It reported an intersection at CGO West, outside the resource area, of 4.44m from 269.13m grading 7.95% nickel, 11.25% copper, 0.09% cobalt, 2.72g/t palladium, 3.21g/t platinum and 2.98g/t gold, for 14.08% nickel-equivalent or 37.56% copper-equivalent.

It also included 0.71m at 12.1% nickel and 16.15% copper.

"Grade is ‘king' in mining, and our recent drill results of 8% to 12% nickel and 11% to 16% copper could be a king maker," VP exploration Brian Goldner said.

"Not only are we proving a new dimension of the Tamarack Intrusive Complex with these best-ever drill results at the newly-discovered CGO West location, but we are also showing that the mineralisation is shallow and large scale." 

Talon has a remaining US$5 million to pay to Rio to complete earning a 51% interest in Tamarack.

It can earn a further 9% by completing a feasibility study and paying $10 million by March 2026.

Talon's updated preliminary economic assessment for Tamarack in February outlined robust economics for three scenarios, with initial capex ranging from $316-$553 million and after-tax IRR from 31.9%-48.3%, depending on whether Tamarack met the needs of the EV battery supply chain or traditional nickel smelters.

Resource Capital Funds and Rio Tinto are major shareholders with 38.9% and 4.4% respectively.

Talon reported a net loss of C$2.2 million at June 30 and had working capital of $36.6 million.

It had raised $34.5 million at 60c per unit in March.

Its shares (TSX: TLO) closed unchanged yesterday around a one-year midpoint of 58c, capitalising it at $398 million (US$315 million).