Talisker Moves to Four Rigs at Bralorne Gold Project and Increases Drill Program to 23,000 m

Rhea-AI Summary

Talisker Resources Ltd. has announced an operational update for its Bralorne Gold Project, revealing an increase in its 2020 drill program from 17,000m to 23,000m due to positive drilling results, including intersections of 57.8 g/t gold. So far, 14,811m has been drilled, with 5,715 assay samples received. The company is also planning for a 2021 winter program and investing in additional drilling equipment. With C$34 million in cash, Talisker aims to further expand its drilling activities, having identified new high-grade vein targets.

Positive

• Increased 2020 drill program from 17,000m to 23,000m due to positive results.
• Successful validation of 19 vein targets and identification of three new vein targets.
• C$34 million in cash available for further expansion of drilling activities.
• High-grade gold intersections reported, with results validating historical data.

Negative

• None.

TORONTO, ON / ACCESSWIRE / October 19, 2020 / Talisker Resources Ltd. ("Talisker" or the "Company") (TSX:TSK)(OTCQX:TSKFF) is pleased to provide an operational update for its Bralorne Gold Project and announce that the Company will be increasing its current 2020 drill program from 17,000m to 23,000m in response to continued successful drilling results, including 1.5m grading 57.8 g/t gold (see press release of June 9, 2020). This is the second increase to the drill program from an initial 11,200m since the Company acquired the Bralorne Gold Project in December last year.

To date, Talisker has drilled 14,811m of the planned 23,000m consisting of 20 holes and two wedges and has received 5,715 assay samples with an additional 4,542 samples currently at the assay laboratory with receipt expected soon. A total of 1,160m of drill core is currently being cut and will be dispatched to the laboratory over the next couple of weeks. The drilling program has successfully validated 19 vein targets and identified three new, close to surface vein targets (Charlotte, Empire and Vein 51). The remaining program is designed to test eight additional vein targets and to expand on the newly identified close to surface targets.

Talisker is in the process of assessing its 2021 winter program at the Bralorne Gold Project, planning the option to mobilize additional drill rigs on site to increase drill productivity that will be aided by the recent purchase of three automatic cores saws (of which two are pending delivery) and a new 44-man camp. Construction of a new core logging facility and the recruitment of additional geologists has already been completed to facilitate this expansion. Talisker is well positioned to further expand its drill program beyond 23,000m in 2021 with C$34 million in cash.

Terry Harbort, President and CEO of Talisker commented "Our drilling program at Bralorne Gold Project continues to deliver high-grade gold intersections reminiscent of the exceptional grades reported by historic mining operations at Bralorne. Our decision to increase our 2020 drill program to 23,000m is in direct response to the ongoing success of our drill program, the results of which have validated and expanded on the high-grade zones at Bralorne. With this validation program nearing completion, we will be mobilizing an additional two drill rigs on site to increase productivity. We plan on increasing our drill program further in 2021 once the purchase and delivery of additional equipment and camp facilities has been implemented at Bralorne. In addition, we will also provide an update on the Company's Spences Bridge regional exploration program that has been running concurrently with operations at Bralorne since June. We currently have 20 of our 33 geologists dedicated to greenfields exploration at Spences Bridge."

Since the acquisition of the Bralorne Gold Project in December last year, Talisker has also focused on the digitization and processing of the historical mine and exploration database. The information contained in the database combined with results from the Company's Phase 1 and 2 drill programs have been incorporated into a structural model (ongoing) essential for efficient and accurate drill targeting. Despite disruptions at assay laboratories due to the ongoing COVID-19 pandemic, the Company has received 5,715 assay results, which have confirmed the presence of quartz vein/structures that host gold mineralization at the Bralorne Gold Project (Figure 1). Importantly, preliminary drilling has also identified a lower-grade selvage around the veins which was not identified by previous operators. While it is too early to speculate on the consistency of these lower-grade selvage, they could result in lower dilution when various mining scenarios are investigated. See figure 2 for an illustration of the vein and selvage material for context.

Highlights from Talisker's 2020 drill program at the Bralorne Gold Project include:

Hole SB-2020-005A (released June 9, 2020):

• 1.5 metres grading 57.8 g/t gold from 106.3 metres to 107.8 metres within a broader halo of 5.10 metres grading 19.97 g/t gold.

Hole SB-2020-007 (released July 16, 2020):

• 0.65 metres grading 31.10 g/t gold from 57.35 metres to 58.00 metres within a broader halo of 3.45 metres grading 7.20 g/t gold.

Hole SB-2020-015 (released September 8, 2020)

• 0.50 metres grading 102 g/t gold from 466.10 metres to 466.60 metres within a broader halo of 1.7 metres grading 30.98 g/t gold.

Drilling results to date have confirmed high-grade gold mineralization within the quartz vein host from <50m to >600m from surface. Gaining access to two underground levels demonstrates the excellent continuity of not only the veins themselves, but also of high-grade gold mineralization hosted within the quartz veins illustrated by historic drift sampling along the veins.

Despite disruptions associated with the COVID-19 pandemic which has included longer-than-expected delays at the assay lab and procurement of additional equipment, the Company is well on track to achieve its milestones for 2020. This includes completing its Phase 1 and 2 drill programs at the Bralorne Gold Project (increased to 23,000m) to validate historical drilling and extend zones of high-grade gold (Figure 3), review and digitize the historic mine and exploration database and define a structural model that outlines the distribution of the gold-bearing quartz veins (and surrounding mineralized selvage). Preliminary drilling results, the digitization of the historic mine and exploration database and an evolving structural model for the Bralorne Gold Project have provided enough data to confidently expand the current drill program to four drill rigs, once the necessary equipment and infrastructure has been put in place. The implementation of two additional rigs at the Bralorne Gold Project will be more cost-efficient and will address the inevitable variability between drilling intersections that is characteristic of quartz vein-hosted deposits.

Figure 1: Plan view (centre) of the Bralorne deposit showing the location of drill holes completed by Talisker to date, major target areas (coloured zones) and historic drift samples. Representative cross-sections through the deposit are also provided.

Figure 2: Photo of a drift face in the historic underground workings at Bralorne showing the outline of the gold-bearing quartz vein (white dash), outline of the gold-bearing vein selvage (blue dash). The red line illustrates a typical drill hole through Bralorne and the intersection of vein and selvage material.

Figure 3: Long section through the Bralorne, Pioneer and King deposits showing zones of expansion potential along strike and at depth of the historic underground workings.

Talisker is providing an opportunity for shareholders and other interested parties to participate in a Webinar to be held at 4 pm ET on Wednesday, October 21^st. To register, please click on the following link - https://us02web.zoom.us/webinar/register/WN_7ZYkSD3yTsiZUvp2FWbWHg.

About Talisker Resources Ltd.

Talisker (taliskerresources.com) is a junior resource company involved in the exploration of gold projects in British Columbia, Canada. Talisker's projects include the Bralorne Gold Project, an advanced stage project with significant exploration potential from a historical high-grade producing gold mine as well as its Spences Bridge Project where the Company holds ~85% of the emerging Spences Bridge Gold Belt and several other early stage Greenfields projects. With its properties comprising 297,644 hectares over 331 claims, six leases and 181 crown grant claims, Talisker is a dominant exploration player in the south-central British Columbia. The Company is well funded to advance its aggressive systematic exploration program at its projects.

For further information, please contact:

Terry Harbort, President & CEO
terry.harbort@taliskerresources.com
+1 416 361 2808

Qualified Person

The technical information contained in this news release has been 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.

Figure 1 - Bralorne Gold Project Drilling to Date

Figure 2 - Vein and Halo at Drift Face

Figure 3 - Bralorne Expansion Potential

SOURCE: Talisker Resources Ltd.

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FAQ

What is the increase in Talisker Resources' drill program for TSKFF?

Talisker Resources has increased its drill program at the Bralorne Gold Project from 17,000m to 23,000m.

What gold grades have been reported in Talisker's drilling results for TSKFF?

Recent drilling results reported intersections of up to 57.8 g/t gold.

How many assays has Talisker received for the Bralorne Gold Project under TSKFF?

Talisker has received 5,715 assay samples to date.

What is the financial status of Talisker Resources for TSKFF?

Talisker Resources has C$34 million in cash available for its operations and expansion.

When will Talisker provide an update on the Bralorne Gold Project for TSKFF?

Talisker will provide an update via a Webinar on October 21st.