TLM comes out of a halt after an announcement with the wrong date to release an announcement with an incorrect name. Good job they are explorers not editors! "Significant Base Metal Discovery Confirmed at Burnings." Not sure that the announcement warranted a halt but the SP is up 30% today.

Significant Base Metal Discovery Confirmed at Durnings with Massive Sulphides in Diamond Drilling Follow-up RC and diamond drilling intersects significant zones of lead-zinc-copper mineralisation.

Talisman’s Managing Director, Andrew Munckton, said: “The follow-up drill program at Durnings has intersected some impressive visual mineralised intersections for Talisman based on logging by our experienced field team, confirming that this is a potentially very significant base metal discovery and a potential game-changer for the Company. 

“The diamond drill rig will confirm the geological interpretation and target the Deeper zone on these strike extension lines in the next few weeks. “Our geology team is looking forward to integrating the new knowledge derived from this RC and diamond drilling program with our full assay dataset from Durnings to provide a more detailed and accurate picture of the orientation and style of lead-zinc-silver-copper-gold sulphide mineralisation and to fully test this extensive structural corridor and emerging mineralised system in the coming weeks.”

Sold out in SM but held in RL

TLM issued a speeding ticket today. No news up 27%. Volume well over double usual buy in days. Sold out today in SM but still hold in RL(15%).

Quite a lot of discussion about copper shortages at the moment. TLM has 1000km2 at Mabel Creek in SA Gawler Craton with potential for copper- gold discoveries. No debt and funded from the iron ore royalty in the Pilbara which is significant at the current iron ore price.

Good drill results from TLM. Could be developing into a decent resource. Updated presentation

“These initial results from Durnings are very encouraging, both in terms of the high-grade gold intersection returned and the pervasive combinations of base and precious metals returned in the step-out holes. In combination with the results from the Kaolin Shaft drilling just to the north-west, these results highlight that this whole area is highly mineralized. “We need to do more interpretative work to understand if there is a larger mineralising system at play here and what the key to unlocking it is to generate an exciting new discovery. “The team is already planning future work programs in this area as a priority while continuing to work flat-out on the current drilling programs, testing multiple geophysics targets throughout our Central Lachlan Project.”

High-Grade Gold With Significant Base Metals Intersected at Durnings Prospect, NSW High-grade assays of up to 17.5g/t Au, 1.4% Cu and 12.8g/t Ag reinforce the polymetallic potential of the area and extend the known mineralisation at depth

Modern exploration techniques yielding further prospects.

Compelling New Drill Targets Identified From Geophysical Surveys at the Lachlan Project, NSW

Priority chargeable and conductive anomalies identified in areas known to host base and precious metal mineralisation; Drilling to be expedited in Q2/Q3 2023

The definition of new drill-ready anomalies reinforces Talisman’s exploration strategy of systematically narrowing the exploration search space to identify robust exploration targets.

“Our concurrent work streams of drilling, geophysics and geochemistry are starting to bear fruit in NSW. The identification of the priority Stella and Rip and Tear geophysical targets represents an excellent outcome from our systematic and methodical greenfields exploration approach. "

Another quarter where TLM royalties cover exploration costs. Some drilling results to come in the current quarter and the auger drilling program starts with initial on site results coming in over the next half. Still some delays due to lab delays and weather. Royalties will be lower going forward as the iron ore price is predicted to be decreasing over the near term.

Drilling commenced on 12 geophysical targets with mixed results. Some with no mineralisation to explain the anomaly others such as the Kaolin Shaft and Durnings prospects, visual base metal sulphides were encountered in all seven drill-holes. Talisman is awaiting assay return for these drill-holes at present, which are expected in May.

Analytical results for geochemical assays experienced extended turnaround times in 2022, with expected six-week assay returns being delayed by 3-4 months.

The auger drilling program is designed to test basement geochemistry across targets generated by regional geophysical surveys and is estimated to take 4-5 months to complete, depending on final hole depths across each program, with analysed samples providing a pipeline of ongoing geochemical anomalies for further work.

To allow for rapid target generation based on auger drilling programs, Talisman has partnered with Portable PPB Pty Ltd, an Australian private company holding the exclusive global licence to the CSIRO developed low-level gold by pXRF technology known as detectORE.

The technology is a fast, simple and robust process to enable the leaching, concentrating and detection of gold from a bulk sample at parts per billion levels with high precision using conventional hand-held XRF instruments, this will allow Talisman to return a fast (less than 12-hour turnaround) on-site preliminary gold and multi-element geochemistry result to guide real-time exploration, while still allowing follow-up geochemical analysis via commercial assay laboratories.

Held in SM and RL

TLM picks up SA copper / gold tenements for $200K +$100K shares. Seems like a good deal?

“Such a low-cost acquisition, with no trailing royalty obligation – strategically located near existing world-class mineral deposits – is a great outcome for Talisman."

Talisman Strengthens Copper-Gold Portfolio With Acquisition of South Australian IOCG Project Acquisition of under-explored Gawler Craton project provides Tier-1 copper-gold discovery potential in a highly prospective district.

The Project is surrounded by exploration licences held by other major mineral companies, including recent tenements granted to FMG and Rio Tinto Exploration, as well as the exploration ground held by Oz Minerals and the BHPGroup and their existing Tier-1 mining and development projects. The regional presence of these significant mining companies highlights the exploration opportunity for additional significant copper-gold discoveries in the Gawler Craton.

Ongoing weather delays for exploration but drilling planned to start this month. Small cash inflow. Lower production and lower prices reducing royalties. SP has recovered a bit from its lows.

Over 9,000m of Reverse Circulation and 600m of diamond drilling planned, this overall program is expected to be the largest single drilling program to be undertaken by Talisman on the Central Lachlan Project. Talisman has submitted and received approval for the majority of this program with remaining approvals anticipated to be received early in the first quarter of calendar 2023.

Quarterly

Quarterly activities adding another $550+k to cash from royalties of $2M covering exploration costs and despite weather delays continuing to develop drilling of identified prospects. As at 30 September 2022, Talisman had $9.5 million cash available for its operating and investing activities. MC $26M.

“Talisman has experienced significant delays to its drilling schedule as a direct result of excessive rainfall in the Central West region of NSW during much of this year.

Heavy flooding is currently being experienced throughout the region as a result of continued rainfall on already saturated ground. Operational staff are continuing to plan and schedule work to maximise opportunities for on-ground activity.”

“The reduction in iron ore royalty receipts from the previous quarter reflects a softening in the global iron ore pricing on both WIOM sales made during the quarter and unfavourable final price adjustments on iron ore sales made in the previous quarter, in accordance with Wonmunna sales contracts.

Since the commencement of iron ore production at the WIOM in March 2021, total royalty payments of $9.1 million have been received by Talisman as at the date of this announcement.”

TLM travelling nicely. Exploration costs covered by royalties and $734K FCF +ve this Q roughly $1M cash burn in 12 months. Royalties will decrease following the fall in Iron ore price.

Royalty cash receipts from the Wonmunna Iron Ore Project of $2.33 million received for the quarter with a further $0.74 million received subsequent to quarter-end2.

Company advises its exploration and evaluation expenditure during the June 2022 quarter totalled $1,294,000.

Ongoing review of metalliferous mineral growth opportunities throughout Australia.

Talisman remains well-funded with cash on hand at 30 June of $8.9 million.

Promising results from TLM's aerial surveys in NSW. Delays continue due to weather events

New targets defined by first-mover geophysical surveys, supplemented by encouraging assay results from recent drilling

Processing and interpretation of the landmark FALCON airborne gravity gradiometry (AGG) survey now completed.

Processing and interpretation of the airborne electro-magnetic (AEM) survey in progress, with preliminary interpretation completed.

Three high-priority AEM and 10 high-priority AGG targets defined to date, further targets expected to be identified in the coming weeks .

Assays returned for drill programs at Carpina North outline wide intervals of gold mineralisation, confirming the gold-in-soils target. Assays include 40m @ 0.51g/t Au from 24m down-hole in hole CNRC0012.

Complete assays returned for the RC drill program at Kaolin Shaft confirm presence of polymetallic base & precious metal mineralisation, including 2m @ 1.42 g/t Au and 2.5g/t Ag from 16m down-hole, 2m @ 0.67% Pb, 2.28% Zn and 5.1g/t Ag from 92m down-hole and 4m @ 0.50% Pb, 1.41% Zn and 2.5g/t Ag from 106m down-hole in KSRC0012.

Further ground-based work underway at both targets including preparations for a major new drilling campaign, scheduled to commence this quarter (weather and access permitting). 

Initial testing of the targets will begin in the latter half of this year as part of a major new program of drilling scheduled to commence this quarter, weather and access permitting. This follows delays to the Company’s drilling schedule due to the very high levels of rainfall which have been experienced across Australia’s Eastern Seaboard this year.

Good royalties from Iron ore but higher spending means a cash outflow. Delays with assays, aerial surveys and drilling due to demand, weather and COVID. Results to flow through in June and September quarters.

Royalty cash receipts from the Wonmunna Iron Ore Project of $1.24 million received for the quarter with a further $0.76 million received subsequent to quarter-end

Exploration and evaluation expenditure during the March 2022 quarter totalled $2,785,000.

Net outflow of 1.58M for 9 months.

Talisman remains well-funded with cash on hand at 31 March of $8.2 million. 

A total of 2,545 samples were submitted to ALS Global’s laboratory in Orange NSW for analysis during the quarter with assay results anticipated during the June 2022 quarter. Due to current high activity levels throughout the exploration and mining sector, assay returns are significantly delayed from normal laboratory turnaround times, presently taking around ten to twelve weeks from submission to assay return.

A parallel Airborne Electro-Magnetic (AEM) survey aiming to identify bedrock conductors associated with mineralisation completion of the survey has been delayed and is now expected in late April 20221 . Following delivery of final data by UTSGeo and processing and interpretation by SGC, final products are now expected to be available to Talisman in the September 2022 quarter, however Talisman will have access to high priority preliminary data prior to delivery of final products.

Drilling commenced at the Babinda Copper Prospect subsequent to quarter end with a total of five drill-holes planned1 . Drilling progress has been interrupted by a number of substantial rainfall events and significant groundwater inflows, impacting the ability to complete holes to planned depths to test beneath historical workings. Additionally, the two reconnaissance RC holes planned on the conceptual base metals target in the north-west of the tenement1 are currently unable to be accessed due to significant rainfall causing the area to be impassable to heavy vehicles. Whilst initial drilling has intersected disseminated copper sulphides through a structurally complex series of lithologies, drill testing of the Babinda Copper Prospect remains incomplete and will be replanned when access conditions are suitable and undertaken with appropriate equipment to manage high water inflows.

Seems a low cost addition to the TLM leases. Hopefully they will find more anomalies once the hail damaged helicopter allows the planned surveys.

Talisman Expands Prospective Footprint in NSW Cobar Superbasin with Strategic Acquisition $10k with buyback or royalty options for Rio Tinto

Expansion of Lachlan Fold Belt tenure through acquisition of highly prospective Monia Gap tenement from Rio Tinto Exploration

Completion expected to occur by the end of June 2022.

EL8907, which covers an area of 1,043km2, is considered highly prospective for copper-gold mineralisation and encompasses the intersection of several regional-scale structural lineaments. The western areas of the Tenement host historic workings and prospects that have seen little to no modern exploration but have been worked previously for quartz-vein hosted gold, possibly indicative of the surficial expression of a concealed epithermal gold system.

Further the central area of the tenement has a significant bullseye magnetic anomaly which cannot be explained by the regional geology and is offset oblique to the mapped strike of geological units in the area, making it likely that this anomaly is associated with a fault or shear not previously identified 

Following acquisition of the Tenement, Talisman plans to commence negotiations with land-holders for access for exploration and commence initial low-impact mapping and geophysical surveys before drill testing any high-priority targets defined from this process.

Management Comment

Talisman CEO: “We are looking forward to completing our transaction with Rio Tinto Exploration to expand our tenure portfolio in the Cobar Superbasin, as we believe this tenure provides us with additional opportunities to make a significant mineral discovery.”

$2.7M of royalty revenue covered exploration costs ($1.2M) and gave a +FCF of $246K. $10M cash.

Royalties should increase in the future as Wonmunna Iron Ore Mine has received approval to potentially double output.

"Assessing a number of exploration stage and more advanced assets"

TLM Stockhead interview with Kerry Hermanis about a busy exploration year in copper /gold in CY22.

10M cash and royalty income from the sale of the Monty iron ore resource (this income stream will reduce with the falling iron ore price )supporting a 3M quarter of exploration in NSW including drilling, aerial electromagnetic and gravity surveying (which has not been done before in that area)..

Potentially significant upside if the 4 sets of drilling results this quarter show positive results.

SP has been on a rally in recent times but still off its 25c peaks.