Talisman Mining Ltd. announced that it has further strengthened its pipeline of high-potential exploration targets at the 100%-owned Lachlan Copper-Gold Project in NSW following receipt of final results from the recently completed project-wide geophysical surveys. Despite the impact of wet weather delays, Talisman has been utilising the time to complete the geophysical processing and interpretation of the AEM survey flown in the first half of 2022 and to refine and integrate this with historical datasets to generate numerous high-priority targets. Receipt of both the FALCON Airborne Gravity Gradiometry (AGG) survey data 1 and the processed AEM survey marks the completion of Talisman's regional-scale surveying.

Fieldwork has already commenced over high-priority areas, with the Company intending to include the strong AEM anomaly at the Kaolin Shaft Prospect as part of its next drilling campaign, scheduled to commence late in the September quarter. The remaining targets are being systematically evaluated and ranked alongside Talisman's pre-existing targets, with the results to be used to plan and guide future work. The combined survey results provide Talisman with a significant step-change in the progression and understanding of geological targets across the Cobar Superbasin and delivers additional momentum towards making a significant discovery.

AEM Targets: AEM survey anomalies are potentially linked to concealed massive sulphide mineralisation akin to typical Cobar lode-style mineralisation. Talisman's geophysical consultants, Southern Geoscience, have ranked all the anomalies by geophysical character, interpreted surrounding geology and any known mineralisation. Themanomalies have then been further developed by Talisman's geologists, with the result that the best anomalies then converted into targets.

This interpretation and analysis has identified over 20 anomalies that require further investigation. AEM targets in the Kaolin Shaft (EL8680) area are scheduled for Reverse Circulation (RC) drilling late in the September quarter. Preliminary exploration work, including geological mapping and regolith sampling on other high priority AEM anomalies, is currently underway to assist in prioritising these targets and preparing them for drill testing later in 2022 and into 2023.

AEM Interpretation ­ Kaolin-Shaft Prospect (EL8680) Talisman previously reported 2 that preliminary analysis and 3D interpretation of AEM survey data had enabled interpretation of structures associated with mineralisation at the Kaolin Shaft prospect, resulting in the interpretation of a secondary, concealed target area at the locus of interpreted structures to the north-east of previous drilling. Further geological interpretation suggests that the polymetallic mineralisation at both the Kaolin Shaft (Zn-Pb-Cu-Ag-Au) 3 and Durnings (Au-Cu) prospects (together the KSDR) may be the up-dip expression of a much larger mineralisation source ­ located approximately 900m to the north-east. Best historical results at Durnings include: 34m @ 1.34g/t Au from 6m, and 6m @ 2.1% Cu from 32m (DUR-1 4); and 17m @ 3.7g/t Au from 16m including 8m @ 5.3g/t Au from 22m (MD8 5) The interpreted Source Target Zone (STZ) is situated at the convergence and intersection of the Bluff Fault Zone and Mineral Hill structure (Figure 2).

Both of these structures have strong relationships to copper mineralisation and are interpreted to be associated with the Mineral Hill mine and the nearby Wilmatha Copper-Gold Porphyry prospect. The STZ area is concealed by shallow cover and no previous exploration is recorded over the area. Further work by Talisman has also identified NE-SW structures which cross-cut the KSDR and have been interpreted to extend directly into the STZ (inclusive of the composite interpretation of magnetics, AEM and field data).

These structures may be a contributing conduit which accommodated up-dip migration of mineralisation away from the interpreted source. Geological modelling also indicates strata-bound mineralisation, further supporting a mineralised-fluid migration model. The conductive response at both Kaolin Shaft and Durnings shows a low-moderate angle north-eastern dip toward the intersecting main structures and new KSDR STZ area.

Drill planning is currently being progressed to test the STZ area early in the last quarter of calendar 2022. Babinda Copper Prospect RC Results (EL8658): A total of five reconnaissance RC drill-holes for 675m were completed at Babinda to test both the base metal potential along strike of historic drilling and also a distinct historic gravity anomaly 6 on the western margin of a broad magnetic anomaly suggestive of a deeper intrusive source of mineralizing fluids 7. Holes BBRC0001 to BBRC0004 reached target depth while BBRC0005 was terminated early at 85m due to water and collar issues. Initial geological modelling of the results shows a correlation between an intermediate volcanic intrusive (dolerite) and elevated copper mineralisation, as well as an unmineralized volcanic to the east.

Multiple phases of volcanics are indicative of a favorable structural setting and intrusion-related mineralisation potential. Significant intersections at the Babinda Copper Prospect include: BBRC0001 o 8m @ 0.25% Cu from 58m; and o 4m @ 0.15g/t Au, 14.5 g/t Ag, 0.5% Cu, 0.3% Pb, 0.8% Zn from 162m; BBRC0003 o 6m @ 0.1g/t Au, 0.2% Pb and 0.3% Zn from 58m: BBRC0004 o 2m @ 0.27% Cu from 2m; and o 6m @ 0.27% Cu from 22m. Analysis is ongoing to determine the orientation of the mineralised intrusive volcanic, which will be used as a potential vector for any additional drilling.

Geological mapping of the Babinda Copper Prospect and an adjacent area of old copper workings (the Elaine Copper Prospect) is also underway to better understand the relationship between geological structure, intrusive phases and copper mineralisation across these prospect areas. The results from ongoing geological modelling will be used to aid a drill design following up on identified copper mineralisation.