Talisman Mining Permit MP 51-326
Gold was discovered at Karangahake in 1869 and mining commenced in 1875, with the main mining period lasting until 1919. Mining continued at varying levels of intensity up to 1992. The centre produced more than 1 million oz of gold and 3 million oz of silver over a total strike length of 1000 metres and to 700 metres depth. The majority of this production came from the Talisman and Crown mines (two separate vein systems) which are now held under the Talisman mining permit.
The Talisman mine comprises the Maria, Crown/Welcome and Mystery veins.
The Maria Vein averages 1-3 metres in width and demonstrated an estimated average historical grade of 28 g/t gold and 128 g/t silver.
The Crown Vein, about 0.6 – 1 metre in width, averaged 16 g/t gold and 12 g/t silver. Gold grades were lower than the Maria Vein but generally more consistent.
The Mystery Vein was discovered in the late 1980’s and has never been mined. Where it has been tested on Level 8 it averages about 1 metre in width.
The Talisman was mined on 16 levels during its life and good access is available on Level 8 which was refurbished by New Talisman Gold Mines for extensive channel sampling and drilling.
Previous underground drilling and channel sampling delineated a JORC 2004 compliant resource of 205,000 oz gold at a grade of 6.9 g/t and 800,000 oz silver at a grade of 27 g/t .
The company is has completed a Pre-feasibility Study on the Talisman project and announced an ore reserve of 28,800 oz gold.
The company is now planning a comprehensive underground resource definition and metallurgical sampling programme to increase the size and confidence level of the resource.