Announcement PDF F o c u s e d A u s t r a l i a n M i n e r a l E x p lo r a t i o n C o m p a n y Monty Exploration Update th 5 November 2015 COMPANY SNAPSHOT Board of Directors Thick zone of bornite-bearing massive sulphides assays at 34.4% copper Highlights Alan Senior Non-Executive Chairman Gary Lethridge Managing Director Brian Dawes Non-Executive Director Karen Gadsby Non-Executive Director • Outstanding thick high-grade copper intercept returned from recent stepout hole TLDD0026: o 7.3 metres grading 6.2% Cu and 2.8g/t Au from 325.6m down-hole (down-hole width, top of intercept is 275m vertically below surface) o 21.6 metres grading 34.4% Cu and 0.4g/t Au from 339.4m down-hole (down-hole width, top of intercept is 286m vertically below surface) Contact Details Telephone: +61 8 9380 4230 Facsimile: + 61 8 9382 8200 Email: info@talismanmining.com.au Website: www.talismanmining.com.au Capital Structure Shares on Issue: 148,559,904 (TLM) Options on Issue: 6,400,000 (Unlisted) ASX: TLM Photo: Cross section through TLDD0026 NQ2 drill core showing bornite disseminated in the matrix of the sulphides (359.3 metres down hole). • Further high-grade assay results received from ongoing drilling, which continues to confirm the grade, tenor and continuity of the Lower Zone at Monty. New results include (all intercepts are down-hole widths): o 1.5 metres grading 13.8% Cu and 1.1g/t Au from 272.3m down-hole (TLDD0020) o 3.4 metres grading 17.9% Cu and 3.9g/t Au from 239.0m down-hole (TLDD0021) o 8.0 metres grading 13.3% Cu and 1.8g/t Au from 286.2m down-hole (TLDD0021) o 2.6 metres grading 14.2% Cu and 1.1g/t Au from 445.6m down-hole (TLDD0024) • Drilling by Sandfire is continuing to define the extents of the mineralisation at Monty with initial in-fill drilling of the known mineralisation envelope also now underway. Monty Update Talisman Mining Limited (ASX: TLM “Talisman”) is pleased to announce that Sandfire Resources NL (ASX: SFR; “Sandfire”) has provided an update on ongoing exploration activities at the Monty copper-gold discovery within Talisman’s Springfield Project located approximately 10km east of the DeGrussa Copper-Gold Mine (see Appendix 1). The collar locations of advised holes drilled to date by Sandfire are shown in the plan view diagram below (see Figure 1) and Table 1. Figure 1: Plan view of Monty showing drill-hole collar locations and simplified interpreted geology. Monty Lower Zone Assay Results Sandfire have advised that assay results have been received for additional step-out diamond drill-holes targeting the Lower Zone mineralisation including the recently reported zone of bornite-bearing massive sulphides intersected in step-out hole TLDD0026. Assay Results for TLDD0026 Diamond drill hole TLDD0026 was drilled approximately 45 metres along strike from recently reported hole TLDD0021 (see TLM ASX announcement - 2 October 2015) and approximately 46 metres up-dip of the halo mineralisation intersected in TLDD0014 (see Figures 1 and 2). Sandfire have advised that TLDD0026 has returned exceptional assay grades of: • 7.3 metres grading 6.2% Cu and 2.8g/t Au from 325.6m down-hole (down-hole width, top of intercept is 275m vertically below surface); and • 21.6 metres grading 34.4% Cu and 0.4g/t Au from 339.4m down-hole (down-hole width, top of intercept is 286m vertically below surface). Monty Update Talisman is highly encouraged by an intersection of this magnitude which represents a further exciting breakthrough in exploration activities at Monty. Although the significance of this bornite-rich zone is not yet fully understood by Sandfire or Talisman, it is pleasing to note that this 21.6 metre intersection of massive sulphides is interpreted to correlate with the existing mineralisation in the lower zone intersected in previous drilling and previously described in the ASX Announcements of 2nd and 15th October 2015. Importantly the mineralisation in TLDD0026 is open up-dip with follow-up drilling planned by Sandfire. Additional Lower Zone Assay Results In addition to the exceptional result from TLDD0026, assays have been received for previously completed holes TLDD0011, TLDD0014, TLDD0016, TLDD0020, TLDD0021 and TLDD0024 (significant intersections to date are shown in Table 2). Better assay results from the above holes, which continue to demonstrate extraordinary high copper grades, include: Hole ID TLDD0020 TLDD0021 TLDD0024 Interval 1 2 From (m) To (m) 272.3 239.0 286.2 445.6 273.8 242.4 294.2 448.2 Downhole Width (m) Estimated True Width (m) Cu (%) Au (g/t) 1.5 3.4 8.0 2.6 0.9 1.8 4.6 1.7 13.8 17.9 13.3 14.2 1.1 3.9 1.8 1.1 Intersection Geological Interpretation of Lower Zone These latest results provide further support and assistance in confirming the continuity and grade of the mineralisation intersected to date at Monty and have enabled Sandfire to provide an updated interpretation of the geological setting of the known mineralisation. An updated vertical longitudinal projection (looking to the south-east) is shown in Figure 2 on the following page. In line with the growing understanding of the variable orientations of the mineralisation at Monty, Sandfire has provided true width estimates for the mineralisation for the first time. As noted in prior releases, the estimated true widths for the Upper Zone mineralisation are significantly thinner than the down-hole widths as shown in Table 2. Monty Update Figure 2: Vertical Longitudinal Projection and initial interpretation of the Monty Prospect with drill-hole pierce points at the top of the primary intercept shown in bold. All intercepts are down-hole widths. A significant intersection is defined here as any intersection ≥ 3m estimated true width that has a grade of ≥ 2.0 % Cu, inclusive of non-mineralised material. To determine whether intersections that are <3m estimated true width are significant in terms of the above definition, non-mineralised material has been included at a grade of 0.0% Cu (weighted by width) until a 3m estimated true width is reached. If the overall grade remained >2.0% Cu, with the non-mineralised material included, then the intersection is considered significant. New intersections (not previously reported) are highlighted in yellow. Further Exploration Activity Exploration of the Monty discovery continues to gather momentum with the exceptional results for step-out hole TLDD0026 marking another significant milestone for the ongoing program. Sandfire have advised that in addition to continuing drilling at Monty to define the extents of mineralisation, it will be stepping up drilling capacity at Monty with a program of in-fill drilling recently commencing within the known mineralised envelope. It is expected that this in-fill drilling will continue through the quarter with the data to be used to underpin a maiden Mineral Resource estimate which is planned by Sandfire during the first quarter of next year. In addition to continuing step-out definition drilling along with the commencement of in-fill drilling around the currently known mineralisation, Sandfire is also stepping further afield and actively targeting additional accumulations of mineralisation along the entire 5km long Monty trend, which remains extremely prospective for further discoveries. Sandfire are also planning diamond drilling at Homer, located 4km along strike to the east of DeGrussa, during this quarter with the objective of continuing to unlock the significant exploration potential of the broader Springfield Project. Monty Update The Springfield Project is subject to an exploration farm-in joint venture between Sandfire and Talisman where Sandfire has the right to earn up to a 70% interest in Talisman’s Doolgunna Projects by the expenditure of $15 million on exploration at the Doolgunna Projects. ENDS For further information, please contact: Gary Lethridge – Managing Director on +61 8 9380 4230 For media inquiries, please contact: Nicholas Read – Read Corporate on +61 419 929 046 Competent Person’s Statement Information in this ASX release that relates to Exploration Results is based on informati on compiled by Mr Graham Leaver, who is a member of the Australian Institute of Geoscientists. Mr Leaver is a full time employee of Talisman Mining Ltd and has sufficient experience which is relevant to the style of mineralisation and types of deposit under consideration and to the activities undertaken to qualify as a Competent Person as defined in the 2012 Edition of the “Australian Code for Reporting of Mineral Resources and Ore Reserves”. Mr Leaver consents to the inclusion in this report of the matters based on information in the form and context in which it appears. Monty Update Table 1 – Drill-hole Information Summary, Monty Prospect Details and co-ordinates of all relevant drill hole collars are provided in the table below: Hole ID Depth Dip Azimuth Grid_ID East North RL Lease ID Hole Status TLDD0002A 463 -61° 110° MGA94_50 743544 7171211 602 E52/2282 Complete TLDD0004A 817 -60° 148° MGA94_50 743588 7171281 601 E52/2282 Complete TLDD0005 478 -62° 139° MGA94_50 743544 7171210 602 E52/2282 Complete TLDD0006 554 -62° 140° MGA94_50 743469 7171174 601 E52/2282 Complete TLDD0007 589 -62° 138° MGA94_50 743504 7171271 601 E52/2282 Complete TLDD0008 688 -62° 138° MGA94_50 743441 7171223 600 E52/2282 Complete TLDD0009 472 -61° 140° MGA94_50 743578 7171190 602 E52/2282 Complete TLDD0010 433 -62° 142° MGA94_50 743514 7171138 601 E52/2282 Complete TLDD0011 472 -62° 141° MGA94_50 743451 7171092 598 E52/2282 Complete TLDD0012 598 -62° 140° MGA94_50 743403 7171155 599 E52/2282 Complete TLDD0014 399 -62° 143° MGA94_50 743638 7171231 603 E52/2282 Complete TLDD0015 376 -62° 146° MGA94_50 743561 7171073 602 E52/2282 Complete TLDD0016 274 -61° 147° MGA94_50 743621 7171119 604 E52/2282 Complete TLDD0017 236 -62° 146° MGA94_50 743686 7171166 605 E52/2282 Complete TLDD0018 340 -62° 146° MGA94_50 743471 7171054 599 E52/2282 Complete TLDD0019 552 -62° 141° MGA94_50 743566 7171329 600 E52/2282 Complete TLDD0020 340 -61° 141° MGA94_50 743536 7171106 602 E52/2282 Complete TLDD0021 331 -62° 144° MGA94_50 743599 7171152 603 E52/2282 Complete TLDD0022 304 -62° 141° MGA94_50 743441 7171035 599 E52/2282 Complete TLDD0024 571 -60° 141° MGA94_50 743470 7171172 600 E52/2282 Complete TLDD0026 409 -59° 141° MGA94_50 743609 7171209 602 E52/2282 Complete TLDD0028 441 -62° 143° MGA94_50 743569 7171129 602 E52/2282 Complete TLRC0003 544 -61° 144° MGA94_50 743720 7171393 599 E52/2282 Complete TLRC0004 306 -62° 142° MGA94_50 743497 7171025 600 E52/2282 Complete TLRC0006 318 -62° 143° MGA94_50 743430 7170973 598 E52/2282 Complete TLRC0008 294 -62° 143° MGA94_50 743461 7171001 599 E52/2282 Complete TLRC0009 265 -62° 141° MGA94_50 743527 7171050 601 E52/2282 Complete TLRC0012 210 -62° 143° MGA94_50 743553 7171017 602 E52/2282 Complete TLRC0015 138 -60° 320° MGA94_50 743503 7170953 600 E52/2282 Complete TLRC0016 120 -58° 317° MGA94_50 743580 7170985 602 E52/2282 Complete TLRC0017 120 -60° 318° MGA94_50 743548 7170968 601 E52/2282 Complete Monty Update Table 2 – Drill-hole Assay Intersections >1% for the Monty Prospect Details of all relevant intersections provided below. Estimated true widths have been calculated using estimated dip and dipdirection of modelled mineralisation surfaces at the drill-hole intersection and azimuth and dip of the drill-hole. Hole ID TLDD0004A TLDD0005 TLDD0008 TLDD0009 TLDD0010 TLDD0011 TLDD0014 TLDD0016 TLDD0020 TLDD0021 TLDD0024 TLDD0026 TLRC0004 TLRC0008 TLRC0009 Interval 1 2 3 1 2 3 1 2 1 2 3 1 2 1 2 1 2 Intersection From (m) To (m) Downhole Width (m) Estimated True Width (m) Cu (%) Au (g/t) Zn (%) 409.5 417.0 574.2 343.0 363.1 385.8 355.6 359.7 373.6 370.9 334.2 359.4 168.5 272.3 239.0 286.2 300.2 445.6 325.6 339.4 107.0 158.0 89.0 112.0 133.0 426.0 426.2 579.3 344.0 371.0 390.6 356.1 370.2 378.2 371.3 334.7 362.8 168.9 273.8 242.4 294.2 301.4 448.2 332.9 361.0 125.0 162.0 95.0 123.0 145.0 16.5 9.2 5.1 1.0 7.9 4.8 0.5 10.5 4.6 0.4 0.5 3.4 0.4 1.5 3.4 8.0 1.2 2.6 7.3 21.6 18.0 4.0 6.0 11.0 12.00 10.9 6.1 3.2 0.5 5.8 3.0 0.3 6.3 2.9 0.2 0.3 2.0 0.3 0.9 1.8 4.6 0.7 1.7 4.7 15.2* 5.1 1.2 1.4 2.5 2.8 18.9 11.8 1.4 8.6 8.3 4.9 1.2 18.9 12.8 1.2 3.6 3.5 1.4 13.8 17.9 13.3 3.8 14.2 6.2 34.4 5.7 4.2 7.8 15.0 5.7 2.1 2.9 0.1 0.3 2.4 1.1 1.4 3.1 2.5 1.3 0.1 0.8 0.1 1.1 3.9 1.8 1.7 1.1 2.8 0.4 2.4 0.7 0.9 1.9 1.8 1.5 2.3 0.0 0.1 2.1 1.4 0.2 1.1 0.8 0.9 0.0 0.6 0.0 1.2 0.3 2.1 1.2 0.6 3.1 0.8 3.2 0.1 0.9 1.0 2.2 * The orientation of the mineralisation from 339.4m – 361.0m in TLDD0026 is poorly constrained. Consequently the estimated true width of this intersection should be viewed as preliminary. Monty Update Appendix 1: Talisman’s Doolgunna Copper-Gold Projects subject to the $15M Exploration Farm-In Joint Venture with Sandfire Resources NL Monty Update Appendix 2 – Interpretive cross-section of the Monty mineralisation (Lower Zone) Monty Update Appendix 3 - JORC TABLE 1 Section 1 Sampling Techniques and Data (Criteria in this section apply to all succeeding sections) Criteria JORC Code explanation Commentary Sampling techniques • Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down-hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the broad meaning of sampling. • Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used. • Aspects of the determination of mineralisation that are Material to the Public Report. • In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay’). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information. • • Drill type (e.g. core, reverse circulation, open-hole hammer, rotary air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face-sampling bit or other type, whether core is oriented and if so, by what method, etc). • Sandfire diamond drilling is completed using NQ2 size coring equipment. • RC drilling is with a face sampling hammer of a nominal 140mm hole diameter. • • All drill collars are surveyed using RTK GPS. All core, where possible is oriented using a Reflex ACT II RD orientation tool. Downhole surveying is undertaken using a gyroscopic survey instrument. Drilling techniques • • • • • • • • The sampling method employed by Sandfire i s h a l f -core sampling of NQ2 core from diamond drilling (DD) Sandfire collect RC samples by cone splitter for single metre samples or a sampling spear for first pass composite samples using a face sampling hammer with a nominal hole diameter of 140mm Sampling is guided by Sandfire protocols as per industry standard. Diamond drill core sample size reduction is through a Jaques jaw crusher to -10mm and a second stage reduction via Boyd crusher to 4mm.Representitive sub samples are split and pulverised via an LM5 mill. RC samples are crushed to -4mm through a Boyd crusher and representative sub samples are split and pulverised with an LM5 mill. Pulverising is to nominal 90% passing -75µm and is checked using wet sieving technique. Samples are assayed using Mixed 4 Acid Digest (MAD) 0.3g charge and MAD Hotbox 0.15g charge methods with ICPOES or ICPMS. Fire Assay is completed by firing 40g portion of the sample with ICPMS finish. Monty Update Drill sample recovery • Method of recording and assessing core and chip sample recoveries and results assessed. • Measures taken to maximise sample recovery and ensure representative nature of the samples. • Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material. • • • • • Logging Subsampling techniques and sample preparation • Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies. • Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography. • The total length and percentage of the relevant intersections logged. • If core, whether cut or sawn and whether quarter, half or all core taken. • If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry. • For all sample types, the nature, quality and appropriateness of the sample preparation technique. • Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples. • Measures taken to ensure that the sampling is representative of the in situ material collected, including for instance results for field duplicate/second-half sampling. • Whether sample sizes are appropriate to the grain size of the material being sampled. • • • • • • • • • Sandfire diamond core recovery is logged and captured into the database. Core recoveries are measured by drillers for every drill run. The core length recovered is physically measured for each run and recorded and used to calculate the core recovery as a percentage of core recovered. Appropriate measures are taken to maximise sample recovery and ensure the representative nature of the samples. This includes diamond core being reconstructed into continuous intervals on angle iron racks for orientation, metre marking and reconciled against core block markers. RC sample recovery is good with almost no wet sampling in the project area Samples are routinely weighed and the information captured into the central secured database. No sample recovery issues have impacted on potential sample bias Sandfire Geological logging is completed for all holes and is representative across the orebody. The lithology, alteration and structural characteristics of core are logged directly to a digital format following procedures, and using Sandfire NL geologic codes. Data is imported into Sandfire NL’s central database after validation in LogChief™. Logging is both qualitative and quantitative depending on field being logged. All cores are photographed. All drill holes are fully logged. Sandfire complete diamond core orientation where possible and all core is marked prior to sampling. Half core samples are produced using an Almonte Core Saw. Samples are weighed and recorded. RC samples are split using a cone or riffle splitter. The majority of samples collected are dry. On occasion that wet samples are encountered they are dried prior to splitting with a riffle splitter. All samples are sorted, dried at 80° for up to 24 hours and weighed. Samples are then crushed through a Jaques crusher to nominal -10mm. A second stage crushing is through a Boyd crusher to nominal -4mm. Sample splits are weighed at a frequency of 1:20 and entered into the job results file. Pulverising is completed using LM5 mill to 90% passing 75%µm using wet sieving technique. 1:20 grind quality checks are completed for 90% passing 75%µm criteria to ensure representativeness of sub-samples. Monty Update • Subsampling techniques and sample preparation (Continued) Quality of assay data and laboratory tests • • • The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total. • For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc. • Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established. • • • • Verification of sampling and assaying • The verification of significant intersections by either independent or alternative company personnel. • The use of twinned holes. • Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols. • Discuss any adjustment to assay data. • • • • Sampling is carried out in accordance with Sandfire protocols as per industry best practice. No field duplicates have been taken. The sample sizes are considered appropriate for VHMS and Gold mineralisation types. Samples are assayed using Mixed 4 Acid Digest (MAD) 0.3g charge and MAD Hotbox 0.15g charge methods with ICPOES or ICPMS. The samples are digested and refluxed with a mixture of acids including Hydrofluoric, Nitric, Hydrochloric and Perchloric acids and analysis conducted for multi elements including Cu, Pb, Zn, Ag, As, Fe, S, Sb, Bi, Mo, Re, Mn, Co, Cd, Cr, Ni, Se, Te, Ti, Zr, V, Sn, W and Ba. The MAD Hotbox method is an extended digest method that approaches a total digest for many elements however some refractory minerals are not completely attacked. The elements S, Cu, Zn, Co, Fe, Ca, Mg, Mn, Ni, Cr, Ti, K, Na, V are determined by ICPOES, and Ag, Pb, As, Sb, Bi, Cd, Se, Te, Mo, Re, Zr, Ba, Sn, W are determined by ICPMS. Samples are analysed for Au, Pd and Pt by firing a 40g of sample with ICP AES/MS finish. Lower sample weights are employed where samples have very high S contents. This is a classical FA process and results in total separation of Au, Pt and Pd in the samples. The analytical methods are considered appropriate for this mineralisation styles. No geophysical tools are used in the analysis. Sandfire DeGrussa QAQC protocol is considered industry standard with standard reference material (SRM) submitted on regular basis with routine samples. SRMs and blanks are inserted at a minimum of 5% frequency rate. Significant intersections have been verified by alternate Sandfire personnel. None of the drillholes in this report are twinned. Primary data is captured on field Toughbook laptops using Logchief™ Software. The software has validation routines and data is then imported into a secure central database. The primary data is always kept and is never replaced by adjusted or interpreted data. Monty Update Location of data points • Accuracy and quality of surveys used to locate drill holes (collar and down- hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation. • Specification of the grid system used. • Quality and adequacy of topographic control. • • • • • The Sandfire Survey team undertakes survey works under the guidelines of best industry practice. All drill collars are accurately surveyed using RTK GPS system within +/-50mm of accuracy (X, Y, Z). Downhole surveys are completed by gyroscopic downhole methods at regular intervals. Coordinate and azimuth are reported in MGA 94 Zone 50. Topographic control was established from LiDar laser imagery technology • Data spacing for reporting of Exploration Results. • Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied. • Whether sample compositing has been applied. • • Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type. • If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material. • Sample security • The measures taken to ensure sample security. • Sandfire ensures appropriate security measures are taken to dispatch samples to the laboratory. Chain of custody of samples is being managed by Sandfire Resources NL. Samples are stored onsite and transported to laboratory by a licence transport company in sealed bulka bags. The laboratory receipts received samples against the sample dispatch documents and issues a reconciliation report for every sample batch. Audits or reviews • The results of any audits or reviews of sampling techniques and data. • Sandfire have not completed any external audits or reviews of the sampling techniques and data Data spacing and distribution Orientation of data in relation to geological structure • • • • Drill spacing is currently defined by geological criteria and is regarded as appropriate to determine the extents of mineralisation. This spacing is nominally 80m x 80m. Spacing is shown by the accompanying tables and figures. Some holes are drilled at a closer spacing to determine the edges of mineralisation. Exploration drilling at Monty is preliminary and spacing and distribution of exploration results is not sufficient to support Mineral Resources or Ore Reserves. No sample compositing has been applied to these exploration results. No significant orientation based sampling bias is known at this time. The drill holes may not necessarily be perpendicular to the orientation of the intersected mineralisation. Down-hole intervals are converted to estimated true widths. Monty Update Section 2 Reporting of Exploration Results (Criteria in this section apply to all succeeding sections) Criteria JORC Code explanation Commentary Mineral tenement and land tenure status • Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings. • The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area. • Tenements E52/2282, E52/2313 and E52/2466 form Talisman’s 100% owned Springfield Project, 150km north-east of Meekatharra, WA. Sandfire is currently farming into the project on a staged basis with the right to earn 70% interest in the project • • All tenements are current and in good standing. The Talisman tenements are currently subject to a Native Title Claim by the Yungunga-Nya People (WAD6132/98). Sandfire currently has a Land Access Agreement in place with the YungungaNya Native Title Claimants and have assumed management of Heritage Agreements which were executed by Talisman. These agreements allow Sandfire to carry out mining and exploration activities on their traditional land. Exploration done by other parties • Acknowledgment and appraisal of exploration by other parties. • Aside from Sandfire Resources and Talisman Mining Limited there has been no recent exploration undertaken on the Talisman Project. • Historic exploration work at Springfield completed prior to Talisman’s tenure included geochemical soil and rock chip sampling combined with geological mapping. Some targeted RC drilling was completed over gold and diamond targets. Geology • Deposit type, geological setting and style of mineralisation. • • • Talisman’s Doolgunna Project lies within the Proterozoic-aged Bryah rift basin enclosed between the Archaean Marymia Inlier to the north and the Proterozoic Yerrida basin to the south. The principal exploration targets at the Doolgunna Projects are Volcanogenic Massive Sulphide (VMS) deposits located with the Proterozoic Bryah Basin of Western Australia. The discovery of Bornite at Doolgunna is new and its full context and implication is still to be determined. Monty Update Drill hole Information • A summary of all information material to the understanding of the exploration results including a tabulation of the following information for all Material drill holes: o easting and northing of the drill hole collar o elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar o dip and azimuth of the hole o down hole length and interception depth o hole length. • Refer to Table 1 of this document – Drillhole Information Summary, Monty Prospect. If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case. Data aggregation methods • In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (e.g. cutting of high grades) and cut-off grades are usually Material and should be stated. • Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail. • The assumptions used for any reporting of metal equivalent values should be clearly stated. • • • • • • Significant intersections are based on greater than 0.5% Cu and may include up to a maximum of 3.0m of internal dilution, with a minimum composite grade of 1.0% Cu. Cu grades used for calculating significant intersections are uncut. Minimum and maximum diamond core sample intervals used for intersection calculation are 0.3m and 1.2m respectively subject to location of geological boundaries. Reported intersections from RC drilling are based on regular 1 metre