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Be the first with the news that moves the market- Talon (TLO) has acquired exploration rights from Sweetwater Royalties for the Henry Ford land package
- The Michigan property spans 400,000 acres of a highly prospective nickel district
- The agreement will allow the company to acquire up to an 80 per cent interest in the mineral rights
- Todd Malan, Chief External Affairs Officer, spoke with Daniella Atkinson about the company’s plans for the property
- Talon is a base metals company in a joint venture with Rio Tinto on the high-grade Tamarack Nickel-Copper-Cobalt Project in Minnesota
- Talon (TLO) is up by 9.26 per cent trading at $0.59 per share
Talon (TLO) has acquired exploration rights from Sweetwater Royalties for the Henry Ford land package.
The Michigan property spans 400,000 acres of a highly prospective nickel district hosting the only operating high-grade nickel mine in the U.S.
The land package was originally assembled by Henry Ford and was owned for 70 years by the Ford Motor Company.
The agreement, with Sweetwater subsidiary UPX Minerals, will allow the company to acquire up to an 80 per cent interest in the mineral rights.
The deal includes a very large high-quality geophysical data package and access to historic drill core with nickel intercepts up to 7.4 per cent Ni.
Talon will spend a minimum of up to US$5 million in exploration expenditures or drill at least 7,500 m by August 2027.
It will earn a 51-per-cent interest in the property upon the completion of 25,000 m of drilling by August 2027.
It may earn an additional 29 per cent interest upon delivering an NI 43-101 feasibility study over a portion of the property within eight years. Upon completion, UPX will be granted a 2-per-cent NSR royalty and have the right to participate in proportion to its 20-per-cent joint venture interest or dilute its interest to an additional 1-per-cent NSR royalty. If Talon fails to complete this stage, its interest will revert to 49 per cent.
On execution of the option agreement, and as partial consideration, Talon will issue 15,321,933 common shares at $0.51 per share to Kennecott Exploration Company to satisfy payment obligations of UPX to Kennecott as a previous owner of the property.
Todd Malan, Chief External Affairs Officer, spoke with Daniella Atkinson about the agreement.
Talon is a base metals company in a joint venture with Rio Tinto on the high-grade Tamarack Nickel-Copper-Cobalt Project in Minnesota.
Talon Metals Corp. (TLO) is up by 9.26 per cent trading at $0.59 per share as of 11:49 am EST.
