Assay results from the diamond drilling completed at Blind Calf during the March quarter have now been returned from the laboratory.

Selective samples were collected from three of the four holes drilled, with one hole (BCDD002) unsampled as it was abandoned prior to reaching target depth due to significant hole deviation.

Initial observations from logging of the core highlighted a highly complex deformed rock package of fine to medium grained sediments, with brecciated quartz sulphide veining, boudinage quartz sulphide veining, sulphide stringer veins and disseminated sulphide throughout the host sedimentary rock package. These sulphide zones returned anomalous assay results with the better grades from the zones of brecciated semi-massive sulphide in BCDD003 which returned 0.6m @ 5.81% Cu from 165m within a broader zone of 1.75m @ 2.52% Cu from 165m down hole.

BCDD001 which intersected the Blind Calf structure some 80-100m below previous intersections, returned an intersection of 0.6m @ 1.9% Cu from 243m, along with a number of similar intersections throughout the hole which correlate with the observed zones of disseminated and stringer sulphides. This is significant as it confirms the mineralised system is persistent and remains open at depth.

Prior RC drilling by Talisman has shown the Blind Calf-Dunbars System to be a copper bearing sheared quartz lode, extending along strike for approximately 300m and to a depth of over 200m. Drilling has identified a zone of high-grade copper mineralisation (+5% Cu) within the main lode system.

Talisman has approval from the NSW DPIE for an RC drill program of approximately 650m to test downhole electromagnetic conductors identified across the Blind Calf region. As previously announced2, DHEM surveys conducted on previous RC drilling undertaken to test interpreted potential parallel lodes proximal to the Blind Calf-Dunbar copper lode system identified a series of new DHEM conductive anomalies. A total of five new DHEM conductive anomalies were identified from this survey at five separate potential lodes. All of these new target positions are untested and require additional drill testing.

Blind Calf - Alteration Mapping

Global Ore Discovery (Brisbane) has been engaged to undertake a detailed examination of the available geochemical data set for the Blind Calf and Dunbars deposits focusing on specific alteration mineralogy and chemistry associated with the copper mineralisation. The aim of the work was to determine whether alteration and chemical vectors to high grade mineralisation can be identified on a prospect scale and, if successful, to use these vectors to help target deeper zones of mineralisation below the current Blind Calf-Dunbars mineralised structure and other parallel mineralised structures to the east and west.

The study has shown that the copper mineralisation is associated with a distinct metal zonation pattern, with elevated Ni and Co identified up to 40m from the Cu mineralisation and elevated Sb, Bi, As and Ag identified proximal to the Cu mineralisation. This pattern of subtle metal zonation will prove highly valuable in directing future drilling toward higher grade portions of the mineralised structures.

Blind Calf - Next steps

The outcomes of the initial hyperspectral study of the localised Blind Calf mineralisation has proven to be highly encouraging and has provided some clear vectoring tools for higher grade mineralisation within the system. Further spectral work will be undertaken in the short to medium term with the aim of building a three dimensional alteration and chemical model. The findings so far will also be applied more regionally, with follow-up work to include wider prospect scale alteration mapping to highlight potential additional copper lodes. Specifically, spectral alteration mapping will be reviewed in conjunction with regional DHEM anomalies identified from previous RC drilling.

The temporary suspension of field activities due to COVID-19 restrictions has provided an opportunity to use these new finding to better define these drill targets, which will be scheduled for drill testing once field operations recommence. RC drill testing of the Blind Calf Regional DHEM Conductors is also planned.

A detailed review of all geophysical results is also underway, with drill core now available for physical property testing. Drill core will be analysed for geophysical properties which will aid in future modelling of the available geophysical survey date. The physical properties obtained from the drill core will help to design the most appropriate geophysical method or methods for exploring the deeper or down-plunge extent of the Blind Calf mineralisation as well as mineralised parallel structures to the east and west.

Lucknow Gold Project

Talisman has approval from the NSW DPIE in place for diamond drill testing of the interpreted extensions to the high-grade Lucknow Gold Mine which has not been previously drill tested . Drilling was anticipated to commence in April immediately following the completion of diamond drilling at Blind Calf, however the restrictions put in place due to the COVID-19 pandemic forced the postponement of this program. Talisman will target the interpreted fault offset extensions of the high-grade Lucknow Project gold mineralisation with two diamond drill holes.

Response to COVID-19

Following the suspension of all field work in late March, Talisman has continued to monitor and review government recommendations and guidelines in relation to COVID-19 restrictions. The Company is working to develop suitable safe work practices to facilitate the recommencement of field activities, including working with specific sub-contractors to ensure that a safe work environment can be established and maintained for the range of field-based activities. The outcomes of this work to date indicate the resumption of drilling is more likely to first commence at the Lucknow high-grade gold project rather than the Lachlan Project. The expected timing of this remains unclear, however Talisman is aiming to recommence drilling as soon as it is safe and practical to do so.

Contact:

Dan Madden

Tel: +61 8 9380 4230

About Talisman Mining

Talisman Mining Limited (ASX:TLM) is an Australian mineral development and exploration company. The Company's aim is to maximise shareholder value through exploration, discovery and development of complementary opportunities in base and precious metals. Talisman has also secured tenements in the Cobar/Mineral Hill region in Central NSW through the grant of its own Exploration Licenses and through separate farm-in agreements. The Cobar/Mineral Hill region is a richly mineralised district that hosts several base and precious metal mines including the CSA, Tritton, and Hera/ Nymagee mines. This region contains highly prospective geology that has produced many long-life, high-grade mineral discoveries. Talisman has identified a number of areas within its Lachlan Cu-Au Project tenements that show evidence of base and precious metals endowment which have had very little modern systematic exploration completed to date. Talisman believes there is significant potential for the discovery of substantial base metals and gold mineralisation within this land package. Talisman has also entered into a farm-in with privately-owned Lucknow Gold Limited in relation to the Lucknow Gold Project (EL6455) in New South Wales. The Lucknow Goldfield was discovered in 1851 and was one of the earliest goldfields to be mined commercially in Australia. Historic production records at the Project are incomplete, however in excess of 400,000 ounces of gold has reportedly been produced at grades of 100 to 200 g/t gold4 .Very little modern exploration has been completed outside of the existing mine workings and Talisman intends to undertake a program of geochemical surface sampling and mapping at the Project ahead of a drilling program to test for potential down plunge extensions of the high-grade gold ore shoots and repeat structures throughout the Project area.

Forward-Looking Statements

This ASX release may include forward-looking statements. These forward-looking statements are not historical facts but rather are based on Talisman Mining Ltd.'s current expectations, estimates and assumptions about the industry in which Talisman Mining Ltd operates, and beliefs and assumptions regarding Talisman Mining Ltd.'s future performance. Words such as 'anticipates', 'expects', 'intends', 'plans', 'believes', 'seeks', 'estimates', 'potential' and similar expressions are intended to identify forwardlooking statements. Forward-looking statements are only predictions and are not guaranteed, and they are subject to known and unknown risks, uncertainties and assumptions, some of which are outside the control of Talisman Mining Ltd. Past performance is not necessarily a guide to future performance and no representation or warranty is made as to the likelihood of achievement or reasonableness of any forward-looking statements or other forecast. Actual values, results or events may be materially different to those expressed or implied in this presentation. Given these uncertainties, recipients are cautioned not to place reliance on forward looking statements. Any forward-looking statements in this announcement speak only at the date of issue of this announcement. Subject to any continuing obligations under applicable law and the ASX Listing Rules, Talisman Mining Ltd does not undertake any obligation to update or revise any information or any of the forward looking statements in this announcement or any changes in events, conditions or circumstances on which any such forward looking statement is based.

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