Talon Metals (TSX: TLO; OTC: TLOFF) announced on Thursday a new discovery of copper and nickel mineralization in Michigan.
The company reported 99.92 meters of copper and nickel mineralization from its maiden drill hole at the Boulderdash target in Michigan’s Upper Peninsula, with a grade of 1.60% copper equivalent, starting at a depth of 9.14 meters.
Talon’s shares rose nearly 17% following the news.
“US leaders are laser-focused on US dependency on critical minerals produced by foreign entities of concern. The discovery of a potential new domestic resource of copper and nickel is very timely,” said CEO Henri van Rooyen.
Talon’s mineral exploration activities in Michigan and Minnesota are funded by the US Department of Defense, which announced in 2023 that it would provide $20.6 million for accelerated exploration in both states.
The company now plans to add more drill holes for further evaluation.
The Boulderdash target is near the Eagle Nickel Mine, owned by Lundin Mining, which is the only operating nickel mine in the United States.
“The distribution and abundance of magmatic sulfides intersected in the initial drilling at Boulderdash bear a striking resemblance to the early drill results from the Eagle deposit,” said Dean Rossell, Chief Exploration Geologist for Talon.
“In 2001, one of the first drill holes intersected a long interval of disseminated sulfides with minor net-textured sulfides, which inspired us to drill the discovery hole in 2002, where we intersected 84.2 meters of high-grade massive sulfide mineralization.” Rossell is credited with discovering the Eagle Deposit.
In 2022, Talon entered into an option and earn-in agreement with UPX Minerals Inc. to acquire up to 80% ownership in mineral rights over a land package of approximately 400,000 acres located in Michigan’s Upper Peninsula. The first hole drilled at Boulderdash is part of this land package.
By 11 a.m. EDT, Talon Metals’ shares were up 11%. The company currently has a market capitalization of C$93 million ($67 million).
Source: MINING.COM – Read More
