Talisker Completes Golden Hornet Option Agreement

Rhea-AI Summary

Talisker Resources (TSX: TSK, OTCQX: TSKFF) has completed the acquisition of the Golden Hornet Project and negotiated the purchase of a 2% Net Smelter Royalty from Rich River Exploration for $100,000. The royalty purchase involves Talisker acquiring 1% for $38,000 cash and $12,000 in shares (36,363 shares at $0.33/share), while Osisko Gold Royalties acquired the remaining 1%.

The 2022 drill program at Golden Hornet demonstrated significant potential with high-grade gold discoveries, including notable intersections of 8.88 g/t Au over 5.1 metres within a broader zone of 2.59 g/t Au over 21.5 metres. The program completed 4,853 metres of drilling across 14 holes, with all holes in both the central Hornet Zone and Iron Canyon Zone intersecting semi-massive sulphide mineralization.

Positive

• High-grade gold discoveries with significant intersections (8.88 g/t Au over 5.1 metres)
• Successful drilling program with mineralization found in all 14 holes
• Strategic acquisition of royalty interests reducing future payment obligations

Negative

• None.

TORONTO, Jan. 30, 2025 (GLOBE NEWSWIRE) -- Talisker Resources Ltd. (“Talisker” or the “Company”) (TSX: TSK, OTCQX: TSKFF) is pleased to announce the acquisition of the Golden Hornet Project (“Golden Hornet”) post completion of the previously announced option agreement. In connection with the acquisition of Golden Hornet, Talisker also negotiated the purchase of the 2% Net Smelter Royalty granted to Rich River Exploration Ltd. in connection with the option agreement for total aggregate consideration of $100,000, with 1% being purchased for cancellation by Talisker in consideration for the payment of $38,000 in cash and $12,000 through the issuance of 36,363 shares of Talisker at a price of $0.33 per share (the “Royalty Purchase”), and the other 1% being purchased by Osisko Gold Royalties Ltd (“Osisko”) pursuant to a first right of refusal granted under the royalty purchase agreement entered into between, among others, the Company and Osisko, in December 2021 (the “RPA”) (see news release of December 6, 2021).

In accordance with the terms of the RPA and the completion of the option agreement, Talisker and Osisko have entered into a royalty agreement whereby Osisko will now hold a 2% net smelter returns royalty on all production from Golden Hornet, the Blue Jay and the Barnato properties.

Terry Harbort, CEO of Talisker stated, “Although we remain squarely focused on the transition to gold production at Bralorne, it is good to remind our shareholders of Talisker’s extensive exploration portfolio in British Columbia and the excellent results received from Golden Hornet, Talisker’s first greenfields drill program.”

Golden Hornet is an advanced stage exploration project where a 2022 drill program intersected high-grade gold in the first four holes demonstrating the potential for a large, kilometre scale mineralized system. Highlights of the initial drill program include:

• Discovery of high-grade fault-controlled quartz-sulphide breccias and veins, highlighted by 8.88 g/t Au, 0.42% Cu and 14.99 g/t Ag over 5.1 metres within a broader zone of 2.59 g/t Au over 21.5 metres in GH-DDH-21-004.
• Hole GH-DDH-21-003 intercepted 11.58 g/t Au, 0.37% Cu and 11.1 g/t Ag over 1.05 metres.
• Drilling also intersected broader zones of mineralization, including 9.99 g/t Au over 0.5 metres within 0.82 g/t Au over 10.3 metres (GH-DDH-21-003) and 0.96 g/t Au over 6.67 metres (GH-DDH-21-001).
• A total of 4,853 metres of NQ drilling was completed in 14 holes to a maximum depth of 431 metres.
• Ten holes drilled in the central Hornet Zone (3,568 metres) intersected semi-massive sulphide mineralization in every hole.
• Four holes drilled in the Iron Canyon Zone (1,015 metres), a 1,000-metre step-out to the northwest, intersected semi-massive and breccia-hosted sulphide mineralization in every hole.

For further information, please contact:

Terry Harbort
President and CEO
terry.harbort@taliskerresources.com
+1 416 357 0227

Qualified Person

The scientific and technical information contained in this press release has been reviewed and approved by Leonardo de Souza (BSc, AusIMM (CP) Membership 224827), Talisker’s Vice President, Exploration and Resource Development, who is a “qualified person” within the meaning of National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

About Talisker Resources Ltd.

Talisker (taliskerresources.com) is a junior resource company involved in the exploration and development of gold projects in British Columbia, Canada. Talisker’s flagship asset is the high-grade, fully permitted Bralorne Gold Project where the Company is currently transitioning into underground production at the Mustang Mine. Talisker projects also include the Ladner Gold Project, an advanced stage project with significant exploration potential from an historical high-grade producing gold mine and the Spences Bridge Project where the Company holds ~85% of the emerging Spences Bridge Gold Belt, and several other early-stage Greenfields projects.

Caution Regarding Forward Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on Talisker’s current belief or assumptions as to the outcome and timing of such future events. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to Talisker. Although such statements are based on reasonable assumptions of Talisker’s management, there can be no assurance that any conclusions or forecasts will prove to be accurate. In particular, the Company advises that it does not have defined mineral reserves and it has not based its production decision on a feasibility study of mineral reserves, demonstrating economic and technical viability, and, as a result, there may be an increased uncertainty of achieving any particular level of recovery of minerals or the cost of such recovery, including increased risks associated with developing a commercially mineable deposit.

Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration, development and operation of mineral deposits, including risks relating to changes in project parameters as plans continue to be redefined, risks relating to variations in grade or recovery rates, risks relating to changes in mineral prices and the worldwide demand for and supply of minerals, risks related to increased competition and current global financial conditions, access and supply risks, reliance on key personnel, operational risks regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, title and environmental risks and risks relating to the failure to receive all requisite shareholder and regulatory approvals. Furthermore, historically, projects that are in production without defined mineral reserves have a much higher risk of economic and technical failure. There is no guarantee that production will begin as anticipated or at all or that anticipated production costs will be achieved.

The forward-looking information contained in this release is made as of the date hereof, and Talisker is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

FAQ

What were the key drilling results from Talisker's (TSKFF) Golden Hornet Project in 2022?

The 2022 drilling program revealed high-grade intersections including 8.88 g/t Au over 5.1 metres within a broader zone of 2.59 g/t Au over 21.5 metres in hole GH-DDH-21-004, and 11.58 g/t Au over 1.05 metres in hole GH-DDH-21-003.

How much did Talisker (TSKFF) pay for the Golden Hornet Project's Net Smelter Royalty?

Talisker paid a total of $50,000 for their 1% portion of the NSR, comprising $38,000 in cash and $12,000 in shares (36,363 shares at $0.33/share).

What is the extent of Osisko's royalty ownership in Talisker's (TSKFF) Golden Hornet Project?

Following the completion of the agreement, Osisko holds a 2% net smelter returns royalty on all production from Golden Hornet, Blue Jay, and Barnato properties.

How extensive was Talisker's (TSKFF) 2022 drilling program at Golden Hornet?

The 2022 drilling program completed 4,853 metres across 14 holes, with ten holes in the central Hornet Zone (3,568 metres) and four holes in the Iron Canyon Zone (1,015 metres).