Rahu Exploration Permit (Newcrest 80% New Talisman 20% held in trust by Newcrest)
The Rahu tenement lies immediately to the north of the Talisman Mine and on the same strike line as the gold bearing veins at Talisman. Exploration has defined a 2km long zone of coincident geochemical, resistivity and ground magnetic anomalies.
This area is believed to have similar potential to Talisman and is the focus of continuing exploration.
Previous drilling intersected anomalous gold in several holes including intersections of:
- 16 metres at 2.49 g/t Au
- 8 metres at 1.71 g/t Au
- 66 metres at 0.49 g/t Au
- 130 metres at 0.35 g/t Au
The initial drilling, which was relatively shallow and still within the upper zone of the hydrothermal alteration, confirmed the company’s geological model for the property.
Structurally the Rahu block is believed to have been downthrown, supporting the potential for Talisman-type grades to be intersected in deeper drilling beneath these strong indications.
Further drilling will seek gold-bearing intersections in feeder veins at vertical depths of 150-350m.
The discovery of economic grade gold at Rahu strengthens our view of the extent and potential of the Talisman mineralisation.
In Janaury 2016 NTL reliquished the permit. Newcrest Mining subsequently applied for and were granted an exploration permit for the area and have enterd into a binding heads of agreement with NTL whereby 20% of the project is held in trust.Under the terms of the agreement Newcrest will spend up to 5M on the project following which a JV will be formed. Further information can be found on the announcement made in relation to Rahu