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Talon Metals Corp. (TSX:TLO) released an update on the Minnesota-based Tamarack nickel-copper-PGM project, in which it holds an 18.45-percent interest. Notably, the company has recommenced drilling at the project.
Talon Metals Corp. (TSX:TLO) released an update on the Minnesota-based Tamarack nickel-copper-PGM project, in which it holds an 18.45-percent interest. Notably, the company has recommenced drilling at the project.
As quoted in the press release:
In December 2015, Talon announced the completion of its financing transaction with Resource Capital Fund VI L.P. (“RCF”) and Kennecott Exploration Company (“Kennecott”), a subsidiary of the Rio Tinto Group (collectively, the “RCF Financing”). Pursuant to the RCF Financing, Talon received a total of US$15 million (approximately C$20 million) from RCF. Immediately following the closing of the RCF Financing, Talon paid the entire US$15 million to Kennecott for the primary purpose of further advancing the Tamarack Project, with none of the proceeds to be used to pay for Talon or Kennecott salaries or overhead expenses. Upon the advancement by Talon to Kennecott of the US$15 million, Talon earned an 18.45% interest in the Tamarack Project.
Since the closing of the RCF Financing, Kennecott, in collaboration with Talon, has been hard at work planning the next phase of exploration at the Tamarack Project (the “2016 Tamarack Winter Exploration Program”). Drilling has recently re-commenced at the Tamarack Project.
Henri van Rooyen, CEO of Talon, commented:
Our industry operates within unpredictable up and down cycles. Talon’s completion of its earn-in at the Tamarack Nickel-Copper-PGE project was well timed as it enables Kennecott to conduct mineral exploration in a down commodity cycle when: (a) drilling and other services are available in abundance and costs are low; and (b) limited mineral exploration is occurring globally, which will lead to future supply shortages, of which nickel is expected to lead the charge.During the 2016 Tamarack Winter Exploration Program, Kennecott will continue to test the Tamarack Intrusive Complex (TIC), with drilling planned: (a) approximately 1.6 kilometers to the north-east of the known mineral resource area (within the 221 Zone); (b) approximately 3.8 kilometers to the south of the known mineralized area (within the Neck); and (c) within the known mineral resource area (the Tamarack Zone), provided the cold weather persists. We look forward to updating our shareholders as results are received.
Click here to read the full Talon Metals Corp. (TSX:TLO) press release.