ROAD TOWN, Tortola, British Virgin
Islands, January 15, 2015
/PRNewswire/ --
Talon Metals Corp. ("Talon" or the "Company")
(TSX:TLO) is pleased to provide an exploration update on the
Tamarack North Nickel-Copper-PGE project ("Tamarack North
Project") located in Minnesota,
USA. The results contained in this news release mark the
conclusion of a successful 2014 exploration program at the Tamarack
North Project. The 2015 winter exploration program is already
underway, having commenced earlier this month.
HIGHLIGHTS
- Drill hole 14TK0213 intercepted a total of 17.34 meters of
massive nickel-copper-PGE sulphide mineralization at 6.17% nickel
("Ni"), 2.34% copper ("Cu"), 1.72 g/t PGEs and 0.71
g/t gold ("Au"), which equates to a 7.56% nickel equivalent
("NiEq") grade
basis[1].
- The massive nickel-copper-PGE sulphide mineralization
intercepted in drill hole 14TK0213 represents a meaningful step-out
from the current Massive Sulphide Unit Mineral Zone ("MSU"),
being approximately 54 meters from the MSU and 31 meters south of
the most recent MSU intercept in drill hole 14TK0211 (reported in
the Company's news release on December 1,
2014 as 15.94 meters of massive nickel-copper-PGE sulphide
mineralization at 7.14% Ni, 2.43% Cu, 1.49 g/t PGEs, which equates
to a 8.49% NiEq grade basis) (See Figure 2).
- As a result of the positive results from the 2014 exploration
program, further follow-up drilling is currently being planned as
part of the 2015 winter exploration program.
"The recently reported wide and high grade nickel, copper and
PGE intercepts at the Tamarack North Project, contained within an
undeveloped and large (18 km)igneous complex, has not been
witnessed anywhere in the world in a very long time and speaks to
the uniqueness of the Tamarack North Project." said Warren Newfield, Executive Chairman of
Talon.
"The rapid expansion of massive nickel and copper sulphide
mineralization at the Tamarack North Project is the latest evidence
of massive sulphide pooling along the FGO keel of the Tamarack
Intrusive Complex and further confirms the project's significant
growth potential", said Henri van
Rooyen, CEO of Talon.
PREVIOUSLY STATED GOALS OF THE 2014 EXPLORATION
PROGRAM
As previously reported by Talon, the 2014 exploration program
was focused on better defining the path of the coarse grained
feldspathic peridotite (CGO) intrusion, which hosts the Semi
Massive Sulphide Unit Mineral Zone ("SMSU"), as it moves
towards the south and northeast. The program was also focused on
testing the limits of the 138 Zone to the east, west, and
south.
COMPLETION OF THE 2014 EXPLORATION PROGRAM
The 2014 drilling program commenced at the Tamarack North
Project on August 6, 2014 and has now
concluded. During the program, two rigs completed a total of
approximately 7,000 meters of drilling over 11 holes.
A list of collar, survey data and assay results for drill holes
completed during the 2014 exploration program is attached as Annex
"A".
DISCUSSION AND ANALYSIS OF THE 2014 EXPLORATION PROGRAM
RESULTS
(1) The Massive Sulphide Unit Mineral Zone
("MSU")
As stated in the Company's news release of December 1, 2014, the objective of drill hole
14TK0211 was to step-out from the SMSU in order to follow its
continuation towards the south-east. Drill hole 14TK0211 was
drilled approximately 53 meters to the east of drill hole 08TK083,
which at the time defined the southern extent of the MSU as defined
in the Company's technical report entitled "First Independent
Technical Report on the Tamarack North Project, Tamarack, Minnesota" dated October 6, 2014 (the "Tamarack North Technical
Report") prepared by independent "Qualified Persons"
Brian Thomas (P. Geo) of Golder,
Paul Palmer (P. Eng) of Golder and
Manochehr Oliazadeh Khorakchy (P. Eng) of Hatch Ltd. As previously
reported, drill hole 08TK0083 intersected 9.15 meters at 7.79% Ni,
3.22% Cu, 2.16 g/t PGEs, which equates to a 9.49% NiEq, while drill
hole 14TK0211 intersected two intercepts of massive
nickel-copper-PGE sulphide mineralization, including an upper unit
of 3.97 meters and a lower unit of 15.94 meters. The grade of the
two intercepts included:
- the upper unit from 425.03 to 429 meters of 3.97 meters at
5.74% Ni, 2.07% Cu, 1.08 g/t PGEs and 0.10 g/t Au (which equates to
a 6.80% NiEq grade basis); and
- the lower unit from 441 to 456.94 meters of 15.94 meters at
7.14% Ni, 2.43% Cu, 1.49 g/t PGEs and 0.39 g/t Au (which equates to
an 8.49% NiEq grade basis).
Drill hole 14TK0213 was drilled from the same collar as drill
hole 14TK0211, but angled to the south where it intersected the MSU
31 meters to the south of 14TK0211 (and 54 meters southeast of
08TK0083). Drill hole 14TK0213 similarly intersected two intercepts
of massive nickel-copper-PGE sulphide mineralization,
including;
- an upper unit from 435.66 to 443.35 meters of 7.69 meters at
5.09% Ni, 2.22% Cu 1.37 g/t PGEs and 0.31 g/t Au (which equates to
a 6.26% NiEq grade basis); and
- a lower unit from 455.06 to 464.71 meters of 9.65 meters at
7.04% Ni, 2.43% Cu, 1.99 g/t PGEs and 1.03 g/t Au (which equates to
an 8.60% NiEq, grade basis).
The two units intersected in drill hole 14TK0213 are similar in
thickness and grade to the two units in drill hole 14TK0211 and
possibly correlate, suggesting continuity of MSU mineralization.
The continuity of the MSU is potentially also open to the south
where previously drill hole 12TK0158 (located 125 meters to the
south of 14TK0211) also intercepted MSU mineralization from 482.90
meters of 12.75 meters at 5.86% Ni, 2.28% Cu, 1.86 g/t PGEs and
0.40 g/t Au (which equates to a 7.20% NiEq grade basis).
In addition to the two MSU intercepts, 14TK0213 also intersected
thin (0.49 meters) but high grade massive nickel-copper-PGE
sulphide mineralization at a much lower elevation from 534.25
meters with 7.64% Ni, 10.9% Cu, 19.67 g/t PGEs and 1.53 g/t Au
(which equates to a 15.24% NiEq grade basis).
In regards to drill hole 14TK0213, the intercept of MSU over a
total 17.34 meter interval is significant, as:
- it demonstrates the potential continuity of the wide
mineralized MSU body previously intersected in drill holes 14TK0211
and 08TK083, and possibly in 12TK0158; and
- it is a meaningful step-out from the current modelled MSU
mineralization, being approximately 54 meters from the MSU defined
in the Tamarack North Technical Report, and 31 meters to the south
of the most recent MSU intercept in drill hole 14TK0211.
(2) The Area North-East of the SMSU
A key objective of the 2014 exploration program has been met, as
the program was focused on better defining the path of the coarse
grained feldspathic peridotite (CGO) intrusion as it moves towards
the east, away from the currently outlined SMSU. More
specifically:
- Drill holes 14TK0203, 14TK0204, 14TK0205 and 14TK0208 were
successful in better defining the path of the coarse grained
feldspathic peridotite (CGO) intrusion as it bends towards the
east, away from the SMSU. For a discussion and analysis of the
assay results of drill holes 14TK0203 and 14TK0204, see the
Company's news release of December 1,
2014.
- Drill holes 14TK0205 and 14TK0208 were step-outs to the west of
the SMSU, being 100 meters and 20 meters, respectively.
Disseminated sulphide mineralization has been intercepted at
various depths. The results of drill holes 14TK0203 and 14TK0204 in
conjunction with historical drill results, indicate that future
exploration should continue to focus on extending mineralization to
the northeast of the SMSU.
(3) The 138 Zone
The 2014 exploration program also aimed to test the limits of
the open 138 Zone to the east, west, and south. Drill hole 14TK206
was therefore drilled approximately 35 meters to the east of drill
hole 13TK0189 and intersections of significant disseminated and net
textured mineralization as well as several massive sulphide veins
were intercepted thus extending the 138 Zone mineralization to the
east.
Drill hole 14TK0209 was drilled from the same collar towards the
south and intersected a massive sulphide vein and 56 meters of
disseminated mineralization in the Mixed Zone from 424 meters
depth.
Drill hole 14TK0207 was a 130 meter step-out to the west of the
138 Zone to test for possible extensions of the 138 Zone. This
drill hole intersected 43 meters of Mixed Zone although it hosted
no significant mineralization before passing into altered
sediments. No further drilling is currently planned to the west of
the 138 Zone, however additional drilling may be needed to define
the western limit of mineralization in the 138 Zone, as it remains
open.
2015 WINTER EXPLORATION PROGRAM
The 2015 winter exploration program is underway in accordance
with the details outlined in the Company's news release dated
December 1, 2014. The Company looks
forward to updating its shareholders further as the program
progresses.
Quality Assurance, Quality Control and Qualified
Persons
Please see the Tamarack North Technical Report for information
on the QA/QC, analytical and testing procedures employed by
Kennecott Exploration Company ("Kennecott") at the Tamarack
North Project. Copies are available on the Company's website
(http://www.talonmetals.com) or on SEDAR at
(http://www.sedar.com).
Widths are drill intersections and not true widths. True widths
cannot be consistently calculated for comparison purposes between
holes because of the irregular shapes of the mineralized zones.
Therefore some drill holes drilled down-plunge may have mineralized
intersections greater than the average width and thickness of the
mineralized zone. Some drill holes have intersected the margins of
the mineralized zones and have intersections less than the average
thickness of the mineralized zone.
Drill intersections have been independently selected by Talon.
Drill composites have been independently calculated by Talon.
James McDonald, Vice President,
Resource Geology of Talon and Mike
Shaw, Vice President, Exploration of Talon are both
Qualified Persons within the meaning of NI 43-101. Messrs. McDonald
and Shaw are satisfied that the analytical and testing procedures
used are standard industry operating procedures and methodologies,
and they have reviewed, approved and verified the technical
information disclosed in this news release (other than the mineral
resource estimates), including sampling, analytical and test data
underlying the technical information.
The Qualified Person who is responsible for the mineral resource
estimates in the Tamarack North Technical Report is Brian Thomas, senior resource geologist at
Golder and independent of Talon. Mr. Thomas is responsible for the
mineral resource estimates in this news release and has reviewed,
approved and verified the data disclosed in this news release
relating to the Tamarack Project mineral resource estimates
(including sampling, analytical and test data underlying the
mineral resource estimates).
About Talon
Talon is a TSX-listed company focused on the exploration and
development of the Tamarack Nickel-Copper-PGE Project in
Minnesota, USA (which comprises
the Tamarack North Project and the Tamarack South Project) and the
Trairão Iron Project in Parà State, Brazil. The Company has a well-qualified
exploration and mine management team with extensive experience in
project management.
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, among other things, statements
relating to the Tamarack Project with respect to estimates of
mineral resource quantities (including, any future expansion of the
mineral resource estimate), mineral resource qualities, the form
and extent of mineralization (including, continuity of MSU
mineralization and the potential for the MSU being open to the
south), targets, goals, objectives and plans, including plans for
follow-up exploration work and the timing thereof (i.e. the 2015
winter exploration program). 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. Factors that could cause actual results or events to
differ materially from current expectations include, but are not
limited to: failure to establish estimated mineral resources, the
grade, quality and recovery of mineral resources varying from
estimates, the uncertainties involved in interpreting drilling
results and other geological data, inaccurate geological and
metallurgical assumptions (including with respect to the size,
grade and recoverability of mineral reserves and resources,
uncertainties relating to the financing needed to further explore
and develop the properties or to put a mine into production and
other factors (including exploration, development and operating
risks)) and the results from the 2015 winter exploration program
failing to establish the continuity of MSU mineralization.
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.
The mineral resource figures disclosed in this news release are
estimates and no assurances can be given that the indicated levels
of nickel, copper, cobalt, platinum, palladium and gold will be
produced. Such estimates are expressions of judgment based on
knowledge, mining experience, analysis of drilling results and
industry practices. Valid estimates made at a given time may
significantly change when new information becomes available. While
the Company believes that the resource estimates disclosed in this
news release are accurate, by their nature resource estimates are
imprecise and depend, to a certain extent, upon statistical
inferences which may ultimately prove unreliable. If such estimates
are inaccurate or are reduced in the future, this could have a
material adverse impact on the Company.
Mineral resources are not mineral reserves and do not have
demonstrated economic viability. Inferred mineral resources are
estimated on limited information not sufficient to verify
geological and grade continuity or to allow technical and economic
parameters to be applied. Inferred mineral resources are too
speculative geologically to have economic considerations applied to
them to enable them to be categorized as mineral reserves. There is
no certainty that mineral resources can be upgraded to mineral
reserves through continued exploration.
ANNEX "A"
ASSAY RESULTS FROM THE 2014
EXPLORATION PROGRAM
Total
Target Hole
Zone Hole No. Easting Northing Elevation Azm Dip Length
MSU 14TK0211 490 857 5 168 536 388.0 264.9 -85.3 648.0
MSU 14TK0211 490 857 5 168 536 388.0 264.9 -85.3 648.0
incl 14TK0211 490 857 5 168 536 388.0 264.9 -85.3 648.0
MSU 14TK0213 490 857 5 168 536 388.0 216 -84.9 618
MSU 14TK0213 490 857 5 168 536 388.0 216 -84.9 618
MSU 14TK0213 490 857 5 168 536 388.0 216 -84.9 618
SMSU 14TK0203 490 910 5 168 938 388.5 325.6 -80.2 651.7
SMSU 14TK0204 490 909 5 169 083 388.4 141.3 -83.1 557.2
SMSU 14TK0205 490 760 5 169 049 388.3 91.8 -81.7 443.5
SMSU 14TK0205 490 760 5 169 049 388.3 91.8 -81.7 443.5
138 14TK0206 491 095 5 168 293 388.4 356.5 -86.3 786.0
138 14TK0206 491 095 5 168 293 388.4 356.5 -86.3 786.0
138 14TK0206 491 095 5 168 293 388.4 356.5 -86.3 786.0
138 14TK0207 490 693 5 168 351 388.2 115.6 -85.5 599.5
SMSU 14TK0208 490 829 5 169 013 388.4 3 -89.7 811.7
SMSU 14TK0208 490 829 5 169 013 388.4 3 -89.7 811.7
SMSU 14TK0208 490 829 5 169 013 388.4 3 -89.7 811.7
138 14TK0209 491 095 5 168 292 388.4 185.3 -86.6 582.9
East 14TK0210 491 257 5 168 688 388.6 270.9 -85.3 489
138 14TK0212 490 946 5 168 191 388.0 164.5 -65.8 781.8
Table continues
Sample
From Length NiEq Pt Pd Au
(m) To (m) (m) % Cu % Ni % Co % g/t g/t g/t
425.03 429.00 3.97 6.80 2.07 5.74 0.130 0.675 0.402 0.098
441.00 456.94 15.94 8.49 2.43 7.14 0.17 0.807 0.684 0.304
454.00 454.64 0.6 10.56 2.61 8.83 0.21 2.020 1.120 0.140
435.66 443.35 7.69 6.26 2.22 5.09 0.10 0.91 0.47 0.31
455.06 464.71 9.65 8.60 2.43 7.04 0.15 1.20 0.79 1.03
534.25 534.74 0.49 15.24 10.9 7.64 0.118 14.10 5.57 1.53
263.07 287.00 23.93 1.07 0.39 0.69 0.019 0.67 0.34 0.20
288.00 335.00 47.00 0.88 0.44 0.63 0.02 0.21 0.13 0.13
245.26 249.76 4.5 0.71 0.50 0.28 0.02 0.24 0.13 0.13
276.23 287.00 10.77 0.66 0.42 0.26 0.01 0.41 0.22 0.12
417.00 432.00 15.00 0.83 0.45 0.60 0.02 0.12 0.07 0.10
487.50 512.00 24.50 0.98 0.52 0.66 0.02 0.31 0.18 0.16
519.00 520.00 1.00 2.65 1.61 1.9 0.036 0.46 0.16 0.34
No significant mineralization
314.04 324.50 10.46 0.49 0.19 0.38 0.01 0.07 0.04 0.04
342.50 353.00 10.50 0.51 0.18 0.38 0.01 0.14 0.09 0.09
372.79 373.27 0.48 0.85 0.43 0.42 0.01 0.74 0.46 0.31
425.15 425.84 0.69 3.44 2.00 2.62 0.06 0.29 0.19 0.06
No significant mineralization
No significant mineralization, results pending
All samples were analysed by ALS Chemex. Nickel, copper, and
cobalt grades were first analysed by a 4 acid digestion and ICP AES
(ME-4ACD81). Grades reporting approximately 1%, using ME-4ACD81,
triggered an AAS finish. If the results were greater than 1% then a
Sodium Peroxide Fusion with ICP-AES finish was used (ICP81).
Platinum, palladium and gold are initially analysed by fire assay
with a mass spectral finish (PGM-MS24). Over limits triggered an
ICP-AES finish (PGM-ICP27).
Drill intersections have been independently selected by Talon.
Drill composites have been independently calculated by Talon using
a 0.72% NiEq cut-off, which is consistent with the approximate
0.72% NiEq cut-off that was used to constrain the 3D mineral
envelopes in areas of continuous mineralization as per the Tamarack
North Technical Report.
NiEq percentages are calculated using the following formula:
NiEq% = Ni%+ Cu% x 2.91/9.20 + Co% x 14/9.20 + Pt [g/t]/31.103 x
1,400/9.2/22.04 + Pd [g/t]/31.103 x 600/9.2/22.04 + Au [g/t]/31.103
x 1,300/9.2/22.04.
Sample lengths and grades have been rounded to two decimals.
ANNEX "B"
ABOUT THE TAMARACK NICKEL-COPPER-PGE
PROJECT
TAMARACK: A LARGE INTRUSIVE COMPLEX -
APPROXIMATELY 18 KM OF STRIKE LENGTH
The Tamarack Igneous Complex ("TIC") is an ultramafic to
mafic intrusive, hosting nickel-copper sulphide mineralization with
associated cobalt, platinum and palladium ("PGE") as well as
gold. The TIC has a strike length of approximately 18 km, which is
comparable in footprint size to some of the world's largest and
most prolific nickel-copper-PGE producing intrusive complexes.
RESOURCE HIGHLIGHTS
Effective August 29, 2014, an
independent mineral resource estimate was prepared in accordance
with National Instrument ("NI 43-101") on a small portion of
the Tamarack North Project, with resource highlights as
follows:
- 3.75 million tonnes in the indicated category at average
grades of 1.81% Ni, 1.00% Cu, 0.05% Cobalt ("Co"), 0.41 g/t
Pt, 0.25 g/t Pd and 0.19 g/t Au (which equates to a 2.35% NiEq
grade basis) at a 0.9% NiEq cut-off; and
- An additional 3.12 million tonnes in the inferred
category at average grades of 1.22% Ni, 0.82% Cu, 0.03% Co,
0.26 g/t Pt, 0.16 g/t Pd and 0.16 g/t Au (which equates to a 1.63%
NiEq grade basis) at a 0.9% NiEq cut-off.
Talon published the Tamarack North Technical Report prepared in
accordance with NI 43-101 to support the disclosure of this
resource estimate on the Tamarack North Project. Please refer to
the Tamarack North Technical Report for further information. Copies
are available on the Company's website (http://www.talonmetals.com)
or on SEDAR at (http://www.sedar.com).
FURTHER BACKGROUND
- The Tamarack Project is located adjacent to the town of
Tamarack in north-central
Minnesota approximately 100 km
west of Duluth and 200 km north of
Minneapolis, in Aitkin and Carlton Counties. The Tamarack Project
comprises more than 35,000 acres of land. The attractiveness of the
project is enhanced by good local and regional infrastructure,
including on-site grid power, a railway line that passes through
the project area and its proximity to other nickel sulphide
projects and iron ore mines.
- Disseminated mineralization was first intersected at the
Tamarack Project in 2002, and the first significant mineralization
of massive and semi-massive sulphide was intersected in 2008 - the
discovery hole (08LO42) intersected 138.37 meters of
mineralization, with 1.61% Ni, 1.06% Cu and 0.54 g/t PGE.
- To date, over 74,000 meters have been drilled by Kennecott at
the Tamarack North Project. The drilling has focussed on defining
the boundaries of the magma conduits and associated structures and
features, such as very large magma chambers where the multiple
pulses of mineral carrying magmas would have originated.
- Downhole electromagnetic (DHEM) surveys have proven to be an
effective guide in locating and expanding the SMSU, MSU and 138
Zones. Electromagnetic (EM) techniques operate under the principle
of electromagnetic induction.
- In the Tamarack North Technical Report, an approximate 0.72%
NiEq cut-off was used to constrain the 3D mineral envelopes in
areas of continuous mineralization, however, some lower grade
material was included to maintain continuity and some higher grade
mineralization was excluded as there was little continuity observed
to form the basis of a resource. The Tamarack North Project mineral
resource estimate is based entirely on these samples captured
inside the three main domains. The mineral domains illustrated in
this news release are the same as the mineral domains contained in
the Tamarack North Technical Report.
- Talon has the right to acquire a 30% interest in the Tamarack
Project from Kennecott over a three year period by making
US$7.5 million in installment
payments to Kennecott, and incurring US$30
million in exploration expenditures. During the earn-in,
Kennecott will continue to be the operator of the Tamarack Project,
thereby enabling Talon to benefit from Kennecott's competence as a
top global explorer. Further, Talon and Kennecott have formed a
Technical Committee with both parties having appointed
representatives to provide strategic input in regards to ongoing
and upcoming exploration programs.
- Further information on the terminology used on this news
release is as follows:
Project
Mineral Specific Mineralization
Project Area Zone Host Lithology Lithology Type
Net Textured
and
Feldspathic Disseminated
Tamarack North Project Tamarack Zone SMSU Peridotite CGO Sulphides
Massive
MSU Meta-Sediments Sediments Sulphides
Disseminated
Peridotite and and Net
Feldspathic Mixed Textured
138 Peridotite Zone Sulphides
Disseminated
Other 480 Peridotite FGO Sulphides
Massive
Laucamp Peridotite FGO Sulphide Veins
___________________________________________
[1] NiEq percentages quoted in
this news release are calculated using the following formula: NiEq%
= Ni%+ Cu% x 2.91/9.20 + Co% x 14/9.20 + Pt [g/t]/31.103 x
1,400/9.2/22.04 + Pd [g/t]/31.103 x 600/9.2/22.04 + Au [g/t]/31.103
x 1,300/9.2/22.04
For additional information on Talon, please visit the Company's
website at http://www.talonmetals.com or contact: Sean Werger, President, Talon Metals Corp., Tel:
+1(416)361-9636 x247, Email: werger@talonmetals.com