ROAD TOWN, Tortola, April 8, 2015
/PRNewswire/ --
TSX:TLO
Talon Metals Corp. ("Talon" or the "Company")
(TSX:TLO) is pleased to announce an updated independent mineral
resource estimate prepared in accordance with National Instrument
43-101 ("NI 43-101") on the Tamarack North Nickel-Copper-PGE
project (the "Tamarack North Project") located in
Minnesota, USA.
The updated independent mineral resource estimate is largely the
result of the recent successful 2014 drilling of the step-out holes
from the Massive Sulphide Unit Mineral Zone ("MSU"); more
particularly, the positive results from drill holes 14TK0211 and
14TK0213 previously reported in the Company's news releases dated
December 1, 2014 and January 15, 2015.
HIGHLIGHTS
- The updated model of the MSU, coupled with the new
intercepts from drill holes 14TK0211 and 14TK0213, has:
- Increased the inferred resource in the MSU from 158,000 tonnes
to 422,000 tonnes €" an increase in tonnage by 167% â€" with an
average grade of 6.00% nickel ("Ni"), 2.48% Copper
("Cu"), 1.31 g/t PGEs and 0.26 g/t gold ("Au"), which
equates to a 7.26% nickel equivalent ("NiEq") grade
basis[1] at a 0.9% NiEq cut-off
(as compared to the previous NiEq grade basis of 6.42%); and
- Demonstrated the mineral continuity and widening of the high
grade MSU, and provides a path forward for future potential
expansion of the MSU at the Tamarack North Project.
"The Kennecott Exploration team at Tamarack has numerous years of nickel sulphide
exploration experience in the Mid-Continent Rift, and as such, has
the benefit of being able to utilize proprietary methodologies to
plan and execute successful exploration programs at Tamarack. The latest increase in
the MSU inferred resource tonnage by 167% bears testimony to
programs that are well-planned and executed by Kennecott.
We expect Tamarack to continue
to grow in both size and grade," said Henri
van Rooyen, CEO of Talon.
UPDATED RESOURCE ESTIMATE
The updated independent mineral resource estimate for the
Tamarack North Project has been prepared by Mr. Brian Thomas (B.Sc, P.Geo), Senior Resource
Geologist at Golder Associates Ltd. ("Golder") and is
summarized in Table 1 below. The effective date of the resource
estimate is April 3, 2015. Mr.
Brian Thomas is an independent
"Qualified Person" pursuant to NI 43-101.
Table 1: Tamarack North Project Updated 2015 Resource
Estimate (Effective Date: April 3,
2015)
Lbs
Mineral NiEq
Resource Ni Cu Co Pt Pd Au Ni Eq
Domain Classification Tonnes (000) (%) (%) (%) (g/t) (g/t) (g/t) (%) (000,000)
SMSU Indicated 3,751 1.81 1.00 0.05 0.41 0.25 0.19 2.35 194.3
SMSU Inferred 949 1.12 0.62 0.03 0.25 0.16 0.14 1.47 30.8
MSU Inferred 422 6.00 2.48 0.13 0.78 0.53 0.26 7.26 67.5
138 Zone Inferred 2,012 0.95 0.78 0.03 0.23 0.14 0.17 1.33 59.0
Total Indicated 3,751 1.81 1.00 0.05 0.41 0.25 0.19 2.35 194.3
Total Inferred 3,383 1.63 0.94 0.04 0.31 0.19 0.17 2.11 157.4
Notes:
- All resources are reported
at a 0.90% NiEq cut-off
- Tonnage estimates are rounded
down to the nearest 1,000 tonnes
- Mining recovery and dilution
factors have not been applied to the estimates
- Estimates do not include
metallurgical recovery
The updated mineral resources are derived from a Datamine
constructed block model (block size = 7.5m x 7.5m x 7.5m) of three
mineral domains (Semi-Massive Sulphide Unit ("SMSU"), MSU
and 138 Mixed Zone ("138 Zone")) and are reported above a
NiEq cut-off of 0.90%. All Domains were "unfolded" and had top cuts
applied to restrict outlier values (Pt, Pd and Au). The three
domains utilized either Ordinary Kriged or Inverse Distance
methodology to interpolate grades (Ni, Cu, Cobalt ("Co"),
Platinum ("Pt"), Palladium ("Pd") and Au) from 1.5m
composited drill holes. Density values were based on specific
gravity measurements and where absent, regression formulas. The
resources reported are based on a "blocks above cut-off" basis and
were then examined visually by Golder and found to have good
continuity.
The statistics of intersections that have been used to define
the updated resource are summarized in Annex B. The extent of
the updated MSU resource was defined by 15 drill holes, which has
significantly increased the size or extent or tonnage or foot print
of the resource model for the MSU. The relative tonnages for the
different mineralized domains are summarized in Annex B. These
statistics highlight the high grade of the MSU as compared to the
SMSU and the 138 Zone for inferred category resources despite the
smaller tonnage of the MSU.
Table 2 below compares the mineral resource at different cut-off
grades.
The majority (422,000 tonnes) of the inferred resource
mineralization of 556,000 tonnes at a 2.5% NiEq cut-off, consists
of the MSU. The MSU is modelled as being a southward
plunging, lenticular body that runs parallel to, but above, the
coarse grained feldspathic peridotite (CGO) intrusion (see
discussion below under Future Expansion of the MSU). The
interpreted dimensions of the MSU are an average of 10 meters high
with widths from 15 meters, up to 60 meters (interpreted south of
the SMSU between drill holes 08TK0083 and 14TK0211). The majority
of the indicated resource at a 2.5% NiEq cut-off consists of net
textured sulphides in the SMSU, which are enveloped by disseminated
sulphides. The SMSU comprises a lenticular, wide mineralized
zone and is approximately 400 meters in strike length by
approximately 50 to 150 meters high by 50 to 75 meters wide.
Table 2: Tamarack North Project Updated Resource
Sensitivities, which also highlights the tonnage and grades at a
2.5% NiEq cut-off
Mineral
Resource Tonnes Pd Au NiEq
Cut-Off (NiEq %) Classification (000) Ni (%) Cu (%) Co (%) Pt (g/t) (g/t) (g/t) (%)
0.8 Indicated 3,922 1.75 0.97 0.05 0.40 0.25 0.19 2.28
Inferred 4,235 1.42 0.84 0.04 0.28 0.17 0.15 1.86
0.9 Indicated 3,751 1.81 1.00 0.05 0.41 0.25 0.19 2.35
Inferred 3,383 1.63 0.94 0.04 0.31 0.19 0.17 2.11
1.0 Indicated 3,556 1.87 1.03 0.05 0.41 0.26 0.20 2.42
Inferred 2,646 1.89 1.07 0.05 0.34 0.22 0.18 2.43
1.5 Indicated 2,699 2.19 1.16 0.06 0.42 0.27 0.20 2.80
Inferred 1,289 2.98 1.49 0.07 0.48 0.31 0.22 3.73
2.0 Indicated 1,990 2.51 1.28 0.06 0.42 0.27 0.20 3.17
Inferred 752 4.21 1.89 0.09 0.60 0.40 0.24 5.17
2.5 Indicated 1,459 2.81 1.38 0.07 0.41 0.27 0.19 3.51
Inferred 556 5.12 2.16 0.11 0.69 0.47 0.25 6.22
Notes:
- Official resources are
reported at a 0.90% NiEq cut-off
- Mining recovery and dilution
factors have not been applied to the estimates
- Tonnage estimates are rounded
down to the nearest 1,000 tonnes
- Estimates do not include
metallurgical recovery
FUTURE EXPANSION OF THE MASSIVE SULPHIDE UNIT ZONE
(MSU)
The MSU at the Tamarack North Project (approximately 80%
sulphide) is the highest grade of the three main mineralized
domains. The MSU forms a southward plunging, pipe-like body of 15
to 60 meters (interpreted across by 10 meters high that runs
parallel to, but above, the coarse grained feldspathic peridotite
(CGO) intrusion). The MSU has been intersected by 15 drill
holes (see Annex 1) over 600 meters, from the north where it occurs
50 meters above the SMSU to the south where it sits below the 138
Zone.
The continuity and widening of the MSU has been demonstrated by
the recent results from drill holes 14TK0211 and 14TK0213
previously reported in the Company's news releases dated
December 1, 2014 and January 15, 2015. In both holes, two MSU
intercepts occur at the top of the CGO (the upper unit) and within
the base of the Mixed Zone (an intrusive phase occurring at the
boundary between the CGO and FGO) (the lower unit), and
include:
- Drill hole 14TK0211 with two intercepts of massive Ni-Cu-PGE
sulphide mineralization, including:
- An upper unit from 425.03 meters to 429 meters within the Mixed
Zone 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
- A lower unit from 441 meters to 456.94 meters of 15.94 meters
at the top of the coarse grained feldspathic peridotite (CGO)
intrusion at 7.14% Ni, 2.43% Cu, 1.49 g/t PGEs and 0.39 g/t Au
(which equates to a 8.49% NiEq grade basis).
- Drill hole 14TK0213 also intersected two intercepts of massive
Ni-Cu-PGE sulphide mineralization, including:
- An upper unit from 435.66 to 443.35 meters within the Mixed
Zone 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 the
top of the coarse grained feldspathic peridotite (CGO) intrusion 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).
Based upon the drill results to date (Annex A), an updated
geological model has been developed for the MSU that suggests the
likely continuity of the MSU and its consistent geological and
genetic relationship with the fine granted peridotite (FGO), Mixed
Zone, CGO, sediments and SMSU. This geological model has been
successfully used as a basis for exploration targeting, and is
aided by the highly conductive nature of the MSU where downhole
electromagnetic surveys (DHEM) are used to further focus
drilling.
UPDATE AND NEXT STEPS
The 2015 winter exploration program at the Tamarack Project,
which commenced in January 2015, is
now complete. The Company looks forward to providing an
update shortly as and when results from the program are
received.
Kennecott Exploration Company and Talon have already started
planning for the next phase of exploration at the Tamarack
Project.
Quality Assurance, Quality Control and Qualified
Persons
Please see the 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. for
information on the QA/QC, analytical and testing procedures
employed by Kennecott Exploration Company 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 this news release 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 North 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). 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 North Project with respect to estimates of
mineral resource quantities (including, any future expansion of the
mineral resource estimate), mineral resource qualities and grade,
the form and extent of mineralization (including, continuity of MSU
mineralization and the potential for expansion of the MSU),
targets, goals, objectives and plans, including plans for follow-up
exploration work and the timing thereof and updates from 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"
MSU INTERSECTIONS AND CUT-OFFS FOR
THE MSU RESOURCE MODEL
Total
True Sample Hole
From To Width Length Length
BHID X Y Z Az Dip (m) (m) (m) (m) (m)
08TK0049 490718 5168728 391 183 -80 396 408 10.9 12 553.5
08TK0058 490590 5168609 390 89 -71 448.8 452.2 2.9 3.3 649.5
08TK0068 490733 5168847 389 194 -75 378.4 383.7 4.8 5.3 516.3
378.4 382 1.9 2
08TK0075 490588 5168610 390 71 -68 420.5 423.7 3.2 3.2 578.1
08TK0077 490592 5168729 390 100 -72 396.4 409.9 12.3 13.6 558.1
08TK0081 490587 5168610 390 71 -69 421.1 431.6 10.4 10.5 601.1
08TK0083 490583 5168542 390 98 -67 497.5 507.8 9.1 10.3 705
08TK0086[1] 490584 5168542 390 82 -68 466.5 469.5 2.5 3 621.5
09TK0095 490983 5168407 389 265 -74 512.9 516.6 3.3 3.7 663.9
12TK0153 490982 5168405 388 161 -82 555.9 575.2 16.6 19.4 683.7
568.0 572.7 4.2 4.7
12TK0158 490850 5168418 388 58 -89 482.9 495.6 11.6 12.7 594.7
12TK0162 490775 5168529 388 230 -90 439.1 443 3.5 3.9 620.9
439.1 440 0.7 0.8
441.3 443 1.5 1.7
13TK0171 491049 5168348 389 157 -90 573.3 581 7.1 7.7 641.9
14TK0211 490857 5168535 389 265 -85 425.0 429.0 3.6 4 648
441.0 456.9 14.5 15.9
14TK0213 490857 5168535 389 216 -85 435.7 443.4 7.2 7.7 618
455.1 464.7 8.7 9.6
Table continued below
Ni Pt Pd Au NiEq
BHID % Cu % Co % g/t g/t g/t %
08TK0049 6.03 3.30 0.11 0.67 0.59 0.33 7.51
08TK0058 4.96 2.56 0.08 0.52 0.45 0.46 6.13
08TK0068 2.64 0.99 0.06 0.23 0.22 0.06 3.14
6.53 2.40 0.15 0.50 0.53 0.13 7.71
08TK0075 5.17 2.11 0.10 0.44 0.35 0.09 6.14
08TK0077 5.82 2.68 0.13 0.51 0.44 0.22 7.07
08TK0081 4.98 3.04 0.09 0.96 0.52 0.28 6.40
08TK0083 7.01 2.89 0.14 1.51 0.70 0.30 8.60
08TK0086[1] 0.01 0.01 0 0 0 0 0.02
09TK0095 4.75 2.23 0.10 1.06 0.53 0.33 5.97
12TK0153 5.21 2.25 0.10 0.42 0.39 0.12 6.24
0.19 0.09 0.01 0.10 0.04 0.03 0.25
12TK0158 5.86 2.28 0.13 1.28 0.58 0.40 7.20
12TK0162 2.64 1.15 0.06 0.13 0.23 0.13 3.18
3.03 2.62 0.07 0.20 0.26 0.33 4.10
4.49 1.42 0.10 0.20 0.39 0.14 5.20
13TK0171 8.01 2.87 0.15 0.41 0.54 0.21 9.33
14TK0211 5.74 2.07 0.13 0.68 0.37 0.10 6.80
7.14 2.43 0.17 0.81 0.68 0.37 8.49
14TK0213 5.09 2.22 0.10 0.91 0.47 0.31 6.26
7.04 2.43 0.15 1.20 0.79 0.98 8.89
[ 1] No significant
mineralization intercepts for these holes
All samples were analyzed by ALS Chemex. Ni, Cu and Co
grades were first analyzed 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 analyzed
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 have been rounded to one decimal and grades have
been rounded to two decimals.
ANNEX "B"
DATA DENSITY
STATISTICS
The statistics of intersections that have been used to define
the updated resource are summarized in the table below (note that
tonnages in the table below represent the global model tonnages (0%
NiEq cut-off) for each mineralized domain and should not be
mistaken for the resource tonnages reported in Table 1).
Table Showing Data Density Statistics
Global
Model # of
Domain Mineral Resource Classification Tonnage (t) # of Holes Samples
SMSU Indicated Mineral Resource 4,305,340 18 940
SMSU Inferred Mineral Resource 1,852,351 6 221
MSU Inferred Mineral Resource 422,276 15 125
138 Zone Inferred Mineral Resource 5,169,426 13 1,099
Table continued below
Tonnes Tonnes
Per Per
Domain Hole Sample
SMSU 239,186 4,580
SMSU 308,725 8,382
MSU 28,152 3,378
138 Zone 397,648 4,704
[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