Road Town, Tortola, British Virgin Islands (Mar 7, 2011) – Talon Metals Corp. (“Talon” or the “Company”) (TSX: TLO) is pleased to announce the results for all 31 holes drilled on Target Area 2 in the 2010 drilling program at its 100% owned Trairão Iron Project, located on ParÁ State, Brazil.
In late 2010, Talon drilled 31 vertical reverse circulation (“RC”) drill holes (1,505 metres) on a 400 metre x 200 metre grid over 3,200 metres of strike on Target Area 2. Most of the drill holes were drilled to a depth of 50 metres below surface and all of them intersected iron mineralization, which mostly is associated with the upper saprolite and lower saprock zones, which are developed over the banded iron formations (“BIF”) of the Archean greenstone belt. Results for 14 of the 31 holes reported here were reported previously in the release on February 4, 2011.
The iron mineralization intersected in the 31 holes had an average thickness of 47 metres, with a grade of approximately 38% Fe. Most of the holes drilled over 1,600 metres of strike in the western part of the area had higher grades of between 40% Fe to 47% Fe over widths of between 36 metres and 50 metres. Lower iron grades were intersected over a strike length of approximately 1,000 metres in the central and eastern part of the drilled area, which are ascribed to erosion of some of upper colluvium and saprolite units and possibly also to quartzo-felspathic alteration, related to faulting. The holes in the extreme east of the drilled area also had intersections with widths of 50 metres of higher grade mineralization at grades of between 41% Fe and 44% Fe.
“These results of the preliminary drilling phase are very pleasing in that they confirm that the iron mineralization, as drilled in Target Area 1, continues throughout Target Area 2,” said Stuart Comline, President and CEO of Talon. “The results justify the increase in drilling activity on the project, which we are now implementing.”
To date a total of 95 holes (5,457 metres) have been drilled and the number of drill rigs on the project has increased to five, as drilling intensifies in a number of areas, but mostly in the area of Target Area 1 and 2. Specifically, Phase 1 drilling is expected to continue over an additional 4,500 metres of strike in the as yet undrilled extremity on the western part of Target Area 2 and further drilling is underway in the undrilled area between Target Area 1 and Target Area 2. Furthermore, drilling will be undertaken over the eastern extension of Target Area 2 and extending on to Target Area 3, an area that has a combined strike length of approximately 4,800 metres.
The first phase of these drilling programs is expected to be completed by June 2010 and results will be reported as drilling in each of the individual areas is completed. In addition, regional mapping and follow up geophysical re interpretations continue over the remainder of the 12 target areas, which have been identified by the preliminary interpretation of aeromagnetic data.
Talon has engaged Coffey Mining Ltd. (“Coffey”), as independent qualified consultants, to prepare a National Instrument 43-101 compliant updated mineral resource estimate for the Trairão Iron Project, including Target Areas 1 and 2, which should be completed in April. Coffey compiled a National Instrument 43-101 compliant technical report in respect of Target Area 1 of the Trairão Iron Project entitled “Independent Technical Report on Exploration and Mineral Resource Estimate dated December 23, 2010” which incorporates the initial drill results and the mineral resource estimate for Target Area 1.
TRAIRÑO IRON PROJECT – TARGET AREA 2 PHASE 1 DRILLING RESULTS
|Hole ID||E.O.H. (m)||From (m)||To (m)||Interval** (m)||
(*) E.O.H. means “End of the hole”
(**) intervals do not represent the true widths
(***) Fe grade are uncut
Quality Assurance, Quality Control and Qualified Person
All drilling samples have been prepared and analyzed by SGS-Geosol LaboratÓrios Ltda (“SGS”) which is ISO14001:2004 and ISO 9001:2008 accredited and is independent of Talon. Sample preparation was conducted at SGS Parauapebas preparation facility whereas analyses were performed at the SGS laboratory based in Belo Horizonte, Brazil. The samples were analyzed by fusion with lithium tetraborate-XRF for SiO2, Al2O3, CaO, Fe2O3, K2O, MgO, TiO2, P, Mn and Cr2O3 and retained moisture (LOI) by multi-temperature.
QA/QC procedures include the submission by Talon of systematic duplicates, blanks and standard samples within every sample batch submitted to SGS. In addition, SGS inserts its own standards, blanks and duplicate samples. The results from these control samples indicate acceptable consistency of analysis.
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 an employee of Talon, is responsible for the technical material in this news release and has verified the data disclosed in this news release including sampling, analytical and test data underlying the information.
About Trairão Project
The Trairão Iron Project is situated within the Serra da Seringa Archean age greenstone belt, within the CarajÁs Mineral Province in Brazil, which also hosts numerous other iron ore deposits. The Trairão Project comprises nine exploration licences and two applications for exploration licences, for a total area of 73,515 hectares (181,658 acres). The primary protore iron mineralization in the project area is magnetite-rich BIFs. The BIFs are associated with positive magnetic anomalies and are preserved in nine discreet areas with a cumulative strike length of some 50 kilometres, which mostly form prominent ridges capped by preserved supergene enriched hematite deposits, which are developed in colluvial and saprolite zones.
Talon is a TSX-listed company focused on the acquisition, exploration and development of iron ore and other 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$8 millionand holds 985,830 common shares in Brazilian Gold Corporation (TSXV:BGC) and 500,000 common shares in Lago Dourado Minerals Ltd. (TSXV:LDM). Talon also holds approximately 19 million shares in Tlou Energy Limited and approximately 26.6 million shares in Rio Verde Minerals Corporation, both unlisted companies.
Talon has 77,492,502 common shares outstanding and 88,081,438 shares on a fully diluted basis.
For additional information on Talon please visit the Company’s website at www.talonmetals.com or contact:
VP Investor Relations
Tau Capital Corp.
Tel: (416) 361-9636 x 243
This news release contains forward-looking information. 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 expected timing for and receipt of drilling and other exploration results, potential mineralization, the preparation of an updated mineral resource estimate and the Company’s exploration plans) are forward-looking information. This forward-looking information reflects the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking information is 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 information, 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, risks related to the exploration stage of the Company’s properties, the possibility that future exploration results will not be consistent with the Company’s expectations (including identifying additional mineralization), changes in the price of iron ore, changes in equity markets, political developments in Brazil, uncertainties relating to the availability and costs of financing needed in the future, changes to regulations affecting the Company’s activities, delays in obtaining or failures to obtain required regulatory approvals, the uncertainties involved in interpreting exploration results and other geological data and the other risks involved in the mineral exploration business. Forward-looking information speaks only as of the date on which it is provided and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of buy . Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.