30m to 250m. This is expected to make exploration techniques such as geophysics and drill testing far more cost-effective than most Gawler Craton exploration.
The Project is surrounded by exploration licences held by other major mineral companies, including recent tenements granted to FMG and Rio Tinto Exploration, as well as the exploration ground held by Oz Minerals and the BHP Group and their existing Tier-1 mining and development projects regional presence of these significant mining companies highlights the exploration opportunity for additional significant copper-gold discoveries in the Gawler Craton.
Known copper-gold bearing IOCG deposits and exploration ground held by major mining houses are located along an arcuate “Prospective IOCG Corridor”, associated with the interpreted moderate depth of the Moho boundary beneath continental crust. Talisman’s Mabel Creek Project is located centrally within an underexplored area of this corridor, making it highly prospective for a blind IOCG discovery.
Following completion of the Agreement with First Au, Talisman intends to progress negotiation of a Native Title Land Access Agreement (LAA).
Simultaneously, Talisman will incorporate all available geoscientific information and develop a 3D interpretation of the Project, with the aim of defining prospect areas and progressing them for further work. Once a LAA is established, Talisman intends to conduct ground geophysical surveys to develop drill-ready targets with the intention of conducting first drill testing in the second half of 2023.
The Mabel Creek Project acquisition further enhances our existing exploration portfolio and complements our focus on copper and gold exploration opportunities within highly prospective Australian locations,” CEO, Shaun Vokes, said.
“Such a low-cost acquisition, with no trailing royalty obligation – strategically located near existing world-class mineral deposits – is a great outcome for Talisman. Logistically, the Mabel Creek Project area is easy to access with excellent existing infrastructure and provides our exploration team with an additional focus area alongside our NSW tenure, opening up an exciting new and complementary front for exploration activity and news-flow.
“We are looking forward to working proactively with the Antakirinja Matu-Yankunytjatjara Aboriginal Corporation to finalise an access agreement and commence on-ground exploration activities in what is undoubtably an excellent exploration address for Tier-1 discoveries.”
