Auckland-based New Talisman Gold Mines retracted a release of the results of a scoping study on its Talisman gold project at the request of the Australian Securities Exchange because it lacked support from an independent technical report.
The retracted release, lodged on Wednesday with both the NZX and the ASX, said an updated pre-feasibility study showed the value of the company’s Talisman Deeps project had more than doubled from an earlier study in 2013.
However, “ASX has advised the company that in its view the scoping study may not have a reasonable basis as it is not currently supported by an independent technical report, as contemplated by ASX guidance,” New Talisman said in a later statement on Wednesday.
“Accordingly, after discussion with ASX, New Talisman wishes to advise that the scoping study announcement is retracted,” the company said.
While New Talisman considers the material assumptions of the scoping study to be based on reasonable grounds, there is no certainty that they will prove to be correct or that the range of outcomes indicated by the scoping study will be achieved, the company said.
The dual-listed stock is in a trading halt at 1.8 cents on the NZX, having shed 5.3 percent on Wednesday and giving up some of Tuesday's 12 percent advance.