Quarterly Activities Report to 30 June 2021

GENERAL

Fri, Jul 30 2021 03:41 pm

New Talisman Gold Mines Limited (NTL) is pleased to present a report on activities for the quarter ended 30 June 2021.

HIGHLIGHTS
• Talisman secures industrial site for a processing plant
• Vanuatu acquisition complete
• Critical Mineral Resources strategy to develop NZ REE project
• Broken Hills Historic Mine Limited acquisition progress update.
• Review of board composition
The period under review has been a productive quarter and has resulted significant progress on a number of fronts. This includes key milestones which management have been progressing over the last 12-18 months now being close to fruition, setting the pathway for commencement of the development of a processing plant and recommencement of underground activities once mine planning and resourcing is complete.
As announced in the annual report the technical team have continued to work on the resource update at Talisman and mine planning is being undertaken as set out below to ascertain the economic volumes needed to cater for the proposed processing plant.
During the period commercial discussions progressed with NZIMMR and a formal proposal has been received which sets out the basis upon which a stand-alone entity could be formed as an incorporated joint venture to develop a processing and refining business for which NTL would look to provide both Broken Hills and Talisman ore from any extraction undertaken and existing stockpiles. Should the NZIMMR proposal be finalized the site which has been identified would be used for this purpose.
As announced the company has halted underground extraction works at Talisman underground in order to finalize mine planning as recommended by Terra Firma given the geotechnical and geophysical nature of the Dubbo face.
In parallel with the development of a more substantive mine plan aimed at maximizing outputs from Talisman and Broken Hills and following the identification of an industrial site with existing infrastructure a flow sheet capable of processing the ore from both mines is in place and a search for plant and equipment for processing is currently underway. The extent of which will be dependent on whether the Broken Hills acquisition is complete. The Broken Hills acquisition includes plant which is ready for immediate mobilization to the new processing site and would take approximately 60 days to commence processing small volumes once due diligence is complete and the acquisition finalised.

Refer to the attached document for the full report