Talon Metals Identifies Potential for Repeated Massive Sulphide Accumulations Extending over 300 Meters Below the Deepest Vault Zone Intercept Transfer of Exploration Team from Michigan Complete - Three Rigs Now Fully Operational at Tamarack
Talon Metals Identifies Potential for Repeated
Massive Sulphide Accumulations Extending
over 300 Meters Below the Deepest Vault Zone
Intercept
Transfer of Exploration Team from Michigan Complete - Three
Rigs Now Fully Operational at Tamarack
Tamarack, Minnesota--(Newsfile Corp. - November 4, 2025) - Talon Metals Corp. (TSX: TLO) ("
Talon
"
or the "
Company
"), voted by the MINING.COM community
as the number-one ranked small-cap
mining stock ($200 million to $2 billion) for October 2025
1
, is pleased to provide an update on
exploration work in the Vault Zone at the Tamarack Nickel-Copper-Cobalt Project in Minnesota (the
"
Tamarack Nickel-Copper Project
").
Drilling to date has defined a pattern of
multiple accumulations of massive sulphides within the
Vault Zone
, and new borehole electromagnetic ("
BHEM
") data indicates that this pattern may
repeat
for more than 300 meters below the deepest intercept drilled to date
. Talon is also pleased to
announce the successful transition of its full exploration team from Michigan back to Tamarack,
enabling an expanded three-rig drilling campaign focused on rapidly advancing the high-
priority Vault Zone
. The Company further reports complete assay results from drill hole 25TK0563,
representing the highest nickel-equivalent grade multiplied by length interval in the Tamarack Nickel-
Copper Project's history.
Record Intercept in Drill Hole 25TK0563
Building on partial results disclosed on
June 5, 2025
, the remaining assays from drill hole 25TK0563
include
89.50 meters grading 1.06% NiEq (1.89% CuEq)
starting at 419.5 meters depth (see Table
2). When combined with the previously reported
34.9 meters of massive sulphide mineralization
grading 28.88% NiEq (57.76% CuEq)
, the drill hole returned a total of
390.17 meters grading 3.23%
NiEq (6.14% CuEq)
-the highest nickel-equivalent grade multiplied by length interval ever recorded at
the Tamarack Nickel-Copper Project.
Full Exploration Team Returns to Tamarack
Since August, directional drilling at the Tamarack Nickel-Copper Project, carried out by one crew
operating between two drill pads, targeted holes 25TK0563A, 25TK0565A and the extension of historic
hole 16TK0248 (originally drilled in 2016) to collect BHEM data. Unfortunately, drill hole 25TK0565A was
lost before target depth due to mechanical failure.
With drilling at Talon's Michigan Boulderdash discovery halted for the Winter 2025/2026 snow season,
all three drill rigs that were in Michigan and Talon's full in-house exploration team have been
relocated to Tamarack
. The expanded program is operating from three dedicated drill pads and is
focused on the rapid delineation of resources within the Vault Zone.
Significant Geophysical and Geological Indicators
BHEM surveys from the extension of historic drill hole 16TK0248 identified a high-conductivity plate
interpreted to
represent the lateral continuation of the high-grade nickel-copper-PGE
mineralization intersected in drill hole 25TK0563. This response aligns with high-conductivity plates
modeled from drill holes 25TK0563 and 25TK0562 (see Figure 1),
together supporting the
interpretation of continuous massive sulphide mineralization along this stratigraphic level
(see
conceptual illustration of accumulations of massive sulphides
based on drilling to date
in Figure 2).
BHEM surveys from drill hole 25TK0565 and from the deepening of historic drill hole 16TK0250 (see
Figure 1)
also indicate potential lateral continuity of massive sulphides
, this time
within the
upper parts of the stratigraphy
(see conceptual illustration of accumulations of massive sulphides
based on drilling to date
in Figure 2).
Unlike the Tamarack Resource Area, the extension of drill hole 16TK0248 also modeled a
weaker near-vertical conductor extending more than 300 meters below the deepest massive
sulphide intercept in the Vault Zone.
Together, these results reinforce the emerging model for the Vault Zone, in which massive sulphides
accumulated in
multiple
repeating
stacks
developed along the contact between the intrusion and the
surrounding sediments. At this boundary, heat from the intrusion partially melted the country rock,
creating permeable zones (traps) that allowed sulphides to migrate and concentrate. For comparison, a
single stack of the massive sulphide unit (MSU) in the
Tamarack Resource Area
formed in similar
geological setting and has a
lateral continuation
for up to approximately 600 meters.
The newly identified near-vertical, low-conductivity detected in 16TK0248 is interpreted to
represent a connective pathway-indicating that the repetitive process of sulphide
accumulation and lateral extension along stacks may repeat for more than 300 meters below
the deepest known intercepts in the Vault Zone.
To date, there has
been no drilling on the northern part of the intrusion in the Vault Zone
(see
Figure 2), where the system remains completely open for discovery.
At the Tamarack Resource Area,
massive sulphides accumulate on both sides of the intrusion
-forming two distinct limbs of
mineralization developed along the western and eastern contacts (see plan view in Figure 1). This
geometry will guide the Talon exploration team to evaluate the opposite, undrilled side of the intrusion at
the Vault Zone for potential
stacks of massive sulphides
.
Figure 1: Cross section of the Vault Zone looking west, showing a large conductive structure
representing an extensive pathway that hosts the observed stacked sequence of high-grade
nickel-copper mineralization
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2443/273054_7092a860e44e191c_001full.jpg
Figure 2: Conceptual cross-section through the Vault Zone showing the stack of previously
intercepted high-grade nickel-copper-PGE mineralization. The near-vertical BHEM plate shown
in Figure 1 (see conceptual placement) is interpreted to reflect a controlling structure for these
known massive sulphides. The modelled conductor persists for hundreds of metres below the
deepest intercept in drill hole 25TK0563
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2443/273054_7092a860e44e191c_002full.jpg
Additionally, results from drill hole 25TK0563A have identified the highest occurrences of
chalcocite
veining and bornite-chalcopyrite assemblages,
minerals not typically observed at the Tamarack
Nickel Copper Project, indicating
significant copper enrichment
over a span of approximately 150-
meters between drill holes in the Vault Zone.
This hypogene-style enrichment points to a unique
geological process, not seen in the Tamarack Resource Area
, enhancing the copper potential of
the system (see Figure 3).
Figure 3: An example of massive chalcocite and bornite identified in hole 25TK0563A in the
Vault Zone
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/2443/273054_7092a860e44e191c_003full.jpg
Next Steps: Accelerated Vault Zone Delineation
During the Fall 2025 and Winter 2026 season, Talon's fully crewed, three-rig drilling campaign
will continue the targeting of BHEM plates to determine:
The
lateral extent of massive sulphide and mixed massive sulphide stacks of
accumulations of sulphides
intercepted in drill holes 16TK0250, 25TK0565 and 25TK0563
(see left side of the conceptual cross section in Figure 2);
The
potential for similar massive sulphide and mixed massive sulphide stacks on the
opposite side of the intrusion
, an area with no prior drilling (see right side of the conceptual
cross section in Figure 2); and
Additional accumulation of massive sulphides and mixed massive sulphide stacks at
greater depths by following the near-vertical BHEM plate
from 16TK0248 deeper into the
Vault Zone, potentially beyond 300 meters below the deepest massive sulphide intercept to date.
Successive drill targets will be refined based on ongoing geological and geophysical insights.
"Geophysically speaking, the initial borehole electromagnetic (BHEM) results from the
Vault Zone
appear analogous to the geometry of the Reid Brook Zone at Voisey's Bay
, where I worked for
over five years," said Brian Bengert, Talon's VP Geophysics. "What's particularly exciting is the clear
contrast between the near-vertical, lower-conductivity feature, interpreted as a pathway connecting the
accumulations, and the high-conductivity plates that define the accumulations themselves.
This
conductivity contrast should significantly improve the speed and accuracy of exploration.
A
single vertical drill hole with multiple directional daughter holes should be able to efficiently delineate
several lateral extensions of these sulphide traps."
"
Unlike the Tamarack Resource Area, where massive sulphide mineralization typically forms as
a single laterally continuous accumulation on either side of the intrusion (see plan view in
Figure 1), the Vault Zone shows multiple accumulations of massive sulphides-each with
potential for lateral extension
,"
said Brian Goldner, Talon's Chief Exploration and Operations Officer.
"
Importantly, tenor and grades increase with depth, with the highest nickel, copper and Cu:Ni
ratios-and the most intense bornite and chalcocite veining-ever observed at the Tamarack
Nickel-Copper Project
."
"
With only a subset of our team at Tamarack, we've completed seven holes to target depth in
the Vault Zone that delivered some of the highest-grade nickel-copper intercepts drilled in the
last century-but that's still just seven holes in a vast area
," said Henri van Rooyen, CEO of Talon.
"Now that our Michigan team has returned to Tamarack for the Fall 2025 and Winter 2026 season,
we've established three drill pads directly above the Vault Zone, enabling
360-degree directional
drilling that saves roughly 2,000 meters per pad compared to drilling each hole from surface
.
We're now positioned to follow each massive sulphide stack laterally and continue tracing the same
pattern to greater depths-while also testing the opposite side of the intrusion for additional stacks of
high-grade nickel-copper-PGE mineralization."
For further discussion on the Vault Zone, please see
www.talonmetals.com/media
.
QUALITY ASSURANCE, QUALITY CONTROL AND QUALIFIED PERSONS
Please see the technical report entitled "November 2022 National Instrument 43-101 Technical Report of
the Tamarack North Project - Tamarack, Minnesota" with an effective date of November 2, 2022
("
November 2022 Technical Report
") prepared by independent "Qualified Persons" (as that term is
defined in National Instrument 43-101 ("
NI 43-101
")) Brian Thomas (P. Geo), Roger Jackson (P. Geo),
Oliver Peters (P. Eng) and Christine Pint (P.G) for information on the QA/QC, data verification, analytical
and testing procedures at the Tamarack Nickel Copper Project. Copies are available on the Company's
website (www.talonmetals.com) or on SEDAR at (
www.sedar.com
). The laboratory used is ALS
Minerals who is independent of the Company.
Lengths are drill intersections and not necessarily true widths. True widths cannot be consistently
calculated for comparison purposes between holes because of the irregular shapes of the mineralized
zones. Drill intersections have been independently selected by Talon. Drill composites have been
independently calculated by Talon. The geological interpretations in this news release are solely those of
the Company. The locations and distances highlighted on all maps in this news release are approximate.
Dr. Etienne Dinel, Vice President, Geology of Talon, is a Qualified Person within the meaning of NI 43-
101. Dr. Dinel is satisfied that the analytical and testing procedures used are standard industry operating
procedures and methodologies, and he has reviewed, approved and verified the technical information
disclosed in this news release, including sampling, analytical and test data underlying the technical
information.
Where used in this news release:
NiEq% = Ni% + Cu% x $4.00/$8.00 x Cu Recovery/Ni Recovery + Co% x $20.00/$8.00 x Co
Recovery/Ni Recovery + Pt [g/t]/31.103 x $1,000/$8.00/22.04 x Pt Recovery/Ni Recovery + Pd
[g/t]/31.103 x $1,000/$8.00/22.04 x Pd Recovery/Ni Recovery + Au [g/t]/31.103 x $2,000/$8.00/22.04 x
Au Recovery/Ni Recovery + Ag [g/t]/31.103 x $20.00/$8.00/22.04 x Ag Recovery/Ni Recovery
CuEq% = Cu%+ Ni% x $8.00/$4.00 x Ni Recovery/Cu Recovery + Co% x $20.00/$4.00 x Co
Recovery/Cu Recovery + Pt [g/t]/31.103 x $1,000/$4.00/22.04 x Pt Recovery/Cu Recovery + Pd
[g/t]/31.103 x $1,000/$4.00/22.04 Pd Recovery/Cu Recovery + Au [g/t]/31.103 x $2,000/$4.00/22.04 Au
Recovery/Cu Recovery + Ag [g/t]/31.103 x $20.00/$4.00/22.04 x Ag Recovery/Cu Recovery
For Ni and Cu recoveries, please refer to the formulae in the November 2022 Technical Report.
Recovery of Ni to the Cu concentrate was excluded from the NiEq calculation. The following recoveries
were used for the other metals: 64.1% for Co, 82.5% for Pt, 69.3% for Pd and 72.6% for Au and Ag.
ABOUT TALON
Talon is a TSX-listed base metals company in a joint venture with
Rio Tinto
on the high-grade
Tamarack
Nickel Copper Project
Tamarack Nickel-Copper-Cobalt Project
located in central Minnesota. Talon's
shares are also traded in the US over the OTC market under the symbol TLOFF. The Tamarack Nickel
Copper Project comprises a large land position (18km of strike length) with additional high-grade
intercepts
outside the current resource area
.
Talon has an earn-in right to acquire up to 60% of the
Tamarack Nickel Copper Project and currently owns 51%.
Talon has a
neutrality and workforce
development agreement
in place with the United Steelworkers union. Talon's Battery Mineral Processing
Facility in Mercer County was
selected by the US Department of Energy
for US$114.8 million funding
grant from the Bipartisan Infrastructure Law and the
US Department of War awarded Talon a grant of
US$20.6 million
to support and accelerate Talon's exploration efforts in both Minnesota and Michigan.
Talon has well-qualified experienced exploration, mine development, external affairs and mine permitting
teams.
For additional information on Talon, please visit the Company's website at
www.talonmetals.com
or
contact:
Media Contact:
Jessica Johnson
(218) 460-9345
Investor Contact:
Mike Kicis
1 (647) 968-0060
FORWARD-LOOKING STATEMENTS
This news release contains certain "forward-looking statements". All statements, other than statements
of historical fact that address activities, events or developments that the Company believes, expects or
anticipates will or may occur in the future are forward-looking statements. These forward-looking
statements reflect the current expectations or beliefs of the Company based on information currently
available to the Company. Such forward-looking statements include statements relating to future
exploration work, including future drill holes, drill results, assays, geophysics and geological
interpretations. Forward-looking statements are subject to significant risks and uncertainties and other
factors that could cause the actual results to differ materially from those discussed in the forward-looking
statements, and even if such actual results are realized or substantially realized, there can be no
assurance that they will have the expected consequences to, or effects on the Company.
Any forward-looking statement speaks only as of the date on which it is made and, except as may be
required by applicable securities laws, the Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information, future events or results or otherwise.
Although the Company believes that the assumptions inherent in the forward-looking statements are
reasonable, forward-looking statements are not guarantees of future performance and accordingly undue
reliance should not be put on such statements due to the inherent uncertainty therein.
Table 1: Collar Locations of Drill Holes
Drill Hole #
Easting (m)
Northing (m)
Elevation (masl)
Azm
Dip
End Depth (m)
16TK0248
491049.3
5168348.1
388.7
139.7
-86.8
898.6
25TK0563A
491049.3
5168348.9
388.0
170.4
-85.4
842.2
25TK0565A
490998.2
5168295.3
388.0
85.7
-88.3
787.3
Collar coordinates are UTM Zone 15N, NAD83.
Azimuths and dips are taken from the survey record at collar unless otherwise noted.
Table 2: Assay Table for Drill Hole 25TK0563
Drill Hole #
From (m)
To
(m)
Length
(m)
Assay
NiEq (%)
CuEq (%)
Ni (%)
Cu (%)
Co (%)
Pd (g/t)
Pt (g/t)
Au (g/t)
Ag (g/t)
25TK0563
419.50
509.00
89.50
0.65
0.49
0.02
0.09
0.16
0.12
**
1.06
1.89
and
522.23
524.64
2.41
2.14
0.92
0.05
0.22
0.38
0.20
**
2.85
5.59
and
533.50
540.50
7.00
1.17
0.51
0.03
0.20
0.30
0.15
**
1.62
3.16
and
713.25
723.50
10.25
0.64
1.10
0.02
0.37
0.68
0.34
**
1.63
2.80
*Combined
762.34
782.73
34.90
14.86
15.37
0.11
8.65
16.31
9.18
42.92
28.88
57.76
795.16
809.67
25TK0563
419.50
809.67
390.17
1.65
1.60
0.02
0.84
1.57
0.89
4.08
3.23
6.14
Length refers to drill hole length and not True Width.
True Width is unknown at the time of publication.
All samples were analysed by ALS Minerals.
Nickel, copper, and cobalt grades were first analysed by a 4-acid digestion and
ICP AES (ME-MS61).
Grades reporting greater than 0.25% Ni and/or 0.1% Cu, using ME-MS61, trigger a sodium peroxide fusion with ICP-AES finish (ICP81). Platinum,
palladium, and gold are initially analyzed by a 30g fire assay with an ICP-MS finish (PGM-MS24). Any samples reporting >1g/t Pt or Pd trigger an over-
limit analysis by ICP-AES finish (PGM-ICP27) and any samples reporting >1g/t Au trigger an over-limit analysis by AAS (Au-AA26). For Ag, ICP-AES
through Aqua regia digestion (ME-ICP 41).
* See Company's press release dated June 5, 2025 for additional technical information
** Silver (Ag) was not analysed in the shallower section of the drill hole
Table 3: Quick Lithology Log for Drill Holes
Drill Hole #
From (m)
To (m)
length
Quick Log
% Sulphides
16TK0248
0
697.49
Drilled by Kennecott Exploration Company in 2016
697.49
721.46
CGO
Traces
721.46
734.73
CGO
2%
734.73
736.87
SED
5%
736.87
738.22
CGO
1%
738.22
744.17
SED
Traces
744.17
893.80
CGO
Traces
893.80
898.55
SED
25TK0563A
600.30
607.77
CGO
Traces
607.77
720.35
CGO
Traces
720.35
754.99
34.64
MI
3-10%
754.99
768.40
CGO
3%
768.40
780.92
SED
5%
780.92
842.16
SED
Traces
25TK0565A*
550.77
559.61
CGO
1%
559.61
576.38
MZNO
1
576.38
701.04
CGO
Tr-3%
701.04
702.26
MZNO
702.26
730.91
CGO
0.5-2%
730.91
751.64
MZNO
751.64
778.76
27.12
CGO
1-5%
778.76
780.90
2.14
MI
10%
780.90
784.56
CGO
Traces
Quick lithology log of drill holes: Overburden (OB); Meta-sedimentary rocks (SED); Fine-grained Orthocumulate/Mixed Zone (MZNO); Coarse-grained
Orthocumulate (CGO); Mafic Intrusive (MI).
*Drill hole 25TK0565A was lost before target depth.
________________________
1
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