Talon Metals (TSX: TLO) has made a massive sulphide discovery at its Tamarack project in central Minnesota that it says could significantly extend its nickel-copper-cobalt resource. Its shares surged.
The company has been infilling the Tamarack resource area as it looks to complete a feasibility study for the project’s environmental permitting process, Talon said a news release late Wednesday. During this work, the exploration team re-examined and extended a historic drill hole which encountered mineralization at a depth of 707.75 metres, drilling 8.25 metres that was logged as 95% sulphide content.
“The nickel mineralization was draining down through the intrusive system and pooled up at the bottom,” Talon’s chief exploration officer Brian Goldner, said in the release. ‘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.”
This represents the second find 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 in Toronto 24% higher at 10¢ apiece, for a market capitalization of $92.6 million.
Near strong intercept
The new discovery at Tamarack is about 150 metres below and 50 metres south of the known nickel-copper mineralization within the 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.
The Canadian miner also cheered the timing of its new discovery, as it comes days after U.S. 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,” CEO Henri van Rooyen said in the release.
Following the discovery, Talon has advanced towards follow-up drilling after an electro-magnetic survey conducted on the extension of the discovery hole identified a strong off-hole conductor.
The Tamarack project 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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