Figure 1: 15.08 meters of mixed and massive sulphide nickel and copper mineralization in 21TK0355 beginning at 202.86 meters depth
Talon Metals Corp. reported that its Minnesota-based Tamarack Nickel-Copper-Cobalt Project is expanding. The company reported 31 new drill holes are located in the CGO West area, approximately 100 meters north-northwest of the Tamarack Nickel Project resource area. The new holes have intercepted nickel-copper mineralization, with assays pending.
Additional significant drill core intervals reported today (with assays pending) are as follows:
- Drill hole 21TK0348 intercepted 13.77 meters of mixed and massive nickel and copper mineralization, beginning at 250.24 meters depth;
- Drill hole 21TK0350 intercepted 13.25 meters of mixed and massive nickel and copper mineralization, beginning at 245.69 meters depth;
- Drill hole 21TK0354 intercepted 4.22 meters of mixed and massive nickel and copper mineralization, beginning at 198.53 meters depth;
- Drill hole 21TK0357 intercepted 3.9 meters of mixed and massive nickel and copper mineralization, beginning at 172.44 meters depth;
- Drill hole 21TK0360 intercepted 14.05 meters of mixed and massive nickel and copper mineralization, beginning at 242.09 meters depth; and
- Drill hole 21TK0368 intercepted 4.53 meters of mixed and massive nickel and copper mineralization, beginning at 188.6 meters depth.
Source: Talon Metals
Notably, drill hole 21TK0355 intercepted 15.08 meters of mixed and massive nickel-copper mineralization starting at only 202.86 meters depth. With the intercept being deeper than the previously reported large layer of nickel and copper mineralization in the immediate vicinity, it is suspected that another layer of massive mineralization may be present at this location. Investigations of this location will continue in 2022.
The layer of nickel and copper mineralization lies within the CGO West area, to the southwest and at depth so drilling in 2022 will focus on this area.
Talon Metals CEO. Henri van Rooyen, said, “Our in-house geology, geophysics and geotechnical teams are going from strength to strength with the drilling program at the Tamarack Nickel Project. While maintaining a zealous focus on safety in a prolonged pandemic, the team is still able to deploy rigs in the right places, set records for meters drilled per day and significantly increase our understanding of the CGO West area.”
Dr. Etienne Dinel, Talon’s Vice President of Geology, has confirmed that the analytical and test procedures used are industry standard operating procedures and methodologies and has reviewed, approved and verified the technical information disclosed, including the sampling, analytical and test data underlying the technical information.
Figure 2: Plan view geological map of the northern portion of the Tamarack Nickel Project showing drill hole locations with nickel-copper mineralization intervals in the CGO West area
Figure 3: Section A represents a portion of the CGO West area looking east showing the thick intersections of nickel-copper mineralization
Figure 4: Section B represents a portion of the CGO West area looking east showing the thick intersections of nickel-copper mineralization
Talon Metals on a High-Grade Nickel Mission
Talon is a TSX-listed base metals company in a joint venture with Rio Tinto on the high-grade Tamarack Nickel-Copper-Cobalt Project located in central Minnesota. Talon is focused on expanding its current resource of high-grade nickel mineralization prepared in accordance with NI 43-101; identifying additional high-grade nickel mineralization; and developing responsible processing capacity in the United States.
Talon’s Tesla (NASDAQ:TSLA) Deal
Talon recently entered into an agreement with Tesla Inc (Tesla) for the supply and purchase of nickel concentrate to be produced at the Tamarack Nickel Project. The deal will be execute following a due-diligence period performed by Tesla and negotiations.
Highlights of the agreement include:
- Tesla has committed to purchase 75,000 metric tonnes (165 million lbs) of nickel in concentrate, representing a portion of the metals projected to be produced from the Tamarack Nickel Project. Tesla also has a preferential right under the agreement to negotiate the purchase of additional nickel concentrate over and above the initial 75,000 metric tonne commitment.
- The term of the agreement is six years or until a total of 75,000 metric tonnes of nickel in concentrate has been produced and delivered to Tesla.
- The agreement is conditional upon: (i) Talon earning a 60% interest in the Tamarack Nickel Project; (ii) Talon commencing commercial production at the Tamarack Nickel Project; and (iii) the parties completing negotiations and executing detailed supply terms and conditions.
- Talon will use commercially reasonable efforts to achieve commercial production on or before 1 January 2026 at the Tamarack Nickel Project, which may be extended by the agreement of the parties for up to 12 months following which Tesla has a right to terminate the agreement and Talon may elect to sell to other parties.
- Talon and Tesla will work together to optimize nickel concentrate grades and metal recoveries.
- The purchase price to be paid by Tesla for the nickel in concentrate will be linked to the London Metals Exchange (LME) official cash settlement price for nickel. The parties have also agreed to share in any additional economics derived from by-products extracted from the nickel concentrate, such as iron and cobalt.
Source: Green Car Congress