“Talisman Mining Ltd (ASX: TLM) is pleased to advise that the drilling of a single deep diamond drill hole (approximately 1,500 metres) has now commenced at its 100% owned Shelby Project in Western Australia.

The Shelby Project is located on the northern margin of the Bryah Basin approximately 30km north of the Horseshoe Lights Copper-Gold Mine (see Figure 1).

The total project area covers an approximate 100km strike length of a major structural corridor.

Evaluation of recently collected airborne magnetic data indicates excellent potential for large intrusive bodies either of mafic-ultramafic or granitic affinity that have the potential to host a range of deposit types including mafic-ultramafic intrusive related nickel-copper deposits (e.g. Voisey’s Bay (Vale), West Musgrave (BHPB)) and/or Iron Oxide Copper Gold (IOCG) deposits (e.g. Olympic Dam (BHBP))

Talisman plans to test this concept by drilling a 1,500 metre diamond drill hole into a large modelled magnetic target at Shelby (see Figure 2) and has been granted co-funding of up to $200,000 under the WA State Government Exploration Incentive Scheme (EIS).

Examination of open file records by Talisman found that BHPB had drilled a single 520 metre diamond hole to test this target in 1996. The single drill hole intersected highly altered mafic-ultramafic lithologies at approximately 450 metres further supporting the concept for the potential existence of a large intrusive mafic-ultramafic body with the potential to host magmatic nickel-copper sulphides.

The deep drill hole and associated programs of down-hole geophysics is anticipated to take approximately 6 weeks to complete.”

BULLSEYE?