Road Town, Tortola, British Virgin Islands (July 7, 2008) – Talon Metals Corp. (“Talon” or the “Company”) (TSX: TLO) is pleased to announce results from the final twelve diamond drill holes of a 2,316.80 metre, twenty-one-hole Phase II program on the Company’s 100%-owned Água Branca Gold Project (“Água Branca” or the “Project”), located in the Tapajós Gold District, Pará State, Brazil.
The Phase II diamond drilling program tested four target areas, including; eight drill holes at the Serra da Abelha target (925.65 metres), one drill hole at the Jerimun target (115.10 metres), four drill holes at the Heaven West target (448.25 metres) and eight drill holes at the Sierra Delta target (827.80 metres). Assays from Serra da Abelha, Jerimun and part of the Heaven West drill program were reported in the Company’s January 2, 2008 and September 5, 2007 news releases.
Highlights of the final drill results include:
- 1.69 g/t Au over 5.60 metres in ABD-026-08 (Heaven West)
- 4.12 g/t Au over 2.99 metres in ABD-034-08 (Sierra Delta)
- 4.84 g/t Au over 0.97 metre and 1.77 g/t Au over 2.88 metres in ABD-029C-08 (Sierra Delta)
- 4.00 g/t Au over 1.00 metre in ABD-028-08 (Sierra Delta)
Drilling at Heaven West intersected a series of quartz-sulphide veins/veinlets and dolerite dykes distributed along distinct structurally-controlled zones that cross-cut a monzogranite intrusive. Pervasive hydrothermal alteration is usual along these structural zones and commonly expressed by sericite ± chlorite ± silica alteration. Pyrite is the most common sulphide associated with veins and hydrothermal system. Locally, galena is associated with pyrite within the veins. Although geological mapping indicated widespread alteration at this target, the drilling results indicated that the distribution of gold mineralization is more restricted.
At Sierra Delta, drilling identified a large hydrothermal system which overprints felsic intrusives and subvolcanic rocks. The presence of a significant and pervasive quartz-sericite-pyrite (QSP) alteration style suggests a possible epithermal system. Several mineralized zones (from 1.00 metre to 29.30 metres width) with variable gold grades (from 0.15 to 4.84 g/t Au) were recorded in drilling of this target, mainly in drill holes ABD-027-08 and ABD-031A/B. The Company is analyzing the entire data set from the Sierra Delta target in order to decide the future strategy for this target.
Table 1. Água Branca Final Drill Program Assay Summary
ABD-023-07 – Heaven West Target (inclination: -50°, azimuth: 110°, length: 110.10 metres)
| From (metres) | To (metres) | Width* (metres) | Au ** (g/t) |
| Negative |
ABD-024-07 – Heaven West Target (inclination: -50°, azimuth: 110°, length: 115.10 metres)
| From (metres) | To (metres) | Width* (metres) | Au ** (g/t) |
| Negative |
ABD-025-08 – Heaven West Target (inclination: -50°, azimuth: 110°, length: 110.55 metres)
| From (metres) | To (metres) | Width* (metres) | Au ** (g/t) |
| Negative |
ABD-026-08 – Heaven West Target (inclination: -50°, azimuth: 100°, length: 112.50 metres)
| From (metres) | To (metres) | Width* (metres) | Au ** (g/t) |
| 70.00 | 75.60 | 5.60 | 1.69 |
ABD-027-08 – Sierra Delta Target (inclination: -50°, azimuth: 270°, length: 110.00 metres)
| From (metres) | To (metres) | Width* (metres) | Au ** (g/t) |
| 0.00 | 4.89 | 4.89 | 0.29 |
| 12.00 | 17.00 | 5.00 | 0.52 |
| 17.00 | 18.00 | 1.00 | 1.34 |
| 18.00 | 29.95 | 11.95 | 0.31 |
| 41.00 | 57.03 | 16.03 | 0.21 |
| 63.05 | 65.69 | 2.64 | 0.29 |
| 66.61 | 67.54 | 0.93 | 1.06 |
| 67.54 | 73.27 | 5.73 | 0.60 |
| 81.00 | 92.00 | 11.00 | 0.19 |
| 104.36 | 106.10 | 1.74 | 0.21 |
| 106.98 | 108.00 | 1.02 | 1.05 |
| 108.00 | 109.00 | 1.00 | 0.22 |
ABD-028-08 – Sierra Delta Target (inclination: -50°, azimuth: 270°, length: 110.80 metres)
| From (metres) | To (metres) | Width* (metres) | Au ** (g/t) |
| 7.55 | 8.55 | 1.00 | 4.00 |
| 83.11 | 83.72 | 0.61 | 1.38 |
| 96.85 | 97.85 | 1.00 | 0.34 |
| 99.85 | 104.89 | 5.04 | 0.24 |
| 106.89 | 110.80 | 3.91 | 0.26 |
ABD-029C-08 – Sierra Delta Target (inclination: -50°, azimuth: 270°, length: 112.10 metres)
| From (metres) | To (metres) | Width* (metres) | Au ** (g/t) |
| 11.67 | 12.64 | 0.97 | 4.84 |
| 25.24 | 33.16 | 7.92 | 0.39 |
| 63.42 | 64.52 | 1.10 | 2.56 |
| 67.52 | 81.67 | 14.15 | 0.19 |
| 86.80 | 89.68 | 2.88 | 1.77 |
ABD-030-08 – Sierra Delta Target (inclination: -50°, azimuth: 270°, length: 112.20 metres)
| From (metres) | To (metres) | Width* (metres) | Au ** (g/t) |
| 0.00 | 9.36 | 9.36 | 0.17 |
| 29.77 | 30.87 | 1.10 | 0.94 |
| 84.42 | 94.52 | 10.10 | 0.27 |
| 102.59 | 112.20 | 9.61 | 0.31 |
ABD-031A-08 & ABD-031B (together ABD-031-08) – Sierra Delta Target (inclination: -50°, azimuth: 270°, length: 112.00 metres)
| From (metres) | To (metres) | Width* (metres) | Au ** (g/t) |
| 0.00 | 29.30 | 29.30 | 0.15 |
| 44.90 | 46.98 | 2.08 | 0.24 |
| 57.40 | 59.48 | 2.08 | 0.74 |
| 59.48 | 61.40 | 1.92 | 1.30 |
| 61.40 | 63.28 | 1.88 | 0.25 |
| 69.34 | 82.47 | 13.13 | 0.52 |
ABD-032-08 – Sierra Delta Target (inclination: -50°, azimuth: 270°, length: 80.60 metres)
| From (metres) | To (metres) | Width* (metres) | Au ** (g/t) |
| 34.13 | 35.13 | 1.00 | 0.37 |
ABD-033-08 – Sierra Delta Target (inclination: -50°, azimuth: 290°, length: 80.00 metres)
| From (metres) | To (metres) | Width* (metres) | Au ** (g/t) |
| 10.72 | 11.64 | 0.92 | 1.09 |
| 15.32 | 16.24 | 0.92 | 0.40 |
| 31.00 | 32.00 | 1.00 | 2.14 |
ABD-034-08 – Sierra Delta Target (inclination: -50°, azimuth: 310°, length: 110.10 metres)
| From (metres) | To (metres) | Width* (metres) | Au ** (g/t) |
| 50.30 | 56.47 | 6.17 | 0.44 |
| 56.47 | 59.46 | 2.99 | 4.12 |
| 65.32 | 73.09 | 7.77 | 0.19 |
* widths are drill intersected and do not represent true widths which cannot be determined in all drill holes at this preliminary drilling stage
** Au grades are uncut
São Jorge Gold Project
As previously reported, the Company has commissioned an independent consulting firm to undertake an updated NI-43-101 mineral resource estimate for the Wilton Zone at the São Jorge Gold Project. The Company expects to have the updated mineral resource estimate in Q3 2008.
Quality Assurance/Quality Control and Qualified Person
The drill holes reported in this release were collared using HQ (63.5mm)-sized core in the oxidized saprolite zone and NQ (47.6mm)-sized core in the fresh (sulphide) bedrock. The core is logged and photographed by Talon staff and then split using a diamond saw. Half the core is stored on-site in a secure core shed and the other half is sampled, bagged, secured, and stored on-site until several holes are ready for transporting by road to SGS-Geosol Laboratorio Ltda’s (“SGS”) sample-preparation laboratory in Itaituba, Brazil. The entire half-core is crushed and two kilograms is pulverized and homogenized. 150 gram pulps are then air-freighted by SGS to their main assay laboratory in Belo Horizonte, Minas Gerais State, Brazil. SGS is ISO14001 and ISO 9001:2000 accredited and is independent of Talon.
Gold is determined by fire assay/atomic absorption with a detection limit of 5ppb Au using 50 gram aliquots. Lead fire assays use silver as a co-collector to facilitate easier handling of prills as well as to minimize losses during the cupellation process. Selected samples will later be analyzed for other elements such as silver, copper, lead, zinc, etc. by ICP spectrometry/multi-acid digestion. The laboratory is instructed to automatically reanalyze abnormally high gold values. Quality assurance/quality control procedures include the submission by Talon of systematic duplicates, blanks and standard samples within the sample batches submitted to SGS. In addition, SGS inserts its own standards into each sample batch. The results from these control samples indicate acceptable consistency of analysis. Selected representative pulverized sample duplicates are submitted for referee analyses to ALS Chemex’s laboratory in Vancouver, an ISO 9001:2000 and ISO 17025 accredited laboratory which is independent of Talon.
Talon’s exploration programs are being managed by Talon’s VP Exploration, Mr. Paulo Ilidio de Brito (Member: AusIMM), who is a qualified person within the meaning of National Instrument 43-101. Mr. Ilidio de Brito, who is responsible for the technical material in this news release, has verified the data disclosed in this news release, including the sampling, analytical and test data underlying the information. Geological logging, sampling and core handling procedures were carried out under the supervision of Mr. Ilidio.
About Talon
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$13 million. For additional information on Talon and its projects visit the Company’s website at www.talonmetals.com or contact:
Erica Belling
VP Investor Relations
Tau Capital Corp.
Tel: (416) 361-9636 x 243
Email: ebelling@taucapital.com
Forward-Looking Information
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 the Company’s exploration plans and objectives with respect to Água Branca, exploration results and potential mineralization) 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, changes in gold prices, changes in equity markets, the possibility that future exploration results will not be consistent with the Company’s expectations, political developments in Brazil, changes to regulations affecting the Company’s activities, 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 geological 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.