TALON METALS ANNOUNCES DRILL INDICATED IRON MINERALIZATION EXTENDS FOR A FURTHER 5,000 METRES ON TARGET AREA 2, AT TRAIRÃO
ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS, May 16 /CNW/ --
TSX:TLO
ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS, May 16 /CNW/ - Talon Metals Corp. ('Talon' or the 'Company') (TSX: TLO) is pleased to
announce the results of 9 drill holes from the preliminary scout
drilling program over 5,000 metres of strike on the north western
extension of Target Area 2, at its 100% owned Trairão Iron Project
('Trairão'), located in Pará State, Brazil.
These 9 reverse circulation ('RC') holes were drilled on an 800 metre by
200 metre grid configuration, as the first part of a drilling grid that
is intended to be closed up to 400 metres x 200 metres. The holes were
drilled to the maximum depth of drilling capability of the RC drill rig
or until the hole had drilled through the visible mineralized zone. The
drilling is being conducted to determine the extent of mineralization
in the surficial and lateritic iron deposits, overlying the banded iron
formations ('BIFs') over some 5,000 metres of strike on the northwest
extension of Target Area 2 (see Figure 1). Drilling on the 3,000 metres
of strike on the eastern part of Target Area 2 in late 2010 delineated
a National Instrument 43-101 ('NI 43-101') compliant inferred mineral
resource of some 227 million tonnes at approximately 39% Fe to a depth
of 50 metres, on a 25% Fe cut off (as described in the Technical Report
referred to below).
Table 1 - Drill Intersections from north western extension of Target
Area 2, Trairão
Hole ID E.O.H.* From (m) To (m) Interval** Grade***
(m) (m) (% Fe)
TRC-0096 85.00 0.00 85.00 85.00(#) 32.29
(including) 0.00 14.00 14.00 48.30
TRC-0097 36.00 0.00 5.00 5.00 25.40
TRC-0098 103.00 0.00 103.00 103.00(#) 26.03
TRC-0099 94.00 0.00 94.00 94.00(#) 26.68
(including) 0.00 27.00 27.00 33.16
TRC-0100 55.00 0.00 48.00 48.00 42.23
(including) 0.00 25.00 25.00 51.68
TRC-0101 88.00 0.00 88.00 88.00(#) 35.25
(including) 0.00 39.00 39.00 47.85
TRC-0102 73.00 0.00 73.00 73.00(#) 35.18
(including) 0.00 32.00 32.00 47.36
TRC-0103 88.00 0.00 88.00 88.00(#) 32.21
(including) 0.00 21.00 21.00 45.83
TRC-0104 91.00 0.00 91.00 91.00(#) 33.44
(including) 0.00 15.00 15.00 51.83
_____________________________________________________________________
|Notes: |
|(*) E.O.H. means 'End of the hole' |
|(**) intervals do not represent the true widths |
|(***) Fe grade are uncut |
|((#)) Mineralization open at depth |
|The prefix TRC on the Hole_ID column indicates RC drill holes. All RC|
|drill holes were drilled vertically. |
|_____________________________________________________________________|
Of the 9 holes, 8 intersected wide zones of mineralization of between 48
and 103 metres, with grades of between 26% Fe and 42% Fe. These holes
ended within the mineralized zone, at the maximum depth capacity of the
RC drill rig. As with the other areas recently drilled by Talon at
Trairão, higher grade mineralization is concentrated near surface and
in 7 of the holes, the higher grade near surface zones had intersection
widths of between approximately 14 and 39 metres, with grades of
between approximately 33% Fe and 52% Fe.
These results indicate that the iron mineralization in the northwest of
Target Area 2 has comparable geology and iron grades, albeit extending
deeper due to deeper drilling, to the eastern part of this target area,
where an inferred mineral resource has been delineated. With these
results, the total strike length of drill confirmed iron mineralization
on Target Areas 1 and 2 has increased to some 10,500 metres.
'These results are very significant in that they confirm that the extent
of drilled mineralization on Target Area 2 has increased from a strike
length of 3,000 metres, as drilled late in 2010, to over 8,000 metres.'
said Mr. Stuart Comline, President and CEO of Talon. 'The results also
confirm that the entire area of Target Area 2 warrants further follow
up drilling to delineate mineral resources.'
Drilling continues with two RC rigs, which are now focusing on drilling
Target Areas 4, 5 and 6, as the preliminary RC drilling program on the
entire cumulative strike of 21 kilometres on Target Areas 1, 2 and 3
has been completed and assay results are pending. The three diamond
drill rigs are undertaking infill drilling on Target Area 1. Geological
mapping and detailed magnetic surveys also continues on the remaining
Target Areas 7 to 13 which have an estimated cumulative strike of
approximately 30 kilometres.
To view Figure 1: Results of Preliminary Drilling, Northwest Extension of Target Area 2,
Trairão Iron Project, Brazil please visit: http://files.newswire.ca/882/Figure1map.doc
Quality Assurance, Quality Control and Qualified Person
All drilling samples have been prepared and analyzed by SGS-Geosol
Laboratórios Ltda ('SGS') which is ISO 14001:2004 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 SiO(2), Al(2)O(3), CaO, Fe(2)O(3), K(2)O, MgO, TiO(2), P, Mn and Cr(2)O(3) 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 managed by Talon's VP Exploration, Mr.
Paulo Ilidio de Brito (Member: AusIMM), who is qualified person within
the meaning of NI 43-101. Mr. Ilidio de Brito, who is an employee of
Talon, is responsible for the technical information in this news
release and has verified the data disclosed in this news release
(including sampling, analytical and test data underlying the technical
information), other than with respect to the inferred mineral resource
estimate mentioned above.
The qualified person (within the meaning of NI 43-101) who prepared the
inferred mineral resource estimates mentioned in this news release is
Mr. Bernardo Horta de Cerqueira Viana, who is a geologist independent
of Talon and an employee of Coffey Mining Ltd. ('Coffey'). Mr. Viana is
a member of the Australian Institute of Geoscientists ('AIG'). Coffey
compiled a NI 43-101 compliant technical report on Target Areas 1 and 2
of the Trairão Iron Project entitled 'Second Independent Technical
Report on Mineral Resources' dated March 29, 2011 which is available
under Talon's SEDAR profile at www.sedar.com.
About the Trairão Project
Talon's 100% owned 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 eight exploration licences and four
applications for exploration licences, for a total area of 77,390
hectares (191,234 acres). Talon has delineated a NI 43-101 compliant
total inferred mineral resource estimate on Target Areas 1 and 2 of the
Trairão Iron Project of 465 million tonnes at a grade of approximately
39% Fe, using a 25% Fe cut-off (as described in the Technical Report
referred to above). 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, locally capped by extensive preserved supergene
enriched hematite deposits, which are developed in surficial and
saprolite zones.
About Talon
Talon is a TSX-listed company focused on the exploration and development
of the Trairão Iron Project in Pará State, Brazil. 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$34 million and has 91,547,037
common shares outstanding and 105,546,189 shares on a fully diluted
basis.
Forward-Looking Information
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 potential mineralization, the
potential scope of the mineralized area and the Company's exploration
plans and objectives) 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 and/or deeper
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 new information,
future events or results or otherwise. 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.
The mineral resource figures disclosed in this news release are
estimates and no assurances can be given that the indicated levels of
iron will be produced. Such estimates are expressions of judgment based
on knowledge, mining experience, analysis of drilling results and
industry practices. Valid estimates made at a given time may
significantly change when new information becomes available. While the
Company believes that the mineral resource estimates disclosed in this
news release are well established, by their nature mineral resource
estimates are imprecise and depend, to a certain extent, upon
statistical inferences which may ultimately prove unreliable. If such
estimates are inaccurate or reduced in the future, this could have a
material adverse impact on the Company.
Mineral resources are not mineral reserves and do not have demonstrated
economic viability. Inferred mineral resources are estimated on limited
information not sufficient to verify geological and grade continuity or
to allow technical and economic parameters to be applied. Inferred
mineral resources are too speculative geologically to have economic
considerations applied to them to enable them to be categorized as
mineral reserves. There is no certainty that mineral resources can be
upgraded to mineral reserves through continued exploration.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/May2011/16/c4767.html
For additional information on Talon please 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