Talisman Mining Ltd (ASX: TLM, Talisman) has identified a number of high-priority exploration targets within its 100%-owned Lachlan Copper-Gold Project in NSW, after receiving preliminary results from the interpretation of data from the project-wide geophysical surveys completed earlier this year.
Initial testing of the targets will begin in the latter half of this year as part of a major new programme of drilling scheduled to commence this quarter, weather and access permitting. This follows delays to the company’s drilling schedule due to the very high levels of rainfall which have been experienced across Australia’s Eastern Seaboard this year.
The completion of the AGG geophysical survey processing and interpretation by Talisman’s geophysical consultants, Southern Geoscience, marks a key milestone for the company.
The geophysical surveys, which were completed in the first half of the year, comprised a VTEM Max airborne-electromagnetic survey of 6,285-line kilometres over four key target areas, and a FALCON AGG survey of 15,456-line kilometres over three major structural lineaments within Talisman’s tenure portfolio.
Interpretation of these two airborne geophysical datasets, together with Talisman’s review of prospectivity vectors developed from a close study of other economic deposits in the Cobar Superbasin, has highlighted 13 high-priority targets which will be followed up through systematic exploration work, including drill testing, over the next six months.
We have experienced a number of frustrating delays this year due to a combination of heavy rainfall on the East Coast, which has restricted drilling access, and ongoing bottlenecks at the assay laboratories,” Chairman, Kerry Harmanis, said.
“Despite this, we have been able to progress our major regional geophysical surveys which have already identified more than a dozen high-quality targets. This reinforces the quality of our NSW portfolio and the enormous opportunity we see in front of us to make a company-changing discovery.
“We are now gearing up to resume a major new drilling push in the current quarter, weather permitting, with drilling to continue for the foreseeable future. Thanks to the ongoing income stream from our iron ore royalty, the company is in a very sound position financially and remains exceptionally well placed for success. The next few months should be an exciting time for Talisman shareholders.”
Talisman’s CEO, Shaun Vokes, said the results coming out of the recently completed regional scale geophysical surveys are very exciting and rapidly advancing the company’s understanding of mineral systems in this complex, structurally controlled region.
“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 analysis of the vast amounts of data obtained from these surveys takes time, and I appreciate that news-flow during this period can be limited. However, the Talisman team is working exceptionally hard and applying a methodical and systematic approach, in combination with the latest science, to our exploration activities to ensure that our shareholders’ funds are spent efficiently and with the greatest chance of achieving exploration success.”