Mining
Thursday, September 22nd, 2022 1:56 pm EDT
In addition, an off-hole geophysical anomaly from drill hole 22TK0412 pointed to a possible southwestward continuation of the massive sulphide mineralization beyond the known resource in an area not previously tested by drilling.
“It is exciting to see the massive sulphide on the western limb continue to thicken to a new record 23.44 metres while maintaining an extremely high grade of 6.04% nickel. Exploration around this pooling area has identified hole 22TK0412, which intersected 12.81 metres at 8.08% nickel, and the borehole electromagnetic (geophysical) survey provides evidence that it may trend in a slightly different direction than anticipated,” said Brian Goldner, Talon Metals’ chief exploration officer.
“The southern extent of the western massive sulphide unit remains open and will be a focus for one of the drill rigs currently turning at the Tamarack nickel project,” he added.
Talon Metals is currently focused on expanding and infilling the high-grade resource at Tamarack, which is estimated at 3.9 million tonnes grading 1.91% nickel and 1.02% copper in the indicated category and 7.2 million tonnes grading 1.11% nickel and 0.68% copper in the inferred category. The company has also planned additional drilling to follow up on the mineralization at the Tamarack intrusive complex.
The Tamarack project comprises a large land position in central Minnesota covering 18 km of strike length, with high-grade intercepts outside the current resource area. Talon Metals has the right to earn up to a 60% interest in the project, and currently owns 51%. The 60% earn-in can be achieved by completing a feasibility study, which is now underway, and paying $10 million to joint venture partner Rio Tinto.
Earlier this year, the company entered an agreement with Tesla to supply the electric vehicle giant with 165 million lb. of nickel in concentrate (and certain byproducts, including cobalt and iron) from the Tamarack project over an estimated six-year period once commercial production is achieved, which is anticipated in 2026.
Shares of Talon Metals closed 5.2% higher on the TSX Thursday following the new drill results. The company has a market capitalization of approximately C$387.3 million.
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