Pre-feasibility study now underway for reopening Karangahake mineRoss Louthean — 5 November 2012
The pre-feasibility study for re-developing the historic Talisman gold mine at Karangahake was now underway for New Talisman Gold Mines Ltd (ASX & NZX: NTL).
This was a highlight point from the company’s just-released September quarter report and it follows a review of a scoping study obtained from the consultancy Mining One Pty Ltd.
The blueprint for the Talisman is for a small-scale, high-grade underground operation with a focus on the old mine’s Maria Vein and associated vein systems.
The company said recovery of existing stope-fill of “moderate grade” from the old workings appears likely, which will provide for early mine production.
The target was to complete the pre-feasibility by the end of March next year.
“Approaches have been received from a number of potential investor groups from China and Australia and a recent site visit conducted. Discussions are progressing with these parties,” the company said
New Talisman was hoping to appoint a mining engineer with specialist underground experience within the next few weeks.
The quarterly report said exploration over the next two years on the neighbouring Rahu exploration permit at Karangahake will take in deeper drilling of targets. The geological model indicates higher grades of gold and silver exist at depth.
The company has been granted a three year appraisal extension to the Rahu exploration permit and says a strong discovery at Rahu could provide supplementary ore for the Talisman operation in the longer term.
Subsidiary unlisted company Coromandel Gold Ltd holds the Northland base and precious metals prospect that had been granted by New Zealand Petroleum & Minerals (NZP&M) for a five year period.
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