Canadian Mining Journal


GOLD: Talisker buys Bralorne from Avino, announces financing

The site of the Bralorne gold mine (Image: Avino Silver and Gold Mines)

The site of the Bralorne gold mine (Credit: Avino Silver and Gold Mines)

BRITISH COLUMBIA – Talisker Resources announced it has entered into a purchase agreement with Avino Silver and Gold Mines to acquire a 100% interest in the 4,200 ha. Bralorne gold project 248 km northeast of Vancouver.

Upon closing of the transaction, Talisker will issue Avino a cash payment of $8.7 million as well as 9.9% of the pro-forma Talisker common shares outstanding. The company will also issue half the number of warrants relative to shares and make a US$2.5 million payment upon commercial production at Bralorne and assume project restoration and reclamation obligations.

Bralorne measured and indicated resources stand at 247,773 tonnes grading 11.46 g/t gold for a total of 91,527 oz. with additional inferred resources of 329,786 tonnes at 7.91 g/t gold for 83,900 ounces.

The project produced 4.2 million oz. of gold from three mines between 1928 and 1971 at a head grade of 17.7 g/t gold. Past production was from 30 veins with over 60 veins identified to date.

Talisker has also announced a financing of up to $10.2 million, consisting of a private placement of up to $4 million and the sale of a 1.2% royalty on the project to Osisko Gold Royalties for $6.2 million.

Talisker’s land holdings in southern B.C. currently total 231,413 ha. and cover the majority of the Spences Bridge gold belt. Bralorne grounds are adjacent to these holdings.

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