Talon Metals (TSX: TLO) announced significant drilling results from the Tamarack nickel-copper-cobalt project in Minnesota, indicating potential expansion of its Vault zone system. On Wednesday, the company’s stock surged 3.6% to C$9.12, its highest point since August 2011, bringing its market value to approximately C$1.4 billion ($1 billion).
The key drilling results include hole 25TK0563C, which intersected 15.23 meters with grades of 7.82% nickel, 7.7% copper, and 8.77 grams of palladium and platinum per tonne at a depth of about 774 meters, confirming the continuity of mineralization. Talon also received $20.6 million from the U.S. government for further exploration efforts, and is set to release a feasibility study for the Tamarack project by mid-2023.
The company holds a 51% stake in Tamarack, with an option to increase it to 60%, while Rio Tinto holds the remaining interest. As of now, exploration operations are focused on expanding the Vault zone, with drilling guided by borehole electromagnetic data.
