Projects - Talisman Mine

Historical Perspective

Gold was discovered at Karangahake in 1869 and mining commenced in 1875, with the main mining period lasting until 1919. Mining continued at varying levels of intensity up to 1992. The centre produced more than 1 million oz of gold and 3 million oz of silver over a total strike length of 1000 metres and to 700 metres depth. The majority of this production came from the Talisman and Crown mines (two separate vein systems) which are now held under Heritage’s Talisman mining permit.

Talisman Mine Map The Talisman mine comprises the Maria, Crown/Welcome and Mystery veins.

The Maria Vein averages 1-3 metres in width and demonstrated an estimated average historical grade of 28 g/t gold and 128 g/t silver.

The Crown Vein, about 0.6 – 1 metre in width, averaged 16 g/t gold and 12 g/t silver. Gold grades were lower than the Maria Vein but generally more consistent.

The Mystery Vein was discovered in the late 1980’s and has never been mined. Where it has been tested on Level 8 it averages about 1 metre in width.

The Talisman was mined on 16 levels during its life and good access is available on Level 8 which was refurbished by Heritage for extensive channel sampling and drilling.

Drilling for a JORC resource target of 500,000 oz Gold

Previous underground drilling delineated a JORC inferred resource of 205,000 oz gold at a grade of 6.9g/t and 800,000 oz silver at a grade of 27 g/t .

Heritage is planning comprehensive underground resource definition drilling and metallurgical sampling with the objective of delineating a resource of up to 500,000 oz of gold.

Various scenarios to advance development of the Talisman mine asset under a joint venture are being considered to enable the proposed programme to give a better understanding of the ore characteristics in preparation for developing a treatment plan.

The Talisman mine is a very exciting asset and we believe that it offers the potential for a world class epithermal gold deposit capable of ultimately delivering a 1 million oz gold resource and a 100,000 oz pa gold mine.