Talon Metals Corp (TSE:TLO) (OCTMKTS:TLOFF) announced Tuesday that it has started a new drill program at its Tamarack nickel-copper-cobalt project in Minnesota.
The drilling, which will focus on prospective targets outside of the company’s resource area, comes just days after it closed on C$5.1 million in financing to advance the project.
Talon also said it has taken positive steps to maximize the number of meters to be drilled at several highly prospective exploration targets:
- A dedicated team of drillers with drilling experience at Tamarack joined the company to increase the number of meters drilled at a substantially reduced cost (while maintaining first-in-class health and safety standards).
- Entered into a cost-effective lease agreement for the LF-90D drill rig, which will further reduce the company's drilling costs.
- Started negotiations to add a second drill rig to double capacity and further reduce the cost per meter drilled. Overall, the company aims to reduce its per meter drilling cost by more than 50%.
The combination of an experienced drill team, use of advanced drilling techniques and suitable drilling equipment means more meters drilled safely over a shorter timeframe and lower cost at Tamarack, Talon said.
The company said it has been successfully collecting both borehole electromagnetic and surface electromagnetic data using custom-made geophysics equipment. This equipment is key to identifying new drill targets outside of the company's resource area and along the broader 18 kilometer Tamarack intrusive complex.
And it expects to reduce the overall cost of geophysical data collection by more than 50%.
"The capital raise just completed coincides with the launch of a continuous exploration effort managed by an experienced Tamarack-based team that will use best-in-class equipment and software systems with the goal of rapidly increasing the present resource,” said CEO Henri van Rooyen in a statement.
“Our first drill program was rewarded with a combined total of approximately 38 meters of massive sulphides distributed over five drill holes with a weighted average grade of 7.8% nickel equivalent or 20.8% copper equivalent. The Talon team is now focussed on rapidly and cost-effectively evaluating a subset of the Tamarack intrusive complex over a strike length of approximately two kilometers with the goal of increasing the present resource size."
The junior miner is focused on producing nickel for the rapidly growing electric-vehicle industry and is in a joint venture with mining titan Rio Tinto (LON:RIO) on the high-grade asset, which consists of the Tamarack North project and the Tamarack South project. Talon can earn up to 60% of the project.
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