Talisman Mining Ltd (ASX: TLM) has further strengthened its Australian copper-gold exploration portfolio after entering into a binding sale and purchase agreement with First Au Limited (ASX: FAU) to acquire a 100% interest in First Au’s Mabel Creek IOCG Project in South Australia.
The Mabel Creek Project covers a contiguous area of 1,048km2 in the Gawler Craton of South Australia, and is located 130km to the north-west of the Prominent Hill Mine operated by Oz Minerals (ASX: OZL) and 40km west of Coober Pedy.
The Mabel Creek Project contains prospective lithologies and several significant structures thought to be associated with Olympic Dam-style IOCG mineralization and Gawler Craton-style gold mineralization.
Talisman’s CEO, Shaun Vokes, said: “The Mabel Creek Project acquisition further enhances our existing exploration portfolio and complements our focus on copper and gold exploration opportunities within highly prospective Australian locations.”
The Mabel Creek Project area was initially identified as part of the South Australian Government’s “Gawler Challenge” in 2020 and was identified by both the winner and runner-up of the competition as one of the most significantly prospective yet under-explored areas in South Australia for IOCG and Gawler Craton-style gold mineralization. No on-ground exploration activities have been undertaken on the project area since 2014, with First Au only conducting desktop studies since the Mabel Creek Project tenements were granted in mid-2021.
Following completion of the Agreement with First Au, Talisman intends to progress negotiation of a Native Title Land Access Agreement (LAA), subject to obtaining the necessary approvals, allowing land access for exploration with the Antakirinja Matu-Yankunytjatjara Aboriginal Corporation (AMYAC), the authorized representatives of the Antakirinja Matu-Yankunytjatjara People as the Native Title Claimants to the area.
Simultaneously, Talisman will incorporate all available geoscientific information and develop a 3D interpretation of the project, with the aim of defining prospect areas and progressing them for further work. Once a LAA is established, Talisman intends to conduct ground geophysical surveys to develop drill-ready targets with the intention of conducting first drill testing in the second half of 2023.
“Such a low-cost acquisition, with no trailing royalty obligation – strategically located near existing world-class mineral deposits – is a great outcome for Talisman. Logistically, the Mabel Creek Project area is easy to access with excellent existing infrastructure and provides our exploration team with an additional focus area alongside our NSW tenure, opening up an exciting new and complementary front for exploration activity and news-flow. “We are looking forward to working proactively with the Antakirinja Matu-Yankunytjatjara Aboriginal Corporation to finalize an access agreement and commence on-ground exploration activities in what is undoubtably an excellent exploration address for Tier-1 discoveries.” Added Shaun.
To find out more, please visit www.talismanmining.com.au