Happy days for investors as New Talisman buys rest of Rahu
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New Talisman Gold Mines jumped 17 per cent today after the gold and silver play snapped up Newcrest Mining’s 80 per cent stake in its Kiwi Rahu Project.
The stock (ASX: NTL) jumped to 2.1c on news of the deal to acquire Newcrest New Zealand Exploration which owns an 80 per cent stake in the highly prospective Rahu project.
NTL holds the remaining 20 per cent stake.
NTL is evaluating options to fast-track exploration at the project after acquiring all geological and site targeting data and logging.
“We are very excited by the opportunity of this drill ready prospect and appreciate the efforts of the Newcrest team in completing this transaction in a short space of time,” NTL CEO Matthew Hill said.
The Rahu tenement lies immediately to the north of the company’s 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.
31 drill holes, totalling 4585 metres, have been completed into this structure and have intersected highly anomalous gold and silver values with some high-grade gold and silver intercepts.
The company said sites targeted by Newcrest for drilling will be finalised and applications made to begin drilling at Rahu as soon as possible.