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Talisman Mining will start diamond drilling this month at Lucknow Gold Project, shares up

Drilling will target an interpreted high-grade gold lode offset position at the project within the historic Lucknow Goldfields near Orange.

Talisman Mining Ltd - Talisman Mining will start diamond drilling this month at Lucknow Gold Project
Visible gold in calcite sample taken from the historic Darcy mine at Lucknow

Talisman Mining Ltd (ASX:TLM) (OTCMKTS:TLSMF) is higher on news that diamond drilling will begin this month at Lucknow Gold Project in the historic Lucknow Goldfields of Central West NSW.

The first diamond drill testing will target an interpreted high-grade gold lode offset position at Lucknow here historic production was in excess of 400,000 ounces at an average estimated mined grade of +100 g/t.

Shares have been as much as 17% higher in early trade to 11.5 cents.

Historic goldfield

During the 1850s gold rush which followed the discovery of Australia’s first payable gold at nearby Ophir, the Lucknow Goldfield was considered one of the world’s richest mining areas.

Most of this goldfield to the east of Orange was unique in that it was a privately-owned.

Lucknow project mine shaft locations and simplified geology.

Now ‘safe and practical’

The program for the interpreted high-grade Lucknow Gold Mine extensions was initially planned for April but was postponed due to COVID-19.

Talisman has continued to communicate with its drilling contractor and monitor operating conditions during the intervening period and believes it is now safe and practical to undertake the diamond drill testing.

Lucknow Gold Project tenure in Central West NSW.

Health and well-being central

The health and well-being of its people is central to Talisman’s approach to business and the company is committed to ensuring a safe workplace for employees and contractors.

This principle is at the forefront during normal business conditions and has become even more heightened since the emergence of the COVID-19 virus.

Talisman implemented of a range of measures designed to ensure the safety of staff and contractors and protect the strength of the business since the start of April and has continued to closely monitor the situation including all government advice and protocols.

Staged lifting of measures

The ability to resume exploration drilling and ongoing business development activities have warranted the staged lifting of a number of these measures across a downsized team.

A reduced senior executive team has returned to a fulltime working week on pre-COVID-19 salaries while director fees are being reinstated to pre COVID-19 levels.

Talisman is implementing a staged return to work for remaining staff over the coming weeks in line with anticipated workflows.

The company will continue to monitor the COVID-19 situation closely and respond to any changes in conditions or regulations appropriately.

Quick facts: Talisman Mining Ltd

Price: 0.13 AUD

ASX:TLM
Market: ASX
Market Cap: $24.26 m
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