Talon Metals (TSX: TLO) announced on Monday it has made a 鈥渉istoric鈥� discovery at the Tamarack nickel-copper project in central Minnesota. Shares of the company soared to the highest in almost a year.
The discovery is highlighted by a massive sulphide intercept with a cumulative length of 34.9 metres 鈥� the longest ever recorded on the property. The previous record was 23.4 metres from drilling in 2022.
This intersection, for which assays have yet to be graded, represents a 鈥渄efining moment鈥� for the Tamarack project, says Talon鈥檚 chief exploration and operations officer Brian Goldner.
The sulphide mineralization is said to be similar to that of a recently re-examined historic drill hole, which returned the highest-grade intercept from the property at 12.62% nickel, 13.88% copper and 17.95 g/t platinum group elements plus gold, or 23.28% nickel equivalent, over 8.25 metres.
Shares of Talon Metals shot up by 33.3% to C$0.14 apiece at the end of Monday鈥檚 trading session, having hit a 10-month high of C$0.15 earlier. The company has a market capitalization of approximately C$125 million ($89 million).
鈥榃orld-class鈥� system
Since early February, Talon鈥檚 in-house exploration team has been infilling and outfilling the Tamarack resource area to support a feasibility study for the Tamarack project. Its first significant discovery from that work was the aforementioned massive sulphide intercept measuring over 8.25 metres. The latest discovery is four times that length.
鈥淚n my 19 years working on the Tamarack project, I鈥檝e never seen anything like this,鈥� Talon鈥檚 Goldner said in a press release. 鈥淚t confirms what we鈥檝e believed all along: that Tamarack is a truly world-class system.鈥�
The deposit has an estimated 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.
Talon is currently the majority owner (51%) and operator of the Tamarack project, with Rio Tinto (ASX: RIO) as its joint venture partner.