Quarterly Activities Report to 30 Sept 2020

1

New Talisman Gold Mines
Limited

Responsible,
Environmentally
Sustainable Mining

ASX/NZX Code NTL
____________________

Commodity Exposure
GOLD and SILVER


Board

Charbel Nader Chairman/Independent Director
Matthew Hill Chief Executive/ Managing Director
Murray Stevens Non-Executive Director
Jane Bell Company Secretary


Capital Structure
Ordinary Shares at 30/09/2020 2,792m



Share Price
Share Price at 30/10//2020 (NZX) 0.6cps
Share Price at 30/10//2020 (ASX) 0.5cps



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
New Talisman Gold Mines Limited (NTL) is pleased to present the report on
activities for the quarter ended 30 September, 2020.

HIGHLIGHTS
• Mine reopened following second Covid-19 lockdown.
• Authority to Enter and Operate Talisman renewed by Department
of Conservation.
• Access Agreement with Department of Conservation renewed.
• Strategic management review of the business underway.
• Driving on Mystery Vein to commence shortly.
• Terra Firma engaged to carry out work on the Mystery.
• Work programme to explore and define near mine resource
targets commencing.
• Loyalty shares issued
During the quarter the Company continued to progress the Talisman mine
project, advancing the technical activities and analysis during the second
lockdown which due to the 2m by 2m addits and a sole airway meant
underground activities were halted and for a second time this year the team
remobilised to site to undertake the planned activities previously outlined for the
Mystery vein.
The primary focus is on securing a treatment route for processing extracted ore.
This will ensure maximum volumes are extracted under the current consent while
a longer-term consent is being prepared for full term of the mining permit
currently held by NTL.
At the end of the quarter the team have finalised the planning and risk
assessments for works at Mystery and currently await delivery of materials in
order to commence ground support and blasting. The programme to be
implemented by NTL’s mine contractor, Terra Firma, will involve driving to the
north on the Mystery Vein to produce ore and enable detailed sampling to
expand the gold resource and increase confidence levels on grade and continuity.

Previous sampling of Mystery by NTL has shown grades up to 50g/t gold, while
check sampling during the last phase of driving on vein showed a weighted
average grade of the vein across the current face of 1.8m at 39.35g/t Au, 34.75g/t
Ag, including narrow footwall stringers. (Please see
https://www.asx.com.au/asxpdf/20180508/pdf/43tvlpmv420f4f.pdf).
This gives the Company confidence to continue driving on vein which will provide
data to support plant design parameters as well as commercial discussions with
third parties on potential treatment options.
Quarterly Activities Report to 30 Sept 2020

2

Resource Expansion and Target Identification
During the previous quarter NTL announced the results of reviewing past exploration data to identify
opportunities to expand known resources and upgrade existing targets that lie within current resource
blocks or nearby.
These targets that were first reported in a release to the ASX/NZX on 8 June, 2016,
(
https://www.asx.com.au/asxpdf/20160608/pdf/437rrdbmhdt90d.pdf), include the Mystery both the
underground and surface exposures, the Crown Vein, in particular the area between the 5A level and
the surface and the Imperial/Sutro vein system that lies approximately 100 m east of the Crown Vein.
Geological modelling is underway and necessary permits being sought from Department of
Conservation for low impact surface activities associated with the target evaluation.
Corporate
During the quarter the board resolved to continue with a 20% reduction in corporate costs. While
progressing technical activities with restrictions in place underground costs have remained minimal
with management deciding to await delivery of specialist materials from Australia prior to
commencing works with Terra Firma Ltd(TFM).
As announced Tony Haworth retired from the board during the period. As part of the current review
the board is evaluating the skills in house and reviewing a number of potential candidates for
appointment to the board.
During the quarter 100,041,038 shares were issued as a result of the loyalty shares which were
attached to he previous rights issue for those shareholders who took up and held their entitlement
for 12 months. This represents approx. 95% of shareholders retained their shares for the period and
received the loyalty share.
Strategic review
As outlined at the AGM the management team have undertaken to provide the board with a review
of the overall business and current mine plan in line with both the AMC report and data acquired in
the first stage of the works underground. This is estimated to be completed in mid-November and will
form the platform for the board to review the current strategic direction of the Company and any
changes in line with the current project plan and budget.
Following the board strategy review a detailed outline of the project plan and strategic direction of
the business will be provided in a detailed update to shareholders.
Regulatory
Annual Review Meeting
During the quarter the company undertook its annual review with NZPAM, DOC, WRC, HDC and
Worksafe. Following the AMC review of the resource estimate a majority of queries by NZPAM were
addressed. A follow up meeting has been arranged to address a number of technical queries as well
as review the Rahu permit and options in that regard.

3
Department of Conservation
During the period, the company lodged its annual renewal for its Authority to Enter and Operate the
Talisman mine pursuant to the proposed bulk sampling project plan. This authority allows access for
equipment to complete upgrading the access road in preparation for increased vehicle movements,
and to the portal hardstand to begin construction of surface facilities.
The company also lodged its access agreement renewal with the Department of Conservation during
the quarter.
Rahu Gold Project (100%) – Hauraki District, NZ
At the AGM, the company announced its intention to relinquish the Rahu permit. In discussion with
NZPAM the company is exploring options which may allow amendment to the current work program
on the permit which is currently restricted by access issues.
Tenements
Rahu Resources –EP60144 100% New Talisman
Talisman Mine – MP51326 100% New Talisman Gold Mines Limited








Competent Person Statement
The information in this report that relates to exploration results, exploration targets and mineral
resources is based on information compiled by or supervised by Mr Murray Stevens. Mr Stevens is a consulting
geologist and director of New Talisman Gold Mines Ltd, who is a corporate member of the AusIMM. Mr
Stevens has sufficient experience which is relevant to the style of mineralisation and type of deposit under
consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2004
and 2012 Editions of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore
Reserves”. Mr Stevens consents to the inclusion in this report of the matters based on his information in the
form and context in which they appear.
About New Talisman Gold Mines Ltd
New Talisman Gold is a dual listed (NZSX & ASX: NTL) with over 2900 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.