Talon Metals shares rise on massive sulphide discovery at Tamarack project
Talon Metals (TSX: TLO) has made a massive sulphide discovery at its Tamarack project in central Minnesota that it says could represent a significant extension to the existing nickel-copper-cobalt resource. Its shares surged on the announcement.
In a press release late Wednesday, the company said it has been infilling the Tamarack resource area as it looks to complete a feasibility study in support project’s environmental permitting process. During this work, the exploration team re-examined and extended a historic drill hole which encountered significant mineralization at a depth of 707.75 metres, drilling 8.25 metres that was logged as 95% sulphide content.
This represents the second significant discovery by Talon’s team in the space of five months. In October, the battery metals explorer announced the Boulderdash copper and nickel discovery in the nearby state of Michigan.
Shares of Talon Metals closed Thursday’s trading session 23.5% higher at C$0.10 apiece, for a market capitalization of C$92.6 million ($64.7m).
The new discovery at Tamarack is situated approximately 150 metres below and 50 metres south of the known nickel-copper mineralization within the current resource area, where a drill hole previously intercepted 7.74 metres of massive sulphide assaying 8.01% nickel and 2.87% copper.
The location, as the Talon team points out, is significant, as it could be a laterally extensive area with a lack of drilling, and may even host some of the highest-grade nickel and copper mineralization discovered to date at Tamarack.
Timely discovery
The Canadian miner also cheered the timing of its new discovery, as it comes days after US President Donald Trump signed an executive order to boost domestic production of critical minerals.
“Talon is uniquely positioned to respond – we operate the only integrated geophysics and drilling team in the United States dedicated to finding new sources of domestic nickel, copper and cobalt,”Talon CEO Henri van Rooyen said in a press release.
According to Talon’s chief exploration officer Brian Goldner, the mineralization model for Tamarack is that “the nickel mineralization was draining down through the intrusive system and pooled up at the bottom of the massive sulphide” near the previous intercept.
This type of pooling is also seen at the world’s most prolific high-grade nickel producer, in Norilsk, Russia, once again showing similarities that Tamarack shares with the global giants,” Goldner added.
Following the discovery, Talon has advanced towards follow-up drilling after an EM survey conducted on the extension of the discovery hole identified a strong off-hole conductor.
The Tamarack project currently hosts a mineral resource of 8.6 million tonnes grading 1.73% nickel and 0.92% copper in the indicated category and 8.5 million tonnes grading 0.83% nickel and 0.55% copper in the inferred category.
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