Talisman Deeps Scoping Study

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New Talisman Gold Mines
Limited

Responsible,
Environmentally
Sustainable Mining

ASX/NZX Code NTL
____________________

Commodity Exposure
GOLD and SILVER

Board and Management

Charbel Nader Chairman/Independent Director
Matthew Hill Chief Executive/ Managing Director
Murray Stevens Non Exec Director
Tony Haworth Independent Director
Jane Bell Company Secretary
Wayne Chowles Chief Operating Officer
Ash Clarke Chief Financial Officer


Capital Structure
Ordinary Shares at 20/03/2018
2,157m

Share Price
Share Price at 20/03/2018 (NZX) 1.6cps
Share Price at 20/03/2018 (ASX) 1.4cps



New Talisman Gold Mines Limited
ACN
Address 541 Parnell Rd, Parnell,
Auckland
Phone +64 27 5557737
Website www.newtalisman.co.nz

Email info@newtalisman.co.nz

Market Announcement
For Immediate Release
HIGHLIGHTS

• Talisman Deeps scoping study shows strong business case
for mine expansion;
• Exploration and staged development plan proposed.
Overview
The Talisman Mine, situated in Karangahake, New Zealand, is in the early stages of
mine development. A Pre-feasibility Study on the project was completed in 2013
and updated in early 2018 following restatement of the mines mineral resource
estimate in 2017 which saw an uplift in contained ounces from 204,000 ounces gold
to 469,000 gold equivalent ounces.
The Prefeasibility Study, the results of which were released to the market on 26
June 2018, focusses on the high confidence mineral resources accessible from the
mines No 8 Level, which has been fully rehabilitated, and indicates that the project
has a Net Present value exceeding $35m and will produce some 51,000 ounces over
a six-year life.
Below No 9 Level, the Maria vein, the largest source of gold mineralisation in the
area, is estimated to hold some 338,200 gold equivalent ounces which are classified
as an inferred mineral resource and have not been considered for extraction in the
current plan. There is considerable future potential for extraction of these ounces
and, to gain a broad understanding of the technical and financial aspects of
exploiting the deeper orebody, the Company commissioned a Scoping Study which
is the subject of this release. There is a low level of geological confidence associated
with inferred mineral resources and there is no certainty that further exploration
work will result in the determination of indicated mineral resources or that the
production target itself will be realised.
The Talisman Deeps Project has been evaluated as a standalone project as it will
require significant infrastructure, equipment and resources to access and exploit
the orebody over and above that installed for the Talisman Project.
This Study has found that the orebody is likely capable of supporting a medium
scale mine, producing on average 18,000 gold equivalent ounces a year over a nine-
year life from 50,000 tonnes of ore a year. The project will require a $25m
investment in equipment and installed infrastructure and is estimated to yield a
Net Present Value, at a 12% discount rate, of between $11m and $89m with an
expected return of $49m. Cost estimates are inclusive of a 25% contingency
included to reflect the confidence level of the estimate.
Matthew Hill said “This is the next step in advancement of the Talisman Deeps
project having completed a JORC 2012 compliant mineral resource estimate in 2017
demonstrating one of the highest grade resources in NZ. The study shows Deeps as
a standalone project has significant potential.”
TALISMAN DEEPS SCOPING STUDY RESULTS

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__________________________________________________________________________
The study also sets out a broad exploration programme that will be required to upgrade the confidence level
of the inferred mineral resources to measured and indicated.
This Scoping Study was commissioned to ascertain whether a business case can be made for raising the
further funding needed to proceed to more definitive studies on the viability of the Talisman Deeps Project.
It is a preliminary technical and economic study of the potential viability of the Talisman Deeps Project. It is
based on low level technical and economic assessments that are not sufficient to support the estimation of
ore reserves. Further exploration and evaluation work and appropriate studies are required before NTL will
be able to estimate any ore reserves or to provide any assurance of an economic development case.
The Scoping Study is based on the material assumptions outlined in this announcement. These include
assumptions about the availability of funding. While NTL considers all the material assumptions to be based
on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes
indicated by the Scoping Study will be achieved.
To achieve the range of outcomes indicated in the Scoping Study, funding of in the order of $19 million will
likely be required. Investors should note that there is no certainty that NTL will be able to raise that amount
of funding when needed. It is also possible that such funding may only be available on terms that may be
dilutive to or otherwise affect the value of NTL’s existing shares.
It is also possible that NTL could pursue other ‘value realisation’ strategies such as a sale, partial sale or joint
venture of the project. If it does, this could materially reduce NTL’s proportionate ownership of the project.
Given the uncertainties involved, investors should not make any investment decisions based solely on the
results of the Scoping Study.

Resources
Resources in the Talisman Mine stand at 469,800 gold equivalent ounces as detailed in the following table.
Mineral Resources Talisman Mine
Category Tonnes
Aueq
g/t Ounces
Measured 102,800 17.4 57,480
Indicated 97,700 7.4 23,100
Inferred 750,000 15.9 389,200
Total Resources 950,500 15.1 469,800
These have been reported previously in releases to the market dated with full details of the methodology
and can be found in the individual company releases of 12 July 2017, 25 July 2017 and 05 September 2017.
The resources that have been evaluated for this scoping study lie in the Dubbo and Bonanza Sections of the
Maria vein mostly below 9 Level.
The Dubbo resource estimate shown in the following table stands at 312,800 gold equivalent ounces.
Dubbo
Category Tonnes AuEq g/t Ounces
Measured

13,000 96.9 40,700
Indicated

3,100 74.9 7,500

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Inferred

436,000 18.9 264,600
Total Resources

452,100 22.0 312,800
Of these some 264,600 gold equivalent ounces are inferred and their location within the Dubbo Section of
the Maria Vein are shown below in Figure 1.
















Figure 1 showing position of inferred resources in the Dubbo Section. Over 25.1 g/t Aueq shaded in magenta, 10.1 to 25
g/t shaded red and 3.1 to 10 g/t shaded orange.

In the Bonanza Section there are 73,600 oz gold equivalent ounces inferred resources below 14 Level as
tabulated below and shown in figure 2.
Bonanza
Category Tonnes AuEq g/t Ounces
Measured

- - -
Indicated

- - -
Inferred

97,000 23.6 73,600
Total resources

97,000 23.6 73,600

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Figure 2 showing position of inferred resources in the Bonanza Section. Over 25.1 g/t Aueq shaded in magenta, 10.1 to
25 g/t shaded red and 3.1 to 10 g/t shaded orange.
These inferred resources total 338,200 gold equivalent ounces and for the purposes of this study have been
used to develop the Production Target for the Talisman Deeps project.
The term Production Target is used here to describe the likely available tonnage for mining once modifying
factors are applied to inferred mineral resource estimates. This term is distinct from the term Ore Reserves
which is a JORC term applicable to the conversion of Measured and Indicated resources to Proven and
Probable reserves.
It should be noted that there is a low level of geological confidence associated with inferred mineral resources
and there is no certainty that further exploration work will result in the determination of measured or
indicated mineral resources or that the Production Target itself will be realised.
At this stage of the project it is not possible to state which portion of the Inferred resource will be finally
converted to reserves, however it is reasonable to assume losses for ore that is faulted out, a proportion of
or e that is unpayable and losses for geotechnical and mining pillars. The Scoping Study has evaluated these
factors as described in the following sections and the Production Target areas are shown in Figure 3 below.

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Figure 3 - Isometric view showing existing development, historic stoping (green) and production target blocks (red)
Of note is the fact that in the historical data no individual grades for gold and silver are reported and for
consistency and data integrity and comparison with modern sampling it was decided to carry out the resource
estimates using gold equivalents.
During the period of historical mining the gold price stayed constant at £4-6s-0d per oz, (USD20.47) while
silver ranged from USD0.49 to USD1.03 per oz. Metallurgical recoveries once cyanidation was used were in
the 95% plus range.
In order to make the comparisons between modern channel and drill hole sampling and historical sampling
the ratio calculated used the formula Au equivalent = Au g/t +(Ag g/t *0.31609).

Scoping Study Overview
New Talisman has completedthis scoping study on the Talisman Deeps project that forms part of the planning
process for evaluating the full economic potential of the Talisman Mine.
The 2012 JORC code defines a scoping study as an order of magnitude technical and economic study of the
potential viability of Mineral Resources. It includes appropriate assessments of realistically assumed
modifying factors that are necessary to demonstrate at the time of reporting that progress to a Pre-Feasibility
study can be justified.
In the case of Talisman this is the first economic evaluation of the Talisman Deeps project and is treated as a
standalone operation from the areas of the mine currently being developed for the bulk sampling programme
and evaluated under the updated prefeasibility based on the measured and indicated portions of the ore
body.
The Talisman Deeps project below 9 Level of the Maria Vein has inferred resources of 338,200 gold equivalent
ounces. Because the resources are all in the inferred category they cannot be converted to reserves for
economic analysis to the level of certainty appropriate for a pre-feasibility or feasibility study. Under ASX
rules and the 2012 JORC code reporting standard only measured and indicated resources can be converted
to proven and probable reserves.

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Mine Design
The most likely option available to access the resources in the deeper areas of the mine is through an internal
decline system, developed from Keillors Crosscut, established in host rock at a point midway between the
Mystery and Maria veins. This system will provide access for men and materials and intake ventilation while
at the same time providing a platform for exploration of the adjacent vein systems. This would allow a staged
approach to the development of the mine with resources being exploited as they are proven up and
generating revenue for the next stage of development. Such a decline system has the advantage that it can
be extended as required although travelling distances will become longer over time.
The decline would be developed at a gradient of -8° and be staggered to follow the general plunge of the
orebody which maintains a reasonably consistent distance for cross cuts to the vein on either side. Drilling
will be required to pin point the location of the vein systems to ensure that the decline system does not
inadvertently pass through the Mystery vein and sterilise ore.
Development of the main decline in the footwall of the Maria Vein presents the opportunity to systematically
prove up the resources currently reported as inferred in the Dubbo Zone and the lower portions of the
Bonanza Zone where nominal “ore blocks” or targeted production blocks have been defined for the purposes
of this scoping study.
This programme will allow the resource category to be upgraded to measured and indicated, infill gaps in the
data and allow some of the exploration potential identified as Exploration Targets to be moved into resource.
Additionally, the main drive will sit in the footwall of the southern part of the Mystery Vein and will provide
the opportunity for drill testing the depth extensions of the Mystery Vein.
Figure 4is an isometric view of the Dubbo and Bonanza resource blocks, potentially mineable portions,
planned decline system and proposed drilling.
Drill holes have been planned on 50m spaced lines at 50m centres on vein.

Figure 4- Perspective view from footwall side of Dubbo ‘ore’ (pink), Bonanza ‘ore’ (cyan), vein model and proposed drilling. 8 Level and
planned decline are shown in blue

The following assumptions were made in determining the likely production target:

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Mining Factors
Cut off grades - these were based on an assessment of the likely direct mining costs. A grade/tonnage
curve was used to estimate the likely applicable cut-off grade to achieve the required ROM grade.
These cut off grades have been calculated for each portion of the resource depending on the
individual grade/tonnage relationship of the block.
Mining Method - Sub-level stoping is selected as the most appropriate mining method which offers
the flexibility to adapt to both mechanised and traditional drill and blast techniques. Costs and
tonnage for excavations required to access each zone, appropriate to the intended method, have
been factored based on output from the pre-feasibility study design work;
Dilution – Planned dilution of 15% has been included in the modelled stope wireframes. An
additional 6% of total stope tonnage has been allowed as “unplanned dilution” to allow for scaling
etc.
Fault losses- a 10% discount to resources is applied to account for ore that will be lost through
faulting and other geological discontinuities;
Mine Recovery – a 10% loss of metal has been allowed for in the calculations to account for ore
permanently locked up in stopes.
Minimum Mining Widths - No minimum mining widths have been applied as all veins modelled are
equal to or exceed 1.0m in width which is acceptable for removal by the envisaged mining method.
Visual inspection of existing stopes indicates that stope widths of <0.6m are attainable within this
environment.
Utilisation of Exploration Targets - The study has focused primarily on extracting ore contained
within the identified Inferred Resources. No exploration targets are included in the production target.
Engineering Infrastructure requirements - Preliminary design of all supporting infrastructure
including power supply, compressed air and water reticulation, ventilation and ore transport is
considered and quantified in the study
.

Metallurgical Factors and Assumptions
The study proposes gold recovery via a gravity concentration and flotation system. This is supported by
testwork carried out on Talisman ore by Pocock and Simpson in December 2017 and announced to the
market on 22 March 2018. This testwork concluded that gold recovery exceeding 94% is achievable through
this process. A recovery factor of 90% is applied in the study to reflect the likely lower silver recovery through
the process.

Environmental
The company currently hold resource consent for a bulk sampling programme, this consent considers the
likely environmental impact of the operation and concludes that the effects would be no more than minor.
The effects of the larger operation are similar to those inherent in the bulk sampling project and no further
adverse effects are likely.

Infrastructure
Talisman is situated within a well-developed area with sufficient accommodation available. The site has a
reasonable infrastructure as a result of being an active mine for more than a century. The hard stand area is
connected to the main tarred road via a gravel road considered adequate for truck sizes up to 10t. 11kVa
power is available to site but will need to be reconnected, sufficient water is available on site to support the
mines requirements
Costs

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Costs associated with provision of capital infrastructure were derived from cost estimates compiled for the
Pre-Feasibility study and factored to take account of additional volumes and excavation sizes. Operating
costs were estimated from first principle based on costs for employment, personnel training, security,
consumables, transport, administration, power, water and other services.

Commodity Prices
Forecast commodity prices have been taken from Consensus Economics Inc.’s Energy & Metals Consensus
Forecasts , which surveys more than 40 energy and metals analysts every month for a range of commodity
price forecasts. Long term nominal annual average forecasts for gold range from US$1,334/oz in 2018 to
US$1,374/oz in 2022, with longer-term (2023-2027) averaging US$1,440/oz.
A comparison was made with forecasts drawn from The Economy Forecast Agency, while there were
variations in annual forecasts, overall, the two forecast sources resulted in insignificant difference to the
financial model.

Key project metrics – Gold Price, Opex, Capex and production- were varied in the following ranges:
• Gold price - -10% to +10%
• Capex - -20% to +20%
• Opex - -10% to +10%
• Production - -10% to +10%
• A consolidated assessment with all variables in the low and high ranges.
The results of the above are tabulated below and depicted graphically in Figure 5. This analysis indicates that
even with all variables negative (gold price and production below expectations, all costs above expectations),
the project meets the hurdle rate of 12%.


NPV12% (NZD millions)

Lower Base Higher
Capex 52.9 48.7 44.5
Opex 55.3 48.7 42.1
Gold Price 34.3 48.7 63.1
Recovery 34.2 48.7 63.2
Consolidated 11.1 48.7 89.2

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Figure 5: Project sensitivity analysis




Competent Persons Statement
The information in this report that relates to exploration results, exploration targets and mineral resources is based on
information compiled by or supervised by Mr Murray Stevens and Mr Wayne Chowles. Mr Stevens is a consulting
geologist and director of New Talisman Gold Mines Ltd, who is a corporate member of the AusIMM. Mr Stevens has
sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the
activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for
Reporting of Exploration Results, Mineral Resources and Ore Reserves”.
Mr Chowles is a Mining Engineer and member of the AusIMM. Mr Chowles is a full-time employee of New Talisman
Gold Mines Limited, he has sufficient experience which is relevant to the style of mineralisation and type of deposit
under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition
of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves”.
Both Mr Chowles and Mr Stevens consent to the inclusion in this report of the matters based on his information in the
form and context in which it appears.

About New Talisman Gold Mines Ltd
New Talisman Gold is a dual listed (NZSX & ASX: NTL) with over 2250 shareholders who are mainly from Australia and
New Zealand and has been listed since 1986. It is a leading New Zealand minerals development and exploration company
with a mining permit encompassing the Talisman mine, one of New Zealand’s historically most productive gold mines.
The company has commenced prospecting and upgrading activities at the mine, and advance the exploration project
and increase its considerable global exploration target into JORC 2012 resources.

Its gold properties near Paeroa in the Hauraki District of New Zealand are a granted mining permit, including New
Zealand’s highest-grade underground gold mine, a JORC 2012 compliant mineral resource of over 427,000 ounces au/eq
at an average above 15 gt AU/eq and a JORC compliant reserve statement. The company owns 100% exploration permit
Rahu, which lies along strike from the Talisman mine of which 80% was recently acquired from Newcrest Mining. The
company will shortly commence exploration activities at Rahu.

Cautionary Statement for Public Release
Certain information contained in this public release may be deemed “forward-looking” within the meaning of applicable
securities laws. Forward-looking statements and information relate to future performance and reflect the Company’s
expectations regarding execution of business strategy, business prospects and opportunities of New Talisman Gold
Mines and its related subsidiaries. Any statements that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements
of historical fact and may be forward-looking statements. Forward-looking statements are subject to a variety of risks
and uncertainties which could cause actual events or results to differ materially from those expressed in the forward-
looking statements and information. They include, among others, the accuracy of mineral reserve and resource
estimates and related assumptions and inherent operating risks. There are no assurances the Company can fulfil
forward-looking statements and information. Such forward-looking statements and information are only predictions
based on current information available to management as
of the date that such predictions are made; actual events or
results may differ materially as a result of risks facing the Company, some of which are beyond the Company's control.
Although the Company believes that any forward-looking statements and information contained in this press release is
based on reasonable assumptions, readers cannot be assured that actual outcomes or results will be consistent with
such statements. Accordingly, readers should not place undue reliance on forward-looking statements and information.
The Company expressly disclaims any intention or obligation to update or revise any forward looking statements and
information, whether as a result of new information, events or otherwise, except as required by applicable securities
laws. The information contained in this release is not investment or financial product advice.

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Section 1 Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria JORC Code explanation Commentary
Sampling
techniques
• Nature and quality of sampling (eg cut channels, random chips, or specific
specialised industry standard measurement tools appropriate to the
minerals under investigation, such as down hole gamma sondes, or
handheld XRF instruments, etc). These examples should not be taken as
limiting the broad meaning of sampling.
• Include reference to measures taken to ensure sample representivity and the
appropriate calibration of any measurement tools or systems used.
• Aspects of the determination of mineralisation that are Material to the
Public Report.
• In cases where ‘industry standard’ work has been done this would be
relatively simple (eg ‘reverse circulation drilling was used to obtain 1 m
samples from which 3 kg was pulverised to produce a 30 g charge for fire
assay’). In other cases more explanation may be required, such as where
there is coarse gold that has inherent sampling problems. Unusual
commodities or mineralisation types (eg submarine nodules) may warrant
disclosure of detailed information.
• Channel sampling of Levels 7, 7A, 8 and Woodstock of the Talisman Mine
and 5A level of the Crown Mine was undertaken using handheld diamond
saws.
• Channel samples were taken at a nominal 5m spacing along strike of veins
where exposed. Sample widths across veins were determined by the
geology of the vein width. Where vein width is less than 1 metre samples
restricted actual vein width. Where greater than a metre sample widths
generally are 1 metre and no more than 1.4 metre sample width.
• Channels were cut to nominal dimensions of 5cm by 10cm to resemble half
HQ diamond drill core to provide similar sample support for resource
estimation purposes.
• Sample size was generally 5kg and collected in bins by chipping out each
sample with a small pneumatic drill and by hand with cold chisels. The bins
were cleaned between each sample to reduce chance of contamination.
• To ensure representivity, care was taken to ensure equal-mass extraction
along the entire channel.
• Diamond core sampling, based on determination of mineralization from
logging, all core halved using diamond saw, mineralized intervals sampled
on nominal 1m lengths or to geological boundaries. Remainder of non
mineralised material sampled on 2m intervals.
Drilling
techniques
• Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast,
auger, Bangka, sonic, etc) and details (eg core diameter, triple or standard
tube, depth of diamond tails, face-sampling bit or other type, whether core
is oriented and if so, by what method, etc).
• Underground Longyear LM55 electric wireline rig used with a LM75 power
pack.
• Diamond core all HQTT to target depths. In rare instances where ground
conditions dictated the drill diameter was reduced to NQ and core size was
NQTT.
• All core was oriented using plasticine and holes surveyed with Eastman
multi or single shot cameras every 25m and at end of hole.
• Some 5 holes were drilled using a small conventional Kempe rig in the
Woodstock section.

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Criteria JORC Code explanation Commentary
• Core size was LTK60 core which is larger than NQTT core and slightly less
than HQTT drill core.
Drill sample
recovery
• Method of recording and assessing core and chip sample recoveries and
results assessed.
• Measures taken to maximise sample recovery and ensure representative
nature of the samples.
• Whether a relationship exists between sample recovery and grade and
whether sample bias may have occurred due to preferential loss/gain of
fine/coarse material.
• Diamond core was measured by drillers on site on a run by run basis and
again by site geologist who recorded run length, measured core recovered
and calculated recovery. These data then entered into spreadsheets and
the drill database.
• Use of triple tube coring maximizes core recovery and ensures maximizing
core integrity.
• In the case of the conventional core from the Kempe rig, core was carefully
extracted from the core barrel to maximize core integrity.
• No known sample bias is likely to have occurred using the sample
techniques employed.
• Core recovery for the Kempe rig holes averages 92.8% (55.55m total
metres).
• Core recovery for the 18 wireline holes averages 96.43% (1058.55m total
metres).
Logging
• Whether core and chip samples have been geologically and geotechnically
logged to a level of detail to support appropriate Mineral Resource
estimation, mining studies and metallurgical studies.
• Whether logging is qualitative or quantitative in nature. Core (or costean,
channel, etc) photography.
• The total length and percentage of the relevant intersections logged.
• A comprehensive system of logging procedures were used to a level of
detail to support appropriate Mineral Resource estimation.
• Core logging follows detailed regime of geological logging, noting core
orientations of structures, lithology, mineralization, structure, core
photography, geotechnical logging undertaken by experienced field
geologists and senior geologists.
• All data were entered into spreadsheets using laptops producing descriptive
and graphic logs.
• All ~1,100m of core was logged.
Sub-sampling
techniques
and sample
preparation
• If core, whether cut or sawn and whether quarter, half or all core taken.
• If non-core, whether riffled, tube sampled, rotary split, etc and whether
sampled wet or dry.
• For all sample types, the nature, quality and appropriateness of the sample
preparation technique.
• Quality control procedures adopted for all sub-sampling stages to maximise
representivity of samples.
• Core was sawn in half, with one half taken for sampling, one half retained
for reference logging, petrology, check logging, check sampling, metallurgy,
geotechnical studies.
• Representivity of sub-sampling was ensured by using a set of QA measures
recommended by independent consultants RSG Global who reviewed the
procedures.
• Quality control included field duplicates,(split from first coarse crush) which

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Criteria JORC Code explanation Commentary
• Measures taken to ensure that the sampling is representative of the in situ
material collected, including for instance results for field duplicate/second-
half sampling.
• Whether sample sizes are appropriate to the grain size of the material being
sampled.
were taken every alternate 10th sample, and a preparation duplicate, (split
from fine grind) taken every alternate 10th sample.
• Results show good correlation between core duplicates/originals and
coarse crush duplicates/originals.
• HQ half core is considered to provide a suitable sample support for mineral
resource estimation purposes for the type of material. No heterogeneity
studies were carried out to investigate the optimal sample size.
• Underground channel samples were sub-sampled and prepared in the
laboratory via industry standard methods (crushing using jaw/Boyd,
followed by pulverizing to 75 microns in LM2/5).
Quality of
assay data
and
laboratory
tests
• The nature, quality and appropriateness of the assaying and laboratory
procedures used and whether the technique is considered partial or total.
• For geophysical tools, spectrometers, handheld XRF instruments, etc, the
parameters used in determining the analysis including instrument make and
model, reading times, calibrations factors applied and their derivation, etc.
• Nature of quality control procedures adopted (eg standards, blanks,
duplicates, external laboratory checks) and whether acceptable levels of
accuracy (ie lack of bias) and precision have been established.
• All assays including the drill data used from past explorers were carried out
by certified assay laboratories. NTL used SGS in Waihi, using their standard
sample preparation and analytical procedures and internal quality control
procedures. All gold assays used a 50g charge fire assay with AAS finish and
a detection limit of 0.01ppm. This is a total assay technique and considered
appropriate.
• The quality control procedures used include the following:
o Blanks of barren material were introduced every 30 samples, and
certified reference materials, obtained from RockLabs were inserted
every 10th sample. These showed that there were no issues (e.g. no
contamination, and no statistically relevant bias between the certified
mean of the CRMs and the laboratory mean of assays for those CRMs)
o Approximately 10% of the samples from mineralized intervals were sent
as umpire samples to Amdel Laboratories at the Macraes site in Central
Otago for check sampling against the original SGS samples. These
showed that there were no issues (e.g. no statistically relevant bias
between the two sets of results)
o No QC was included for historic sample results from the raise sampling
programmes of the early 20th century, which are recorded as value in
pounds, shillings and pence and plotted on mine plans signed by the
mine manager of the day.
o Not possible to know what validation process was used on historic data.
However, plans are signed by the mine manager of the day.

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Criteria JORC Code explanation Commentary
o These samples are from the zones modelled and recorded on the mine
plans
o Grades are consistent with those indicated in the Museum samples that
are recorded by the then mine superintendent Mr Stanfield of the
Talisman Gold Mining Company Ltd.
Verification of
sampling and
assaying
• The verification of significant intersections by either independent or
alternative company personnel.
• The use of twinned holes.
• Documentation of primary data, data entry procedures, data verification,
data storage (physical and electronic) protocols.
• Discuss any adjustment to assay data.
• Initially, significant intervals were calculated manually but subsequently
checked and revised using the compositing functions in CAE software
product Down Hole Explorer and also within Datamine Studio EM software.
This has been carried out by company personnel and independently.
• With regard to the historic samples it is not possible to know what
validation process was used at the time. However, plans are signed by the
mine manager of the day. In addition, a series of samples from the deep
levels of the Bonanza Zone are located in Auckland Museum.
• These samples are from the zones modelled and recorded on the mine
plans.
• The historic channel samples all have sample widths recorded indicating
they were collected as proper channel samples in a systematic manner.
• Grades are consistent with those indicated in the Museum samples that are
recorded by the then mine superintendent Mr Stanfield of the Talisman
Gold Mining Company Ltd.
• Moreover, the recorded production from those levels and the tonnages
recorded are broadly consistent with the depletions modelled from NTL’s
assessment of the mined stopes.
• NTL have taken a conservative approach; while the data density of the
historic sampling would be sufficient to allow classification as Measured
Resources NTL have elected to classify them in the Inferred category.
Location of
data points
• Accuracy and quality of surveys used to locate drill holes (collar and down-
hole surveys), trenches, mine workings and other locations used in Mineral
Resource estimation.
• Specification of the grid system used.
• Quality and adequacy of topographic control.
• A levelling exercise was initially conducted in 8 Level for survey control with
a datum established outside No8 Level.
• All samples were surveyed to ensure proper XYZ control for modelling
purposes.
• All channel samples were surveyed using peg ledgers and offsets. Each
sample recorded collar position, sample length and orientation to create

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Criteria JORC Code explanation Commentary
drill hole data. These data are expected to be accurate to cm resolution.
• Each drill hole collar was surveyed and downhole surveys recorded at 25m
in tervals using Eastman single or multi-shot cameras.
• A full mine survey using a registered mine surveyor was completed and all
sample point surveys adjusted accordingly on the basis of this survey.
• Historic samples that have been used in the resource estimate were
captured from scanned historic mine plans and checked against existing
databases. These were then georeferenced to match the geological model
wireframe. In most cases collar positions were within 1 to 2 metres of the
wireframe and were adjusted accordingly.
• Grid system used historically was Mt Eden Circuit.
• NTL used NZMG(1949) and converted all earlier data to this grid system.
• Topographic and survey control is considered adequate for the purpose
that the data is being used.
Data spacing
and
distribution
• Data spacing for reporting of Exploration Results.
• Whether the data spacing and distribution is sufficient to establish the
degree of geological and grade continuity appropriate for the Mineral
Resource and Ore Reserve estimation procedure(s) and classifications
applied.
• Whether sample compositing has been applied.
• Channel samples were generally taken across the backs of exposed veins
were available at 5m intervals. The spacing was determined by comparing
earlier data taken by the previous mine owners at 2.5m intervals along
strike. It was found that the 5m spacing was adequate and gave comparable
results.
• Where there was no exposure in the roof cut, channels were taken along
the side walls where oblique veins crossed the drives. Where possible both
sides of the drives were sampled to give a 5m separation.
• A 25m grid drill pattern was designed in the Dubbo zone where NTL drilled
the majority of its holes. The pattern was designed to extend beyond
known assay data points in earlier drill holes and channel samples and to
infill where appropriate to get the required density of data for resource
estimation.
• The 2263 historic channel samples are generally close spaced ranging from
less than a metre to around 1.5m apart. They are mostly taken up raises
with raises generally around 40 to 80m apart.
• In the Dubbo Zone 767 historic channels range from 0.15m to 3.65m and
average 1.03m wide.
• In the Talisman and Bonanza Zone 1374 historic channels range from 0.15m

15
Criteria JORC Code explanation Commentary
to 3.65m and average 1.14m wide.
• In the Woodstock Zone 122 historic channels range from 0.15m to 2.44m
and average 1.29m wide as single value assay intervals averaging just over a
metre and compositing was not deemed appropriate.

Orientation of
data in
relation to
geological
structure
• Whether the orientation of sampling achieves unbiased sampling of possible
structures and the extent to which this is known, considering the deposit
type.
• If the relationship between the drilling orientation and the orientation of key
mineralised structures is considered to have introduced a sampling bias, this
should be assessed and reported if material.
• The Maria Vein trends north to northeast over its strike length and dips to
the west ranging from 45 to 85 degrees. NTL channel samples where
possible are oriented to be orthogonal to the strike of the vein being
sampled. Where this is not possible the channels orientation is reflected in
the survey information and is taken into account in the modelling software.
• Drill holes were designed to intersect mineralised structures orthogonal to
strike and dip where possible. In some instances, access issues meant that
holes had to be drilled from the hanging wall side and hence some
intersections were oblique but again this is accounted for by the software
to reflect true width.
• Historic channel sample data had no survey information other than collar
coordinates and channel sample length. The Competent Persons take the
view that standard mine sampling practice in the early 20th century was
well-developed for grade control sampling and would have been taken
across the backs of the veins from hanging wall to footwall at right angles to
strike and dip. Hence, historic samples are oriented in the databases at an
azimuth of 095o and a dip of -20o reflecting the orientation of the main
structures.
• Sampling bias based on the knowledge of the structure is considered
unlikely.
Sample
security
• The measures taken to ensure sample security. • Samples are collected on site by NTL personnel, either senior field
technician or site geologist, transported to NTL’s core and sample handling
facility in Waihi. Here samples are prepared for dispatch to the assay
laboratory. At night the facility is locked and during the drill programme
security patrols used.
• Once samples are prepared they are transported the approx. 100m to the
SGS assay facility for preparation and analysis.
• NTL has a system of order and dispatch numbering for sample tracking.

16
Criteria JORC Code explanation Commentary
• Once delivered to SGS their protocols for security apply.
• Modern drill sampling in the resource areas prior to New Talisman was
conducted by reputable mining companies such as Cyprus Mines
Corporation, Australian Consolidated Minerals, (Waihi Gold) and Freeport
MacRohan and assayed at ALS in Tauranga or SGS in Waihi. There is no
evidence from the sample data recorded that there are any issues with data
validity or security.
Audits or
reviews
• The results of any audits or reviews of sampling techniques and data. • RSG Global reviewed the QAQC procedures for the Talisman project in 2005
and these same procedures. These procedures involve survey control, check
sampling, use of standards and blanks and umpire sampling at independent
laboratories. This is in addition to assay laboratories own internal QAQC.
Section 2 Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria JORC Code explanation Commentary
Mineral
tenement and
land tenure
status
• Type, reference name/number, location and ownership including
agreements or material issues with third parties such as joint ventures,
partnerships, overriding royalties, native title interests, historical sites,
wilderness or national park and environmental settings.
• The security of the tenure held at the time of reporting along with any
known impediments to obtaining a licence to operate in the area.
• The mine area is wholly owned by New Talisman Gold Mines Limited under
Minerals Mining Permit 51326 which was granted on 03 December 2009 for a
term of 25 years and expires on 02 December 2034. The permit area is 299.2
ha and lies within the Kaimai-Mamaku Forest Park which is Crown land
administered by the Department of Conservation.
• The Company operates under an access arrangement with the Minister of
Conservation with an authority to enter and operate.
• In addition, the Company holds a resource consent issued by the District
Council to carry out bulk sampling of up to 20,000 m3 per annum.
• Tenure is secure at time of reporting.
Exploration
done by other
parties
• Acknowledgment and appraisal of exploration by other parties. • The Talisman permit area was held as a mining license by NZ Goldfields and
predecessors from 1971 to 1992. During this time, they focused on small
scale production from 8 level but also completed substantial surface and
underground exploration in their own right. They had a number of joint
venture partners during the term including, Homestake Mines, Cyprus Mines

17
Criteria JORC Code explanation Commentary
Corporation, ACM Minerals, and Waihi Gold. Cyprus Mines did the most
extensive work driving around 300m further along 8 Level from historic
workings and completing 51 drill holes. In 1991 NZ Goldfields went into
voluntary liquidation and the mining license was bought by two former
directors who formed a private company known as Southern Gold just prior
to the mining license expiring.
Geology
• Deposit type, geological setting and style of mineralisation. • The Karangahake mineral deposit is a low-sulphidation epithermal gold silver
vein system with an overall strike length of around 4km of which approx.
1.5km lies within the NTL mining permit. The deposit comprises several
major veins, the most significant of which are the Maria Vein in which the
Talisman Mine is developed and the Welcome-Crown Veins. Historic mining
has exploited the deposit for around 1km along strike and up to 700m from
surface outcrop to the deepest 16 level. Fluid inclusion studies suggest the
current highest level of exposure has seen 300m of erosion from the
paleosurface.
Drill hole
Information
• A summary of all information material to the understanding of the
exploration results including a tabulation of the following information
for all Material drill holes:
• easting and northing of the drill hole collar
• elevation or RL (Reduced Level – elevation above sea level in metres) of
the drill hole collar
• dip and azimuth of the hole
• down hole length and interception depth
• hole length.
• If the exclusion of this information is justified on the basis that the
information is not Material and this exclusion does not detract from the
understanding of the report, the Competent Person should clearly
explain why this is the case.
• New Talisman Gold Mines Ltd has compiled an extensive database of
geological and geochemical data for the project from historic data and newly
acquired data based on geological mapping, geochemical sampling and
surveying that has been used in the development of the resource model.
• There are a total of 2685 drill hole, recent channel and historic channel collar
points in the database and 7117 assay data points. These include 109 drill
hole collars and 4100 drill assays, 505 recent channel sample collars and 931
channel assays.
• Compiled in the following tables are some of the key drill hole sample
information.
• Due to the large amount of data it is impractical to tabulate it all in this set of
tables. A full list of the database is appended to the technical report entitled
“TALISMAN DEEPS PROJECT, MINERAL RESOURCE POTENTIAL AND
ESTIMATES, MINERALS MINING PERMIT 51326”
• Key representative drill hole information is tabulated in the following tables

18
Criteria JORC Code explanation Commentary


Data
aggregation
methods
• In reporting Exploration Results, weighting averaging techniques,
maximum and/or minimum grade truncations (eg cutting of high
grades) and cut-off grades are usually Material and should be stated.
• Where aggregate intercepts incorporate short lengths of high grade
results and longer lengths of low grade results, the procedure used for
such aggregation should be stated and some typical examples of such
aggregations should be shown in detail.
• The assumptions used for any reporting of metal equivalent values
• Channel samples are recorded as drillholes which along with drillhole data
were length weighted down hole.
• A lower cutoff of 0.5g/t Au was applied to determine significant
intersections. Occasionally short intervals below cutoff are incorporated
where it not result in the interval overall falling below cutoff.
• Where high grade samples form part of an overall intersection of lower grade
material these also reported separately so as not to misrepresent the overall
width of intersection of significant grade.

19
Criteria JORC Code explanation Commentary
should be clearly stated.
• For instance; Hole TM002 assayed 2.22g/t Au_equiv over 4.25m and included
0.75m at 4.75g/t Au_equiv.

• It was decided to use gold equivalent grades and apply these to all samples
taken in the modern era as well as the historic samples. This was due to the
fact that the 2263 historic channel samples are all expressed in bullion
values. We know that from production data gold silver ratios vary
considerably and it was not possible to assign arbitrary silver grades to the
bullion values with any degree of certainty.
• With respect to the modern samples that record both gold and silver values
it was an easy matter to convert these to gold equivalents using the same
gold and silver values that applied at the time of mining in the late 19th and
early 20th centuries.
• The gold price remained constant during the period that recorded
production data is available at £4-6s-0d, (£4.25)/oz or USD20.47/oz. Silver
values ranged from USD0.49 to USD1.03. An average of USD 0.65 as chosen
and a ratio of 0.031609 was factored to give gold equivalence based on the
formula [Au g/t+(Ag g/t*0.031609).
Relationship
between
mineralisatio
n widths and
intercept
lengths
• These relationships are particularly important in the reporting of
Exploration Results.
• If the geometry of the mineralisation with respect to the drill hole angle
is known, its nature should be reported.
• If it is not known and only the down hole lengths are reported, there
should be a clear statement to this effect (eg ‘down hole length, true
width not known’).
• Only down hole lengths are reported. While generally holes transect the
mineralized zones at right angles the downhole intervals can be slightly
oblique.
• Differences in down hole intervals and true width are factored into the
resource estimate based on the estimation methodology.
Diagrams
• Appropriate maps and sections (with scales) and tabulations of
intercepts should be included for any significant discovery being
reported These should include, but not be limited to a plan view of drill
hole collar locations and appropriate sectional views.
• These are presented in the Public Report that this table accompanies and in
the full Talisman Deeps supporting documentation.
Balanced
reporting
• Where comprehensive reporting of all Exploration Results is not
practicable, representative reporting of both low and high grades
and/or widths should be practiced to avoid misleading reporting of
• All significant results above the cutoff grade of 0.5g/t Au are reported in the
tables above and in the accompanying Public Report. All results can be found
in the spatial data package that accompanies this Report.

20
Criteria JORC Code explanation Commentary
Exploration Results.
Other
substantive
exploration
data
• Other exploration data, if meaningful and material, should be reported
including (but not limited to): geological observations; geophysical
survey results; geochemical survey results; bulk samples – size and
method of treatment; metallurgical test results; bulk density,
groundwater, geotechnical and rock characteristics; potential
deleterious or contaminating substances.
• A comprehensive summary a previous exploration results, consultant
reviews, geophysics, surface sampling, geological mapping is presented in the
accompanying Report.
• Various metallurgical test work has been carried out that show the ore is
amenable to cyanide extraction and not refractory. As the project moves into
the bulk sampling phase more metallurgical work will be conducted and the
results used to optimize recoveries.
Further work
• The nature and scale of planned further work (eg tests for lateral
extensions or depth extensions or large-scale step-out drilling).
• Diagrams clearly highlighting the areas of possible extensions, including
the main geological interpretations and future drilling areas, provided
this information is not commercially sensitive.
• Further drill testing and channel sampling to increase the resource is
planned. This will involve underground drilling and sampling drives during the
bulk sampling programme. This will be part of the feasibility programme that
has been initiated with mine support and infrastructure being established
currently.
Section 3 Estimation and Reporting of Mineral Resources
(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)
Criteria JORC Code explanation Commentary
Database
integrity
• Measures taken to ensure that data has not been corrupted by, for example,
transcription or keying errors, between its initial collection and its use for
Mineral Resource estimation purposes.
• Data validation procedures used.
• Data was initially captured on paper logs and then entered into excel
spreadsheets using standard logging templates to ensure consistency of
data capture.
• Databases have been peer checked on a number of occasions over the
duration of the permit.
• Data validation processes within Excel and in Datamine Studio EM were
used during the estimation process.
Site visits
• Comment on any site visits undertaken by the Competent Person and the
outcome of those visits.
• If no site visits have been undertaken indicate why this is the case.
• Mr Stevens has been involved with the project at several stages since 1992
and is familiar with surface geology, underground geology, historic core and
NTL drill core. He managed the underground sampling programmes and
geological modelling including the historic geology and sample data and is
familiar with all aspects of the mine.
• Mr Chowles has been the General Manager of operations since 2012 and is

21
Criteria JORC Code explanation Commentary
the author of the reserves statements and prefeasibility studies He is
currently implementing the bulk sampling programme at the mine and is
very familiar with all aspects of the project.
Geological
interpretation
• Confidence in (or conversely, the uncertainty of ) the geological
interpretation of the mineral deposit.
• Nature of the data used and of any assumptions made.
• The effect, if any, of alternative interpretations on Mineral Resource
estimation.
• The use of geology in guiding and controlling Mineral Resource estimation.
• The factors affecting continuity both of grade and geology.
• There is enough continuity based on drill hole geology, surface and
underground mapping, geophysics and geochemistry to have confidence in
the continuity of the geology for areas estimated.
• Geological interpretation of the Maria Vein and the ore zones within it have
been determined by compiling all mapping and drill hole data completed by
NTL and by detailed digitizing of georeferenced historic mine plans
including vein positions and mapped widths, including faults on a level by
level basis.
• The Competent Person has reviewed alternative geological interpretations
and these are not considered to have any adverse impact on the MRE.
• The geology has formed the basis to create domains to constrain the MRE
process.
• Vein positions and variability were checked against several of the levels
where NTL had its own data to check consistency.
• This was used as the basis for constructing sections at 10m and 20m
intervals along strike interpreting the position and vein thickness of the
Maria Vein along its known strike length.
• These were then wireframed to and verified to form enclosed vein models
suitable for estimation purposes.
• Historic data points had been previously captured by Ian Brown and
associates in the late 1980s. These data were converted to NZMG
coordinates and imported into Datamine Studio EM software. Their
positions were checked against digital stope plans and against historic long
sections of stope plans showing the raise sample positions.
• Position adjustments were made to ensure data points lay on the raise
positions within the model. This included re-projecting channel collar
positions onto the vein wireframe
• The Competent Person has reviewed alternative geological interpretations
and these are not considered to have any adverse impact on the MRE
• The geology has formed the basis to create domains to constrain the MRE

22
Criteria JORC Code explanation Commentary
process

Dimensions
• The extent and variability of the Mineral Resource expressed as length
(along strike or otherwise), plan width, and depth below surface to the
upper and lower limits of the Mineral Resource.
• The Maria Vein model is over 1300m long and has been extended to depths
ranging from 200 to over 300m below sea level.
• This is on the basis of locating and plotting drill hole data from the early
20th century where, although there is no assay data, there is detailed
geology showing positions of the Maria Vein at least 100m below 15 Level.

Estimation
and
modelling
techniques
• The nature and appropriateness of the estimation technique(s) applied and
key assumptions, including treatment of extreme grade values, domaining,
interpolation parameters and maximum distance of extrapolation from data
points. If a computer assisted estimation method was chosen include a
description of computer software and parameters used.
• The availability of check estimates, previous estimates and/or mine
production records and whether the Mineral Resource estimate takes
appropriate account of such data.
• The assumptions made regarding recovery of by-products.
• Estimation of deleterious elements or other non-grade variables of
economic significance (eg sulphur for acid mine drainage characterisation).
• In the case of block model interpolation, the block size in relation to the
average sample spacing and the search employed.
• Any assumptions behind modelling of selective mining units.
• Any assumptions about correlation between variables.
• Description of how the geological interpretation was used to control the
resource estimates.
• Discussion of basis for using or not using grade cutting or capping.
• The process of validation, the checking process used, the comparison of
model data to drill hole data, and use of reconciliation data if available.
• The wireframe models of the Maria Vein were filled with 10m by 10m by
vein width blocks utilizing sub-cell splitting.
• Variography determined that that an anisotropic semi variogram model
with a range of 12m along strike and 36m on the dip of the vein was
appropriate.
• Variography determined that the search ellipsoid was best oriented at -60
degrees +/- 20 degrees. This corresponds to visually determined trends in
the orientation of known high grade shoots.
• An overall wireframe model for the Maria Vein was produced but, based on
geology, has been subdivided into 3 separate geological domains that
correlate with the Dubbo Zone, the Talisman-Bonanza Zone and the
Woodstock Zone. These domains were constructed and estimated
separately.
• These wireframes were then filled with block model cells orientated
orthogonally. And the following estimation parameters applied.

Block Model And Estimation Parameters Model And Estimation
Parameter Values
Parent Block Block Cell Size 10m x 10m x vein width
Sub Cell Splitting Auto fill to maximum of
5m x 5m x vein width

23
Criteria JORC Code explanation Commentary
Estimation Method Ordinary kriging and
Inverse Distance
Squared
Density 2.53 t/m3
Search radii (measured) 12 to 15m on strike, 36m
on dip
Search radii (indicated) 2 x measured
Search radii (inferred) 3 x measured
Search ellipsoid -60+/-20
Minimum no of samples (measured) 3
Search Volume Range
Minimum no of samples (Inferred) 3
Maximum no of samples (Indicated and
Inferred)
20
Search radii for geological potential Limits of model
Top cut None
• Variography yielded an anisotropic structure with a longer range down dip
than along strike, this is supported by visual inspection of the grade
distribution where variability is more apparent along strike.
• The estimation was initially carried out using Ordinary Kriging and then
Inverse Distance Squared as a check estimate This was found to be within
2% of each other in terms of total ounces of gold.

24
Criteria JORC Code explanation Commentary
• Historic mine plans give a detailed view of areas stoped. Wireframe models
of the stopes were produced and the gold content in them interrogated.
The estimated gold mined from these stopes was subtracted from the
overall resource gold equivalent content.
Moisture
• Whether the tonnages are estimated on a dry basis or with natural
moisture, and the method of determination of the moisture content.
• Estimates based on dry tonnages.
Cut-off
parameters
• The basis of the adopted cut-off grade(s) or quality parameters applied. • Cut off grades were based on a preliminary assessment of the likely
direct mining costs.
• A grade/tonnage curve was used to estimate the likely applicable cut-off
grade to achieve the required ROM grade.
• This was determined as a 3g/t Au-eq lower cut.
• No upper cut has been applied
Mining
factors or
assumptions
• Assumptions made regarding possible mining methods, minimum mining
dimensions and internal (or, if applicable, external) mining dilution. It is
always necessary as part of the process of determining reasonable
prospects for eventual economic extraction to consider potential mining
methods, but the assumptions made regarding mining methods and
parameters when estimating Mineral Resources may not always be
rigorous. Where this is the case, this should be reported with an explanation
of the basis of the mining assumptions made.
• Preliminary stope design was carried out in Mine2-4D in the prefeasibility
study in 2013 by constructing wireframe strings around the geological block
model encompassing the economic portions of the Resource as known at
that time. Waste material necessary to the extraction process was included
in the wireframes; the resultant wireframe was evaluated against the
applicable block model to determine volume and metal content.
• An option analysis identified sub-level stoping as the most appropriate
mining method which offers the flexibility to adapt to both mechanised and
traditional drill and blast techniques.
• Excavations required to access each zone, appropriate to the intended
method, has been designed inclusive of drives, traveling ways and
ventilation passes.
• This deposit is a narrow vein gold deposit. Maximum stope span has been
limited to 35m. Strike and dip pillars have been designed to a hydraulic
radius of 1.4 which is well above the existing HR of 0.9 observed in stable
pillars immediately adjacent to the planned stopes.
• The Mineral Resource model is described in the first section of this table.
• Dilution necessary to removal of ore has not been determined for this new
resource estimate and will be as part of the feasibility study.

25
Criteria JORC Code explanation Commentary
• The resource modelling process includes some dilution as some blocks
include wall rock material.
• No minimum mining widths have been applied as all veins modelled are
equal to, or exceed 1.0m in width which is acceptable for removal by the
envisaged mining method.
• Visual inspection of existing stopes indicates that stope widths of <0.6m are
attainable within this environment.

Metallurgical
factors or
assumptions
• The basis for assumptions or predictions regarding metallurgical
amenability. It is always necessary as part of the process of determining
reasonable prospects for eventual economic extraction to consider potential
metallurgical methods, but the assumptions regarding metallurgical
treatment processes and parameters made when reporting Mineral
Resources may not always be rigorous. Where this is the case, this should be
reported with an explanation of the basis of the metallurgical assumptions
made.
• Detailed metallurgical studies to date show that expected recoveries are
likely to equal or exceed 95%.
• The deposit is typical of the low sulphidation deposits in the Waihi Gold
District which are by and large amenable to direct cyanidation, gravity
separation of free gold and/or flotation concentrate cyanidation.
• There is no evidence at this stage of any deleterious minerals that would
impact on processing.
Environmen-
tal factors or
assumptions
• Assumptions made regarding possible waste and process residue disposal
options. It is always necessary as part of the process of determining
reasonable prospects for eventual economic extraction to consider the
potential environmental impacts of the mining and processing operation.
While at this stage the determination of potential environmental impacts,
particularly for a greenfields project, may not always be well advanced, the
status of early consideration of these potential environmental impacts
should be reported. Where these aspects have not been considered this
should be reported with an explanation of the environmental assumptions
made.
• The deposit lies on DOC land under MP51326 granted to New Talisman
Gold Mines Ltd.
• Consents for bulk sampling up to 20,000m3/annum have been granted for
an initial 2 year period once bulk sampling commences.
• The local authorities have consented small and large scale mining projects
in the District over the last 25 years including NTL’s Talisman project in
2013.
• Provided the Company prepares sufficient environmental data to back up
any development proposal it will be dealt with by the authorities on its
merits.
Bulk density
• Whether assumed or determined. If assumed, the basis for the assumptions.
If determined, the method used, whether wet or dry, the frequency of the
measurements, the nature, size and representativeness of the samples.
• The bulk density for bulk material must have been measured by methods
that adequately account for void spaces (vugs, porosity, etc), moisture and
differences between rock and alteration zones within the deposit.
• Discuss assumptions for bulk density estimates used in the evaluation
• The bulk dry density used in the estimate is 2.53g.cm-3.
• This is based on 211 determinations of vein and wall rock samples. These
were sorted into 41 vein samples that had a dry density of 2.53g.cm3.
• All densities were determined on a wet, dry and particle density basis by
the University of Auckland Geology Department and took into account voids
and porosity.

26
Criteria JORC Code explanation Commentary
process of the different materials.
Classification
• The basis for the classification of the Mineral Resources into varying
confidence categories.
• Whether appropriate account has been taken of all relevant factors (ie
relative confidence in tonnage/grade estimations, reliability of input data,
confidence in continuity of geology and metal values, quality, quantity and
distribution of the data).
• Whether the result appropriately reflects the Competent Person’s view of
the deposit.
• The models were run using the search parameters described in the
preceding sections.
• Measured Resources were applied to the first pass search parameters,
although it was decided to only apply the Measured and Indicated
categories to areas where NTL's data only was used.
• While the data density for the historic data is sufficiently closely spaced to
be considered measured, due to the uncertainty around QAQC it was
decided to class this as Inferred.
• Indicated resources were determined a 2 times the search ellipsoid and
Inferred at 3 times.
• The model was rerun using the extents of the wireframe to determine
mineral inventory or geological potential beyond the measured, indicated
and inferred resource extents.ie areas within the geological model that with
further exploration could be upgraded to fall within an appropriate
resource category.
• This geological potential constitutes an Exploration Target as defined in the
JORC code 2012 and any resource potential may not be realized in part or in
whole.
• In the view of the Competent person this fairly represents the data and is
considered conservative.
Audits or
reviews
• The results of any audits or reviews of Mineral Resource estimates. • The report and data has been peer reviewed by NTL and an independent
geological consultancy.
Discussion of
relative
accuracy/
confidence
• Where appropriate a statement of the relative accuracy and confidence
level in the Mineral Resource estimate using an approach or procedure
deemed appropriate by the Competent Person. For example, the application
of statistical or geostatistical procedures to quantify the relative accuracy of
the resource within stated confidence limits, or, if such an approach is not
deemed appropriate, a qualitative discussion of the factors that could affect
the relative accuracy and confidence of the estimate.
• The statement should specify whether it relates to global or local estimates,
• Primary assessment of the accuracy of this estimate has been quantified
through applying the results of the estimate to the historically mined areas.
The results indicate historic depletions at an average grade of 28.31 g/t Au
which is consistent with results reported from the mines production results
of 27.1g/t Au
• This estimate is a global estimate..

27
Criteria JORC Code explanation Commentary
and, if local, state the relevant tonnages, which should be relevant to
technical and economic evaluation. Documentation should include
assumptions made and the procedures used.
• These statements of relative accuracy and confidence of the estimate should
be compared with production data, where available.