Current exploration: Resource Potential
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Northwest MSU Extension
MSU EXTENSION
Southwest MSU Extension
The Company has identified a new Borehole Electromagnetic (BHEM) from drill hole 16TK0250 that is located south of the current Massive Sulphide Unit (MSU) and is oriented roughly east-west (see figure below). The MSU has been interpreted to be composed of two parallel limbs straddling the CGO. The Company plans to test if the west MSU limb continues south (see dashed line on the figure below) and connect to a new BHEM plate. (See press release dated July 16, 2019)
MSU EXTENSION
164 Zone
The 164 Zone was the subject of a surface EM survey during the Winter 2020 Program. The program enabled the Company to calibrate the survey on the known mineralization within the Company’s resource area. The survey identified a string of conductors over a distance of 1km (see the Company’s press release dated May 26, 2020). The conductors were identified every 200m on separate survey lines and coincided with the location of the sulphide mineralization in drill hole 12TK0164.
The present exploration resource expansion program will consist of increasing the resolution of the data to prepare for drilling.
EXPLORATION TARGET
Plan view map of the Tamarack Resource Area and the 164 Zone (1 km south of the resource area) showing the location of the Surface EM survey. The solid red line shows the location of the interpreted conductive EM anomalies
CGO West
The Coarse Grained Orthocumulate (CGO) West consists of an area of 500m X 400m, where 10 drill holes have intersected sulphide mineralization. Thickness of the mineralization consists of 2.6m to 38m of sulphide mineralization that is characterized by a thick interval of 0.5 to 1% NiEq and basal sulphide mineralization that grade from 2% to 7.5% NiEq
08L043: 25.35m of 0.57% Ni, 0.37% Cu, 0.02% Co, 0.05g/t Pd, 0.09 g/t Pt and 0.07 g/t Au (0.79% NiEq or 2.10% CuEq) starting at 161.5m
including 0.42m of 5.32% Ni, 1.15% Cu, 0.17% Co, 0.12 g/t Pd, 0.20 g/t Pt and 0.10 g/t Au (6.09 % NiEq or 16.23% CuEq) starting at 186.43m
10TK0124: 26.27m of 0.48% Ni, 0.31% Cu, 0.02% Co, 0.02g/t Pd, 0.03 g/t Pt and 0.04 g/t Au (0.65% NiEq or 1.73% Cu Eq) starting at 61.5m
07L024: 27.54m of 0.62% Ni, 0.36% Cu, 0.02% Co, 0.05g/t Pd, 0.09 g/t Pt and 0.05 g/t Au (0.83% NiEq or 2.21% CuEq) starting at 111m including 2.22m of 3.08% Ni, 1.01% Cu, 0.11% Co, 0.07 g/t Pd, 0.13 g/t Pt and 0.10 g/t Au (3.68 % NiEq or 9.81% CuEq) starting at 136.32m
13TK0166: 33.96m of 0.48% Ni, 0.33% Cu, 0.02% Co, 0.05g/t Pd, 0.08 g/t Pt and 0.05 g/t Au (0.67% NiEq or 1.79% CuEq) starting at 129.5m including 1.2m of 2.03% Ni, 1.44% Cu, 0.06% Co, 0.27 g/t Pd, 0.59 g/t Pt and 0.23 g/t Au (2.88 % NiEq or 7.67% CuEq) starting at 161.86m
07L033: 4.31m of 0.50% Ni, 0.30% Cu, 0.02% Co, 0.19g/t Pd, 0.34 g/t Pt and 0.15 g/t Au (0.77% NiEq or 2.05% Cu Eq) starting at 160.82m
13TK0174: 27.07 m of 1.04% Ni, 0.51% Cu, 0.03% Co, 0.06g/t Pd, 0.09 g/t Pt and 0.07 g/t Au (1.33% NiEq or 3.54% Cu Eq) starting at 170m including 1.95 m of 2.99% Ni, 1.30% Cu, 0.08% Co, 0.14 g/t Pd, 0.15 g/t Pt and 0.06 g/t Au (3.66 % NiEq or 9.77% CuEq) starting at 175.57m Including 1.35m of 6.12% Ni, 2.21% Cu, 0.18% Co, 0.41g/t Pd, 0.58 g/t Pt and 0.48 g/t Au (7.51% NiEq or 20.05% CuEq) starting at 195.72 m
21TK0282: 5.34 meters of 4.43% Ni, 1.48% Cu (5.30% NiEq or 14.15% CuEq) starting at 135.28 meters; additionally, a shallower zone of sulphide mineralization, with 4.5 meters of 0.70% Ni, 0.55% Cu (0.99% NiEq or 2.65% CuEq) starting at only 120.5 meters.
21TK0285: 27.45 meters of 0.75% Ni, 0.41% Cu, 0.98% NiEq or 2.63% CuEq) starting at 168.2 meters; including, 1.75 meters of 4.81% Ni, 1.88% Cu, (5.89% NiEq or 15.72% CuEq) starting at 193.9 meters.
21TK0287: 9.95 meters of 2.07% Ni, 1.06% Cu, (2.71% NiEq or 7.23% CuEq) starting at 183.65 meters; including, 2.28 meters of 5.86% Ni, 2.35% Cu (7.21% NiEq or 19.23% CuEq) starting at 191.32 meters.
Plan view map of the CGO West mineralization. The solid blue line shows the potential extent of the sulphide mineralization in the area.
NiEq% = Ni%+ Cu% x $3.00/$8.00 + Co% x $12.00/$8.00 + Pt [g/t]/31.103 x $1,300/$8.00/22.04 + Pd [g/t]/31.103 x $700/$8.00/22.04 + Au [g/t]/31.103 x $1,200/$8.00/22.04
CuEq% = Cu%+ Ni% x $8.00/$3.00 + Co% x $12.00/$3.00 + Pt [g/t]/31.103 x $1,300/$3.00/22.04 + Pd [g/t]/31.103 x $700/$3.00/22.04 + Au [g/t]/31.103 x $1,200/$3.00/22.04
CGO East
The Coarse Grained Orthocumulate (CGO) East geology consists of the Fine-Grained Orthocumulate (FGO) intruding the country rock, meta-sedimentary sequence. The CGO itself hosts coarse-grained disseminated sulphide mineralization that extends north-east beyond the Company’s present resource area. The CGO East area is adjacent to the CGO. The CGO East mineralization is hosted in the FGO with a sequence of disseminated sulphides followed by basal massive sulphides that pool to form massive sulphides. The lateral extent of the basal massive sulphides transition into mixed massive sulphides around these pools. The disseminated sulphide thickness varies from 2m to 38m at grades varying from 0.5% to 0.8% NiEq. The basal massive sulphide and mixed massive sulphide thickness to date vary from 0.5m to 2.2m with grades up to 5% NiEq. Talon has identified a possible trend where sulphides pool into a channel that may have thicker intervals of basal massive sulphides (please refer to the Figure below). We therefore expect to substantially increase tonnage and reduce timeline to production by blending this shallow, high-grade massive sulphide mineralization with the adjacent, bulk tonnage disseminated mineralization hosted in the CGO.
13TK0186: 25.37m of 0.41% Ni, 0.26% Cu, 0.02% Co, 0.08g/t Pd, 0.14 g/t Pt and 0.06 g/t Au (0.59% NiEq or 1.58% Cu Eq) starting at 59.44m
13TK0187: 26.27m of 0.79% Ni, 0.41% Cu, 0.03% Co, 0.1g/t Pd, 0.16 g/t Pt and 0.12 g/t Au (1.07% NiEq or 2.84% Cu Eq) starting at 115.5m including 2.83 m of 3.82% Ni, 1.62% Cu, 0.11% Co, 0.28 g/t Pd, 0.35 g/t Pt and 0.36 g/t Au (4.80 % NiEq or 12.81% CuEq) starting at 138.94m
13TK0193: 24.88m of 0.62% Ni, 0.37% Cu, 0.02% Co, 0.09g/t Pd, 0.15 g/t Pt and 0.10 g/t Au (0.85% NiEq or 2.28% Cu Eq) starting at 139.5m including 0.5m of 1.46% Ni, 0.4% Cu, 0.03% Co, 0.06 g/t Pd, 0.18 g/t Pt and 0.08 g/t Au (1.71% NiEq or 4.57% Cu Eq) starting at 163.88m
07L035: 7.5m of 0.69% Ni, 0.46% Cu, 0.02% Co, 0.03g/t Pd, 0.03 g/t Pt and 0.04g/t Au (0.92% NiEq or 2.45% CuEq) starting at 110m including 0.6m of 2.12% Ni, 1.11% Cu, 0.07% Co, 0.04 g/t Pd, 0.02 g/t Pt and 0.03 g/t Au (2.66% NiEq or 7.08% CuEq)starting at 116.9
07L032: 10.8m of 0.60% Ni, 0.3% Cu, 0.02% Co, 0.15g/t Pd, 0.2 g/t Pt and 0.10 g/t Au (0.83% NiEq or 2.22% Cu Eq) starting at 290m including 0.8m of 3.04% Ni, 1.30% Cu, 0.11% Co, 0.49 g/t Pd, 0.35 g/t Pt and 0.22 g/t Au (3.89% NiEq or 10.37% Cu Eq) starting at 300m
13TK0197: 9m of 0.45% Ni, 0.29% Cu, 0.02% Co, 0.07g/t Pd, 0.14 g/t Pt and 0.10g/t Au (0.65% NiEq or 1.74% CuEq) starting at 245m
07L036: 0.5m of 2.28% Ni, 1.54% Cu, 0.09% Co, 0.30g/t Pd, 0.41 g/t Pt and 0.43g/t Au (3.21% NiEq or 8.57% CuEq) starting at 264.75m
03L013: 2.9m of 1.05% Ni, 0.53% Cu, 0.02% Co, 0.14g/t Pd, 0.27 g/t Pt and 0.20 g/t Au (1.41% NiEq or 3.77% Cu Eq) starting at 221m including 0.3m of 3.64% Ni, 0.63% Cu, 0.12% Co, 0.25 g/t Pd, 0.31 g/t Pt and 0.3 g/t Au (4.23% NiEq or 11.27% Cu Eq) starting at 223.6m
096TK097: 4.7m of 0.85% Ni, 0.59% Cu, 0.02% Co, 0.07g/t Pd, 0.24 g/t Pt and 0.19 g/t Au (1.21% NiEq or 3.24% Cu Eq) starting at 170.5m including 0.54m of 1.49% Ni, 0.61% Cu, 0.07% Co, 0.04 g/t Pd, 0.04 g/t Pt and 0.07 g/t Au (1.84% NiEq or 4.92% Cu Eq) starting at 174.66
13TK0200: 16.48m of 0.75% Ni, 0.44% Cu, 0.03% Co, 0.04g/t Pd, 0.03 g/t Pt and 0.02 g/t Au (0.98% NiEq or 2.61% Cu Eq) starting at 140.02m
13TK0198: 4.9m of 0.54% Ni, 0.37% Cu, 0.02% Co, 0.02g/t Pd, 0.04 g/t Pt and 0.05 g/t Au (0.73% NiEq or 1.97% Cu Eq) starting at 205.1m
13TK0168: 5.32m of 0.85% Ni, 0.64% Cu, 0.03% Co, 0.05g/t Pd, 0.05 g/t Pt and 0.06g/t Au (1.16% NiEq or 3.09% CuEq) starting at 112.5m including 0.3m of 1.61% Ni, 0.89% Cu, 0.08% Co, 0.03 g/t Pd, 0.01 g/t Pt and 0.05 g/t Au (2.07% NiEq or 5.52% CuEq)starting at 117.52
16TK0238: 39.92m of 0.59% Ni, 0.38% Cu, 0.02% Co, 0.06g/t Pd, 0.1 g/t Pt and 0.07 g/t Au (0.81% NiEq or 2.17% Cu Eq) starting at 80m including 2.2m of 1.75% Ni, 0.89% Cu, 0.06 % Co, 0.15 g/t Pd, 0.16 g/t Pt and 0.12 g/t Au (2.25 NiEq or 6.02% CuEQ starting at 117.72 m
13TK0190: 39m of 0.46% Ni, 0.26% Cu, 0.02% Co, 0.05g/t Pd, 0.09 g/t Pt and 0.04 g/t Au (0.62% NiEq or 1.67% Cu Eq) starting at 60.5m
03L011: 16.5m of 0.54% Ni, 0.34% Cu, 0.02% Co, 0.08g/t Pd, 0.12 g/t Pt and 0.06 g/t Au (0.74% NiEq or 1.98% Cu Eq) starting at 129m
03L007: 28.9m of 0.68% Ni, 0.47% Cu, 0.02% Co, 0.12g/t Pd, 0.21 g/t Pt and 0.14 g/t Au (0.82% NiEq or 2.20% CuEq) starting at 185.8m including 1.2m of 3.19% Ni, 1.55% Cu, 0.12% Co, 0.30 g/t Pd, 0.21g/t Pt and 0.29 g/t Au (4.09% NiEq or 10.91% CUEq) starting at 213.5
03L010: 14.3m of 0.58% Ni, 0.45% Cu, 0.02% Co, 0.04g/t Pd, 0.10 g/t Pt and 0.11 g/t Au (0.82% NiEq or 2.20% CuEq) starting at 199.5m including 0.6m of 2.33% Ni, 0.85% Cu, 0.09% Co, 0.05 g/t Pd, 0.01g/t Pt and 0.08 g/t Au starting at 213.2
03L014: 1m of 1.37% Ni, 2.91% Cu, 0.04% Co, 0.09g/t Pd, 0.21 g/t Pt and 0.52 g/t Au (2.70% NiEq or 7.19% Cu Eq) starting at 167m
20TK0267: 16.99 meters of 0.87% Ni, 0.5% Cu, 0.03% Co, 0.17 g/t Pd, 0.33 g/t Pt and 0.18 g/t Au (1.23% NiEq or 3.29% CuEq) starting at 232 meters depth, including 1.33 meters of 3.35% Ni, 0.89% Cu, 0.13% Co, 0.44 g/t Pd, 0.79 g/t Pt, 0.29 g/t Au (4.18% NiEq or 11.15% CuEq) starting at 247.66 meters.
20TK0266:
(partial assays) 11.75 meters at 1.03% Ni, 0.72% Cu, 0.03% Co, 0.14 g/t Pd, 0.31 g/t Pt and 0.25 g/t Au (1.50% NiEq or 3.99% CuEq), starting at 236 meters, including 1.25 meters of 2.3% Ni, 1.09% Cu, 0.09% Co, 0.15 g/t Pd, 0.27 g/t Pt and 0.3 g/t Au (2.99% NiEq or 7.96% CuEq), starting at 246.5 meters. Assays remain pending for remainder of mineralized interval
20TK0268: 25 meters (82 feet) of nickel-copper mineralization. Assays are pending.
20TK0271: 9.55 meters of 2.12% Ni, 0.97% Cu, 0.06% Co, 0.14 g/t Pd, 0.28 g/t Pt, and 0.23 g/t Au (2.71% NiEq or 7.22% CuEq) starting at 236 meters, including 2.71 meters of 5.13% Ni, 1.70% Cu, 0.16% Co, 0.20 g/t Pd, 0.35 g/t Pt and 0.21 g/t Au (6.15% NiEq or 16.41% CuEq starting at 242.84 meters
02L001: 19.5m of 0.42% Ni, 0.23% Cu, 0.02% Co, 0.01g/t Pd, 0.01 g/t Pt and 0.01g/t Au (0.54% NiEq or 1.45% CuEq) starting at 143m
21TK0283: 30.36 meters of 1.30% Ni, 0.59% Cu, 0.04% Co, 0.15 g/t Pd, 0.27 g/t Pt and 0.13 g/t Au (1.68% NiEq or 4.49% CuEq) starting at 146 meters, including 5.1 meters (16.7 feet) of 4.99% Ni, 1.66% Cu, 0.14% Co, 0.31 g/t Pd, 0.57 g/t Pt and 0.20 g/t Au (6.03% NiEq or 16.09% CuEq) starting at 171.26 meters.
21TK0288: 20.9 meters (68.6 feet) of nickel-copper mineralization, including 0.71 meters (2.3 feet) of mixed and massive sulphide. Assays are pending.
21TK0289: 30.42 meters (99.8 feet) of nickel-copper mineralization, including 1.88 meters (6.2 feet) of mixed and massive sulphide mineralization. Assays are pending.
21TK0290: 31.73 meters of 1.00% Ni, 0.58% Cu, 0.03% Co, 0.15 g/t Pd, 0.28 g/t Pt, and 0.17 g/t Au (1.39% NiEq or 3.70% CuEq) starting at 153.00 meters, including 1.59 meters (5.2 feet) of 5.21% Ni, 1.73% Cu, 0.16% Co, 0.33 g/t Pd, 0.42 g/t Pt and 0.62 g/t Au (6.37% NiEq or 17.00 CuEq) starting at 183.14 meters.
21TK0291: 13.91 meters (45.6 feet) of nickel-copper mineralization starting at 210.61 meters, including 1.86 meters (6.1 feet) of mixed and massive sulphide mineralization. Assays are pending.
21TK0294: 16.3 meters (53.5 feet) of nickel-copper mineralization, including 0.58 meters (1.9 feet) of mixed massive sulphide. Assays are pending.
21TK0295: 8.94 meters of 0.59% Ni, 0.38% Cu, 0.02% Co, 0.11 g/t Pd, 0.18 g/t Pt and 0.09 g/t Au (0.84% NiEq or 2.23% CuEq) starting at 139.06 meters; and 10.45 meters (34.3 feet) of 1.99% Ni, 0.85% Cu, 0.05% Co, 0.19 g/t Pd, 0.33 g/t Pt, 0.19 g/t Au (2.53% NiEq or 6.75% CuEq) starting at 155.45 meters, including 4.55 meters of 3.39% Ni, 1.26% Cu, 0.09% Co, 0.28 g/t Pd, 0.43 g/t Pt and 0.22 g/t Au (4.19% NiEq or 11.17% CuEq) starting at 161.35 meters
21TK0296: 20.3 meters (66.6 feet) of nickel-copper mineralization, including 1.6 meters (5.24 feet) of mixed and massive sulphide mineralization. Assays are pending.
Plan view map of the CGO East mineralization. The solid blue line shows the potential extent of the sulphide mineralization in the area. The dashed red line represents the approximate trend of the basal massive sulphides in the area.
NiEq% = Ni%+ Cu% x $3.00/$8.00 + Co% x $12.00/$8.00 + Pt [g/t]/31.103 x $1,300/$8.00/22.04 + Pd [g/t]/31.103 x $700/$8.00/22.04 + Au [g/t]/31.103 x $1,200/$8.00/22.04
CuEq% = Cu%+ Ni% x $8.00/$3.00 + Co% x $12.00/$3.00 + Pt [g/t]/31.103 x $1,300/$3.00/22.04 + Pd [g/t]/31.103 x $700/$3.00/22.04 + Au [g/t]/31.103 x $1,200/$3.00/22.04
East MSU Extension
During Talon’s first exploration program (2020), the Company identified a borehole EM anomaly in drill hole 14TK0206 at a depth of 575 to 500 meters. The Company believes this area has the potential to represent an eastern extension of the MSU
Plan view map of the southern portion of the Tamarack Resource Area, below the 138 Zone (also within the resource area). The map shows the location of the Winter 2020 Exploration Program drill holes with respect to the high-grade massive sulphide unit (MSU), including historical drill holes 12TK0153 and 13TK0171, and newly identified borehole EM anomaly from 575m to 600m depth.
- Drill hole 13TK0171 intersected 7.34 meters (24.1 feet) of MMS grading 8.28% Ni, 2.95% Cu, 0.15% Co, 0.55 g/t Pd, 0.39 g/t Pt and 0.19 g/t Au (9.81% NiEq or 26.06% CuEq) starting at 573.3 meters.
NiEq% = Ni%+ Cu% x $3.00/$8.00 + Co% x $12.00/$8.00 + Pt [g/t]/31.103 x $1,300/$8.00/22.04 + Pd [g/t]/31.103 x $700/$8.00/22.04 + Au [g/t]/31.103 x $1,200/$8.00/22.04
CuEq%ec = Cu%+ Ni% x $8.00/$3.00 + Co% x $12.00/$3.00 + Pt [g/t]/31.103 x $1,300/$3.00/22.04 + Pd [g/t]/31.103 x $700/$3.00/22.04 + Au [g/t]/31.103 x $1,200/$3.00/22.04
CGO Bend
The northern tail of the Semi-Massive Sulphide Unit (SMSU) consists of disseminated sulphide mineralization projecting upward towards the surface. The CGO Bend has a bulk tonnage nature with a thick interval of mineralization. Through pre-concentration testing, Talon has successfully shown that nickel sulphide mineralization at the Tamarack Project that is currently below present cut-off grade (i.e., below 0.7% Ni) can be upgraded to above cut-off grade (see press releases dated March 25, 2020 and May 9, 2019).
The feed sample was upgraded from 0.57% Ni to 1.18% Ni (an increase in grade of 107%) in 32.8% of the mass.
The overall nickel recovery was 70.6%, which translates to approximately 82% of nickel in sulphides recovery.
The copper grade was increased from 0.36% Cu to 0.79% Cu at 71.8% recovery.
A pre-con from this bulk tonnage is expected to be blended with the sheet-like basal massive sulphides to the east and the west. The blended product is expected to match the expected feed grades from the present resource.
This could result in:
- A major increase in tonnage compared to the present resource.
- A feed grade that is similar to the expected feed grade from the present resource area.
- Earlier cash flows than previously modelled.
The CGO Bend and the CGO East and West areas could have a major impact on the project’s future economics.
