Harmanis-backed Talisman gets lucky at Lachlan

The Kerry Harmanis-chaired Talisman Mining has enjoyed early success translating the results of its regional scale geophysical surveys into discoveries with the intersection of broad zones of lead-zinc-silver mineralisation at its Lachlan project, within the central Lachlan Fold Belt, New South Wales (reports MiningNews).

Drilling 3

The discovery hole assayed 192m at 1.3% lead, 10 grams per tonne silver and 0.6% zinc from 40m, including 20m at 2.7% lead, 24.5gpt silver and 0.01% zinc from 194m within the northern anomaly.

The hole ended in mineralisation at 232m. 

Another hole, testing the southern target, was suspended at 194m due to water inflows and challenging RC drilling conditions. It assayed 2m at 5.3gpt silver at 86m and 2m at 6.3gpt silver at 100m, with minor lead and zinc, but was still about 100m above the target 

Five other holes in the broadly spaced campaign targeting moving loop EM conductors in the were reported as having similar geology and alteration, however  most failed to hit their targets.

The presence of lead-zinc sulphides was supported by pXRF measurements.

Diamond tails needed

A follow-up diamond rig will start drilling tails on the six most promising holes.

The seven hole program at the Rip n Tear prospect area was designed to test conductors and large-scale soil anomalies for Cobar-style VMS copper-lead-zinc-silver mineralisation, similar to Aurelia Metals' Federation and Dominion discoveries. 

Rip n Tear sits within the Canbelego volcanic belt and had seen just three shallow percussion holes completed at 61m in the 1970s.

The rig will next drill the other prospects along the Mineral Hill Rift

Carpina North has delivered Talisman some significant gold intercepts suggestive of a low-sulphidation epithermal gold mineral system, Noisy Ned is a large gravity low that has previously returned thick but low grade zinc-copper, and the Durnings/Kaolin Shaft trend has historical copper-gold-lead-zinc-silver intercepts that may be extensions to the Kingston Resources' nearby Mineral Hill project.

Talisman is now lead by geologist Andrew Munckton as managing director, who joined recently after several years growing resources at Western Australian gold explorer Kin Mining, and exploration manager Dr Tim Sharp.

The new team has guided a reprioritisation of exploration targeting to test the potential for large-scale copper-gold and VMS copper-lead-zinc-silver deposits at depth.

Talisman remains well funded with more than A$8 million in cash and an 1% uncapped production royalty from Mineral Resources' Wonmunna iron ore project that generated $1.6 million last quarter.

The cashed-up explorer also snapped up a $500,000 slice of Pilbara gold explorer Novo Resources in its recent IPO. 

Harmanis is Talisman's largest shareholder with 19%.

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