Key highlights

  • Talisman Mining (ASX:TLM) shares fell 10.71% to $0.05 during the Trading session on 20 October 2026.
  • On 15 October 2026 the company said a 2,500 metre aircore program had started at the East Peak Hill gold prospect in New South Wales.
  • The program is scheduled to finish by the end of October, with first results expected by early December.

During the trading session on 20 October 2026, shares of Talisman Mining Limited (ASX:TLM) fell 10.71% to $0.05. Separately, on 15 October 2026, the company announced that a 2,500 metre aircore (AC) drilling program had commenced at its East Peak Hill Gold Prospect, part of the Macquarie Project in New South Wales. The share price move and the announcement occurred on different dates and are not linked in this article.

About Talisman Mining Limited

Talisman Mining is a West Perth-based explorer. East Peak Hill is 100% owned and sits within the Junee-Narromine Volcanic Belt, on tenement EL9395, about 10 kilometres south-east of the Tomingley Gold Operation. The company also holds projects in the Lachlan Fold portfolio, including the Sheepyard Gold Prospect.

East Peak Hill aircore program

The 2,500 metre program is a follow-up to earlier drilling and is designed to evaluate a corridor of gold mineralisation of about 5 kilometres in length. Previously reported results include 3 metres at 1.75 g/t gold from 33 metres in hole EPAC0003. The program comprises up to five drill lines testing two target areas.

The gold has been defined along the contact between volcaniclastic rocks and the sedimentary Cotton Formation, which the company interprets as the same stratigraphic succession that hosts the Tomingley and Peak Hill deposits. East Peak Hill is located east of the Peak Hill Gold District and south of Alkane Resources’ Tomingley Gold Project, which has a stated resource of 1.36 million ounces at 2.2 g/t.

Target areas

The EPH1 target was defined by earlier aircore programs, which returned strongly anomalous gold in a position interpreted as an area of structural complexity. The follow-up drilling will step out north and south to test extensions. At EPH2, three drill traverses have been planned to complete systematic testing of the corridor, after earlier attempts were impeded by significant rain.

Sheepyard and timing

The company is preparing to start Reverse Circulation Drilling at the Sheepyard Gold Prospect to test a deeper induced polarisation anomaly, and says an RC rig has been secured, with further updates to follow. The East Peak Hill drilling is scheduled to finish by the end of October, with first results expected by early December. The release notes that weather-related delays restricted access for an extended period.

Sector backdrop

Central-west New South Wales is an established gold and copper-gold region, with operating mines such as Tomingley in the same volcanic belt. Explorers in the region often use aircore drilling for early testing of regolith and shallow bedrock, followed by reverse circulation or diamond drilling to follow up anomalies.

Weather can delay field programs, as the company’s own release acknowledges.

Risks shareholders should weigh

Aircore drilling is a first-stage test, and an intercept such as 3 metres at 1.75 g/t does not establish a resource. The mineralisation seen so far may not extend as hoped, and results will not be available until early December.

Proximity to other gold deposits does not guarantee that similar mineralisation will be found. The company will need further Capital for the follow-up work, which may result in dilution. At $0.05, the 10.71% fall on 20 October 2026 shows how price moves can be large in percentage terms.

What’s next

The aircore program is due to be completed by the end of October, with first results by early December. Preparations are also under way for reverse circulation drilling at the Sheepyard Gold Prospect, with timing to be advised.