Talon identifies seven potash intersections within its Sergipe Project in
Brazil
Landholding extended with 14 additional licences grantedTSX:TLO
ROAD TOWN, Tortola,
Since
In addition, Talon has submitted applications for further exploration licences over an area of 23,066 hectares (56,997 acres). Moreover, Talon is conducting negotiations with other parties to acquire interests in additional properties with potash potential within the Sergipe Basin.
"Talon's current landholding represents approximately 12% of the onshore portion of Sergipe sedimentary basin enhancing Talon's position in this basin, currently the only potash producing region in
Talon's exploration program includes an initial compilation of all available drilling and geophysical data (Phase I) in order to identify and to model priority targets within the Sergipe Basin, based on basin structure and the limits and zonation of the potash mineralization. The recent identification and acquisition of considerably more drilling and seismic data than originally anticipated will improve significantly the understanding and delineation of the potash targets, prior to the commencement of drilling.
The initial geological model was based on the logs and results of 86 oil wells, previously drilled into the basin and which intersected the Ibura evaporite sequence, the host of the potash deposits. The number of wells now available to Talon within the basin has increased considerably to a total of 262 wells. The data from these wells has been acquired and is being processed, which will further refine Talon's model.
Furthermore, in the compilation of well drilling data to date, Talon has already identified seven historical oil wells that intersected potash mineralization within the Company's onshore properties. In most wells where potash mineralization has been intersected, there are multiple layers of potash, which have cumulative widths of 35 metres in the Sergi prospect, 38 metres in the Rio do Sal prospect and 46 metres in the Barra dos Coqueiros prospect. In the higher priority prospects, the depths of the potash mineralization varies between 1,167 metres and 1,610 metres.
Stratageo Soluções Tecnológicas Ltda ("Stratageo"), a Brazilian based geophysical consultancy with extensive experience in the Sergipe Basin for the oil industry, has been commissioned to acquire some 618 2D-seismic lines within the Sergipe Basin and reprocess selected lines specifically in the vicinity of Talon's ten onshore project areas. The data from these lines will provide a more accurate definition of the mineralized potash layers, the Ibura evaporite member, and the basin structure. A preliminary interpretation of this data over the Sergi prospect area indicates that the potash layers are flat-lying and laterally continuous with no major disturbances.
In addition, Talon has acquired data from previous regional gravity and magnetic surveys over the area of the Sergipe Basin. This data is being processed by Talon and will be reinterpreted and integrated in to the geological model, along with the drilling and seismic data.
Furthermore, Talon has submitted environmental reports for the Sergi prospect area which will facilitate the granting of operating licences to enable the Company to drill in this area. It is anticipated that these licences will be granted by
The processing, compilation and reinterpretation of the much enlarged data base has extended the Phase I work and delayed the commencement of the proposed drilling program until
Qualified Person
Talon's exploration programs are being managed by Talon's VP Exploration,
About Talon
Talon is a TSX-listed company focused on the acquisition, exploration and development of high quality resource projects. 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$4.6 million and holds 2,450,000 common shares in Beadell Resources Limited (ASX:BDR). Talon has 24,054,222 common shares outstanding and 30,239,222 shares fully diluted.
This news release contains certain "forward-looking information". All information, other than information pertaining to historical fact, which addresses activities, events or developments that Talon believes, expects or anticipates will or may occur in the future constitutes forward-looking information. Forward-looking information reflects the current expectations or beliefs of Talon based on information currently available to Talon. Such forward-looking information includes, among other things, statements relating to: data from 2D-seismic lines within the Sergipe Basin; environmental reports submitted in respect of the Sergi prospect area and related prospective operating licences; and the Company's proposed drilling program. Forward-looking information is 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 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, but are not limited to: changes in potash prices; the possibility that future exploration results will not be consistent with the Company's expectations; political developments in
For further 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: [email protected]
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