Quarterly Report 31 December 2018
1
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-Executive Director
Tony Haworth Independent Director
Jane Bell Company Secretary
Wayne Chowles Chief Operating Officer
Capital Structure
Ordinary Shares at 20/06/2018 2,164m
Share Price
Share Price at 30/01/2019 (NZX) 1.5cps
Share Price at 30/01/2019 (ASX) 1.5cps
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
Sampling results from Mystery Vein show extension of
high-grade gold and silver mineralisation
Auxiliary fan commissioned and loading at Dubbo Zone
underway
Development of the Keillors 8A return airway
commences
Blasting Extraction and stockpiling continues
Access to Dubbo Zone advances
Following on the September quarter, which saw the resumption of mining
activities at the Talisman Mine for the first time since 1992, the board of New
Talisman Gold Mines is pleased to announce the results of yet another very
productive quarter which has seen the achievement of a number of objectives as
the company progresses towards production.
Figure 1 - The auxiliary fan and controls in place in No 8 Level Drive
With the NZD gold price reaching $1940 NZD per ounce, levels not seen since
March 2013 at a time when USD gold price was at $1600, the commercial returns
for both the short term and the long term mine plan continue to improve.
Quarterly Activities Report to 31 December 2018
2
TALISMAN MINE PROJECT
The Diagram below shows the stages of development and evolution the mine has taken since Heritage commenced exploration activities through to mine
development and planning.
3
The key milestones achieved at the Talisman mine during the quarter include: -
Mystery Vein
The Mystery Vein was discovered in the 1980’s, by then operator Cyprus Mines Corporation in joint
venture with New Zealand Gold Fields Ltd, when developing Keillors Crosscut to connect the Talisman
Mine with the adjacent Crown Mine. This cross-cut intersected a previously unidentified vein, now
called Mystery Vein, approximately mid-way between the historically productive Maria and Crown
vein systems. It is believed that this vein had not been identified previously because of its location on
the boundary between the two historic mining permits, although there is evidence that the vein may
have been encountered in the lower levels of the Talisman Mine. The vein has been exposed over a
strike length of some 50m and regular sampling carried out by New Talisman (then called Heritage
Gold) identified samples on the face of Mystery with grades of up to 50 g/t. Recent check sampling of
ore exposed at the drive face yielded grades of up to 40 g/t Au (please see
https://www.asx.com.au/asxpdf/20180508/pdf/43tvlpmv420f4f.pdf. )
The Mystery vein shows similar geological characteristics to the adjacent veins and follows a similar
north south strike direction, suggesting that this may be the same vein system worked at the historic
Rhoderick Dhu Mine which is located roughly mid-way between the Talisman and Crown Mines
around 100m below the current exposure on No 8 Level. Current activities at the Talisman prioritize
enhancing the Company’s understanding of this vein given its potential to be a major contributor to
mine life.
Regular extraction activities are taking place on the northern extension of the Mystery Vein. The face
of the drive has now been advanced a further 6.1m, on vein which averages 0.9m in width. Eight
tonnes of ore have been removed from the drive and the results of regular in stream sampling show
gold grades ranging from 6.2g/t Au to 18.2g/t Au for an average of 11.9g/t Au. Silver ranges from
23.0g/t Ag to 37g/t Ag for an average of 28.3g/t Ag. For more information please see the
announcement of 24/01/19 (https://www.asx.com.au/asxpdf/20190124/pdf/44225sh0bby4c4.pdf)
Testing of the resue mining method, where the vein and associated waste material are extracted in
separate cuts, is proving successful with the primary extraction of the vein achieving a clean break on
the contact between the vein and host rock. This enables the vein material to be loaded separately
from the waste, maximising the grade of ore trammed to the run of mine stockpile. Successful long-
term implementation of this mining method will hold significant commercial advantages for the mine
through reducing the tonnage of ore to be transported and milled, and correspondingly reducing the
costs involved, while at the same time increasing the feed grade of the milled material as very little
waste would be included.
4
Figure 2 - the face of the Mystery Drive showing the extension of the vein before sidewall waste is removed
Dubbo Zone Access
Installation of the underground auxiliary fan is complete, and the fan has been commissioned. Air
ducting is in place through the single-entry Dubbo extension of No 8 Level. This allows deployment of
diesel-powered machinery to the BM37 zone and loading of waste rock so that clearing access to the
BM37 rise can get underway.
Clearing of this rock will provide access to the high-grade Dubbo Zone of the Maria Vein. This zone
was identified by borehole BM37 which assayed 656 g/t Au over 1.8m including 1154 g/t Au over 1.0m
and was the location of the last mining activity to take place under the mines previous owners in the
late 1980’s. Sampling in this area has previously yielded results exceeding 1% gold (over 10,000g/t),
please see https://www.asx.com.au/asxpdf/20130705/pdf/42gx44jq96lzrs.pdf
There is little information available regarding the condition of the BM37 rise, and timing of access is
uncertain. Nevertheless, NTL have a number of options available to open up this very important area
and remove ore for process testing. If the rise is stable the objective of removing 5+ tonnes of the
bonanza grade material could be completed near the end of Q1. An update of progress in this area
will be provided to shareholders in the next few weeks.
Dubbo Return Airway and Second Escape
Development of an incline drive to connect Keillors Cross cut with the BM37 rise has commenced. This
incline is targeted to intersect the Maria vein approximately 15m above the existing Dubbo extension
and, from that point, will follow the vein to the intersection of the BM37 rise. This drive is an important
development for the project as it creates a return airway for mining in the Dubbo Zone as well as
creating a second escape way from that section of the workings.
5
Figure 3 - Muck pile and face following the initial blast on the Keillors 8A Incline
Completion of No 8 Level Drive Refurbishment
Final clean-up of the 8 Level drive, including securing vehicular access through the “Bandaid” and
“Viaduct” was completed. There was considerable uncertainty regarding the quantity and quality of
ore present in the area and thus timing was uncertain. Loading operations were carried out for two
weeks with no sign of slow down before the decision was made to barricade the area and build a
stopping to retain remaining ore in the stope. A reinforced retaining wall was constructed
incrementally from the hanging wall of the drive and is fitted with drain pipes to ensure adequate
drainage.
6
The viaduct, the area where the historic fall of ground occurred, has been cleared of waste rock left
over during construction.
Stockpiling of Broken Ore
Stockpiling of ore underground has continued successfully. In total approximately 110 tonnes of ore
from the Maria vein have been loaded and transferred to the Run of Mine stockpile. Regular interval
in stream sampling was carried out with 44 samples yielding grades that are characteristically variable
and range from trace to 66.0g/t Au for an average of 4.5g/t Au, silver grades assayed in a range of
7.1g/t to 633g/t for an average of 68g/t Ag (please see
https://www.asx.com.au/asxpdf/20181214/pdf/44173qv872f6cz.pdf). This is supplemented by the
ore removed from the Mystery vein discussed above.
Metallurgical Testwork Pilot Plant
All components of the pilot processing plant have arrived and are being assembled off site. It is
anticipated that commissioning will take place during late February with completion of an initial test
batch completed by end April. One aim of this test batch is to prove that the required precious metal
recovery rates can be achieved and any potentially acid forming minerals can be removed from the
waste material leaving a chemically inert commercially viable by-product.
While the capacity of the pilot plant is relatively low the aim is to replicate the recovery rates which
were achieved using a similar flowsheet in the testwork carried out in South Africa in February 2018
(please see https://www.asx.com.au/asxpdf/20180322/pdf/43sn63s00fjnz6.pdf ) . Once recovery
rates are confirmed a larger plant, suitable for the longer-term needs is planned, dependent on other
options as the company continues to assess enquiries regarding altenative potential treatment
options.
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 to 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
one of New Zealand’s highest-grade underground gold mines, a JORC 2012 compliant mineral resource of over
469,000 ounces AuEq at an average above 15 g/t AuEq and a JORC compliant reserve statement. The Company
owns 100% of the Rahu exploration permit, 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.
7
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.
---
1
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-Executive Director
Tony Haworth Independent Director
Jane Bell Company Secretary
Wayne Chowles Chief Operating Officer
Capital Structure
Ordinary Shares at 20/06/2018 2,164m
Share Price
Share Price at 30/01/2019 (NZX) 1.5cps
Share Price at 30/01/2019 (ASX) 1.5cps
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
Sampling results from Mystery Vein show extension of
high-grade gold and silver mineralisation
Auxiliary fan commissioned and loading at Dubbo Zone
underway
Development of the Keillors 8A return airway
commences
Blasting Extraction and stockpiling continues
Access to Dubbo Zone advances
Following on the September quarter, which saw the resumption of mining
activities at the Talisman Mine for the first time since 1992, the board of New
Talisman Gold Mines is pleased to announce the results of yet another very
productive quarter which has seen the achievement of a number of objectives as
the company progresses towards production.
Figure 1 - The auxiliary fan and controls in place in No 8 Level Drive
With the NZD gold price reaching $1940 NZD per ounce, levels not seen since
March 2013 at a time when USD gold price was at $1600, the commercial returns
for both the short term and the long term mine plan continue to improve.
Quarterly Activities Report to 31 December 2018
2
TALISMAN MINE PROJECT
The Diagram below shows the stages of development and evolution the mine has taken since Heritage commenced exploration activities through to mine
development and planning.
3
The key milestones achieved at the Talisman mine during the quarter include: -
Mystery Vein
The Mystery Vein was discovered in the 1980’s, by then operator Cyprus Mines Corporation in joint
venture with New Zealand Gold Fields Ltd, when developing Keillors Crosscut to connect the Talisman
Mine with the adjacent Crown Mine. This cross-cut intersected a previously unidentified vein, now
called Mystery Vein, approximately mid-way between the historically productive Maria and Crown
vein systems. It is believed that this vein had not been identified previously because of its location on
the boundary between the two historic mining permits, although there is evidence that the vein may
have been encountered in the lower levels of the Talisman Mine. The vein has been exposed over a
strike length of some 50m and regular sampling carried out by New Talisman (then called Heritage
Gold) identified samples on the face of Mystery with grades of up to 50 g/t. Recent check sampling of
ore exposed at the drive face yielded grades of up to 40 g/t Au (please see
https://www.asx.com.au/asxpdf/20180508/pdf/43tvlpmv420f4f.pdf. )
The Mystery vein shows similar geological characteristics to the adjacent veins and follows a similar
north south strike direction, suggesting that this may be the same vein system worked at the historic
Rhoderick Dhu Mine which is located roughly mid-way between the Talisman and Crown Mines
around 100m below the current exposure on No 8 Level. Current activities at the Talisman prioritize
enhancing the Company’s understanding of this vein given its potential to be a major contributor to
mine life.
Regular extraction activities are taking place on the northern extension of the Mystery Vein. The face
of the drive has now been advanced a further 6.1m, on vein which averages 0.9m in width. Eight
tonnes of ore have been removed from the drive and the results of regular in stream sampling show
gold grades ranging from 6.2g/t Au to 18.2g/t Au for an average of 11.9g/t Au. Silver ranges from
23.0g/t Ag to 37g/t Ag for an average of 28.3g/t Ag. For more information please see the
announcement of 24/01/19 (https://www.asx.com.au/asxpdf/20190124/pdf/44225sh0bby4c4.pdf)
Testing of the resue mining method, where the vein and associated waste material are extracted in
separate cuts, is proving successful with the primary extraction of the vein achieving a clean break on
the contact between the vein and host rock. This enables the vein material to be loaded separately
from the waste, maximising the grade of ore trammed to the run of mine stockpile. Successful long-
term implementation of this mining method will hold significant commercial advantages for the mine
through reducing the tonnage of ore to be transported and milled, and correspondingly reducing the
costs involved, while at the same time increasing the feed grade of the milled material as very little
waste would be included.
4
Figure 2 - the face of the Mystery Drive showing the extension of the vein before sidewall waste is removed
Dubbo Zone Access
Installation of the underground auxiliary fan is complete, and the fan has been commissioned. Air
ducting is in place through the single-entry Dubbo extension of No 8 Level. This allows deployment of
diesel-powered machinery to the BM37 zone and loading of waste rock so that clearing access to the
BM37 rise can get underway.
Clearing of this rock will provide access to the high-grade Dubbo Zone of the Maria Vein. This zone
was identified by borehole BM37 which assayed 656 g/t Au over 1.8m including 1154 g/t Au over 1.0m
and was the location of the last mining activity to take place under the mines previous owners in the
late 1980’s. Sampling in this area has previously yielded results exceeding 1% gold (over 10,000g/t),
please see https://www.asx.com.au/asxpdf/20130705/pdf/42gx44jq96lzrs.pdf
There is little information available regarding the condition of the BM37 rise, and timing of access is
uncertain. Nevertheless, NTL have a number of options available to open up this very important area
and remove ore for process testing. If the rise is stable the objective of removing 5+ tonnes of the
bonanza grade material could be completed near the end of Q1. An update of progress in this area
will be provided to shareholders in the next few weeks.
Dubbo Return Airway and Second Escape
Development of an incline drive to connect Keillors Cross cut with the BM37 rise has commenced. This
incline is targeted to intersect the Maria vein approximately 15m above the existing Dubbo extension
and, from that point, will follow the vein to the intersection of the BM37 rise. This drive is an important
development for the project as it creates a return airway for mining in the Dubbo Zone as well as
creating a second escape way from that section of the workings.
5
Figure 3 - Muck pile and face following the initial blast on the Keillors 8A Incline
Completion of No 8 Level Drive Refurbishment
Final clean-up of the 8 Level drive, including securing vehicular access through the “Bandaid” and
“Viaduct” was completed. There was considerable uncertainty regarding the quantity and quality of
ore present in the area and thus timing was uncertain. Loading operations were carried out for two
weeks with no sign of slow down before the decision was made to barricade the area and build a
stopping to retain remaining ore in the stope. A reinforced retaining wall was constructed
incrementally from the hanging wall of the drive and is fitted with drain pipes to ensure adequate
drainage.
6
The viaduct, the area where the historic fall of ground occurred, has been cleared of waste rock left
over during construction.
Stockpiling of Broken Ore
Stockpiling of ore underground has continued successfully. In total approximately 110 tonnes of ore
from the Maria vein have been loaded and transferred to the Run of Mine stockpile. Regular interval
in stream sampling was carried out with 44 samples yielding grades that are characteristically variable
and range from trace to 66.0g/t Au for an average of 4.5g/t Au, silver grades assayed in a range of
7.1g/t to 633g/t for an average of 68g/t Ag (please see
https://www.asx.com.au/asxpdf/20181214/pdf/44173qv872f6cz.pdf). This is supplemented by the
ore removed from the Mystery vein discussed above.
Metallurgical Testwork Pilot Plant
All components of the pilot processing plant have arrived and are being assembled off site. It is
anticipated that commissioning will take place during late February with completion of an initial test
batch completed by end April. One aim of this test batch is to prove that the required precious metal
recovery rates can be achieved and any potentially acid forming minerals can be removed from the
waste material leaving a chemically inert commercially viable by-product.
While the capacity of the pilot plant is relatively low the aim is to replicate the recovery rates which
were achieved using a similar flowsheet in the testwork carried out in South Africa in February 2018
(please see https://www.asx.com.au/asxpdf/20180322/pdf/43sn63s00fjnz6.pdf ) . Once recovery
rates are confirmed a larger plant, suitable for the longer-term needs is planned, dependent on other
options as the company continues to assess enquiries regarding altenative potential treatment
options.
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 to 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
one of New Zealand’s highest-grade underground gold mines, a JORC 2012 compliant mineral resource of over
469,000 ounces AuEq at an average above 15 g/t AuEq and a JORC compliant reserve statement. The Company
owns 100% of the Rahu exploration permit, 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.
7
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.
---
1
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-Executive Director
Tony Haworth Independent Director
Jane Bell Company Secretary
Wayne Chowles Chief Operating Officer
Capital Structure
Ordinary Shares at 20/06/2018 2,164m
Share Price
Share Price at 30/01/2019 (NZX) 1.5cps
Share Price at 30/01/2019 (ASX) 1.5cps
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
Sampling results from Mystery Vein show extension of
high-grade gold and silver mineralisation
Auxiliary fan commissioned and loading at Dubbo Zone
underway
Development of the Keillors 8A return airway
commences
Blasting Extraction and stockpiling continues
Access to Dubbo Zone advances
Following on the September quarter, which saw the resumption of mining
activities at the Talisman Mine for the first time since 1992, the board of New
Talisman Gold Mines is pleased to announce the results of yet another very
productive quarter which has seen the achievement of a number of objectives as
the company progresses towards production.
Figure 1 - The auxiliary fan and controls in place in No 8 Level Drive
With the NZD gold price reaching $1940 NZD per ounce, levels not seen since
March 2013 at a time when USD gold price was at $1600, the commercial returns
for both the short term and the long term mine plan continue to improve.
Quarterly Activities Report to 31 December 2018
2
TALISMAN MINE PROJECT
The Diagram below shows the stages of development and evolution the mine has taken since Heritage commenced exploration activities through to mine
development and planning.
3
The key milestones achieved at the Talisman mine during the quarter include: -
Mystery Vein
The Mystery Vein was discovered in the 1980’s, by then operator Cyprus Mines Corporation in joint
venture with New Zealand Gold Fields Ltd, when developing Keillors Crosscut to connect the Talisman
Mine with the adjacent Crown Mine. This cross-cut intersected a previously unidentified vein, now
called Mystery Vein, approximately mid-way between the historically productive Maria and Crown
vein systems. It is believed that this vein had not been identified previously because of its location on
the boundary between the two historic mining permits, although there is evidence that the vein may
have been encountered in the lower levels of the Talisman Mine. The vein has been exposed over a
strike length of some 50m and regular sampling carried out by New Talisman (then called Heritage
Gold) identified samples on the face of Mystery with grades of up to 50 g/t. Recent check sampling of
ore exposed at the drive face yielded grades of up to 40 g/t Au (please see
https://www.asx.com.au/asxpdf/20180508/pdf/43tvlpmv420f4f.pdf. )
The Mystery vein shows similar geological characteristics to the adjacent veins and follows a similar
north south strike direction, suggesting that this may be the same vein system worked at the historic
Rhoderick Dhu Mine which is located roughly mid-way between the Talisman and Crown Mines
around 100m below the current exposure on No 8 Level. Current activities at the Talisman prioritize
enhancing the Company’s understanding of this vein given its potential to be a major contributor to
mine life.
Regular extraction activities are taking place on the northern extension of the Mystery Vein. The face
of the drive has now been advanced a further 6.1m, on vein which averages 0.9m in width. Eight
tonnes of ore have been removed from the drive and the results of regular in stream sampling show
gold grades ranging from 6.2g/t Au to 18.2g/t Au for an average of 11.9g/t Au. Silver ranges from
23.0g/t Ag to 37g/t Ag for an average of 28.3g/t Ag. For more information please see the
announcement of 24/01/19 (https://www.asx.com.au/asxpdf/20190124/pdf/44225sh0bby4c4.pdf)
Testing of the resue mining method, where the vein and associated waste material are extracted in
separate cuts, is proving successful with the primary extraction of the vein achieving a clean break on
the contact between the vein and host rock. This enables the vein material to be loaded separately
from the waste, maximising the grade of ore trammed to the run of mine stockpile. Successful long-
term implementation of this mining method will hold significant commercial advantages for the mine
through reducing the tonnage of ore to be transported and milled, and correspondingly reducing the
costs involved, while at the same time increasing the feed grade of the milled material as very little
waste would be included.
4
Figure 2 - the face of the Mystery Drive showing the extension of the vein before sidewall waste is removed
Dubbo Zone Access
Installation of the underground auxiliary fan is complete, and the fan has been commissioned. Air
ducting is in place through the single-entry Dubbo extension of No 8 Level. This allows deployment of
diesel-powered machinery to the BM37 zone and loading of waste rock so that clearing access to the
BM37 rise can get underway.
Clearing of this rock will provide access to the high-grade Dubbo Zone of the Maria Vein. This zone
was identified by borehole BM37 which assayed 656 g/t Au over 1.8m including 1154 g/t Au over 1.0m
and was the location of the last mining activity to take place under the mines previous owners in the
late 1980’s. Sampling in this area has previously yielded results exceeding 1% gold (over 10,000g/t),
please see https://www.asx.com.au/asxpdf/20130705/pdf/42gx44jq96lzrs.pdf
There is little information available regarding the condition of the BM37 rise, and timing of access is
uncertain. Nevertheless, NTL have a number of options available to open up this very important area
and remove ore for process testing. If the rise is stable the objective of removing 5+ tonnes of the
bonanza grade material could be completed near the end of Q1. An update of progress in this area
will be provided to shareholders in the next few weeks.
Dubbo Return Airway and Second Escape
Development of an incline drive to connect Keillors Cross cut with the BM37 rise has commenced. This
incline is targeted to intersect the Maria vein approximately 15m above the existing Dubbo extension
and, from that point, will follow the vein to the intersection of the BM37 rise. This drive is an important
development for the project as it creates a return airway for mining in the Dubbo Zone as well as
creating a second escape way from that section of the workings.
5
Figure 3 - Muck pile and face following the initial blast on the Keillors 8A Incline
Completion of No 8 Level Drive Refurbishment
Final clean-up of the 8 Level drive, including securing vehicular access through the “Bandaid” and
“Viaduct” was completed. There was considerable uncertainty regarding the quantity and quality of
ore present in the area and thus timing was uncertain. Loading operations were carried out for two
weeks with no sign of slow down before the decision was made to barricade the area and build a
stopping to retain remaining ore in the stope. A reinforced retaining wall was constructed
incrementally from the hanging wall of the drive and is fitted with drain pipes to ensure adequate
drainage.
6
The viaduct, the area where the historic fall of ground occurred, has been cleared of waste rock left
over during construction.
Stockpiling of Broken Ore
Stockpiling of ore underground has continued successfully. In total approximately 110 tonnes of ore
from the Maria vein have been loaded and transferred to the Run of Mine stockpile. Regular interval
in stream sampling was carried out with 44 samples yielding grades that are characteristically variable
and range from trace to 66.0g/t Au for an average of 4.5g/t Au, silver grades assayed in a range of
7.1g/t to 633g/t for an average of 68g/t Ag (please see
https://www.asx.com.au/asxpdf/20181214/pdf/44173qv872f6cz.pdf). This is supplemented by the
ore removed from the Mystery vein discussed above.
Metallurgical Testwork Pilot Plant
All components of the pilot processing plant have arrived and are being assembled off site. It is
anticipated that commissioning will take place during late February with completion of an initial test
batch completed by end April. One aim of this test batch is to prove that the required precious metal
recovery rates can be achieved and any potentially acid forming minerals can be removed from the
waste material leaving a chemically inert commercially viable by-product.
While the capacity of the pilot plant is relatively low the aim is to replicate the recovery rates which
were achieved using a similar flowsheet in the testwork carried out in South Africa in February 2018
(please see https://www.asx.com.au/asxpdf/20180322/pdf/43sn63s00fjnz6.pdf ) . Once recovery
rates are confirmed a larger plant, suitable for the longer-term needs is planned, dependent on other
options as the company continues to assess enquiries regarding altenative potential treatment
options.
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 to 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
one of New Zealand’s highest-grade underground gold mines, a JORC 2012 compliant mineral resource of over
469,000 ounces AuEq at an average above 15 g/t AuEq and a JORC compliant reserve statement. The Company
owns 100% of the Rahu exploration permit, 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.
7
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.
---
1
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-Executive Director
Tony Haworth Independent Director
Jane Bell Company Secretary
Wayne Chowles Chief Operating Officer
Capital Structure
Ordinary Shares at 20/06/2018 2,164m
Share Price
Share Price at 30/01/2019 (NZX) 1.5cps
Share Price at 30/01/2019 (ASX) 1.5cps
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
Sampling results from Mystery Vein show extension of
high-grade gold and silver mineralisation
Auxiliary fan commissioned and loading at Dubbo Zone
underway
Development of the Keillors 8A return airway
commences
Blasting Extraction and stockpiling continues
Access to Dubbo Zone advances
Following on the September quarter, which saw the resumption of mining
activities at the Talisman Mine for the first time since 1992, the board of New
Talisman Gold Mines is pleased to announce the results of yet another very
productive quarter which has seen the achievement of a number of objectives as
the company progresses towards production.
Figure 1 - The auxiliary fan and controls in place in No 8 Level Drive
With the NZD gold price reaching $1940 NZD per ounce, levels not seen since
March 2013 at a time when USD gold price was at $1600, the commercial returns
for both the short term and the long term mine plan continue to improve.
Quarterly Activities Report to 31 December 2018
2
TALISMAN MINE PROJECT
The Diagram below shows the stages of development and evolution the mine has taken since Heritage commenced exploration activities through to mine
development and planning.
3
The key milestones achieved at the Talisman mine during the quarter include: -
Mystery Vein
The Mystery Vein was discovered in the 1980’s, by then operator Cyprus Mines Corporation in joint
venture with New Zealand Gold Fields Ltd, when developing Keillors Crosscut to connect the Talisman
Mine with the adjacent Crown Mine. This cross-cut intersected a previously unidentified vein, now
called Mystery Vein, approximately mid-way between the historically productive Maria and Crown
vein systems. It is believed that this vein had not been identified previously because of its location on
the boundary between the two historic mining permits, although there is evidence that the vein may
have been encountered in the lower levels of the Talisman Mine. The vein has been exposed over a
strike length of some 50m and regular sampling carried out by New Talisman (then called Heritage
Gold) identified samples on the face of Mystery with grades of up to 50 g/t. Recent check sampling of
ore exposed at the drive face yielded grades of up to 40 g/t Au (please see
https://www.asx.com.au/asxpdf/20180508/pdf/43tvlpmv420f4f.pdf. )
The Mystery vein shows similar geological characteristics to the adjacent veins and follows a similar
north south strike direction, suggesting that this may be the same vein system worked at the historic
Rhoderick Dhu Mine which is located roughly mid-way between the Talisman and Crown Mines
around 100m below the current exposure on No 8 Level. Current activities at the Talisman prioritize
enhancing the Company’s understanding of this vein given its potential to be a major contributor to
mine life.
Regular extraction activities are taking place on the northern extension of the Mystery Vein. The face
of the drive has now been advanced a further 6.1m, on vein which averages 0.9m in width. Eight
tonnes of ore have been removed from the drive and the results of regular in stream sampling show
gold grades ranging from 6.2g/t Au to 18.2g/t Au for an average of 11.9g/t Au. Silver ranges from
23.0g/t Ag to 37g/t Ag for an average of 28.3g/t Ag. For more information please see the
announcement of 24/01/19 (https://www.asx.com.au/asxpdf/20190124/pdf/44225sh0bby4c4.pdf)
Testing of the resue mining method, where the vein and associated waste material are extracted in
separate cuts, is proving successful with the primary extraction of the vein achieving a clean break on
the contact between the vein and host rock. This enables the vein material to be loaded separately
from the waste, maximising the grade of ore trammed to the run of mine stockpile. Successful long-
term implementation of this mining method will hold significant commercial advantages for the mine
through reducing the tonnage of ore to be transported and milled, and correspondingly reducing the
costs involved, while at the same time increasing the feed grade of the milled material as very little
waste would be included.
4
Figure 2 - the face of the Mystery Drive showing the extension of the vein before sidewall waste is removed
Dubbo Zone Access
Installation of the underground auxiliary fan is complete, and the fan has been commissioned. Air
ducting is in place through the single-entry Dubbo extension of No 8 Level. This allows deployment of
diesel-powered machinery to the BM37 zone and loading of waste rock so that clearing access to the
BM37 rise can get underway.
Clearing of this rock will provide access to the high-grade Dubbo Zone of the Maria Vein. This zone
was identified by borehole BM37 which assayed 656 g/t Au over 1.8m including 1154 g/t Au over 1.0m
and was the location of the last mining activity to take place under the mines previous owners in the
late 1980’s. Sampling in this area has previously yielded results exceeding 1% gold (over 10,000g/t),
please see https://www.asx.com.au/asxpdf/20130705/pdf/42gx44jq96lzrs.pdf
There is little information available regarding the condition of the BM37 rise, and timing of access is
uncertain. Nevertheless, NTL have a number of options available to open up this very important area
and remove ore for process testing. If the rise is stable the objective of removing 5+ tonnes of the
bonanza grade material could be completed near the end of Q1. An update of progress in this area
will be provided to shareholders in the next few weeks.
Dubbo Return Airway and Second Escape
Development of an incline drive to connect Keillors Cross cut with the BM37 rise has commenced. This
incline is targeted to intersect the Maria vein approximately 15m above the existing Dubbo extension
and, from that point, will follow the vein to the intersection of the BM37 rise. This drive is an important
development for the project as it creates a return airway for mining in the Dubbo Zone as well as
creating a second escape way from that section of the workings.
5
Figure 3 - Muck pile and face following the initial blast on the Keillors 8A Incline
Completion of No 8 Level Drive Refurbishment
Final clean-up of the 8 Level drive, including securing vehicular access through the “Bandaid” and
“Viaduct” was completed. There was considerable uncertainty regarding the quantity and quality of
ore present in the area and thus timing was uncertain. Loading operations were carried out for two
weeks with no sign of slow down before the decision was made to barricade the area and build a
stopping to retain remaining ore in the stope. A reinforced retaining wall was constructed
incrementally from the hanging wall of the drive and is fitted with drain pipes to ensure adequate
drainage.
6
The viaduct, the area where the historic fall of ground occurred, has been cleared of waste rock left
over during construction.
Stockpiling of Broken Ore
Stockpiling of ore underground has continued successfully. In total approximately 110 tonnes of ore
from the Maria vein have been loaded and transferred to the Run of Mine stockpile. Regular interval
in stream sampling was carried out with 44 samples yielding grades that are characteristically variable
and range from trace to 66.0g/t Au for an average of 4.5g/t Au, silver grades assayed in a range of
7.1g/t to 633g/t for an average of 68g/t Ag (please see
https://www.asx.com.au/asxpdf/20181214/pdf/44173qv872f6cz.pdf). This is supplemented by the
ore removed from the Mystery vein discussed above.
Metallurgical Testwork Pilot Plant
All components of the pilot processing plant have arrived and are being assembled off site. It is
anticipated that commissioning will take place during late February with completion of an initial test
batch completed by end April. One aim of this test batch is to prove that the required precious metal
recovery rates can be achieved and any potentially acid forming minerals can be removed from the
waste material leaving a chemically inert commercially viable by-product.
While the capacity of the pilot plant is relatively low the aim is to replicate the recovery rates which
were achieved using a similar flowsheet in the testwork carried out in South Africa in February 2018
(please see https://www.asx.com.au/asxpdf/20180322/pdf/43sn63s00fjnz6.pdf ) . Once recovery
rates are confirmed a larger plant, suitable for the longer-term needs is planned, dependent on other
options as the company continues to assess enquiries regarding altenative potential treatment
options.
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 to 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
one of New Zealand’s highest-grade underground gold mines, a JORC 2012 compliant mineral resource of over
469,000 ounces AuEq at an average above 15 g/t AuEq and a JORC compliant reserve statement. The Company
owns 100% of the Rahu exploration permit, 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.
7
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.
---
1
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-Executive Director
Tony Haworth Independent Director
Jane Bell Company Secretary
Wayne Chowles Chief Operating Officer
Capital Structure
Ordinary Shares at 20/06/2018 2,164m
Share Price
Share Price at 30/01/2019 (NZX) 1.5cps
Share Price at 30/01/2019 (ASX) 1.5cps
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
Sampling results from Mystery Vein show extension of
high-grade gold and silver mineralisation
Auxiliary fan commissioned and loading at Dubbo Zone
underway
Development of the Keillors 8A return airway
commences
Blasting Extraction and stockpiling continues
Access to Dubbo Zone advances
Following on the September quarter, which saw the resumption of mining
activities at the Talisman Mine for the first time since 1992, the board of New
Talisman Gold Mines is pleased to announce the results of yet another very
productive quarter which has seen the achievement of a number of objectives as
the company progresses towards production.
Figure 1 - The auxiliary fan and controls in place in No 8 Level Drive
With the NZD gold price reaching $1940 NZD per ounce, levels not seen since
March 2013 at a time when USD gold price was at $1600, the commercial returns
for both the short term and the long term mine plan continue to improve.
Quarterly Activities Report to 31 December 2018
2
TALISMAN MINE PROJECT
The Diagram below shows the stages of development and evolution the mine has taken since Heritage commenced exploration activities through to mine
development and planning.
3
The key milestones achieved at the Talisman mine during the quarter include: -
Mystery Vein
The Mystery Vein was discovered in the 1980’s, by then operator Cyprus Mines Corporation in joint
venture with New Zealand Gold Fields Ltd, when developing Keillors Crosscut to connect the Talisman
Mine with the adjacent Crown Mine. This cross-cut intersected a previously unidentified vein, now
called Mystery Vein, approximately mid-way between the historically productive Maria and Crown
vein systems. It is believed that this vein had not been identified previously because of its location on
the boundary between the two historic mining permits, although there is evidence that the vein may
have been encountered in the lower levels of the Talisman Mine. The vein has been exposed over a
strike length of some 50m and regular sampling carried out by New Talisman (then called Heritage
Gold) identified samples on the face of Mystery with grades of up to 50 g/t. Recent check sampling of
ore exposed at the drive face yielded grades of up to 40 g/t Au (please see
https://www.asx.com.au/asxpdf/20180508/pdf/43tvlpmv420f4f.pdf. )
The Mystery vein shows similar geological characteristics to the adjacent veins and follows a similar
north south strike direction, suggesting that this may be the same vein system worked at the historic
Rhoderick Dhu Mine which is located roughly mid-way between the Talisman and Crown Mines
around 100m below the current exposure on No 8 Level. Current activities at the Talisman prioritize
enhancing the Company’s understanding of this vein given its potential to be a major contributor to
mine life.
Regular extraction activities are taking place on the northern extension of the Mystery Vein. The face
of the drive has now been advanced a further 6.1m, on vein which averages 0.9m in width. Eight
tonnes of ore have been removed from the drive and the results of regular in stream sampling show
gold grades ranging from 6.2g/t Au to 18.2g/t Au for an average of 11.9g/t Au. Silver ranges from
23.0g/t Ag to 37g/t Ag for an average of 28.3g/t Ag. For more information please see the
announcement of 24/01/19 (https://www.asx.com.au/asxpdf/20190124/pdf/44225sh0bby4c4.pdf)
Testing of the resue mining method, where the vein and associated waste material are extracted in
separate cuts, is proving successful with the primary extraction of the vein achieving a clean break on
the contact between the vein and host rock. This enables the vein material to be loaded separately
from the waste, maximising the grade of ore trammed to the run of mine stockpile. Successful long-
term implementation of this mining method will hold significant commercial advantages for the mine
through reducing the tonnage of ore to be transported and milled, and correspondingly reducing the
costs involved, while at the same time increasing the feed grade of the milled material as very little
waste would be included.
4
Figure 2 - the face of the Mystery Drive showing the extension of the vein before sidewall waste is removed
Dubbo Zone Access
Installation of the underground auxiliary fan is complete, and the fan has been commissioned. Air
ducting is in place through the single-entry Dubbo extension of No 8 Level. This allows deployment of
diesel-powered machinery to the BM37 zone and loading of waste rock so that clearing access to the
BM37 rise can get underway.
Clearing of this rock will provide access to the high-grade Dubbo Zone of the Maria Vein. This zone
was identified by borehole BM37 which assayed 656 g/t Au over 1.8m including 1154 g/t Au over 1.0m
and was the location of the last mining activity to take place under the mines previous owners in the
late 1980’s. Sampling in this area has previously yielded results exceeding 1% gold (over 10,000g/t),
please see https://www.asx.com.au/asxpdf/20130705/pdf/42gx44jq96lzrs.pdf
There is little information available regarding the condition of the BM37 rise, and timing of access is
uncertain. Nevertheless, NTL have a number of options available to open up this very important area
and remove ore for process testing. If the rise is stable the objective of removing 5+ tonnes of the
bonanza grade material could be completed near the end of Q1. An update of progress in this area
will be provided to shareholders in the next few weeks.
Dubbo Return Airway and Second Escape
Development of an incline drive to connect Keillors Cross cut with the BM37 rise has commenced. This
incline is targeted to intersect the Maria vein approximately 15m above the existing Dubbo extension
and, from that point, will follow the vein to the intersection of the BM37 rise. This drive is an important
development for the project as it creates a return airway for mining in the Dubbo Zone as well as
creating a second escape way from that section of the workings.
5
Figure 3 - Muck pile and face following the initial blast on the Keillors 8A Incline
Completion of No 8 Level Drive Refurbishment
Final clean-up of the 8 Level drive, including securing vehicular access through the “Bandaid” and
“Viaduct” was completed. There was considerable uncertainty regarding the quantity and quality of
ore present in the area and thus timing was uncertain. Loading operations were carried out for two
weeks with no sign of slow down before the decision was made to barricade the area and build a
stopping to retain remaining ore in the stope. A reinforced retaining wall was constructed
incrementally from the hanging wall of the drive and is fitted with drain pipes to ensure adequate
drainage.
6
The viaduct, the area where the historic fall of ground occurred, has been cleared of waste rock left
over during construction.
Stockpiling of Broken Ore
Stockpiling of ore underground has continued successfully. In total approximately 110 tonnes of ore
from the Maria vein have been loaded and transferred to the Run of Mine stockpile. Regular interval
in stream sampling was carried out with 44 samples yielding grades that are characteristically variable
and range from trace to 66.0g/t Au for an average of 4.5g/t Au, silver grades assayed in a range of
7.1g/t to 633g/t for an average of 68g/t Ag (please see
https://www.asx.com.au/asxpdf/20181214/pdf/44173qv872f6cz.pdf). This is supplemented by the
ore removed from the Mystery vein discussed above.
Metallurgical Testwork Pilot Plant
All components of the pilot processing plant have arrived and are being assembled off site. It is
anticipated that commissioning will take place during late February with completion of an initial test
batch completed by end April. One aim of this test batch is to prove that the required precious metal
recovery rates can be achieved and any potentially acid forming minerals can be removed from the
waste material leaving a chemically inert commercially viable by-product.
While the capacity of the pilot plant is relatively low the aim is to replicate the recovery rates which
were achieved using a similar flowsheet in the testwork carried out in South Africa in February 2018
(please see https://www.asx.com.au/asxpdf/20180322/pdf/43sn63s00fjnz6.pdf ) . Once recovery
rates are confirmed a larger plant, suitable for the longer-term needs is planned, dependent on other
options as the company continues to assess enquiries regarding altenative potential treatment
options.
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 to 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
one of New Zealand’s highest-grade underground gold mines, a JORC 2012 compliant mineral resource of over
469,000 ounces AuEq at an average above 15 g/t AuEq and a JORC compliant reserve statement. The Company
owns 100% of the Rahu exploration permit, 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.
7
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.
---
1
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-Executive Director
Tony Haworth Independent Director
Jane Bell Company Secretary
Wayne Chowles Chief Operating Officer
Capital Structure
Ordinary Shares at 20/06/2018 2,164m
Share Price
Share Price at 30/01/2019 (NZX) 1.5cps
Share Price at 30/01/2019 (ASX) 1.5cps
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
Sampling results from Mystery Vein show extension of
high-grade gold and silver mineralisation
Auxiliary fan commissioned and loading at Dubbo Zone
underway
Development of the Keillors 8A return airway
commences
Blasting Extraction and stockpiling continues
Access to Dubbo Zone advances
Following on the September quarter, which saw the resumption of mining
activities at the Talisman Mine for the first time since 1992, the board of New
Talisman Gold Mines is pleased to announce the results of yet another very
productive quarter which has seen the achievement of a number of objectives as
the company progresses towards production.
Figure 1 - The auxiliary fan and controls in place in No 8 Level Drive
With the NZD gold price reaching $1940 NZD per ounce, levels not seen since
March 2013 at a time when USD gold price was at $1600, the commercial returns
for both the short term and the long term mine plan continue to improve.
Quarterly Activities Report to 31 December 2018
2
TALISMAN MINE PROJECT
The Diagram below shows the stages of development and evolution the mine has taken since Heritage commenced exploration activities through to mine
development and planning.
3
The key milestones achieved at the Talisman mine during the quarter include: -
Mystery Vein
The Mystery Vein was discovered in the 1980’s, by then operator Cyprus Mines Corporation in joint
venture with New Zealand Gold Fields Ltd, when developing Keillors Crosscut to connect the Talisman
Mine with the adjacent Crown Mine. This cross-cut intersected a previously unidentified vein, now
called Mystery Vein, approximately mid-way between the historically productive Maria and Crown
vein systems. It is believed that this vein had not been identified previously because of its location on
the boundary between the two historic mining permits, although there is evidence that the vein may
have been encountered in the lower levels of the Talisman Mine. The vein has been exposed over a
strike length of some 50m and regular sampling carried out by New Talisman (then called Heritage
Gold) identified samples on the face of Mystery with grades of up to 50 g/t. Recent check sampling of
ore exposed at the drive face yielded grades of up to 40 g/t Au (please see
https://www.asx.com.au/asxpdf/20180508/pdf/43tvlpmv420f4f.pdf. )
The Mystery vein shows similar geological characteristics to the adjacent veins and follows a similar
north south strike direction, suggesting that this may be the same vein system worked at the historic
Rhoderick Dhu Mine which is located roughly mid-way between the Talisman and Crown Mines
around 100m below the current exposure on No 8 Level. Current activities at the Talisman prioritize
enhancing the Company’s understanding of this vein given its potential to be a major contributor to
mine life.
Regular extraction activities are taking place on the northern extension of the Mystery Vein. The face
of the drive has now been advanced a further 6.1m, on vein which averages 0.9m in width. Eight
tonnes of ore have been removed from the drive and the results of regular in stream sampling show
gold grades ranging from 6.2g/t Au to 18.2g/t Au for an average of 11.9g/t Au. Silver ranges from
23.0g/t Ag to 37g/t Ag for an average of 28.3g/t Ag. For more information please see the
announcement of 24/01/19 (https://www.asx.com.au/asxpdf/20190124/pdf/44225sh0bby4c4.pdf)
Testing of the resue mining method, where the vein and associated waste material are extracted in
separate cuts, is proving successful with the primary extraction of the vein achieving a clean break on
the contact between the vein and host rock. This enables the vein material to be loaded separately
from the waste, maximising the grade of ore trammed to the run of mine stockpile. Successful long-
term implementation of this mining method will hold significant commercial advantages for the mine
through reducing the tonnage of ore to be transported and milled, and correspondingly reducing the
costs involved, while at the same time increasing the feed grade of the milled material as very little
waste would be included.
4
Figure 2 - the face of the Mystery Drive showing the extension of the vein before sidewall waste is removed
Dubbo Zone Access
Installation of the underground auxiliary fan is complete, and the fan has been commissioned. Air
ducting is in place through the single-entry Dubbo extension of No 8 Level. This allows deployment of
diesel-powered machinery to the BM37 zone and loading of waste rock so that clearing access to the
BM37 rise can get underway.
Clearing of this rock will provide access to the high-grade Dubbo Zone of the Maria Vein. This zone
was identified by borehole BM37 which assayed 656 g/t Au over 1.8m including 1154 g/t Au over 1.0m
and was the location of the last mining activity to take place under the mines previous owners in the
late 1980’s. Sampling in this area has previously yielded results exceeding 1% gold (over 10,000g/t),
please see https://www.asx.com.au/asxpdf/20130705/pdf/42gx44jq96lzrs.pdf
There is little information available regarding the condition of the BM37 rise, and timing of access is
uncertain. Nevertheless, NTL have a number of options available to open up this very important area
and remove ore for process testing. If the rise is stable the objective of removing 5+ tonnes of the
bonanza grade material could be completed near the end of Q1. An update of progress in this area
will be provided to shareholders in the next few weeks.
Dubbo Return Airway and Second Escape
Development of an incline drive to connect Keillors Cross cut with the BM37 rise has commenced. This
incline is targeted to intersect the Maria vein approximately 15m above the existing Dubbo extension
and, from that point, will follow the vein to the intersection of the BM37 rise. This drive is an important
development for the project as it creates a return airway for mining in the Dubbo Zone as well as
creating a second escape way from that section of the workings.
5
Figure 3 - Muck pile and face following the initial blast on the Keillors 8A Incline
Completion of No 8 Level Drive Refurbishment
Final clean-up of the 8 Level drive, including securing vehicular access through the “Bandaid” and
“Viaduct” was completed. There was considerable uncertainty regarding the quantity and quality of
ore present in the area and thus timing was uncertain. Loading operations were carried out for two
weeks with no sign of slow down before the decision was made to barricade the area and build a
stopping to retain remaining ore in the stope. A reinforced retaining wall was constructed
incrementally from the hanging wall of the drive and is fitted with drain pipes to ensure adequate
drainage.
6
The viaduct, the area where the historic fall of ground occurred, has been cleared of waste rock left
over during construction.
Stockpiling of Broken Ore
Stockpiling of ore underground has continued successfully. In total approximately 110 tonnes of ore
from the Maria vein have been loaded and transferred to the Run of Mine stockpile. Regular interval
in stream sampling was carried out with 44 samples yielding grades that are characteristically variable
and range from trace to 66.0g/t Au for an average of 4.5g/t Au, silver grades assayed in a range of
7.1g/t to 633g/t for an average of 68g/t Ag (please see
https://www.asx.com.au/asxpdf/20181214/pdf/44173qv872f6cz.pdf). This is supplemented by the
ore removed from the Mystery vein discussed above.
Metallurgical Testwork Pilot Plant
All components of the pilot processing plant have arrived and are being assembled off site. It is
anticipated that commissioning will take place during late February with completion of an initial test
batch completed by end April. One aim of this test batch is to prove that the required precious metal
recovery rates can be achieved and any potentially acid forming minerals can be removed from the
waste material leaving a chemically inert commercially viable by-product.
While the capacity of the pilot plant is relatively low the aim is to replicate the recovery rates which
were achieved using a similar flowsheet in the testwork carried out in South Africa in February 2018
(please see https://www.asx.com.au/asxpdf/20180322/pdf/43sn63s00fjnz6.pdf ) . Once recovery
rates are confirmed a larger plant, suitable for the longer-term needs is planned, dependent on other
options as the company continues to assess enquiries regarding altenative potential treatment
options.
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 to 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
one of New Zealand’s highest-grade underground gold mines, a JORC 2012 compliant mineral resource of over
469,000 ounces AuEq at an average above 15 g/t AuEq and a JORC compliant reserve statement. The Company
owns 100% of the Rahu exploration permit, 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.
7
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.
---
1
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-Executive Director
Tony Haworth Independent Director
Jane Bell Company Secretary
Wayne Chowles Chief Operating Officer
Capital Structure
Ordinary Shares at 20/06/2018 2,164m
Share Price
Share Price at 30/01/2019 (NZX) 1.5cps
Share Price at 30/01/2019 (ASX) 1.5cps
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
Sampling results from Mystery Vein show extension of
high-grade gold and silver mineralisation
Auxiliary fan commissioned and loading at Dubbo Zone
underway
Development of the Keillors 8A return airway
commences
Blasting Extraction and stockpiling continues
Access to Dubbo Zone advances
Following on the September quarter, which saw the resumption of mining
activities at the Talisman Mine for the first time since 1992, the board of New
Talisman Gold Mines is pleased to announce the results of yet another very
productive quarter which has seen the achievement of a number of objectives as
the company progresses towards production.
Figure 1 - The auxiliary fan and controls in place in No 8 Level Drive
With the NZD gold price reaching $1940 NZD per ounce, levels not seen since
March 2013 at a time when USD gold price was at $1600, the commercial returns
for both the short term and the long term mine plan continue to improve.
Quarterly Activities Report to 31 December 2018
2
TALISMAN MINE PROJECT
The Diagram below shows the stages of development and evolution the mine has taken since Heritage commenced exploration activities through to mine
development and planning.
3
The key milestones achieved at the Talisman mine during the quarter include: -
Mystery Vein
The Mystery Vein was discovered in the 1980’s, by then operator Cyprus Mines Corporation in joint
venture with New Zealand Gold Fields Ltd, when developing Keillors Crosscut to connect the Talisman
Mine with the adjacent Crown Mine. This cross-cut intersected a previously unidentified vein, now
called Mystery Vein, approximately mid-way between the historically productive Maria and Crown
vein systems. It is believed that this vein had not been identified previously because of its location on
the boundary between the two historic mining permits, although there is evidence that the vein may
have been encountered in the lower levels of the Talisman Mine. The vein has been exposed over a
strike length of some 50m and regular sampling carried out by New Talisman (then called Heritage
Gold) identified samples on the face of Mystery with grades of up to 50 g/t. Recent check sampling of
ore exposed at the drive face yielded grades of up to 40 g/t Au (please see
https://www.asx.com.au/asxpdf/20180508/pdf/43tvlpmv420f4f.pdf. )
The Mystery vein shows similar geological characteristics to the adjacent veins and follows a similar
north south strike direction, suggesting that this may be the same vein system worked at the historic
Rhoderick Dhu Mine which is located roughly mid-way between the Talisman and Crown Mines
around 100m below the current exposure on No 8 Level. Current activities at the Talisman prioritize
enhancing the Company’s understanding of this vein given its potential to be a major contributor to
mine life.
Regular extraction activities are taking place on the northern extension of the Mystery Vein. The face
of the drive has now been advanced a further 6.1m, on vein which averages 0.9m in width. Eight
tonnes of ore have been removed from the drive and the results of regular in stream sampling show
gold grades ranging from 6.2g/t Au to 18.2g/t Au for an average of 11.9g/t Au. Silver ranges from
23.0g/t Ag to 37g/t Ag for an average of 28.3g/t Ag. For more information please see the
announcement of 24/01/19 (https://www.asx.com.au/asxpdf/20190124/pdf/44225sh0bby4c4.pdf)
Testing of the resue mining method, where the vein and associated waste material are extracted in
separate cuts, is proving successful with the primary extraction of the vein achieving a clean break on
the contact between the vein and host rock. This enables the vein material to be loaded separately
from the waste, maximising the grade of ore trammed to the run of mine stockpile. Successful long-
term implementation of this mining method will hold significant commercial advantages for the mine
through reducing the tonnage of ore to be transported and milled, and correspondingly reducing the
costs involved, while at the same time increasing the feed grade of the milled material as very little
waste would be included.
4
Figure 2 - the face of the Mystery Drive showing the extension of the vein before sidewall waste is removed
Dubbo Zone Access
Installation of the underground auxiliary fan is complete, and the fan has been commissioned. Air
ducting is in place through the single-entry Dubbo extension of No 8 Level. This allows deployment of
diesel-powered machinery to the BM37 zone and loading of waste rock so that clearing access to the
BM37 rise can get underway.
Clearing of this rock will provide access to the high-grade Dubbo Zone of the Maria Vein. This zone
was identified by borehole BM37 which assayed 656 g/t Au over 1.8m including 1154 g/t Au over 1.0m
and was the location of the last mining activity to take place under the mines previous owners in the
late 1980’s. Sampling in this area has previously yielded results exceeding 1% gold (over 10,000g/t),
please see https://www.asx.com.au/asxpdf/20130705/pdf/42gx44jq96lzrs.pdf
There is little information available regarding the condition of the BM37 rise, and timing of access is
uncertain. Nevertheless, NTL have a number of options available to open up this very important area
and remove ore for process testing. If the rise is stable the objective of removing 5+ tonnes of the
bonanza grade material could be completed near the end of Q1. An update of progress in this area
will be provided to shareholders in the next few weeks.
Dubbo Return Airway and Second Escape
Development of an incline drive to connect Keillors Cross cut with the BM37 rise has commenced. This
incline is targeted to intersect the Maria vein approximately 15m above the existing Dubbo extension
and, from that point, will follow the vein to the intersection of the BM37 rise. This drive is an important
development for the project as it creates a return airway for mining in the Dubbo Zone as well as
creating a second escape way from that section of the workings.
5
Figure 3 - Muck pile and face following the initial blast on the Keillors 8A Incline
Completion of No 8 Level Drive Refurbishment
Final clean-up of the 8 Level drive, including securing vehicular access through the “Bandaid” and
“Viaduct” was completed. There was considerable uncertainty regarding the quantity and quality of
ore present in the area and thus timing was uncertain. Loading operations were carried out for two
weeks with no sign of slow down before the decision was made to barricade the area and build a
stopping to retain remaining ore in the stope. A reinforced retaining wall was constructed
incrementally from the hanging wall of the drive and is fitted with drain pipes to ensure adequate
drainage.
6
The viaduct, the area where the historic fall of ground occurred, has been cleared of waste rock left
over during construction.
Stockpiling of Broken Ore
Stockpiling of ore underground has continued successfully. In total approximately 110 tonnes of ore
from the Maria vein have been loaded and transferred to the Run of Mine stockpile. Regular interval
in stream sampling was carried out with 44 samples yielding grades that are characteristically variable
and range from trace to 66.0g/t Au for an average of 4.5g/t Au, silver grades assayed in a range of
7.1g/t to 633g/t for an average of 68g/t Ag (please see
https://www.asx.com.au/asxpdf/20181214/pdf/44173qv872f6cz.pdf). This is supplemented by the
ore removed from the Mystery vein discussed above.
Metallurgical Testwork Pilot Plant
All components of the pilot processing plant have arrived and are being assembled off site. It is
anticipated that commissioning will take place during late February with completion of an initial test
batch completed by end April. One aim of this test batch is to prove that the required precious metal
recovery rates can be achieved and any potentially acid forming minerals can be removed from the
waste material leaving a chemically inert commercially viable by-product.
While the capacity of the pilot plant is relatively low the aim is to replicate the recovery rates which
were achieved using a similar flowsheet in the testwork carried out in South Africa in February 2018
(please see https://www.asx.com.au/asxpdf/20180322/pdf/43sn63s00fjnz6.pdf ) . Once recovery
rates are confirmed a larger plant, suitable for the longer-term needs is planned, dependent on other
options as the company continues to assess enquiries regarding altenative potential treatment
options.
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 to 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
one of New Zealand’s highest-grade underground gold mines, a JORC 2012 compliant mineral resource of over
469,000 ounces AuEq at an average above 15 g/t AuEq and a JORC compliant reserve statement. The Company
owns 100% of the Rahu exploration permit, 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.
7
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.
---
1
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-Executive Director
Tony Haworth Independent Director
Jane Bell Company Secretary
Wayne Chowles Chief Operating Officer
Capital Structure
Ordinary Shares at 20/06/2018 2,164m
Share Price
Share Price at 30/01/2019 (NZX) 1.5cps
Share Price at 30/01/2019 (ASX) 1.5cps
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
Sampling results from Mystery Vein show extension of
high-grade gold and silver mineralisation
Auxiliary fan commissioned and loading at Dubbo Zone
underway
Development of the Keillors 8A return airway
commences
Blasting Extraction and stockpiling continues
Access to Dubbo Zone advances
Following on the September quarter, which saw the resumption of mining
activities at the Talisman Mine for the first time since 1992, the board of New
Talisman Gold Mines is pleased to announce the results of yet another very
productive quarter which has seen the achievement of a number of objectives as
the company progresses towards production.
Figure 1 - The auxiliary fan and controls in place in No 8 Level Drive
With the NZD gold price reaching $1940 NZD per ounce, levels not seen since
March 2013 at a time when USD gold price was at $1600, the commercial returns
for both the short term and the long term mine plan continue to improve.
Quarterly Activities Report to 31 December 2018
2
TALISMAN MINE PROJECT
The Diagram below shows the stages of development and evolution the mine has taken since Heritage commenced exploration activities through to mine
development and planning.
3
The key milestones achieved at the Talisman mine during the quarter include: -
Mystery Vein
The Mystery Vein was discovered in the 1980’s, by then operator Cyprus Mines Corporation in joint
venture with New Zealand Gold Fields Ltd, when developing Keillors Crosscut to connect the Talisman
Mine with the adjacent Crown Mine. This cross-cut intersected a previously unidentified vein, now
called Mystery Vein, approximately mid-way between the historically productive Maria and Crown
vein systems. It is believed that this vein had not been identified previously because of its location on
the boundary between the two historic mining permits, although there is evidence that the vein may
have been encountered in the lower levels of the Talisman Mine. The vein has been exposed over a
strike length of some 50m and regular sampling carried out by New Talisman (then called Heritage
Gold) identified samples on the face of Mystery with grades of up to 50 g/t. Recent check sampling of
ore exposed at the drive face yielded grades of up to 40 g/t Au (please see
https://www.asx.com.au/asxpdf/20180508/pdf/43tvlpmv420f4f.pdf. )
The Mystery vein shows similar geological characteristics to the adjacent veins and follows a similar
north south strike direction, suggesting that this may be the same vein system worked at the historic
Rhoderick Dhu Mine which is located roughly mid-way between the Talisman and Crown Mines
around 100m below the current exposure on No 8 Level. Current activities at the Talisman prioritize
enhancing the Company’s understanding of this vein given its potential to be a major contributor to
mine life.
Regular extraction activities are taking place on the northern extension of the Mystery Vein. The face
of the drive has now been advanced a further 6.1m, on vein which averages 0.9m in width. Eight
tonnes of ore have been removed from the drive and the results of regular in stream sampling show
gold grades ranging from 6.2g/t Au to 18.2g/t Au for an average of 11.9g/t Au. Silver ranges from
23.0g/t Ag to 37g/t Ag for an average of 28.3g/t Ag. For more information please see the
announcement of 24/01/19 (https://www.asx.com.au/asxpdf/20190124/pdf/44225sh0bby4c4.pdf)
Testing of the resue mining method, where the vein and associated waste material are extracted in
separate cuts, is proving successful with the primary extraction of the vein achieving a clean break on
the contact between the vein and host rock. This enables the vein material to be loaded separately
from the waste, maximising the grade of ore trammed to the run of mine stockpile. Successful long-
term implementation of this mining method will hold significant commercial advantages for the mine
through reducing the tonnage of ore to be transported and milled, and correspondingly reducing the
costs involved, while at the same time increasing the feed grade of the milled material as very little
waste would be included.
4
Figure 2 - the face of the Mystery Drive showing the extension of the vein before sidewall waste is removed
Dubbo Zone Access
Installation of the underground auxiliary fan is complete, and the fan has been commissioned. Air
ducting is in place through the single-entry Dubbo extension of No 8 Level. This allows deployment of
diesel-powered machinery to the BM37 zone and loading of waste rock so that clearing access to the
BM37 rise can get underway.
Clearing of this rock will provide access to the high-grade Dubbo Zone of the Maria Vein. This zone
was identified by borehole BM37 which assayed 656 g/t Au over 1.8m including 1154 g/t Au over 1.0m
and was the location of the last mining activity to take place under the mines previous owners in the
late 1980’s. Sampling in this area has previously yielded results exceeding 1% gold (over 10,000g/t),
please see https://www.asx.com.au/asxpdf/20130705/pdf/42gx44jq96lzrs.pdf
There is little information available regarding the condition of the BM37 rise, and timing of access is
uncertain. Nevertheless, NTL have a number of options available to open up this very important area
and remove ore for process testing. If the rise is stable the objective of removing 5+ tonnes of the
bonanza grade material could be completed near the end of Q1. An update of progress in this area
will be provided to shareholders in the next few weeks.
Dubbo Return Airway and Second Escape
Development of an incline drive to connect Keillors Cross cut with the BM37 rise has commenced. This
incline is targeted to intersect the Maria vein approximately 15m above the existing Dubbo extension
and, from that point, will follow the vein to the intersection of the BM37 rise. This drive is an important
development for the project as it creates a return airway for mining in the Dubbo Zone as well as
creating a second escape way from that section of the workings.
5
Figure 3 - Muck pile and face following the initial blast on the Keillors 8A Incline
Completion of No 8 Level Drive Refurbishment
Final clean-up of the 8 Level drive, including securing vehicular access through the “Bandaid” and
“Viaduct” was completed. There was considerable uncertainty regarding the quantity and quality of
ore present in the area and thus timing was uncertain. Loading operations were carried out for two
weeks with no sign of slow down before the decision was made to barricade the area and build a
stopping to retain remaining ore in the stope. A reinforced retaining wall was constructed
incrementally from the hanging wall of the drive and is fitted with drain pipes to ensure adequate
drainage.
6
The viaduct, the area where the historic fall of ground occurred, has been cleared of waste rock left
over during construction.
Stockpiling of Broken Ore
Stockpiling of ore underground has continued successfully. In total approximately 110 tonnes of ore
from the Maria vein have been loaded and transferred to the Run of Mine stockpile. Regular interval
in stream sampling was carried out with 44 samples yielding grades that are characteristically variable
and range from trace to 66.0g/t Au for an average of 4.5g/t Au, silver grades assayed in a range of
7.1g/t to 633g/t for an average of 68g/t Ag (please see
https://www.asx.com.au/asxpdf/20181214/pdf/44173qv872f6cz.pdf). This is supplemented by the
ore removed from the Mystery vein discussed above.
Metallurgical Testwork Pilot Plant
All components of the pilot processing plant have arrived and are being assembled off site. It is
anticipated that commissioning will take place during late February with completion of an initial test
batch completed by end April. One aim of this test batch is to prove that the required precious metal
recovery rates can be achieved and any potentially acid forming minerals can be removed from the
waste material leaving a chemically inert commercially viable by-product.
While the capacity of the pilot plant is relatively low the aim is to replicate the recovery rates which
were achieved using a similar flowsheet in the testwork carried out in South Africa in February 2018
(please see https://www.asx.com.au/asxpdf/20180322/pdf/43sn63s00fjnz6.pdf ) . Once recovery
rates are confirmed a larger plant, suitable for the longer-term needs is planned, dependent on other
options as the company continues to assess enquiries regarding altenative potential treatment
options.
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 to 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
one of New Zealand’s highest-grade underground gold mines, a JORC 2012 compliant mineral resource of over
469,000 ounces AuEq at an average above 15 g/t AuEq and a JORC compliant reserve statement. The Company
owns 100% of the Rahu exploration permit, 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.
7
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.
---
1
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-Executive Director
Tony Haworth Independent Director
Jane Bell Company Secretary
Wayne Chowles Chief Operating Officer
Capital Structure
Ordinary Shares at 20/06/2018 2,164m
Share Price
Share Price at 30/01/2019 (NZX) 1.5cps
Share Price at 30/01/2019 (ASX) 1.5cps
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
Sampling results from Mystery Vein show extension of
high-grade gold and silver mineralisation
Auxiliary fan commissioned and loading at Dubbo Zone
underway
Development of the Keillors 8A return airway
commences
Blasting Extraction and stockpiling continues
Access to Dubbo Zone advances
Following on the September quarter, which saw the resumption of mining
activities at the Talisman Mine for the first time since 1992, the board of New
Talisman Gold Mines is pleased to announce the results of yet another very
productive quarter which has seen the achievement of a number of objectives as
the company progresses towards production.
Figure 1 - The auxiliary fan and controls in place in No 8 Level Drive
With the NZD gold price reaching $1940 NZD per ounce, levels not seen since
March 2013 at a time when USD gold price was at $1600, the commercial returns
for both the short term and the long term mine plan continue to improve.
Quarterly Activities Report to 31 December 2018
2
TALISMAN MINE PROJECT
The Diagram below shows the stages of development and evolution the mine has taken since Heritage commenced exploration activities through to mine
development and planning.
3
The key milestones achieved at the Talisman mine during the quarter include: -
Mystery Vein
The Mystery Vein was discovered in the 1980’s, by then operator Cyprus Mines Corporation in joint
venture with New Zealand Gold Fields Ltd, when developing Keillors Crosscut to connect the Talisman
Mine with the adjacent Crown Mine. This cross-cut intersected a previously unidentified vein, now
called Mystery Vein, approximately mid-way between the historically productive Maria and Crown
vein systems. It is believed that this vein had not been identified previously because of its location on
the boundary between the two historic mining permits, although there is evidence that the vein may
have been encountered in the lower levels of the Talisman Mine. The vein has been exposed over a
strike length of some 50m and regular sampling carried out by New Talisman (then called Heritage
Gold) identified samples on the face of Mystery with grades of up to 50 g/t. Recent check sampling of
ore exposed at the drive face yielded grades of up to 40 g/t Au (please see
https://www.asx.com.au/asxpdf/20180508/pdf/43tvlpmv420f4f.pdf. )
The Mystery vein shows similar geological characteristics to the adjacent veins and follows a similar
north south strike direction, suggesting that this may be the same vein system worked at the historic
Rhoderick Dhu Mine which is located roughly mid-way between the Talisman and Crown Mines
around 100m below the current exposure on No 8 Level. Current activities at the Talisman prioritize
enhancing the Company’s understanding of this vein given its potential to be a major contributor to
mine life.
Regular extraction activities are taking place on the northern extension of the Mystery Vein. The face
of the drive has now been advanced a further 6.1m, on vein which averages 0.9m in width. Eight
tonnes of ore have been removed from the drive and the results of regular in stream sampling show
gold grades ranging from 6.2g/t Au to 18.2g/t Au for an average of 11.9g/t Au. Silver ranges from
23.0g/t Ag to 37g/t Ag for an average of 28.3g/t Ag. For more information please see the
announcement of 24/01/19 (https://www.asx.com.au/asxpdf/20190124/pdf/44225sh0bby4c4.pdf)
Testing of the resue mining method, where the vein and associated waste material are extracted in
separate cuts, is proving successful with the primary extraction of the vein achieving a clean break on
the contact between the vein and host rock. This enables the vein material to be loaded separately
from the waste, maximising the grade of ore trammed to the run of mine stockpile. Successful long-
term implementation of this mining method will hold significant commercial advantages for the mine
through reducing the tonnage of ore to be transported and milled, and correspondingly reducing the
costs involved, while at the same time increasing the feed grade of the milled material as very little
waste would be included.
4
Figure 2 - the face of the Mystery Drive showing the extension of the vein before sidewall waste is removed
Dubbo Zone Access
Installation of the underground auxiliary fan is complete, and the fan has been commissioned. Air
ducting is in place through the single-entry Dubbo extension of No 8 Level. This allows deployment of
diesel-powered machinery to the BM37 zone and loading of waste rock so that clearing access to the
BM37 rise can get underway.
Clearing of this rock will provide access to the high-grade Dubbo Zone of the Maria Vein. This zone
was identified by borehole BM37 which assayed 656 g/t Au over 1.8m including 1154 g/t Au over 1.0m
and was the location of the last mining activity to take place under the mines previous owners in the
late 1980’s. Sampling in this area has previously yielded results exceeding 1% gold (over 10,000g/t),
please see https://www.asx.com.au/asxpdf/20130705/pdf/42gx44jq96lzrs.pdf
There is little information available regarding the condition of the BM37 rise, and timing of access is
uncertain. Nevertheless, NTL have a number of options available to open up this very important area
and remove ore for process testing. If the rise is stable the objective of removing 5+ tonnes of the
bonanza grade material could be completed near the end of Q1. An update of progress in this area
will be provided to shareholders in the next few weeks.
Dubbo Return Airway and Second Escape
Development of an incline drive to connect Keillors Cross cut with the BM37 rise has commenced. This
incline is targeted to intersect the Maria vein approximately 15m above the existing Dubbo extension
and, from that point, will follow the vein to the intersection of the BM37 rise. This drive is an important
development for the project as it creates a return airway for mining in the Dubbo Zone as well as
creating a second escape way from that section of the workings.
5
Figure 3 - Muck pile and face following the initial blast on the Keillors 8A Incline
Completion of No 8 Level Drive Refurbishment
Final clean-up of the 8 Level drive, including securing vehicular access through the “Bandaid” and
“Viaduct” was completed. There was considerable uncertainty regarding the quantity and quality of
ore present in the area and thus timing was uncertain. Loading operations were carried out for two
weeks with no sign of slow down before the decision was made to barricade the area and build a
stopping to retain remaining ore in the stope. A reinforced retaining wall was constructed
incrementally from the hanging wall of the drive and is fitted with drain pipes to ensure adequate
drainage.
6
The viaduct, the area where the historic fall of ground occurred, has been cleared of waste rock left
over during construction.
Stockpiling of Broken Ore
Stockpiling of ore underground has continued successfully. In total approximately 110 tonnes of ore
from the Maria vein have been loaded and transferred to the Run of Mine stockpile. Regular interval
in stream sampling was carried out with 44 samples yielding grades that are characteristically variable
and range from trace to 66.0g/t Au for an average of 4.5g/t Au, silver grades assayed in a range of
7.1g/t to 633g/t for an average of 68g/t Ag (please see
https://www.asx.com.au/asxpdf/20181214/pdf/44173qv872f6cz.pdf). This is supplemented by the
ore removed from the Mystery vein discussed above.
Metallurgical Testwork Pilot Plant
All components of the pilot processing plant have arrived and are being assembled off site. It is
anticipated that commissioning will take place during late February with completion of an initial test
batch completed by end April. One aim of this test batch is to prove that the required precious metal
recovery rates can be achieved and any potentially acid forming minerals can be removed from the
waste material leaving a chemically inert commercially viable by-product.
While the capacity of the pilot plant is relatively low the aim is to replicate the recovery rates which
were achieved using a similar flowsheet in the testwork carried out in South Africa in February 2018
(please see https://www.asx.com.au/asxpdf/20180322/pdf/43sn63s00fjnz6.pdf ) . Once recovery
rates are confirmed a larger plant, suitable for the longer-term needs is planned, dependent on other
options as the company continues to assess enquiries regarding altenative potential treatment
options.
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 to 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
one of New Zealand’s highest-grade underground gold mines, a JORC 2012 compliant mineral resource of over
469,000 ounces AuEq at an average above 15 g/t AuEq and a JORC compliant reserve statement. The Company
owns 100% of the Rahu exploration permit, 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.
7
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.
---
1
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-Executive Director
Tony Haworth Independent Director
Jane Bell Company Secretary
Wayne Chowles Chief Operating Officer
Capital Structure
Ordinary Shares at 20/06/2018 2,164m
Share Price
Share Price at 30/01/2019 (NZX) 1.5cps
Share Price at 30/01/2019 (ASX) 1.5cps
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
Sampling results from Mystery Vein show extension of
high-grade gold and silver mineralisation
Auxiliary fan commissioned and loading at Dubbo Zone
underway
Development of the Keillors 8A return airway
commences
Blasting Extraction and stockpiling continues
Access to Dubbo Zone advances
Following on the September quarter, which saw the resumption of mining
activities at the Talisman Mine for the first time since 1992, the board of New
Talisman Gold Mines is pleased to announce the results of yet another very
productive quarter which has seen the achievement of a number of objectives as
the company progresses towards production.
Figure 1 - The auxiliary fan and controls in place in No 8 Level Drive
With the NZD gold price reaching $1940 NZD per ounce, levels not seen since
March 2013 at a time when USD gold price was at $1600, the commercial returns
for both the short term and the long term mine plan continue to improve.
Quarterly Activities Report to 31 December 2018
2
TALISMAN MINE PROJECT
The Diagram below shows the stages of development and evolution the mine has taken since Heritage commenced exploration activities through to mine
development and planning.
3
The key milestones achieved at the Talisman mine during the quarter include: -
Mystery Vein
The Mystery Vein was discovered in the 1980’s, by then operator Cyprus Mines Corporation in joint
venture with New Zealand Gold Fields Ltd, when developing Keillors Crosscut to connect the Talisman
Mine with the adjacent Crown Mine. This cross-cut intersected a previously unidentified vein, now
called Mystery Vein, approximately mid-way between the historically productive Maria and Crown
vein systems. It is believed that this vein had not been identified previously because of its location on
the boundary between the two historic mining permits, although there is evidence that the vein may
have been encountered in the lower levels of the Talisman Mine. The vein has been exposed over a
strike length of some 50m and regular sampling carried out by New Talisman (then called Heritage
Gold) identified samples on the face of Mystery with grades of up to 50 g/t. Recent check sampling of
ore exposed at the drive face yielded grades of up to 40 g/t Au (please see
https://www.asx.com.au/asxpdf/20180508/pdf/43tvlpmv420f4f.pdf. )
The Mystery vein shows similar geological characteristics to the adjacent veins and follows a similar
north south strike direction, suggesting that this may be the same vein system worked at the historic
Rhoderick Dhu Mine which is located roughly mid-way between the Talisman and Crown Mines
around 100m below the current exposure on No 8 Level. Current activities at the Talisman prioritize
enhancing the Company’s understanding of this vein given its potential to be a major contributor to
mine life.
Regular extraction activities are taking place on the northern extension of the Mystery Vein. The face
of the drive has now been advanced a further 6.1m, on vein which averages 0.9m in width. Eight
tonnes of ore have been removed from the drive and the results of regular in stream sampling show
gold grades ranging from 6.2g/t Au to 18.2g/t Au for an average of 11.9g/t Au. Silver ranges from
23.0g/t Ag to 37g/t Ag for an average of 28.3g/t Ag. For more information please see the
announcement of 24/01/19 (https://www.asx.com.au/asxpdf/20190124/pdf/44225sh0bby4c4.pdf)
Testing of the resue mining method, where the vein and associated waste material are extracted in
separate cuts, is proving successful with the primary extraction of the vein achieving a clean break on
the contact between the vein and host rock. This enables the vein material to be loaded separately
from the waste, maximising the grade of ore trammed to the run of mine stockpile. Successful long-
term implementation of this mining method will hold significant commercial advantages for the mine
through reducing the tonnage of ore to be transported and milled, and correspondingly reducing the
costs involved, while at the same time increasing the feed grade of the milled material as very little
waste would be included.
4
Figure 2 - the face of the Mystery Drive showing the extension of the vein before sidewall waste is removed
Dubbo Zone Access
Installation of the underground auxiliary fan is complete, and the fan has been commissioned. Air
ducting is in place through the single-entry Dubbo extension of No 8 Level. This allows deployment of
diesel-powered machinery to the BM37 zone and loading of waste rock so that clearing access to the
BM37 rise can get underway.
Clearing of this rock will provide access to the high-grade Dubbo Zone of the Maria Vein. This zone
was identified by borehole BM37 which assayed 656 g/t Au over 1.8m including 1154 g/t Au over 1.0m
and was the location of the last mining activity to take place under the mines previous owners in the
late 1980’s. Sampling in this area has previously yielded results exceeding 1% gold (over 10,000g/t),
please see https://www.asx.com.au/asxpdf/20130705/pdf/42gx44jq96lzrs.pdf
There is little information available regarding the condition of the BM37 rise, and timing of access is
uncertain. Nevertheless, NTL have a number of options available to open up this very important area
and remove ore for process testing. If the rise is stable the objective of removing 5+ tonnes of the
bonanza grade material could be completed near the end of Q1. An update of progress in this area
will be provided to shareholders in the next few weeks.
Dubbo Return Airway and Second Escape
Development of an incline drive to connect Keillors Cross cut with the BM37 rise has commenced. This
incline is targeted to intersect the Maria vein approximately 15m above the existing Dubbo extension
and, from that point, will follow the vein to the intersection of the BM37 rise. This drive is an important
development for the project as it creates a return airway for mining in the Dubbo Zone as well as
creating a second escape way from that section of the workings.
5
Figure 3 - Muck pile and face following the initial blast on the Keillors 8A Incline
Completion of No 8 Level Drive Refurbishment
Final clean-up of the 8 Level drive, including securing vehicular access through the “Bandaid” and
“Viaduct” was completed. There was considerable uncertainty regarding the quantity and quality of
ore present in the area and thus timing was uncertain. Loading operations were carried out for two
weeks with no sign of slow down before the decision was made to barricade the area and build a
stopping to retain remaining ore in the stope. A reinforced retaining wall was constructed
incrementally from the hanging wall of the drive and is fitted with drain pipes to ensure adequate
drainage.
6
The viaduct, the area where the historic fall of ground occurred, has been cleared of waste rock left
over during construction.
Stockpiling of Broken Ore
Stockpiling of ore underground has continued successfully. In total approximately 110 tonnes of ore
from the Maria vein have been loaded and transferred to the Run of Mine stockpile. Regular interval
in stream sampling was carried out with 44 samples yielding grades that are characteristically variable
and range from trace to 66.0g/t Au for an average of 4.5g/t Au, silver grades assayed in a range of
7.1g/t to 633g/t for an average of 68g/t Ag (please see
https://www.asx.com.au/asxpdf/20181214/pdf/44173qv872f6cz.pdf). This is supplemented by the
ore removed from the Mystery vein discussed above.
Metallurgical Testwork Pilot Plant
All components of the pilot processing plant have arrived and are being assembled off site. It is
anticipated that commissioning will take place during late February with completion of an initial test
batch completed by end April. One aim of this test batch is to prove that the required precious metal
recovery rates can be achieved and any potentially acid forming minerals can be removed from the
waste material leaving a chemically inert commercially viable by-product.
While the capacity of the pilot plant is relatively low the aim is to replicate the recovery rates which
were achieved using a similar flowsheet in the testwork carried out in South Africa in February 2018
(please see https://www.asx.com.au/asxpdf/20180322/pdf/43sn63s00fjnz6.pdf ) . Once recovery
rates are confirmed a larger plant, suitable for the longer-term needs is planned, dependent on other
options as the company continues to assess enquiries regarding altenative potential treatment
options.
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 to 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
one of New Zealand’s highest-grade underground gold mines, a JORC 2012 compliant mineral resource of over
469,000 ounces AuEq at an average above 15 g/t AuEq and a JORC compliant reserve statement. The Company
owns 100% of the Rahu exploration permit, 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.
7
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.
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.