Wednesday 27th January 2021
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The board of New Talisman Gold Mines Limited is pleased to announce that it has signed a binding term sheet to acquire 100% of the shares in Broken Hills Historic Gold Mines Limited, that holds 100% of Mining Permit 53173 and Special Purpose Mining Permit 42024 covering the historic Broken Hills Mine near Tairua on the Coromandel Peninsula.
Broken Hills Gold Mine is the sole privately owned underground gold mine in NZ and has been owned by the Rabone family for over 21 years. The Rabone family have extensive underground mining expertise and Stuart Rabone is one of NZ most respected geologists having been involved in several gold discoveries in the Coromandel.
Under the terms of the agreement and following the payment of NZ$100K New Talisman has an initial 90 days Due Diligence period with a further right to extend for up to 90 days. The deal is subject to Due Diligence by New Talisman and approval by NZPAM.
Under the terms of the agreement Victor Rabone, Director of Broken Hills is to be appointed to the board of New Talisman subject to standard nomination processes and upon completion of the acquisition.
The Broken Hills Mine is developed on a rhyolite hosted epithermal gold silver deposit and is one of the few economic gold deposits of this type on the eastern side of the Coromandel peninsula.
Gold and silver mineralization at Broken Hills is hosted in a series of north, northwest trending, steeply westward dipping quartz veins that pinch and swell from several centimetres up to several metres. Up to 6 main veins are recognised to date. Additional ore is found in hydrothermal breccia and breccia pipes.
The deposit is regarded as representing the upper levels of an epithermal system as evidenced by the presence of hot spring sinters and hydrothermal breccia. This gives scope in the future of depth continuations of the deposit.
Located around 20 kilometers south of the Broken Hills mine is the most notable of this type of mineralization discovered to date, the Wharekirauponga (“WKP”) deposit which is currently being developed by OceanaGold Corporation (TSX: OGC) (ASX: OGC) where they have announced Indicated and Inferred resources of approximately 1.45 million oz of gold and 2.3 million oz of Ag.
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