This is excellent news.:)
Printable View
Yes, It's been an awwwfully long time coming but assuming this is approved, it adds 25% to the resource "to just under 250,000 oz of gold." Excellent news indeed!
Now if we could just get 25% added to the share price for starters would be even better. Dont think this sank in at all with Mr Market.
Treated it with complete ignore or perhaps obliviousness more likely.
I'm chuffed there seems to be a connection. Looks like the Ohinemuri carved a canyon right through the middle of the field.
This in from Proactive. A few bits extra to the announcement re Rahu
New Talisman Gold Mines increases total gold resources by 25%
Tuesday, August 26, 2014 by Proactive Investors
http://www.proactiveinvestors.com.au...c109614cfa.jpgNew Talisman Gold Mines increases total gold resources by 25%
New Talisman Gold Mines (ASX:NTL) has filed an application to include the Rahu exploration permit into the Talisman Mining permit after declaring a Resource over Rahu.
Rahu has an Inferred and Indicated Resource of almost 2.4 million tonnes at 0.54 grams per tonne, or 41,591 ounces of contained gold, increasing the company’s total Resource by 25% to just under 250,000 ounces.
This is part of its strategy to ensure the future growth and expansion of the Talisman Project.
Talisman is located on the Coromandel Peninsula and had previously produced 1 million ounces of gold and 3 million ounces of silver.
“Whilst continuing to complete steps toward the Talisman Mine, the technical team have completed a significant body of work to make an application on Rahu and have met the criteria set out in the minerals program,” chief executive officer Matthew Hill said.
“It has always been our view that Rahu is an extension of the Talisman Vein systems and would become part of the longer term future of the sustainable mining development at the Talisman mine.
“The Rahu deposit has increased the Talisman Groups total resources by approximately 25% to just under 250,000 ounces of gold.”
Rahu Resource
New Talisman has completed about 2,492 metres of drilling at Rahu, which together with previous drilling campaigns and geological investigations, provides evidence its mineralisation and alteration present represents the upper levels of and northern extension of the Talisman epithermal gold system.
Most of the drilling has intersected broad zones of low-medium grade gold and silver mineralisation with narrower higher grade intervals.
This is characteristic of the upper parts of an epithermal system.
Highly mineralised quartz vein fragments (up to 7.6g/t Au) in hydrothermal breccia zones present within drill core attest to the presence of deeper higher-grade quartz veining that is characteristic of the veins mined within the Talisman Mine.
It also provides further evidence that Rahu is an extension of Talisman. The EOL to include Rahu in the Talisman MP will allow for a natural extension of mining operations from the Talisman.
Rahu has an Indicated Resource of 277,669 tonnes at 0.6g/t gold and 8.79g/t silver and an Inferred Resource of 2,116,904 tonnes at 0.53g/t gold and 2.64g/t silver.
Talisman Gold Mine
New Talisman was earlier this month authorised to enter and operate the Talisman gold mine permit on the Coromandel Peninsula.
A work program is currently underway to exploit target areas, including Rahu, while discussions are progressing with a major gold producer regarding the potential for a joint venture arrangement on exploration targets at Rahu.
The company is also working closely with the New Zealand Department of Conservation to finalise the regulatory aspects of its trial mining project plan.
Talisman previously produced 1 million ounces of gold, 3 million ounces of silver, and has a current JORC Resource of 205,000 ounces of gold from two separate mines, Talisman and Crown.
The Talisman permit area has the potential to host between 0.55 million to 2 million ounces of gold and between 1.5 million to 6 million ounces of silver.
The vein systems within the two mines extended over a strike length of 1,000 metres and depth of 700 metres.
Both historic mine areas are now held under a single 25 year permit to mine.
A Pre-Feasibility Study completed in 2013 confirmed an initial Phase One life of mine of 5 years to generate NZ$68.2 million in revenues for a cash surplus of NZ$23.4 million.
Start-up capital was estimated at NZ$5.4 million.
Analysis
While the Talisman Gold Mine already offers compelling economics, the addition of an additional 41,591 ounces of contained gold from the Rahu to the existing 205,000 ounces is value accretive.
This could also draw the major gold producer that it is already in discussions to sign a joint venture exploration deal.
The next steps for NTL will be the lodgement of a health and safety management plan by the end of August. Ore stockpiles will be readied for treatment once the company has finalised toll treatment arrangements.Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.
Thanks Miner. Any thoughts on who the major gold producer is?-Newmont?
Some back of the napkin calcs here. Current market cap 6.5 million NZD. Approx 250,000 oz Gold resource. From memory mining costs of $600 oz. Let's say $800 to cover any extra expense at Rahu. Current POG $1280 USD. I make that better than $650 nzd an oz profit. Multiply by 250,000 oz = 1.62 billion PROFIT.
Am I horribly wrong here?
Cheers cyclist. My calculator didn't have enough digit spaces. Apologies for error to all readers. Still, at 162 million profit she still looks awfully cheap at 6.5 million market cap.
The volume of NTL shares traded has picked up significantly of late.
Sorry, someone should have welcomed you to this thread by now. It has picked up quite a bit but the price hasnt done much- usually takes a couple of days for things to sink in over in Oz so we may still see some interest from the Rahu announcement. We are all hanging in there.
Cheers and welcome:)
Welcome R3V3R3NT. That's hard to type.
I was bought here many moons ago after a wild moose appeared to me in a dream and suggested that I didn't have any gold in my portfolio. I have been in the wilderness for some time now without seeing any gold and the acronym DYOR ringing in my mind.
Disc: Wasn't really Moosies fault but I always believe the last opinion I read and his was in front of me at the time.
Hi all, and welcome new users,
I have held this stock now for a long time, and have seen no real returns apart really. I think a lot of other long term holders are in the same position and would like to see this ball rolling. As for the gold producer, I would say it is Newmont. Wouldnt want to have to ship our ore to a far off producer if we dont have to, and Newmont is very close to the Karagahapi Gorge and the mine, so that would be a safe bet.
I am looking forward for things to come, when people start writing about the company, such as ProActive, it is generally a good sign. Recently another one of my stocks just started to get covered by proactive and it brings a lot of interest, so this is a good sign. Hopefully we will see some real progress made soon, really we are waiting for one announcement that regarding maybe a JV with a gold producer or the like. That day will change this stock. But it also may never come. Who knows, we all know the risks involved in a small startup mining company, and if you dont you probably shouldnt be here :eek2:
Dej
Not your fault Moosie. I bought this in a fit of excitement at 2.5. The SPP actually saved me as I bought way more than my initial holding and now my average is within striking distance 1.4 cents. Its actually kind of cool owning a gold mine. I will be hanging in there for the long haul.
Bit confused about all this...
New Talisman Gold Mines Limited (New Talisman) intends to undertake an offer of up to 204,219,035 new listed shares (the Offer) from the shortfall from the pro rata 1 for 2 renounceable rights offer which closed on 6 June 2014.
https://www.nzx.com/companies/NTL/announcements/254587
and
For the purposes of Listing Rules 7.12.1 New Talisman Gold Mines Limited advises the following
Securities have been issued:
a Class of security Ordinary Shares
ISIN NZHERE0001S6
b Number issued 4,375,000
c Nominal value $35,000
d Payment terms Payable in cash
https://www.nzx.com/companies/NTL/announcements/254587
So, Geoff Hill gets to pick up $4.3m shares at .08 now that price has firmed from .08 (at time of rights issue) to 1.0 - 1.1 ? (after Rahu and 3 other price sensitive announcements)
https://www.nzx.com/files/attachments/199572.pdf
Do we all get this opportunity?
I am probably misunderstanding it, but need help here
'I found it.
The shortfall shares can be placed at the discretion of the Board no later than 3 months after the closing date of the offer which is 6 September 2014.
https://www.nzx.com/companies/NTL/announcements/251517
But it doesn't make me any happier...
Some dilution to come. Who else will the board favour?
Immediately after the only partly successful rights issue NTL advised that they would "seek 204,219,035 shares prior to 6th September 2014 $1.63M", hence today's announcement.
It will go to soph's probably at one, two or three cents below vwrap, but if it fully capitalises the venture all shareholders will benefit as the company can thus now move forward and get on with mining the glittery stuff.
It is a shame that we kiwi's put all our hard earned cash into real estate rather than companies like NTL, must be a total frustration for small start-up's like this, could though also be something to do with asking price too.