Talon Metals Exploration Update: 10.5 Meters of Mixed Massive Sulphides Intercepted at Tamarack

• Results from the summer exploration program in the Tamarack Zone continue to expand the Massive Sulphide Unit ("MSU") to the northeast and southeast;
• In addition, new intersections of Semi-Massive Sulphide Unit ("SMSU") and wide zones of disseminated mineralization in the 138 Zone to the south of the Tamarack Zone continue to increase the scale of mineralisation in this important area (Figure 1).

Figure 1: Long section of the Tamarack Zone looking west (Plan in insert) showing the mineralized zones of the MSU, SMSU and 138 Zone (NI 43-101 compliant); Shows drill localities for 2016 drill holes and summary of assay results reported or referred to in this Press Release (see Table 2 for detailed results).

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1. Continued Expansion of the MSU in the Tamarack Zone

MSU Expansion to the Northeast

Drill hole 16TK0243 intercepted two zones of Massive and Mixed Massive Sulphides ("MMS"), including:

• 10.5 meters grading 5.88% nickel ("Ni"), 2.32% copper ("Cu") 0.93 g/t PGE's and 0.09 g/t gold ("Au"), from 418 to 428.5 meters depth, representing the upper zone; and
• 3 meters grading 7.35% Ni, 2.91% Cu, 1.31 g/t PGE's and 0.14 g/t Au, from 435.3 to 438.3 meters depth, representing the lower zone.

The intersections support the continuity of the northeastern MSU trend with a step-out of approximately 35 meters to the north from drill hole 14TK0211 (see Talon press release dated December 1, 2014). The potential continuity of the eastern flank of the MSU is now supported by drill holes 14TK0211, 14TK0213, 16TK0243, 16TK0220A, 16TK0235 and 16TK0235A over a distance of approximately 150 meters (see Talon press releases dated June 28, 2016 and July 13, 2016) which are located to the north of 16TK0243 (see Figure 2).

Figure 2: Plan and long section of the northern Tamarack Zone showing the potential continuity of the MSU, along the northeastern trend, similar to the MSU along the northwestern trend. The locality of drill hole 16TK0243 provides an important link for the continuity of MSU between drill hole 14TK0211 in the south and drill holes 16TK0220A, 16TK0235 and 16TK0235A to the northeast.

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MSU Expansion to the Southeast

Drill hole 16TK0246 intersected MMS of 4.36 meters grading 5.13% Ni, 2.12% Cu, 1.17 g.t PGE's and 0.29 g/t Au from a depth of 529 to 533.36 meters. This intersection has also demonstrated the potential continuity of the MSU by more than 140 metres to the south-east towards the MSU that was defined below the 138 Zone in the Company's National Instrument 43-101 ("NI 43-101"), updated resource estimate, which was issued on April 8, 2015 (see Figure 3). Drill hole 16TK0246 was drilled approximately 45 meters to the south-east of drill hole 16TK0233A (see Talon press release dated September 2, 2016). This intersection confirms the continuation of the MSU towards drill hole 16TK0234 which is located approximately 50 meters to the southeast (see Talon press release dated June 2, 2016).

Figure 3: Plan, cross and long section of the southern Tamarack Zone showing the potential continuity of the MSU, along the southeastern trend, with the locality of 16TK0246 providing an important link between 14TK0233A to the north and 16TK0234 to the south.

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2. Continued Definition of the SMSU in the Tamarack Zone

In addition to the drill holes intersecting the MSU and MMS, 5 additional drill holes have intersected SMSU and continue to expand and further define the SMSU mineral zone. These drill holes include:

• Drill hole 16TK0242, with an intercept of 43.25 meters grading 2.73% Ni, 1.45% Cu, 0.82 g/t PGE's and 0.26 g/t Au within a much thicker combined intercept of 108.80 meters of lower grade mineralization (see Table 2);

• Drill hole 16TK0237, with two separate intercepts including an upper 20 meters grading 1.09% Ni, 0.82% Cu, 0.24 g/t PGE's, 0.15 g/t Au, and a lower 21 meters grading 1.41% Ni, 0.74% Cu, 0.75 g/t PGE's and 0.21 g/t Au. This mineralization occurs with a combined width of 51.10 meters of lower grade SMSU mineralization (see Table 2);

• Drill hole 16TK0237A intersected the edge of the SMSU mineralization with 3 meters grading 1.36% Ni, 1.03% Cu, 0.96 g/t PGE's and 0.17 g/t Au (refer to Table 2);

• Drill hole 16TK0241, with 35 meters grading 1.79% Ni, 1.05% Cu, 0.24 g/t PGE's and 0.12 g/t Au. This occurs within a wider zone of lower grade mineralization which includes an upper intercept of 10.88 meters and a lower intercept of 58.5 meters (refer to Table 2);

• Drill hole 16TK0243 also intersected the edge of the SMSU below the MSU, with 1.5 meters grading 3.93% Ni, 0.63% Cu, 2.21 g/t PGE's and 0.80 g/t Au.

Figure 4: Cross and long section of the northern Tamarack Zone showing the intersections of SMSU, specifically the localities of drill holes 16TK0237, 16TK0237A, 16TK0241, 16TK0242 and 16TK0243 (refer to Table 2 for more detailed assays).

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3. Continued Definition of the 138 Zone Mineralisation in the Tamarack Zone

Results have also been received for two drill holes with significant disseminated sulphide mineralization in the 138 Zone. These include:

• Drill hole 16TK0248, with 130 meters grading 0.87% Ni, 0.60% Cu, 0.35 g/t PGE's and 0.15 g/t Au, which included 19.23 meters grading 1.09% Ni and 0.67% Cu; and

• Drill hole 16TK0245, with 117 meters grading 0.63% Ni, 0.46% Cu, 0.37 g/t PGE's and 0.12 g/t Au.

The additional mineralization extends the previously defined limits of the 138 Zone to the southwest with drill hole 16TK0245 and southeast with drill hole 16TK0248 (see Figure 5).

Figure 5: Plan, cross and long section of the southern Tamarack Zone showing the localities and thick mineralized zones of drill holes 16TK0245 and 16TK0248 and their potential for extending the 138 Zone mineralization to the southwest and southeast.

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"We are pleased to announce another set of remarkable results, which has been the theme throughout the summer 2016 exploration program at the Tamarack and 138 Zones, with drill hole 16TK0243, located at the eastern flank of the Tamarack Zone, intercepting 10.5 meters of MSU/MMS (grading 5.88% Ni, 2.32% Cu, 0.93 g/t PGE's and 0.09 g/t Au) and an additional 3 meters of MSU/MMS (grading 7.35% Ni, 2.91% Cu, 1.31 g/t PGE's and 0.14 g/t Au). In addition, the MMS intercept of 4.36 meters (grading 5.13% Ni, 2.12% Cu, 1.17 g.t PGE's and 0.29 g/t Au) in drill hole 16TK0246, located to the southeast of the Tamarack Zone, is further, strong indication that the Tamarack MSU may extend to the MSU previously intercepted in drill hole 13TK0171 below the138-Zone" said Henri van Rooyen, CEO of Talon.

"We look forward to updating shareholders on the remaining results from the summer exploration program. These will include results from the CGO-Bend Zone, the 221 Zone and the Neck Zone."

Exploration Update

Figure 6 and Tables 1 and 2 provide the localities, assays and status of assays received to date from the 2016 exploration program. The summer exploration program had the following objectives:

• Intensive drilling in the Tamarack Zone to extend the northern edge of the MSU at the eastern flank of the Tamarack Zone (drill holes 16TK0235, 16TK0235A, 16TK0237, 16TK0237A and 16TK0243);

• In the southern portion of the Tamarack Zone, to extend the MSU to the south to below the 138 Zone (drill holes 16TK0234, 16TK0233A and 16TK0246);

• In the northern portion of the Tamarack Zone, to provide in-fill drilling and to test limits to the SMSU (drill holes 16TK0220, 16TK0220A, 16TK0235, 16TK0235A, 16TK0237, 16TK0237A, 16TK0241, 16TK0242, 16TK0243 and 16TK0244);

• In the 138 Zone, to test the limits of the MZNO mineralization (drill holes 16TK0234, 16TK0245 and 16TK0248);

• Continue to look for massive sulphide mineralization northeast of the Tamarack Zone in the CGO Bend and the 221 Zone, by following a gravity high striking north northeast for approximately 1.5 kilometers (drill holes 16TK0238 and16TK0239); and

• Locate areas of massive sulphide pooling along the FGO keel in the Neck Zone (drill holes 16TK0236, 16TK0236A and 16TK0240).

The summer drilling has concluded for the season and the remaining results will be released as soon as they are received, analyzed and approved.

Figure 6: Localities of drill holes, specifically highlighting in red the Tamarack Zone where results are reported. The localities and status of assay results for other drill holes from the winter and summer programs are also shown.

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Quality Assurance, Quality Control and Qualified Person

Please see the technical report entitled "First Independent Technical Report on the Tamarack North Project, Tamarack, Minnesota" dated October 6, 2014 (the "Tamarack North Technical Report") prepared by independent "Qualified Persons" Brian Thomas (P. Geo) of Golder, Paul Palmer (P. Eng) of Golder and Manochehr Oliazadeh Khorakchy (P. Eng) of Hatch Ltd. for information on the QA/QC, analytical and testing procedures employed by Kennecott at the Tamarack Project. Copies are available on the Company's website (www.talonmetals.com) or on SEDAR at (www.sedar.com). The laboratory used by Kennecott is ALS Minerals who is independent of Kennecott and the Company.

Lengths are drill intersections and not necessarily true widths. True widths cannot be consistently calculated for comparison purposes between holes because of the irregular shapes of the mineralized zones.

Drill intersections have been independently selected by Talon. Drill composites have been independently calculated by Talon. The geological interpretations in this news release are solely those of the Company.

The locations and distances highlighted on all maps in this news release are approximate.

James McDonald, Vice President, Resource Geology of Talon is a Qualified Person within the meaning of NI 43-101. Mr. McDonald is satisfied that the analytical and testing procedures used are standard industry operating procedures and methodologies, and he has reviewed, approved and verified the technical information disclosed in this news release, including sampling, analytical and test data underlying the technical information.

About Talon

Talon is a TSX-listed company focused on the exploration and development of the Tamarack Nickel-Copper-PGE Project in Minnesota, USA (which comprises the Tamarack North Project and the Tamarack South Project). The Company has a well-qualified exploration and mine management team with extensive experience in project management.

Forward-Looking Statements

This news 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 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. Such forward-looking statements include, among other things, statements relating to the potential continuity of the eastern flank of the MSU and of the MSU to the south-east and the expansion of the 138 Zone to the southeast and southwest, and the form and extent of mineralization, targets, goals, objectives and plans. Forward-looking statements are subject to significant risks and uncertainties and other factors that could cause the actual results 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, but are not limited to: failure to establish estimated mineral resources, the grade, quality and recovery of mineral resources varying from estimates, the uncertainties involved in interpreting DHEM surveys, drilling results and other geological data, inaccurate geological and metallurgical assumptions (including with respect to the size, grade and recoverability of mineral reserves and resources, uncertainties relating to the financing needed to further explore and develop the properties or to put a mine into production and other factors (including exploration, development and operating risks)).

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 new information, future events or results or otherwise. 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.

Table 1: Collar Locations for Holes from the 2016 Exploration Program

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Table 2: Updated Assay Results from the 2016 Exploration Program

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