- Talisman Mining’s (TLM) luck appears to have run out after recent drilling results at its Lucknow project found low-grade gold mineralisation
- The assay results appear to have scared off some investors, with the company’s share price trading down 28 per cent
- Talisman had been targeting the interpreted high-grade lode offset position of the historical Lucknow Gold Mine in NSW
- Its maiden two-hole diamond drilling program had now wrapped up, with all assays received
- The Lucknow project is part of a wider farm-in agreement Talisman has with the privately-owned Lucknow Gold Limited
- Shares in TLM are trading down 27.6 per cent at market close, worth 10.5 cents per share
Talisman Mining’s (TLM) luck appears to have run out after drilling results at its Lucknow project found low-grade gold mineralisation, sending the company’s share price falling.
Talisman’s share price dropped 28 per cent across today’s session, one of the worst performers for the day.
The plunge is due to the release of an exploration update at its Lucknow Gold Project in NSW, which it has a farm-in agreement with private company Lucknow Gold Company.
Talisman had been targeting the interpreted high-grade lode offset position of the historical Lucknow Gold Mine in NSW.
The maiden two-hole diamond drilling program at the project has concluded and assay results have been received, showing the second hole drilled 471.4 metres and returned low-grade to no grade mineralisation.
In July, the company revealed its first hole had more luck, with best results of 0.81 metres at 2.34 grams per tonne of gold from 467.1 metres, including 0.14 metres at 4.10 grams per tonne of gold from 467.1 metres.
Moving forward, Talisman plans to identify any potential drill targets in the corridor to the north-west along the Lucknow Fault, where there is evidence of gold mineralisation in areas of minimal previous exploration.
However, the company will do so without some shareholder’s support, with the stock closing down 27.6 per cent.
Talisman’s stock priced closed yesterday worth 14.5 cents each, and has ended the day today worth just 10.5 cents each.