Photo by: Bloomberg
TORONTO (miningweekly.com) – TSX-listed Talon Metals on Tuesday reported a maiden resource estimate for its Tamarack nickel/copper/platinum project, in Minnesota.
British Virgin Islands-based Talon in June clinched an earn-in agreement with Kennecott Exploration, a subsidiary of Rio Tinto Group, to acquire a 30% interest in the Tamarack project, with a potential pathway to owning 100% of the project.
The project is comprised of the Tamarack North and the Tamarack South projects and the resource estimate was prepared by consulting engineering firm Golder Associates for Tamarack North.
The estimate found 3.75-million tonnes in the indicated category at average grades of 1.81% nickel, 1% copper, 0.05% cobalt, 0.41 g/t platinum, 0.25 g/t palladium and 0.19 g/t gold, which was equal to a grade of 2.35% nickel equivalent, at a cutoff grade of 0.9%.
The report also estimated 3.12-million tonnes in the inferred category at average grades of 1.22% nickel, 0.82% copper, 0.03% cobalt, 0.26 g/t platinum, 0.16 g/t palladium and 0.16 g/t gold, or an average grade of 1.63% nickel equivalent at a 0.9% cutoff.
"We are very pleased with the independent mineral resource estimate on a portion of the Tamarack North project. While these numbers are exciting owing to their high grade and closeness to surface, the resource area only comprises hundreds of meters along a Tamarack intrusive complex that is about 18 km in strike length by 3 km at its widest point.
“With the ongoing exploration at the Tamarack North project, we look forward to expanding the resource,” Talon executive chairperson Warren Newfield said.
Talon’s TSX-listed stock declined 12.28% on Tuesday to C$0.50 apiece, having gained 63% since the start of the year.