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Talon Metals Corp
Symbol TLO
Shares Issued 554,319,908
Close 2020-09-15 C$ 0.315
Recent Sedar Documents

Talon intersects 44.75 m of mineralization at Tamarack

2020-09-16 11:51 ET - News Release

Mr. Sean Werger reports

TALON DRILLING UPDATE: TALON INTERCEPTS MASSIVE AND DISSEMINATED SULPHIDES AT SHALLOW DEPTHS MORE THAN 300 METERS (985 FEET) AWAY FROM ITS CURRENT RESOURCE AREA

Talon Metals Corp. has provided an update on the Tamarack nickel-copper-cobalt project, located in Minnesota. The Tamarack project comprises the Tamarack North project and the Tamarack South project:

  • Talon is presently drilling the first of six high-priority exploration targets with the objective of significantly expanding the company's present resource. The first area being drilled is referred to as the CGO East area.
  • Rationale for drilling the CGO East area: Geophysics, including borehole electromagnetic (BHEM) and surface electromagnetic, and historical drilling suggest that shallow, wide sheets of massive, high-grade mineralization may stretch over an area of 500 metres (east to west) by 900 m (north to south). This massive sheet-like sulphide mineralization, which is overlain by a thick sequence of disseminated sulphide mineralization, is expected to be much wider than the long, tube-like massive sulphide unit (MSU) found within the company's current resource area.
  • Drilling is presently focused on a trend of approximately 675 m that parallels the coarse-grained orthocumulate (CGO) mineralization, which extends to the northeast beyond the company's current resource area. This trend has been defined by new BHEM, surface EM and the following historical drill holes:
    • In the north of the CGO East area:
      • Drill hole 16TK238 intersected massive and mixed massive sulphides of 2.2 m at 1.75 per cent nickel, 0.89 per cent copper, 0.06 per cent cobalt, 0.31 gram per tonne platinum group elements plus 0.12 g/t gold, starting at 117.72 m (2.26 per cent nickel equivalent or 6.02 per cent copper equivalent). These massive and mixed massive sulphides are below a sequence of disseminated sulphides.
      • Drill hole 13TK187 intersected massive and mixed massive sulphides of 2.83 m at 3.82 per cent Ni, 1.62 per cent Cu, 0.12 per cent Co, 0.63 g/t PGEs plus 0.36 g/t Au, starting at 138.94 m (4.8 per cent NiEq or 12.81 per cent CuEq). These massive and mixed massive sulphides are also below a sequence of disseminated sulphides.
    • In the South of the CGO East area:
      • Drill hole 07L036 intersected massive and mixed massive sulphides of 0.5 m at 2.28 per cent Ni, 1.54 per cent Cu, 0.09 per cent Co, 0.71 g/t PGEs plus 0.43 g/t Au, starting at 264.75 m (3.21 per cent NiEq or 8.57 per cent CuEq). These massive and mixed massive sulphides are below a sequence of disseminated sulphides.
  • So far, the company has completed two drill holes and, consistent with the company's geophysical analysis and historical drilling to date, both drill holes successfully intersected massive and mixed massive sulphides with a sequence of disseminated sulphides above:
    • Drill hole 20TK0266 intersected sulphide mineralization from 203 m to 247.75 m (total of 44.75 m of mineralization), including 2.15 m of mixed and massive sulphides starting at 245.6 m.
    • Drill hole 20TK0267 intersected sulphide mineralization from 224.33 m to 249.02 m (total of 24.69 m of mineralization), including 1.94 m of mixed and massive sulphides starting at 247.08 m.
  • These two drill holes are located approximately 300 m and 360 m, respectively, from the closest massive sulphides previously intersected in the company's resource area, and 160 m and 220 m northwest of drill hole 07L036 (previously referenced).
  • Drill core has been logged and will be sent for assays, which are expected to take four to six weeks to complete.
  • A third drill hole (drill hole 20TK0268) has now commenced and is targeting southwest of drill hole 20TK0266 toward the company's resource area, which is a 150 m stepout from recent drill hole 20TK0266. The objective of this drill hole is to determine if the shallow, sheet-like massive sulphides (within the CGO East area) extend to the southeast of drill hole 20TK0266.

"Following on from successfully drilling the tube-like, high-grade massive and mixed massive sulphides in the company's resource area, we are now moving outside of the resource area and have started with exploring an exciting trend of wider, sheet-like, massive and mixed massive sulphide mineralization. Not only is this expected to increase the amount of high-grade tonnage at the Tamarack project, it could do so at the front end of the mine life, resulting in early cash flows. It is therefore expected to reduce the timeline to production," said Henri van Rooyen, chief executive officer of Talon.

"The fact that we expect to bring in early cash flows while reducing the timeline to production is good news for the electric vehicle industry in the USA and Europe. We are looking to supply green nickel when it will be needed the most," said Sean Werger, president of Talon. "The company's current drill program is expected to run for the remainder of this year and into next year. The company has enough cash on hand to complete this drill program."

Geological discussion

The CGO East area's geology consists of the fine-grained orthocumulate (FGO) intruding the country rock, meta-sedimentary sequence. The CGO itself hosts coarse-grained disseminated sulphide mineralization that extends northeast beyond the company's current resource area. The CGO East area is adjacent to the CGO.

The CGO East mineralization is hosted in the FGO with a sequence of disseminated sulphides followed by basal massive sulphides that pool to form massive sulphides. The lateral extent of the basal massive sulphides transition into mixed massive sulphides around these pools.

To date, the disseminated sulphide thickness varies from two m to 38 m at grades varying from 0.5 per cent to 0.8 per cent NiEq. The basal massive sulphide and mixed massive sulphide thickness to date vary from 0.5 m to 2.2 m with grades up to 5 per cent NiEq.

Talon has identified a possible trend of basal mixed and massive sulphide mineralization, where sulphides pool into a channel that may have thicker intervals of basal massive sulphides.

The company therefore expects to substantially increase tonnage and reduce the timeline to production (thereby further improving the economics of the Tamarack project) by blending this shallow, high-grade massive sulphide mineralization with the adjacent, bulk tonnage disseminated mineralization hosted in the CGO.

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) Leslie Correia (PrEng), Andre-Francois Gravel (PEng), Tim Fletcher (PEng), Daniel Gagnon (PEng), David Ritchie (PEng), Oliver Peters (PEng), Christine Pint (PG) and Brian Thomas (PGeo) for information on the QA/QC, analytical and testing procedures at the Tamarack project. Copies are available on the company's website or on SEDAR. The laboratory used is ALS Minerals, which 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.

                                 NEW DRILL HOLE QUICK LITHOLOGY LOGS

Hole ID   From (m)  To (m)  Length (m)   Lithology                                               % sulphides

20TK0266         0   33.59       33.59  Overburden                                                        
                33   203.3       170.3    FGO/MZNO                                Traces to patchy sulphides
             203.3  245.06       41.76    FGO/MZNO      5% to 15% sulphides, blebby sulphide to net textured
            245.06  247.75        2.69         MMS             35% sulphides, mixed massive sulphides-blebby
             247.5     283        35.5         SED                                     Seta-sedimentary rock
20TK0267         0   30.78       30.78  Overburden                                                    
             30.78  224.33      193.55    FGO/MZNO                                          Traces sulphides
            224.33  247.08       22.75    FGO/MZNO                                      10% to 15% sulphides
            247.08  247.95        0.87         MMS  35% sulphides, mixed massive sulphides, blebby sulphides
            247.95  249.02        1.07         MSU             greater than 80% sulphidesm massive sulphides
            249.02   295.5       46.48         SED                                     Meta-sedimentary rock

                ASSAY RESULTS FROM HISTORICAL DRILL HOLES IN CGO EAST AREA      
                         
Hole ID      From      To  Length (m)  Cu %  Ni %  Co %  Pd g/t  Pt g/t  Au g/t  NiEq %  CuEq %

02L001        143   162.5       19.50  0.23  0.42  0.02    0.01    0.01    0.02    0.54    1.45 
03L007      185.8   214.7       28.90  0.47  0.69  0.02    0.12    0.21    0.15    0.99    2.63 
including   213.5   214.7        1.20  1.55  3.19  0.12    0.30    0.21    0.29    4.09   10.92 
03L010      199.5   213.8       14.30  0.45  0.58  0.02    0.04    0.10    0.11    0.82    2.20 
including   213.2   213.8        0.60  0.85  2.33  0.09    0.05    0.01    0.08    2.81    7.49 
03L011        129   145.5       16.50  0.34  0.54  0.02    0.08    0.12    0.07    0.74    1.98 
03L013        221   223.9        2.90  0.53  1.05  0.02    0.14    0.27    0.21    1.41    3.77 
including   223.6   223.9        0.30  0.63  3.64  0.12    0.25    0.31    0.30    4.23   11.27 
03L014        167     168        1.00  2.91  1.37  0.04    0.09    0.21    0.52    2.70    7.19 
07L032        290   300.8       10.80  0.30  0.60  0.02    0.15    0.20    0.10    0.83    2.23 
07L035        110   117.5        7.50  0.46  0.69  0.02    0.03    0.03    0.04    0.92    2.45 
including   116.9   117.5        0.60  1.11  2.12  0.07    0.04    0.02    0.03    2.66    7.08 
07L036     264.75  265.25        0.50  1.54  2.28  0.09    0.30    0.41    0.43    3.21    8.57 
09TK0097    170.5   175.2        4.70  0.59  0.85  0.02    0.08    0.24    0.19    1.22    3.25 
including  174.66   175.2        0.54  0.61  1.49  0.07    0.04    0.04    0.07    1.84    4.92 
13TK0168    112.5  117.82        5.32  0.64  0.85  0.03    0.05    0.05    0.06    1.16    3.09 
including  117.52  117.82        0.30  0.89  1.61  0.08    0.03    0.01    0.05    2.07    5.52 
13TK0186    59.44      86       26.56  0.26  0.41  0.02    0.08    0.14    0.06    0.59    1.58 
13TK0187    115.5  141.77       26.27  0.41  0.79  0.03    0.10    0.16    0.12    1.07    2.85 
including  138.94  141.77        2.83  1.62  3.82  0.12    0.28    0.35    0.36    4.80   12.81 
13TK0190     60.5    99.5       39.00  0.26  0.46  0.02    0.05    0.09    0.04    0.62    1.67 
13TK0193    139.5  164.38       24.88  0.37  0.62  0.02    0.09    0.15    0.10    0.85    2.28 
13TK0197      245     254        9.00  0.29  0.45  0.02    0.07    0.14    0.10    0.65    1.74 
13TK0198    205.1     210        4.90  0.37  0.55  0.02    0.02    0.04    0.05    0.74    1.97 
13TK0200   140.02   156.5       16.48  0.44  0.75  0.03    0.04    0.03    0.03    0.98    2.61 
16TK0238       80  119.92       39.92  0.38  0.59  0.02    0.06    0.11    0.07    0.81    2.17 
including  117.72  119.92        2.20  0.89  1.75  0.06    0.15    0.16    0.12    2.26    6.02 

About Talon Metals Corp.

Talon is a base metals company in a joint venture with Rio Tinto on the high-grade Tamarack nickel-copper-cobalt project located in Minnesota, comprising the Tamarack North project and the Tamarack South project. Talon has an earn in to acquire up to 60 per cent of the Tamarack project. The Tamarack project comprises a large land position (18 km 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.

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