Talon Metals Corp. (TSX:TLO) has reported assays from eight new drill holes at its Tamarack Nickel-Copper-Cobalt Project, located in Minnesota.
The new assays demonstrate high nickel and copper grades across a large area in the CGO East area, the company said, with these holes testing an area approximately 700 meters long.
One notable drill hole intersected 6.56 meters of nickel-copper mineralization grading 2.95% nickel, 1.01% copper (3.59% nickel equivalent (NiEq) or 9.56% copper equivalent CuEq) starting at a depth of 133.60 meters, including 2.53 meters of 3.77% nickel, 1.54% copper (4.66% NiEq or 12.44% CuEq) starting at a depth of 137.7 meters.
READ: Talon Metals releases record-length nickel-copper intercept from Tamarack resource area
Another drill hole intersected 21.92 meters of nickel-copper mineralization grading 1.25% nickel, 0.61% copper (1.64% NiEq or 4.36% CuEq) starting at a depth of 245.3 meters, including 2.93 meters of 5.65% nickel, 2.04% copper (6.88% NiEq or 18.36 CuEq) starting at a depth of 264.3 meters.
Two others intersected 33.72 meters of nickel-copper mineralization grading 0.94% nickel and 0.66% copper (1.37% NiEq or 3.64% CuEq) starting at a depth of 120 meters; and 31.1 meters of nickel-copper mineralization grading 0.82% nickel and 0.51% copper (1.15% NiEq or 3.08% CuEq) starting at a depth of 118.3 meters, respectively.
“We are extremely pleased with the assay results announced today from the CGO East area, which represents one of the newly discovered mineralized areas outside of the Tamarack Nickel Project’s defined resource area,” Brian Goldner, Talon Metals’ chief exploration and operations officer, said in a statement. “This new drilling has demonstrated over 600 meters of continuous high-grade nickel copper sulphide mineralization, with potential to extend an additional 200 meters to the north.”
He continued: “By way of general exploration update, the company has now completed its infill drilling program, and has already deployed a drill rig well outside of the Tamarack Nickel Project’s defined resource area with the goal of trying to make a new discovery along the Tamarack Intrusive Complex.”
Talon is advancing Tamarack to potentially supply the rapidly growing electric vehicle (EV) battery materials market. Tamarack is one of the only undeveloped nickel projects in the US and could be one of the only options for nickel if EV raw materials are going to be sourced domestically.
Stifel GMP rates shares a 'Buy'
Following the news, broker Stifel GMP, said it should "positively support” the 2023 feasibility study (FS), which the broker sees as a significant value clarifying catalyst.
"With CGO East and CGO West showing promising results and new step out targets about to be tested, we are increasingly confident that the Tamarack resource will grow beyond that defined in the 2021 PEA, leading to our assumed mine life of 17 years with NiEq production of 22 ktpa," said analysts.
The broker rates shares a 'Buy' and targets C$0.48 each.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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