Below are assay results from six (6) new drill holes, including the record 23.44-meter massive sulphide intercept (MSU) in drill hole 21TK0380:
| Drill Hole | From | To | Length | Assay |
| # | (m) | (m) | (m) | Ni
(%) | Cu
(%) | Co
(%) | Pd
(g/t) | Pt
(g/t) | Au
(g/t) | NiEq
(%) | CuEq
(%) |
| 21TK0343 | 360.47 | 378.71 | 18.24 | 4.91 | 1.90 | 0.13 | 0.27 | 0.40 | 0.10 | 5.96 | 15.89 |
| 21TK0370 | 430.68 | 482.94 | 52.26 | 2.75 | 1.22 | 0.07 | 0.31 | 0.54 | 0.26 | 3.54 | 9.43 |
| 21TK0380 | 453.73 | 477.17 | 23.44 | 6.04 | 2.85 | 0.12 | 0.49 | 0.62 | 0.35 | 7.58 | 20.20 |
| 22TK0397 | 468.46 | 533.03 | 64.57 | 1.99 | 0.97 | 0.05 | 0.38 | 0.74 | 0.35 | 2.74 | 7.31 |
| 22TK0405 | 380.92 | 396.65 | 15.73 | 4.66 | 2.42 | 0.10 | 0.35 | 0.51 | 0.25 | 5.94 | 15.84 |
| 22TK0412 | 456.05 | 474.43 | 18.38 | 6.98 | 3.12 | 0.13 | 0.51 | 0.71 | 0.27 | 8.64 | 23.04 |
Table 1: Notable Assay Results from New Drill Holes at the Tamarack Nickel Project
*See Table 3 for further technical information
In addition to the six (6) drill holes above, Talon reports assays from an additional eleven (11) new drill holes on the western side of the Tamarack resource area (the Main Zone) (17 drill holes in total). These drill holes extend approximately 320 meters from northwest to southeast. The new assays demonstrate the continuity and thickness of the high-grade nickel and copper massive sulphide zone and the separate semi-massive sulphide zones (see Figure 3).
In addition, drill holes 21TK0380 and 22TK0412 continue to expand the massive sulphide pool on the southern portion of the western limb with intercepts of 23.44 meters @ 6.04% Ni and 18.38 meters @ 6.98% Ni, respectively. An off-hole geophysical anomaly from drill hole 22TK0412 points to a possible southwestward continuation of the massive sulphide mineralization beyond the known resource in an area not previously tested by drilling.
"It is exciting to see the massive sulphide on the western limb continue to thicken to a new record 23.44 meters while maintaining an extremely high grade of 6.04% Ni. Exploration around this pooling area has identified hole 22TK0412 which intersected 12.81 meters @ 8.08% Ni and the borehole electromagnetic (geophysical) survey provides evidence that it may trend in a slightly different direction than anticipated. The southern extent of the western massive sulphide unit remains open and will be a focus for one of the drill rigs currently turning at the Tamarack Nickel Project," said Brian Goldner, Talon Metals, Chief Exploration Officer.
Figure 2: Drill core from hole 22TK0412 showing a sub-interval of 7.77 meters grading 10.44% Ni Eq in the Main Zone of the Tamarack resource area.
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Figure 3. Plan view geological map of the northern portion of the Tamarack Nickel Project, including the Tamarack Resource area showing the new nickel-copper mineralization intervals in green text boxes.
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QUALITY ASSURANCE, QUALITY CONTROL AND QUALIFIED PERSONS
Please see the technical report entitled "NI 43-101 Technical Report Updated Preliminary Economic Assessment (PEA) #3 of the Tamarack North Project - Tamarack, Minnesota" with an effective date of January 8, 2021 prepared by independent "Qualified Persons" (as that term is defined in National Instrument 43-101 ("NI 43-101") Leslie Correia (Pr. Eng), Andre-Francois Gravel (P. Eng.), Tim Fletcher (P. Eng.), Daniel Gagnon (P. Eng.), David Ritchie (P. Eng.), Oliver Peters (P. Eng.), Volodymyr Liskovych (P.Eng.), Andrea Martin (P. E.) and Brian Thomas (P. Geo.) for information on the QA/QC, analytical and testing procedures at the Tamarack Project. Copies are available on the Company's website (www.talonmetals.com) or on SEDAR at (www.sedar.com). The laboratory used is ALS Minerals who is independent of the Company.
Lengths are drill intersections and not necessarily true widths. True widths cannot be consistently calculated for comparison purposes between holes because of the irregular shapes of the mineralized zones. Drill intersections have been independently selected by Talon. Drill composites have been independently calculated by Talon. The geological interpretations in this news release are solely those of the Company. The locations and distances highlighted on all maps in this news release are approximate.
Dr. Etienne Dinel, Vice President, Geology of Talon, is a Qualified Person within the meaning of NI 43-101. Dr. Dinel is satisfied that the analytical and testing procedures used are standard industry operating procedures and methodologies, and he has reviewed, approved and verified the technical information disclosed in this news release, including sampling, analytical and test data underlying the technical information.
Where used in this news release:
NiEq% = Ni%+ Cu% x $3.00/$8.00 + Co% x $12.00/$8.00 + Pt [g/t]/31.103 x $1,300/$8.00/22.04 + Pd [g/t]/31.103 x $700/$8.00/22.04 + Au [g/t]/31.103 x $1,200/$8.00/22.04
CuEq% = Cu%+ Ni% x $8.00/$3.00 + Co% x $12.00/$3.00 + Pt [g/t]/31.103 x $1,300/$3.00/22.04 + Pd [g/t]/31.103 x $700/$3.00/22.04 + Au [g/t]/31.103 x $1,200/$3.00/22.04
ABOUT TALON
Talon is a TSX-listed base metals company in a joint venture with Rio Tinto on the high-grade Tamarack Nickel-Copper-Cobalt Project located in central Minnesota. Talon's shares are also traded in the US over the OTC market under the symbol TLOFF. The Tamarack Nickel Project comprises a large land position (18km of strike length) with high-grade intercepts outside the current resource area. Talon has an earn-in right to acquire up to 60% of the Tamarack Nickel Project, and currently owns 51%. Talon is focused on (i) expanding and infilling its current high-grade nickel mineralization resource prepared in accordance with NI 43-101 to shape a mine plan for submission to Minnesota regulators and (ii) following up on additional high-grade nickel mineralization in the Tamarack Intrusive Complex. Talon has an agreement with Tesla Inc. to supply it with 75,000 metric tonnes (165 million lbs) of nickel in concentrate (and certain by-products, including cobalt and iron) from the Tamarack Nickel Project over an estimated six-year period once commercial production is achieved. Talon has well-qualified experienced exploration, mine development, external affairs and mine permitting teams.
For additional information on Talon, please visit the Company's website at www.talonmetals.com or contact:
Media Contact:
Todd Malan
1 (202) 714-8187
malan@talonmetals.com
Investor Contact:
Sean Werger
1 (416) 361-9636 x102
werger@talonmetals.com
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 statements relating to the timing and results of the exploration program, including mineralization, assay results, grades, geophysical results and drilling plans; and the possible southwestward continuation of the massive sulphide mineralization beyond the known resource. 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.
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.
Table 2: Collar Locations of New Drill Holes Referred to in this Press Release
| Tamarack Resource Area |
| HOLEID | Easting (m) | Northing (m) | Elevation (masl) | Azm | Dip | End Depth (m) |
| 22TK0324 | 490687.7 | 5168539.4 | 388.3 | 137.1 | -72.0 | 579.4 |
| 21TK0346 | 490735.9 | 5168650.9 | 390.0 | 181.0 | -87.4 | 479.5 |
| 21TK0346A | 490735.9 | 5168650.9 | 390.0 | 178.3 | -87.3 | 430.4 |
| 21TK0352 | 490701.9 | 5168743.0 | 390.5 | 16.6 | -85.3 | 489.8 |
| 21TK0359 | 490702.4 | 5168742.2 | 390.4 | 153.5 | -79.7 | 489.8 |
| 21TK0370 | 490736.6 | 5168651.3 | 390.1 | 162.3 | -84.9 | 529.7 |
| 21TK0377 | 490757.1 | 5168601.2 | 389.6 | 175.9 | -86.9 | 493.2 |
| 21TK0379 | 490756.7 | 5168600.9 | 389.5 | 168.2 | -81.6 | 498.8 |
| 21TK0380 | 490772.8 | 5168481.3 | 388.0 | 111.6 | -85.5 | 506.0 |
| 21TK0380A | 490772.8 | 5168481.3 | 388.0 | 111.6 | -85.5 | 544.7 |
| 22TK0397 | 490774.3 | 5168479.7 | 388.0 | 2.4 | -81.1 | 597.2 |
| 22TK0404 | 490773.4 | 5168480.4 | 388.0 | 349.3 | -82.9 | 508.1 |
| 22TK0404A | 490773.4 | 5168480.4 | 388.0 | 348.2 | -83.3 | 518.2 |
| 22TK0405 | 490673.4 | 5168733.5 | 388.0 | 123.7 | -77.5 | 474.9 |
| 22TK0409 | 490673.4 | 5168734.5 | 388.0 | 142.2 | -77.7 | 487.7 |
| 22TK0412 | 490774.2 | 5168481.1 | 388.0 | 75.6 | -83.9 | 518.2 |
| 22TK0413 | 490757.6 | 5168600.8 | 388.0 | 289.1 | -83.4 | 499.3 |
Collar coordinates are UTM Zone 15N, NAD83
Azimuths and dips are taken from survey record at collar unless otherwise noted
Table 3: Assay Results of New Drill Holes Referred to in this Press Release
| Drill Hole | From | To | Length | Assay |
| # | (m) | (m) | (m) | Ni
(%) | Cu
(%) | Co
(%) | Pd
(g/t) | Pt
(g/t) | Au
(g/t) | NiEq
(%) | CuEq
(%) |
| 21TK0343 | 360.47 | 378.71 | 18.24 | 4.91 | 1.90 | 0.13 | 0.27 | 0.40 | 0.10 | 5.96 | 15.89 |
| 21TK0346A | 396.56 | 401.38 | 4.82 | 2.77 | 1.52 | 0.06 | 0.17 | 0.11 | 0.08 | 3.48 | 9.29 |
| 21TK0352 | 414 | 427.99 | 13.99 | 0.59 | 0.60 | 0.02 | 0.26 | 0.46 | 0.23 | 1.03 | 2.76 |
| and | 434.5 | 436.09 | 1.59 | 1.47 | 1.87 | 0.03 | 0.48 | 0.72 | 0.33 | 2.53 | 6.74 |
| and | 439.62 | 442.00 | 2.38 | 0.78 | 1.13 | 0.02 | 0.35 | 1.91 | 0.93 | 1.94 | 5.17 |
| and | 448.12 | 450.00 | 1.88 | 0.76 | 1.18 | 0.02 | 0.35 | 0.76 | 0.57 | 1.58 | 4.21 |
| 21TK0359 | 387.48 | 392.00 | 4.52 | 4.05 | 2.01 | 0.08 | 0.28 | 1.19 | 0.07 | 5.26 | 14.04 |
| and | 427.64 | 463.00 | 35.36 | 1.27 | 0.88 | 0.03 | 0.46 | 0.85 | 0.44 | 2.00 | 5.34 |
| 21TK0370 | 430.68 | 482.94 | 52.26 | 2.75 | 1.22 | 0.07 | 0.31 | 0.54 | 0.26 | 3.54 | 9.43 |
| including | 440.09 | 467.5 | 27.41 | 3.62 | 1.40 | 0.09 | 0.26 | 0.43 | 0.15 | 4.46 | 11.89 |
| 21TK0377 | 461.36 | 493.17 | 31.81 | 0.99 | 0.68 | 0.02 | 0.33 | 0.68 | 0.33 | 1.56 | 4.16 |
| 21TK0379 | 431.43 | 432.1 | 0.67 | 3.10 | 1.16 | 0.12 | 0.30 | 0.85 | 0.04 | 3.96 | 10.57 |
| and | 434.41 | 435.51 | 1.1 | 1.86 | 0.79 | 0.07 | 0.30 | 0.30 | 0.10 | 2.39 | 6.37 |
| and | 436.98 | 437.8 | 0.82 | 2.51 | 2.55 | 0.06 | 0.21 | 0.61 | 0.07 | 3.74 | 9.97 |
| and | 451.09 | 452.83 | 1.74 | 1.22 | 0.79 | 0.03 | 0.61 | 0.93 | 0.40 | 1.93 | 5.16 |
| and | 478.44 | 498.39 | 19.95 | 0.66 | 0.48 | 0.02 | 0.33 | 0.57 | 0.25 | 1.10 | 2.94 |
| 21TK0380 | 453.73 | 477.17 | 23.44 | 6.04 | 2.85 | 0.12 | 0.49 | 0.62 | 0.35 | 7.58 | 20.20 |
| including | 463.41 | 476.64 | 13.23 | 7.22 | 3.42 | 0.14 | 0.59 | 0.74 | 0.44 | 9.06 | 24.15 |
| 22TK0397 | 468.46 | 533.03 | 64.57 | 1.99 | 0.97 | 0.05 | 0.38 | 0.74 | 0.35 | 2.74 | 7.31 |
| including | 476.5 | 513.04 | 36.54 | 2.82 | 1.21 | 0.08 | 0.37 | 0.72 | 0.37 | 3.69 | 9.83 |
| 22TK0404A | 445.4 | 458.73 | 13.33 | 5.34 | 2.48 | 0.11 | 0.55 | 1.12 | 0.45 | 6.86 | 18.31 |
| including | 448.16 | 458.73 | 10.57 | 6.57 | 3.07 | 0.13 | 0.69 | 1.41 | 0.56 | 8.46 | 22.56 |
| 22TK0405 | 380.92 | 396.65 | 15.73 | 4.66 | 2.42 | 0.10 | 0.35 | 0.51 | 0.25 | 5.94 | 15.84 |
| including | 382.42 | 392.68 | 10.26 | 6.20 | 3.10 | 0.14 | 0.45 | 0.66 | 0.32 | 7.86 | 20.95 |
| and | 420.28 | 460.95 | 40.67 | 1.00 | 0.75 | 0.03 | 0.39 | 0.78 | 0.36 | 1.63 | 4.34 |
| 22TK0409 | 392.58 | 403.45 | 10.87 | 6.23 | 3.71 | 0.12 | 0.68 | 0.94 | 0.59 | 8.23 | 21.94 |
| and | 423.48 | 424.37 | 0.89 | 1.51 | 3.87 | 0.02 | 1.67 | 3.30 | 1.97 | 4.42 | 11.79 |
| 22TK0412 | 456.05 | 474.43 | 18.38 | 6.98 | 3.12 | 0.13 | 0.51 | 0.71 | 0.27 | 8.64 | 23.04 |
| including | 459.89 | 472.70 | 12.81 | 8.08 | 3.47 | 0.16 | 0.57 | 0.80 | 0.29 | 9.94 | 26.52 |
| 22TK0324 | No significant sulphide mineralization |
| 21TK0346 |
| 21TK0380A |
| 22TK0404 |
| 22TK0413 |
Length refers to drill hole length and not True Width.
True Width is unknown at the time of publication.
All samples were analysed by ALS Minerals. Nickel, copper, and cobalt grades were first analysed by a 4-acid digestion and ICP AES (ME-MS61). Grades reporting greater than 0.25% Ni and/or 0.1% Cu, using ME-MS61, trigger a sodium peroxide fusion with ICP-AES finish (ICP81). Platinum, palladium and gold are initially analyzed by a 50g fire assay with an ICP-MS finish (PGM-MS24). Any samples reporting >1g/t Pt or Pd trigger an over-limit analysis by ICP-AES finish (PGM-ICP27) and any samples reporting >1g/t Au trigger an over-limit analysis by AAS (Au-AA26).
NiEq% = Ni%+ Cu% x $3.00/$8.00 + Co% x $12.00/$8.00 + Pt [g/t]/31.103 x $1,300/$8.00/22.04 + Pd [g/t]/31.103 x $700/$8.00/22.04 + Au [g/t]/31.103 x $1,200/$8.00/22.04
CuEq% = Cu%+ Ni% x $8.00/$3.00 + Co% x $12.00/$3.00 + Pt [g/t]/31.103 x $1,300/$3.00/22.04 + Pd [g/t]/31.103 x $700/$3.00/22.04 + Au [g/t]/31.103 x $1,200/$3.00/22.04
No adjustments were made for recovery or payability.
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