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The recently acquired Sinclair Nickel Project provides Talisman with a unique combination of advanced and highly prospective exploration targets which, with exploration success, can be quickly brought into production through the fully permitted, modern 300ktpa processing plant. The Sandfire farm-in agreement encompassing the Doolgunna project provides Talisman with significant risk-free exploration exposure.
Talisman Mining (ASX: TLM) has a quality portfolio of Australian based exploration projects prospective for nickel and copper-gold mineralisation.
Recently the Company completed the acquisition of the Sinclair Nickel Project from Glencore for total consideration of $A8 million, plus a further A$2 million contingent upon first nickel production. The acquisition includes a modern 300ktpa processing plant, significant surface infrastructure, the existing open pit and underground workings and numerous exploration targets. Significant widths of ore grade nickel mineralisation have been identified down plunge for at least another 1km beyond the end of the existing underground development. The potential for extensions to the Sinclair deposit are augmented by elevated EM values, known to have a high correlation to nickel mineralisation in the area.
Two nearby and largely untested nickel prospects named Skye and Stirling offer further near term exploration potential. Both prospects display similar characteristics to that of the Sinclair deposit.
Talisman also has exposure to quality copper-gold exploration projects, the most advanced being the Springfield project, located adjacent to and along strike of Sandfire’s high grade copper-gold Degrussa deposit. Talisman has entered into a farm-in agreement whereby Sandfire can earn up to a 70% interest in the project by spending A$15 million over 5½ years.
Talisman Mining recently acquired 100% of the Sinclair Nickel Project from Xstrata Nickel Australasia Operations Pty Ltd (a subsidiary of Glencore). The key terms of the acquisition are: A cash payment of A$8 million. A further A$2 million triggered by production recommencing within 6 years of the transaction. The payment will be due 6 months after first product sale. Talisman will assume all environmental liabilities. Glencore has the right to make an offer for the first 20,000 tonnes of nickel concentrate produced. If a 3rd party offer is higher than Glencore’s offer, Glencore then has the right to match that offer.
ASX on Hotcooper: http://hotcopper.com.au/asx/TLM