Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Talon Metals (TLO) has secured a 51 per cent ownership of the Tamarack Nickel Project from Rio Tinto
  • Talon has paid Rio Tinto 10,543,333 stock units at C$0.60 per unit and has until March 2026 to secure the additional nine per cent ownership
  • Talon Metals is a mineral exploration company with interests in the United States and Brazil
  • The company is the primary operator of the Tamarack Nickel Project, which it owns in a joint venture with Rio Tinto
  • Talon Metals Corp. (TLO) is up 5.0 per cent, trading at $0.63 per share

Talon Metals (TLO) has secured a 51 per cent ownership of the Tamarack Nickel Project from Rio Tinto.

The milestone is part of an agreement with Rio Tinto through which Talon has the option to earn a 60 per cent interest in the Tamarack Project.

According to the schedule, Talon had until March 2022 to pay Rio Tinto US$5 million for a 51 per cent ownership. Now, six months ahead of schedule, Talon has paid Rio Tinto 10,543,333 stock units at C$0.60 per unit.

Each unit is comprised of one common share of Talon and one-half of one purchase warrant. Each warrant will be exercisable to acquire a Talon share for a period of one year at an exercise price of C$0.80 per share.

Talon now has until March 2026 to earn the additional nine per cent interest in the Tamarack Nickel Project.

Henri van Rooyen, CEO of Talon, commented,

“The Talon team is very proud to have reached this milestone and become the majority partner in the Tamarack Nickel Project.”

“The Tamarack Nickel Project,” added Mr. van Rooyen, “will be a vital source of nickel and other critical minerals for the US battery supply chain and we are pleased to continue our partnership with Rio Tinto to advance the project from exploration to production.”

Talon Metals is a mineral exploration company with interests in the United States and Brazil.

The company is the primary operator of the Tamarack Nickel Project, which it owns in a joint venture with Rio Tinto.

Talon Metals Corp. (TLO) is up 5.0 per cent, trading at $0.63 per share as of 9:46 am ET.

More From The Market Herald

" Grizzly (TSXV:GZD) to advance 2022 drilling for BC precious & battery metals projects

Grizzly Discoveries (GZD) is reviewing proposals for core drilling during the 2022 exploration season.

" ArcPacific (TSXV:ACP) locates lost gold-copper mine on LMSL Project

ArcPacific Resources Corp. (ACP) has discovered an early 1900s era gold-copper mine at its LMSL Project in British Columbia.

" CanAlaska Uranium (TSXV:CVV) begins airborne survey at Geikie Project

CanAlaska Uranium (CVV) has begun a high-resolution helicopter-borne aeromagnetics and radiometrics survey on its Geikie project.

" Osisko Development (TSXV:ODV) releases San Antonio Property mineral resource estimate

Osisko Development Corp. (ODV) has released an initial open pit resource estimate at its San Antonio Project in Sonora State, Mexico.