Talisman Mining Initiates Drilling at Yarindury Copper-Gold Prospect
TLM (TLM) Share Update September 2024 Sunday 29th
Talisman Mining Begins Drilling at Yarindury Cu-Au Prospect
Talisman Mining Limited (ASX: TLM) has announced the commencement of its maiden drilling program at the Yarindury Copper-Gold Prospect, a significant step in exploring large geophysical anomalies in the highly prospective Molong Volcanic Belt.
Instant Summary:
- Diamond drilling program commenced.
- Testing large, km-scale, high amplitude magnetic geophysical anomaly.
- Land access agreement signed and exploration work approved by NSW Department of Primary Industries and Regional Development.
- Yarindury Prospect Exploration Licence (EL9679) covers a large porphyry-style copper-gold target, 30km east of Dubbo.
- Initial drilling program comprises up to five holes, scheduled for completion in the December quarter.
Project Overview
Talisman Mining Limited (ASX: TLM) has commenced drilling at its Yarindury Prospect, located 30km east of Dubbo in the Molong Volcanic Belt of central-western New South Wales. The prospect is situated in a highly prospective geological belt known for significant copper-gold deposits.
The Yarindury Prospect lies within the same geological and mineralised belt as Alkane Resources' Boda-Kaiser Project and Newmont's Cadia copper-gold mine. These projects have demonstrated substantial mineral resources, highlighting the potential of the region.
Geological Context
The Yarindury Prospect is characterised by large, high-amplitude magnetic geophysical anomalies, indicative of porphyry-style copper-gold mineralisation. Previous exploration by Alice Queen Limited and Newcrest Mining identified favourable geological units with weakly anomalous copper and gold mineralisation.
The current drilling program aims to test the largest and strongest amplitude magnetic anomaly on the western boundary of the Molong Volcanic Belt, which has not been previously drilled. The initial phase will involve up to five diamond drill holes, with the possibility of additional drilling based on initial results.
Drilling Program and Approvals
Talisman Mining has secured all necessary approvals from the NSW Department of Primary Industries and Regional Development and has signed a landholder access agreement. The drilling program is scheduled to be completed in the December quarter, with results expected to provide detailed geological context and potential indications of copper-gold mineralisation.
The management of Talisman Mining is optimistic about the potential of the Yarindury Prospect. Managing Director Andrew Munckton highlighted the project's strategic importance, given the strengthening prices of copper and gold globally.
The commencement of drilling at the Yarindury Prospect is a significant milestone for Talisman Mining. The exploration of large geophysical anomalies in a highly prospective region could lead to the discovery of substantial copper-gold deposits. This has the potential to positively impact the company's stock, as successful drilling results could enhance the company's resource base and future prospects.
Investor Reaction:
Analysts are likely to view this development positively, given the strategic location of the Yarindury Prospect within a well-known mineralised belt. However, investor reaction will depend on the initial drilling results. Positive results could boost investor confidence and lead to a rise in the stock price, while inconclusive results may temper enthusiasm.
Conclusion:
Investors should closely monitor the progress of the drilling program at the Yarindury Prospect. The results of this exploration could have significant implications for Talisman Mining's future. Staying informed about the developments and potential discoveries will be crucial for making informed investment decisions.