Talon Metals Kicks off Drilling at Tamarack with a Primary Focus on Rapid Resource Expansion
Talon Metals Kicks off Drilling at Tamarack
with a Primary Focus on Rapid Resource
Expansion
Road Town, Tortola, British Virgin Islands--(Newsfile Corp. - August 18, 2020) - Talon Metals
Corp. (TSX: TLO) ("
Talon
" or the "
Company
") is pleased to provide an update on the Tamarack
Nickel-Copper-Cobalt project ("
Tamarack Project
"), located in Minnesota, USA.
The Tamarack Project
comprises the Tamarack North Project and the Tamarack South Project.
Last week, Talon closed its capital raise and has now commenced a new drill program with the
primary purpose of significantly expanding the Tamarack Project, starting with prospective drill
targets outside of the Company's resource area.
The Company is also excited to announce some recent positive steps it has taken to maximize the
number of meters to be drilled at several highly prospective exploration targets:
A dedicated team of drillers with drilling experience at the Tamarack Project have joined the
Company, with the objective of materially increasing the number of meters drilled at the
Tamarack Project at a substantially reduced cost (while maintaining first-in-class health and
safety standards). The Company has also entered into a very cost-effective lease agreement
in respect of an LF-90D drill rig, which will further reduce the Company's drilling costs.
Furthermore, the Company has started negotiations to add a second drill rig to double
capacity and further reduce the cost per meter drilled.
Overall, the Company aims to reduce
its per meter drilling cost by more than 50%.
The combination of an experienced drill team, use of advanced drilling
techniques and suitable drilling equipment means more meters drilled
safely over a shorter timeframe and lower cost at Tamarack.
Talon's highly experienced geophysical team has been successfully collecting both borehole
electromagnetic and surface electromagnetic data using custom-made geophysics
equipment.
This equipment is key to identifying new drill targets outside of the Company's
resource area and along the broader 18km Tamarack Intrusive Complex.
Target area prioritizing and drill hole planning requires consistent, quality
geophysical data collection, processing and interpretation.
Using this
approach, the Company expects to reduce the overall cost of
geophysical data collection by more than 50%.
"The capital raise just completed coincides with the launch of a continuous exploration effort
managed by an experienced Tamarack-based team that will use best-in-class equipment and
software systems with the goal of rapidly increasing the present resource.
Our first drill program was
rewarded with a combined total of approximately 38
meters of massive sulphides distributed over 5
drill holes
[1]
with a weighted average grade of 7.80% NiEq
[2]
or 20.79% CuEq
[3]
.
The Talon team is
now focussed on rapidly and cost-effectively evaluating a subset of the Tamarack Intrusive Complex
over a strike length of approximately 2 kilometers with the goal of increasing the present resource
size,"
said Henri van Rooyen Talon CEO.
"We plan and execute our exploration efforts in conjunction
with our mine design and metallurgical recovery process.
In so doing, we aim to design and build the
world's most environmentally friendly nickel supply chain. Nothing we do is done in isolation. We are
connecting the dots to responsible US nickel production."
"In the past, I have been quoted as saying that with our partnership with Rio Tinto, we have the bench
strength of a major mining company, but are still as nimble a junior. These developments
announced
today only further demonstrate this point. As an investor, you should expect steady news flow from the
Company, with future value created in proven and cost-effective ways,"
said Sean Werger, President of
Talon.
Quality Assurance, Quality Control and Qualified Persons
Please see the technical report entitled "NI 43-101 Technical Report Updated Preliminary Economic
Assessment (PEA) of the Tamarack North Project - Tamarack, Minnesota" with an effective date of
March 12, 2020 prepared by independent "Qualified Persons" (as that term is defined in National
Instrument 43-101 (
"NI 43-101"
) Leslie Correia (Pr. Eng),
Andre-Francois Gravel (P. Eng.), Tim Fletcher
(P. Eng.), Daniel Gagnon (P. Eng.), David Ritchie (P. Eng.), Oliver Peters (P. Eng.), Christine Pint (P.G.)
and Brian Thomas (P. Geo.) for information on the QA/QC, analytical and testing procedures at the
Tamarack 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.
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.
About Talon
Talon is a TSX-listed base metals company in a joint venture with Rio Tinto on the high-grade Tamarack
Nickel-Copper-Cobalt Project located in Minnesota, USA, comprised of the Tamarack North Project and
the Tamarack South Project. Talon has an earn-in to acquire up to 60% of the Tamarack Project. The
Tamarack Project comprises a large land position (18km of strike length) with numerous high-grade
intercepts outside the current resource area. Talon is focused on expanding its current high-grade nickel
mineralization resource prepared in accordance with NI 43-101; identifying additional high-grade nickel
mineralization; and developing a process to potentially produce nickel sulphates responsibly for
batteries for the electric vehicles industry. Talon has a well-qualified exploration and mine management
team with extensive experience in project management.
For additional information on Talon, please visit the Company's website at
www.talonmetals.com
or
contact:
Sean Werger
President
Talon Metals Corp.
Tel: (416) 361-9636 x102
Email:
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 the timing and
results of the exploration program, including assay results, geophysical data processing and
interpretation, the potential to significantly expand the Tamarack Project and the resource size, materially
increasing the number of meters drilled at the Tamarack Project at a substantially reduced cost (while
maintaining first-in-class health and safety standards), reducing the per meter drilling cost by more than
50%, the reduction of the overall cost of geophysical data collection by more than 50%, designing and
building the world's most environmentally friendly nickel supply chain and steady news flow from the
Company, with future value created in proven and cost-effective ways.
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 from January to March 2020 Exploration Program
HOLEID
Easting (m)
Northing (m)
Elevation (masl)
Wedge depth (m)
Azm
Dip
End Depth (m)
12TK0153A
490982
5168404.65
388.36
390.0
159.6
-82.1
615.09
12TK0153B
490982
5168404.65
388.36
330.7
159.0
-82.5
600.47
12TK0153C
490982
5168404.65
388.36
164.1
-82.3
618.13
16TK0233B
490914
5168369
388.40
334.67
302.0
-85.5
551.08
16TK0233C
490914
5168369
388.40
309.7
300.3
-85.4
562.66
16TK0233D
490914
5168369
388.40
343.8
302.6
-85.6
578.51
16TK0233E
490914
5168369
388.40
302.4
-85.6
562.36
20TK0265
490949
5168389.28
388.44
174.0
-82.6
584.00
Collar coordinates are UTM Zone 15N, NAD83.
Azimuth and Dip are downhole survey averages for the hole.
For daughter holes; collar coordinates and elevations are same as mother hole; approximate wedge
depth given; azimith and dip are the survey averages below the wedge.
UKN, Unknown final depth.
Table 2: Assay Results from Drill Holes from January to March 2020 Exploration Program
BHID
From (m)
To (m)
Length (m)
% Cu
% Ni
% Co
Pd g/t
Pt g/t
Au g/t
% NiEq
% CuEq
12TK0153C
578.45
585.59
7.14
3.26
8.31
0.16
0.65
0.84
0.43
10.15
27.06
including
580
582.5
2.5
3.99
9.65
0.18
0.82
1.32
0.77
12
32
16TK0233E
513.11
523.65
10.54
2.34
5.69
0.12
0.6
0.56
0.27
7.02
18.72
including
517.83
518.45
0.62
2.39
8.07
0.18
0.7
0.06
0.11
9.36
24.97
including
522.8
523.65
0.85
3.15
8.19
0.17
0.99
0.35
0.47
9.94
26.51
16TK0233C
500.45
506.18
5.73
1.93
4.74
0.1
0.38
0.38
0.21
5.81
15.49
including
500.45
501.45
1
2.8
7.05
0.14
0.4
0.16
0.25
8.46
22.56
20TK0265
543.78
546.8
3.02
2.17
4.23
0.09
0.41
0.51
0.29
5.42
14.44
12TK0153A
555
566.36
11.36
2.98
7.1
0.14
0.49
0.62
0.16
8.67
23.11
including
561.25
562.03
0.78
4.74
8.39
0.17
0.65
0.1
0.19
10.57
28.2
including
563.54
564.03
0.49
2.26
9.28
0.19
0.6
0.08
0.03
10.52
28.06
12TK0153C
426
459
33
0.43
0.58
0.02
0.06
0.11
0.08
0.83
2.21
20TK0265
422
482
60
0.38
0.58
0.02
0.07
0.11
0.07
0.80
2.12
12TK0153A
424.12
471
46.88
0.38
0.58
0.02
0.06
0.11
0.09
0.81
2.15
12TK0153B
426
454
28
0.39
0.58
0.02
0.06
0.10
0.09
0.80
2.15
16TK0233B
No Significant Mineralization
16TK0233D
For five dill holes mentioned in this press release, please be referred to BHID's: 12TK0153C,
16TK0233E, 16TK0233C, 20TK0265 and 12TK0153A
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 50g 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).
NiEq% = Ni%+ Cu% x $3.00/$8.00 + Co% x $12.00/$8.00 + Pt [g/t]/31.103 x $1,300/$8.00/22.04 + Pd
[g/t]/31.103 x $700/$8.00/22.04 + Au [g/t]/31.103 x $1,200/$8.00/22.04
CuEq% = Cu%+ Ni% x $8.00/$3.00 + Co% x $12.00/$3.00 + Pt [g/t]/31.103 x $1,300/$3.00/22.04 + Pd
[g/t]/31.103 x $700/$3.00/22.04 + Au [g/t]/31.103 x $1,200/$3.00/22.04
[1]
For assay and drill hole details please see Tables 1 and 2
[2]
NiEq% = Ni%+ Cu% x $3.00/$8.00 + Co% x $12.00/$8.00 + Pt [g/t]/31.103 x $1,300/$8.00/22.04 +
Pd [g/t]/31.103 x $700/$8.00/22.04 + Au [g/t]/31.103 x $1,200/$8.00/22.04
[3]
CuEq% = Cu%+ Ni% x $8.00/$3.00 + Co% x $12.00/$3.00 + Pt [g/t]/31.103 x $1,300/$3.00/22.04 +
Pd [g/t]/31.103 x $700/$3.00/22.04 + Au [g/t]/31.103 x $1,200/$3.00/22.04
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/62044