Talisman Mining Ltd. secured a right to earn up to a 70% interest in the Lucknow gold project in New South Wales, Australia, from privately owned Lucknow Gold Ltd.
The company can earn the interest by spending at least A$1.5 million on exploration over four years and issuing A$250,000 of shares.
Talisman said Aug. 26 that historical production records at the project are incomplete, but Lucknow has reportedly produced over 400,000 ounces of gold at grades of 100 g/t to 200 g/t.
The company intends to conduct geochemical surface sampling and mapping at the project ahead of a drilling program to test for potential downplunge extensions of the high-grade gold ore shoots and repeat structures throughout the project area.
