PERTH (miningweekly.com) – The share price of ASX-listed junior New Talisman Gold fell by nearly 12% on Thursday after the company was forced to retract a scoping study on its Talisman Deeps project, in New Zealand.
The scoping study contained production targets and estimates of required investments and returns, including net present value calculations for the Talisman Deeps project, based on an inferred resource.
The company told shareholders that while the material assumptions adopted in the scoping study were based on reasonable grounds, there was no certainty that these assumptions would prove to be correct, or that the range of outcomes indicated by the scoping study would be achieved.
The Australian bourse told the company that the scoping study may not have a reasonable basis, as it was not supported by an independent technical report, as required in the ASX guidance.
As a result, New Talisman was required to retract the Talisman Deeps scoping study.
Talisman shares fell to a low of 1.5c a share on Thursday.