Talon Metals shares surge on ‘historic’ massive sulphide discovery

Talon Metals (TSX: TLO) announced on Monday it has made a “historic” 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 — the longest ever recorded on the property. The previous record was 23.4 metres from drilling in 2022.

This milestone, says Talon’s chief exploration and operations officer Brian Goldner, represents a “defining moment” for the project.

Shares of Talon Metals shot up by 33.3% to C$0.14 apiece at the end of Monday’s trading session, having hit a 10-month high of C$0.15 earlier. The company has a market capitalization of approximately C$125 million.

It follows the highest-grade intercept ever reported from the project earlier this month: an intersection of 8.25 metres grading 12.62% nickel, 13.88% copper and 17.95 g/t platinum group elements plus gold, or 23.28% nickel equivalent.

Since early February, Talon’s 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 a massive sulphide intercept measuring over 8.25 metres. The latest discovery, however, is four times that length.

“In my 19 years working on the Tamarack project, I’ve never seen anything like this,” Talon’s Goldner stated in a press release. “It confirms what we’ve believed all along: that Tamarack is a truly world-class system.”

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 mining major Rio Tinto (ASX: RIO) as its joint venture partner.