The stockpile is located at Newmont Mining's Waihi processing facility and has tested at 1.5 oz of gold per tonne. These updated findings will establish the commercial terms for processing future ore from the mine.
The mine has previously produced 1 million ounces of gold and 3 million ounces of silver.
Executive Director of New Talisman, Matthew Hill, said in a press release this week, “We are pleased with the sampling results showing very high grades in what was a remnant stockpile from historical mining. We look forward in the very near future to finalising the treatment of the first ore from the Talisman mine since our company has held the permit."
Last month, New Talisman Mines was granted an Authority to Enter and Operate permit from the New Zealand Department of Conservation. The company is working closely with the Department as well as other regulatory bodies to finalize the details of the bulk sampling plan.
New Talisman hopes to extract 6 kilograms of gold per month "once a steady rate of production is achieved" and should be fully paid for after 18 months of operation.
A pre-feasibility study conducted in 2013 found a life-of-mine of 5 years and $53 million in revenues with 18 million in profit. The startup costs for the mine are estimated to be close to 4.2 million dollars.
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