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Talisker Resources Ltd
Symbol TSK
Shares Issued 212,823,420
Close 2020-10-19 C$ 0.41
Market Cap C$ 87,257,602
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Talisker to increase Bralorne drilling to 23,000 m

2020-10-19 08:07 ET - News Release

Mr. Terry Harbort reports

TALISKER MOVES TO FOUR RIGS AT BRALORNE GOLD PROJECT AND INCREASES DRILL PROGRAM TO 23,000 M

Talisker Resources Ltd. has provided an operational update for its Bralorne gold project. It will be increasing its current 2020 drill program from 17,000 metres to 23,000 m in response to continued successful drilling results, including 1.5 m grading 57.8 grams per tonne gold (see press release of June 9, 2020). This is the second increase to the drill program from an initial 11,200 m since the company acquired the Bralorne gold project in December last year.

To date, Talisker has drilled 14,811 m of the planned 23,000 m consisting of 20 holes and two wedges and has received 5,715 assay samples with an additional 4,542 samples currently at the assay laboratory with receipt expected soon. A total of 1,160 m of drill core is currently being cut and will be dispatched to the laboratory over the next couple of weeks. The drilling program has successfully validated 19 vein targets and identified three new, close-to-surface vein targets (Charlotte, Empire and vein 51). The remaining program is designed to test eight additional vein targets and to expand on the newly identified close to surface targets.

Talisker is in the process of assessing its 2021 winter program at the Bralorne gold project, planning the option to mobilize additional drill rigs on site to increase drill productivity that will be aided by the recent purchase of three automatic cores saws (of which two are pending delivery) and a new 44-man camp. Construction of a new core logging facility and the recruitment of additional geologists have already been completed to facilitate this expansion. Talisker is well positioned to further expand its drill program beyond 23,000 m in 2021 with $34-million in cash.

Terry Harbort, president and chief executive officer of Talisker, commented: "Our drilling program at Bralorne gold project continues to deliver high-grade gold intersections reminiscent of the exceptional grades reported by historic mining operations at Bralorne. Our decision to increase our 2020 drill program to 23,000 m is in direct response to the ongoing success of our drill program, the results of which have validated and expanded on the high-grade zones at Bralorne. With this validation program nearing completion, we will be mobilizing an additional two drill rigs on site to increase productivity. We plan on increasing our drill program further in 2021 once the purchase and delivery of additional equipment and camp facilities has been implemented at Bralorne. In addition, we will also provide an update on the company's Spences Bridge regional exploration program that has been running concurrently with operations at Bralorne since June. We currently have 20 of our 33 geologists dedicated to greenfields exploration at Spences Bridge."

Since the acquisition of the Bralorne gold project in December last year, Talisker has also focused on the digitization and processing of the historical mine and exploration database. The information contained in the database combined with results from the company's phase 1 and 2 drill programs have been incorporated into a structural model (continuing) essential for efficient and accurate drill targeting. Despite disruptions at assay laboratories due to the continuing COVID-19 pandemic, the company has received 5,715 assay results, which have confirmed the presence of quartz vein/structures that host gold mineralization at the Bralorne gold project. Importantly, preliminary drilling has also identified a lower-grade selvage around the veins which was not identified by previous operators. While it is too early to speculate on the consistency of these lower-grade selvage, they could result in lower dilution when various mining scenarios are investigated.

Highlights from Talisker's 2020 drill program at the Bralorne gold project include:

  • Hole SB-2020-005A (released June 9, 2020):
    • 1.5 metres grading 57.8 g/t gold from 106.3 metres to 107.8 metres within a broader halo of 5.10 metres grading 19.97 g/t gold.
  • Hole SB-2020-007 (released July 16, 2020):
    • 0.65 metre grading 31.10 g/t gold from 57.35 metres to 58.00 metres within a broader halo of 3.45 metres grading 7.20 g/t gold.
  • Hole SB-2020-015 (released Sept. 8, 2020):
    • 0.50 metre grading 102 g/t gold from 466.10 metres to 466.60 metres within a broader halo of 1.7 metres grading 30.98 g/t gold.

Drilling results to date have confirmed high-grade gold mineralization within the quartz vein host from over 50 metres to over 600 m from surface. Gaining access to two underground levels demonstrates the excellent continuity of not only the veins themselves, but also of high-grade gold mineralization hosted within the quartz veins illustrated by historic drift sampling along the veins.

Despite disruptions associated with the COVID-19 pandemic which has included longer-than-expected delays at the assay lab and procurement of additional equipment, the company is well on track to achieve its milestones for 2020. This includes completing its phase 1 and 2 drill programs at the Bralorne gold project (increased to 23,000 m) to validate historical drilling and extend zones of high-grade gold, review and digitize the historic mine, and exploration database and define a structural model that outlines the distribution of the gold-bearing quartz veins (and surrounding mineralized selvage). Preliminary drilling results, the digitization of the historic mine and exploration database, and an evolving structural model for the Bralorne gold project, have provided enough data to confidently expand the current drill program to four drill rigs, once the necessary equipment and infrastructure has been put in place. The implementation of two additional rigs at the Bralorne gold project will be more cost-efficient and will address the inevitable variability between drilling intersections that is characteristic of quartz vein-hosted deposits.

Talisker is providing an opportunity for shareholders and other interested parties to participate in a webinar to be held at 4 p.m. ET on Wednesday, Oct. 21.

About Talisker Resources Ltd.

Talisker is a junior resource company involved in the exploration of gold projects in British Columbia, Canada. Talisker's projects include the Bralorne gold project, an advanced stage project with significant exploration potential from a historical high-grade producing gold mine as well as its Spences Bridge project where the company holds about 85 per cent of the emerging Spences Bridge gold belt and several other early-stage greenfields projects. With its properties comprising 297,644 hectares over 331 claims, six leases and 181 Crown grant claims, Talisker is a dominant exploration player in the south-central British Columbia. The company is well financed to advance its aggressive systematic exploration program at its projects.

Qualified person

The technical information contained in this news release has been approved by Leonardo de Souza (BSc, AusIMM (CP) membership 224827), Talisker's vice-president, exploration and resource development, who is a qualified person within the meaning of National Instrument 43-101, Standards of Disclosure for Mineral Projects.

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