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Talisman Mining's new exploration phase will include drilling of Lachlan project gold-copper targets

The company's Lachlan project comprises a dominant position across the Northern Cobar Basin and includes numerous prospects along the Canbelego-Mineral Hill Volcanic Belt.

Talisman Mining Ltd - Talisman Mining prepares new phase of exploration to test gold-copper targets at Lachlan Copper-Gold Project
TLM's business development team is reviewing potential precious and base metal growth opportunities that complement its portfolio

Talisman Mining Ltd (ASX:TLM) is embarking on a new phase of exploration designed to test several highly prospective gold and copper targets at the Lachlan Copper-Gold Project in the Cobar Basin of New South Wales.

This next phase, which will include reverse circulation (RC) drilling, follows the completion of a detailed review of activities and new discovery opportunities by the company’s geology team.

RC drilling is planned at the Cumbine gold and Blind Calf copper prospects this quarter while a surface electromagnetic (EM) survey will be undertaken over the Babinda copper anomaly, which Talisman identified during previous soil sampling.

The Cobar Basin is a well-established mining district with several large gold and base metal mines including Aurelia Metals' (ASX:AMI) Peak and Hera Mines, Glencore’s CSA Mine and CBH’s Endeavour Mine.

Aurelia Metals recent Federation polymetallic discovery and Peel Mining Ltd’s (ASX:PEX) Mallee Bull, Wagga Tank and Southern Nights discoveries also reside in the area.

Exploration strategy

Talisman’s exploration strategy at the Lachlan project is focused on an extensive strike extent along the Gilmore Suture, a large-scale regional geological structure which, like the Rookery Fault Zone, is critical to the formation of mineral deposits in the Cobar Super Basin.

Proximity to the margins of these major basin faults as well as deep seated regional basement lineament structures and zones of high strain (such as the eastern Cobar Basin margin) are an important factor for mineral deposit formation and are considered to be priority target areas for exploration.

Cumbine gold prospect

The detailed aeromagnetic survey that Talisman completed during 2019 significantly improved the geological and structural interpretation over the prospect area.

A 3-dimensional magnetic inversion model was created over the prospect area which has revealed a strong magnetic feature trending in a north-west orientation and dipping steeply towards the south-west.

The planned RC drilling at Cumbine will be targeting the eastern margin of the magnetic anomaly.

Blind Calf down-hole EM targets

The Blind Calf prospect includes several north-south trending mineralised structures which cover a total strike extent of 900 metres.

To date, most of the exploration drilling has been directed towards the Blind Calf and Dunbar’s structures, where high-grade copper mineralisation has been intersected in bedrock drilling.

Talisman completed several RC drill holes during 2019 targeting the mineralised corridors at Hilltop and Engine with subsequent down-hole EM surveys detecting conductors at several locations.

The conductors are interpreted to represent primary chalcopyrite mineralisation and will be tested with RC drilling during December 2020.

Babinda copper prospect

The Babinda copper prospect is within the Canbelego-Mineral Hill Rift Zone and close to the Gilmore Suture.

Historical mining at the prospect during the 1930s included two vertical shafts and copper oxide minerals (malachite and azurite) are abundant within the historical mine dumps.

Historical rock chip sampling, and more recent soil sampling by Talisman, has identified copper anomalism over a strike extent of 800 metres.

Talisman will undertake a ground EM survey over the prospective stratigraphy covering a total strike extent of 1.6 kilometres to identify potential sulphide conductors for future drilling. 

Shares have been more than 13% higher to 13 cents intra-day.;

Quick facts: Talisman Mining Ltd

Price: 0.12 AUD

Market: ASX
Market Cap: $22.4 m

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on 5/12/19

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