Talon ups Tamarack nickel estimate by 98%
Talon Metals Corp. [TLO-TSX] has announced a significant increase in the mineral resource estimate for its flagship Tamarack nickel-copper-cobalt project in Minnesota.
The company said the total indicated resource now stands at approximately 8.56 million tonnes, grading 1.73% nickel, plus by-products (2.34% nickel equivalent NiEq) containing 148,000 tonnes of nickel. This represents a 98% increase in the amount of contained nickel (in the indicated category) compared with the previous estimate.
The total estimated inferred resource now stands at approximately 8.46 million tonnes of grade 0.83% nickel, plus by-products (1.19% NiEq), containing 70,000 tonnes of nickel.
The company also said the high-grade massive sulphide or mixed massive sulphide now stands at 1.05 million tonnes, grading 4.53% nickel plus by-products (5.67% NiEq) in the indicated category, containing 47,000 tonnes of nickel. This represents a 570% increase in the amount of contained nickel compared with preliminary economic assessment (PEA) No. 3.
On October 19, 2022, Talon shares rose 19.1% or $0.095 to 59 cents and currently trade in a 52-week range of 89 cents and 38 cents.
“A significant portion of the increase in the company’s updated mineral resource estimate is attributable to Talon’s recent discoveries and exploration success in the shallow, high-grade CGO East and CGO West exploration areas,” the company said in a press release. “Drilling outside of the updated mineral resource area is already under day, as Talon continues to work to further expand the mineral resource.’’
“During the successful discovery and delineation of the high-grade nickel CGO East and CGO West orebodies, our team of drillers, geophysicists, geologists, engineers and environmental scientists developed a proprietary advanced exploration system (AES), which is a unique combination of equipment and methods for deployment along the 11-mile Tamarack intrusive complex and in Michigan,’’ said Talon CEO Henri van Rooyen.
The updated resource estimate is in line with the Talon’s previously stated plan to focus on progressing the Tamarack nickel project towards completion of a pre-feasibility study, while continuing to find new nickel-rich areas along the Tamarack intrusive complex, with the goal of showing that Tamarack has ‘district’ scale potential.
“The upgraded resource at the Tamarack nickel project combined with our acquisition of mineral rights in the Upper Peninsula of Michigan and our partnership with Fleet Technologies to us their satellite technology to expedite the discovery for more high-grade nickel in the Lake Superior region are all part of Talon’s strategy to become a domestic supplier of nickel and other critical ingredients to the U.S. battery supply chain,’’ said Todd Malan, chief external affairs officer and head of climate strategy at Talon.
Talon currently has the right to acquire a 60% interest in the property, which consists of the Tamarack North Project and Tamarack South Project, covering 31,000 acres of private land and state leases.
Talon kicked off its first drill program as operator of the Tamarack nickel project in 2020 after taking over operatorship from Kennecott Exploration Co. (part of the Rio Tinto Plc [RIO-NYSE] group) in 2019.