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New Talisman Gold Mines responds to ASX after share price spike

Shares in New Talisman are up 420% year to date, currently priced at $0.026.
New Talisman Gold Mines responds to ASX after share price spike
The third resource upgrade in the Talisman Deeps area is expected shortly

New Talisman Gold Mines Ltd (ASX:NTL, NZX:NTL) has been one of the best performing exploration stocks of the past few months.

The company's share price last traded at $0.026, nearly five times its value from just two months ago.

New Talisman received an ASX price and volume query based on yesterday's trading, when the stock jumped 38% intra-day to $0.025.

The company responded saying it is not aware of any information which could explain the recent trading.

Recent resource upgrades

While mine development work continues at the 100%-owned Talisman Gold Mine located in New Zealand, two resource upgrades have recently been released.

The resource upgrades pertain to three modules within the Talisman Deeps area of the mine.

The two modules to have been recently upgraded were the Dubbo Deeps and Woodstock modules and the third and final resource upgrade is expected over the coming days.

The third Bonanza module as well as any further resource updates including Mystery and
Crown will be included in an updated pre-feasibility study and ore reserve statement.

Dubbo Deeps was a major catalyst

Dubbo Deeps was the first resource upgrade within the Talisman Deeps area of the mine and has been a driver of the share price.

The new JORC resource was doubled in size to 312,800 ounces at 21.98 g/t gold.

The grades established of up to 146.2 g/t gold for an average of 21.98 g/t gold place this deposit as one of the highest grade mineral resources in New Zealand and ranks in the top 5 worldwide.

The dramatic increase in Dubbo resources ultimately proved the company’s long-held belief that there is significant remaining ore at depth.

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