Quote:
New Talisman sets reserve for project start up
1 November 2013 Durable Coromandel gold explorer New Talisman Gold Mines Ltd (NZX & ASX: NTL) has established an ore reserve from its resources at the historic Talisman gold project at Karangahake for project start up.
The company’s September quarter report said the reserve contained 28,800 ounces of gold and 127,800 oz silver. This reserve was 82,500 tonnes grading 10.8 g/t gold and 48.1 g/t silver, using a cut-off grade of 1.7 g/t Au.
New Talisman has undertaken more metallurgical testing of the Talisman ore and has tested ore samples grading up to 453 grams/tonne gold (14.6 oz/t).
The report said 146 kilograms of fine-ground ore has produced 3 oz of gold and silver. Additional concentrates will be used for planned test work to evaluate the most effective gold recovery.
Executive director Matthew Hill said the company will continue to test further ore as bulk sampling proceeds.
A gap analysis on the pre-feasibility study undertaken for New Talisman by Hatch Goba indicated confidence the study had conformed to requirements for a technical study.
Unlisted subsidiary Coromandel Gold Ltd was continuing work on the Golden Valley gold project, also in the Hauraki district and on the company’s base and precious metals prospect in the Northland region.
Maybe gold isn't at $1800/oz, but it's still at a healthy $1350/oz, NTL shareholders should do OK eventually.