ASX-listed mineral explorer and developer Talisman Mining (ASX:TLM) has completed the acquisition of the Mabel Creek Iron Oxide Copper-Gold (IOCG) Project in South Australia.
The company reports a binding sale and purchase agreement for the transaction with First Au (FAU) was signed in January 2023, and final approval has now been received from the South Australian Department for Energy and Mining. To acquire the project, Talisman has made a cash payment of $200,000 and issued 580,852 shares at $0.17216 per share to First Au.
Talisman says it remains in a ‘strong’ financial position, with about $9.5 million in cash and an ongoing iron ore royalty revenue stream
Now that the acquisition is complete, Talisman says it remains in a ‘strong’ financial position, with about $9.5 million in cash and an ongoing iron ore royalty revenue stream, which will allow for continued on-ground exploration activities at the Lachlan Copper-Gold Project in New South Wales. This will be conducted in parallel with the progression of exploration at Mabel Creek.
Additionally, the company will start negotiations with the Antakirinja Matu-Yankunytjatjara Aboriginal Corporation (AMYAC) for a Native Title Land Access Agreement (LAA).
The Mabel Creek IOCG Project comprises 3 exploration licences that cover an area of 1,048km-square in the Gawler Craton of South Australia. The company says the project contains prospective lithologies and several significant structures thought to be associated with Olympic Dam-style IOCG mineralisation and Gawler Craton-style gold mineralisation.
Talisman Mining is an Australian mineral developer and explorer with a portfolio of assets in New South Wales and South Australia. Along with Mabel Creek, the company holds the Lachlan Copper-Gold Project near Cobar in Central New South Wales and the Lucknow Gold Project near Orange.
Write to Harry Mulholland at Mining.com.au
Images: Talisman Mining Ltd