The Talisman Mining Ltd (ASX: TLM) share price is racing higher today, up 12.25% to 11 cents on the back of a drilling and corporate update.
Talisman Mining is an Australian mineral development and exploration company focused on opportunities in base and precious metals.
The company's key asset is the Lachlan Project within the Cobar/Mineral Hill region in New South Wales. Talisman believes there is significant potential for the discovery of substantial base metals and gold mineralisation within this land package.
Additionally, in August 2019, Talisman entered into a farm-in agreement with privately-owned Lucknow Gold in relation to the Lucknow Gold Project in NSW. The Lucknow Goldfield is located within the Macquarie Arc which hosts extensive gold and copper mineralisation, including Newcrest Mining Limited (ASX: NCM)'s Cadia-Ridgeway mine and Regis Resources Limited (ASX: RRL)'s McPhillamy's project.
Before we dig into the announcement, it's important to note that Talisman Mining sits at the smaller end of the ASX with a current market capitalisation of around $20 million.
What did Talisman Mining announce?
This morning, Talisman revealed that diamond drilling at the Lucknow Gold Project will begin this month.
The planned diamond drilling will target an interpreted high-grade lode offset position at Lucknow where historic production was in excess of 400,000 ounces at grades of more than 100 grams per tonne (g/t) gold.
Drilling was supposed to start in April but was postponed due to COVID-19.
Talisman also provided a corporate update this morning, revealing that exploration drilling and ongoing business development activities have resumed. As a result, the company has lifted a number of measures put in place from the beginning of April in response to the pandemic.
Accordingly, director fees have reverted to pre-COVID-19 levels and senior executives have returned to a full-time working week on pre-pandemic salaries. In addition, the company is expecting a staged return to work for its remaining workforce over the coming weeks, in line with anticipated workflows.
Talisman Mining shares are currently changing hands at 11 cents apiece and have a 4-week average turnover of $34,602 according to Market Index.
