Talon Metals Provides Update on Brazilian Gold Projects and Reassesses Resources at São Jorge Project
March 31, 2008
Road Town, Tortola, British Virgin Islands (Mar 31, 2008) - Talon Metals Corp. (“Talon” or the “Company”) (TSX: TLO) is pleased to provide an update on recent exploration activities on its Brazilian Gold Projects.
Água Branca Gold Project - Pará State
The Água Branca Gold Project (“Água Branca”) in the Tapajós Gold District comprises four drilling targets, including the Serra da Abelha and Jerimun targets, for which the results of recent drilling were reported (News Release of January 2, 2008), as well as the Heaven West and Sierra Delta targets, which are the focus of the current drilling program.
At the Heaven West target, four scout diamond drill holes (448.25 metres) have been drilled into a target that is characterized by multiple quartz veins and stock works in an altered monzonitic stock. The mineralisation in the area has traditionally been associated with high grade gold (up to 132 g/t Au) in narrow zones and the aim of the current preliminary drilling program is to identify wider zones of mineralization. Samples from the drilling program are currently being analyzed and the assay results are expected in April 2008.
Drilling is currently ongoing at the Sierra Delta target, a 650 metre long by 250 to 500 metre wide gold soil anomaly over a prominent north-south structural corridor associated with an intense hydrothermal sericite-silica-pyrite alteration overprinting felsic intrusives and meta-volcanic rocks, where six drill holes (661.20 metres) have already been drilled. An additional two scout drill holes are planned to complete this preliminary program on the Sierra Delta target by the end of April 2008. The assay results are expected to be received in May 2008.
São Jorge Gold Project - Pará State
In the latter half of 2006, the Company commissioned SRK Consulting (Canada) Inc. to undertake a National Instrument 43-101 (“NI 43-101”) mineral resource estimate on the Wilton zone at the São Jorge Gold Project (“São Jorge”). That estimate delineated an indicated resource of 5.00 million tonnes at an average grade of 1.19 g/t Au (191,000 ounces of gold) to a depth limited to 100 metres below surface.
Subsequently, the Company completed further diamond drilling (34 holes and 7,592 metres) on the Wilton zone and extensions. With the increase in the gold price, the Company has recently commissioned independent consultants to review and update the mineral resource estimate, incorporating the additional drilling results and extending the depth of the resource limit. The results of the updated resource review are expected in May 2008 and, if the results are positive, a scoping study is expected to be commissioned thereafter.
Additional information with respect to the mineral resource estimate for São Jorge is contained in a technical report dated October 12, 2006 and entitled “BrazMin Corp.: Resource Estimate and Technical Report for the São Jorge Project, Brazil.” This report was prepared by G. David Keller, an employee of SRK Consulting (Canada) Inc., who a “Qualified Person” within the meaning of NI 43-101.
Barra do FranÇa Gold Project - PiauÍ State
The Company recently announced the acquisition of the Barra do FranÇa Gold Project (“Barra do FranÇa”) and the results of preliminary exploration on the project (News Release of February 21, 2008). Additional mapping and channel sampling programs were carried out at Barra do FranÇa and the assay results are currently being analyzed and should be available in April 2008.
Batistão Gold Project - Mato Grosso State
The Batistão Gold Project (“Batistão”) comprises a 20,000-hectares exploration license, which was secured by Talon in 2007. Initially, Batistão was explored by a third party between 1992 and 1995, who reported numerous mineralized drill intercepts of between 3.00 metres at 7.78g/t Au and 33.00 metres at 1.72g/t Au from a limited 24 hole drilling program on structural-controlled hydrothermal alteration zones and quartz veining associated with WNW-trending shear zones that cross cut felsic silica-saturated intrusive rocks.
Talon relocated all the historical drill holes at Batistão and completed the compilation of existing geological, geochemical and geophysical data. Based on the interpretation of these data, the Company intends to conduct a 1,000-metre drill program in the second half of 2008 to validate the best intercepts and test new geological/structural concepts in order to identify any zones that could potentially host a resource of at least one million ounces in a shallow bulk mineable deposit.
Talon's exploration programs are being managed by Talon's VP Exploration, Mr. Paulo Ilidio de Brito (Member: AusIMM), who is qualified person within the meaning of National Instrument 43-101. Mr. Ilidio de Brito, who is responsible for the technical information in this news release, has verified the data disclosed in this news release.
Talon is a TSX-listed company focused on the acquisition, exploration and advancement of high quality mineral resource projects. The Company has a well-qualified exploration and management team with extensive experience in exploration and project management.
Talon has a treasury of approximately CDN$14 million and holds 4,935,500 common shares of Brazauro Resources Corporation (TSX-V:BZO) and 2,450,000 common shares in Beadell Resources Limited (ASX:BDR).
For additional information on Talon please visit the Talon's website at www.talonmetals.com or contact:
This press 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 (including, without limitation, statements regarding mineral resource estimates, potential mineral resources, exploration results, potential mineralization and plans) 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. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company 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. Factors that could cause actual results or events to differ materially from current expectations include, among other things, failure to establish estimated mineral resources (the mineral resource figures referred to in this news release are estimates and no assurances can be given that the indicated levels of gold will be produced), the possibility that future exploration results will not be consistent with the Company's expectations, changes in gold prices, changes in equity markets, political developments in Brazil, changes to regulations affecting the Company's activities, foreign currency fluctuations, delays in obtaining or failures to obtain required regulatory approvals, uncertainties relating to the availability and costs of financing needed in the future, the uncertainties involved in interpreting drilling results and other ecological data, and the other risks involved in the gold exploration and development industry. 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 buy . 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.