Use it to locate the Blood Rune temple and to enter the mysterious ruins in the Meiyerditch Caverns.
Use this item on a Wicked hood to unlock the blood runes and blood altar teleport options with it. The talisman cannot be taken out of the hood once consumed.
Notes:
Can be bound with a tiara to make a blood tiara.
Can be bound with a talisman staff to make a blood-talisman staff.
Can be made into an omni talisman if you show this talisman with all other Runecrafting talismans to Wizard Elriss in the Runecrafting Guild.