ROAD TOWN, Tortola, British Virgin Islands, March 31 /CNW/ - Talon Metals
Corp. ("Talon" or the "Company") (TSX: TLO) is pleased to provide an update on
recent exploration activities on its Brazilian Gold Projects.
Agua Branca Gold Project - Para State
The Agua Branca Gold Project ("Agua Branca") in the Tapajos Gold District
comprises four drilling targets, including the Serra da Abelha and Jerimun
targets, for which the results of recent drilling were reported (News Release
of January 2, 2008), as well as the Heaven West and Sierra Delta targets,
which are the focus of the current drilling program.
At the Heaven West target, four scout diamond drill holes (448.25 metres)
have been drilled into a target that is characterized by multiple quartz veins
and stock works in an altered monzonitic stock. The mineralisation in the area
has traditionally been associated with high grade gold (up to 132 g/t Au) in
narrow zones and the aim of the current preliminary drilling program is to
identify wider zones of mineralization. Samples from the drilling program are
currently being analyzed and the assay results are expected in April 2008.
Drilling is currently ongoing at the Sierra Delta target, a 650 metre
long by 250 to 500 metre wide gold soil anomaly over a prominent north-south
structural corridor associated with an intense hydrothermal
sericite-silica-pyrite alteration overprinting felsic intrusives and
meta-volcanic rocks, where six drill holes (661.20 metres) have already been
drilled. An additional two scout drill holes are planned to complete this
preliminary program on the Sierra Delta target by the end of April 2008. The
assay results are expected to be received in May 2008.
Sao Jorge Gold Project - Para State
In the latter half of 2006, the Company commissioned SRK Consulting
(Canada) Inc. to undertake a National Instrument 43-101 ("NI 43-101") mineral
resource estimate on the Wilton zone at the Sao Jorge Gold Project ("Sao
Jorge"). That estimate delineated an indicated resource of 5.00 million tonnes
at an average grade of 1.19 g/t Au (191,000 ounces of gold) to a depth limited
to 100 metres below surface.
Subsequently, the Company completed further diamond drilling (34 holes
and 7,592 metres) on the Wilton zone and extensions. With the increase in the
gold price, the Company has recently commissioned independent consultants to
review and update the mineral resource estimate, incorporating the additional
drilling results and extending the depth of the resource limit. The results of
the updated resource review are expected in May 2008 and, if the results are
positive, a scoping study is expected to be commissioned thereafter.
Additional information with respect to the mineral resource estimate for
Sao Jorge is contained in a technical report dated October 12, 2006 and
entitled "BrazMin Corp.: Resource Estimate and Technical Report for the Sao
Jorge Project, Brazil." This report was prepared by G. David Keller, an
employee of SRK Consulting (Canada) Inc., who a "Qualified Person" within the
meaning of NI 43-101.
Barra do França Gold Project - Piaui State
The Company recently announced the acquisition of the Barra do França
Gold Project ("Barra do França") and the results of preliminary exploration on
the project (News Release of February 21, 2008). Additional mapping and
channel sampling programs were carried out at Barra do França and the assay
results are currently being analyzed and should be available in April 2008.
Batistao Gold Project - Mato Grosso State
The Batistao Gold Project ("Batistao") comprises a 20,000-hectares
exploration license, which was secured by Talon in 2007. Initially, Batistao
was explored by a third party between 1992 and 1995, who reported numerous
mineralized drill intercepts of between 3.00 metres at 7.78g/t Au and
33.00 metres at 1.72g/t Au from a limited 24 hole drilling program on
structural-controlled hydrothermal alteration zones and quartz veining
associated with WNW-trending shear zones that cross cut felsic
silica-saturated intrusive rocks.
Talon relocated all the historical drill holes at Batistao and completed
the compilation of existing geological, geochemical and geophysical data.
Based on the interpretation of these data, the Company intends to conduct a
1,000-metre drill program in the second half of 2008 to validate the best
intercepts and test new geological/structural concepts in order to identify
any zones that could potentially host a resource of at least one million
ounces in a shallow bulk mineable deposit.
Talon's exploration programs are being managed by Talon's VP Exploration,
Mr. Paulo Ilidio de Brito (Member: AusIMM), who is qualified person within the
meaning of National Instrument 43-101. Mr. Ilidio de Brito, who is responsible
for the technical information in this news release, has verified the data
disclosed in this news release.
Talon is a TSX-listed company focused on the acquisition, exploration and
advancement of high quality mineral 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$14 million and holds 4,935,500
common shares of Brazauro Resources Corporation (TSX-V:BZO) and 2,450,000
common shares in Beadell Resources Limited (ASX:BDR).
This press release contains certain "forward-looking statements". 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 mineral resource estimates, potential mineral resources, exploration
results, potential mineralization and plans) are forward-looking statements.
These forward-looking statements reflect the current expectations or beliefs
of the Company based on information currently available to the Company.
Forward-looking statements are 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 statements, 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, failure to establish
estimated mineral resources (the mineral resource figures referred to in this
news release are estimates and no assurances can be given that the indicated
levels of gold will be produced), the possibility that future exploration
results will not be consistent with the Company's expectations, changes in
gold prices, changes in equity markets, political developments in Brazil,
changes to regulations affecting the Company's activities, foreign currency
fluctuations, delays in obtaining or failures to obtain required regulatory
approvals, uncertainties relating to the availability and costs of financing
needed in the future, the uncertainties involved in interpreting drilling
results and other ecological data, and the other risks involved in the gold
exploration and development industry. Any forward-looking statement speaks
only as of the date on which it is made and, except as may be required by
applicable securities laws, the Company disclaims any intent or obligation to
update any forward-looking statement, 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 statements are reasonable,
forward-looking statements are not guarantees of future performance and
accordingly undue reliance should not be put on such statements due to the
inherent uncertainty therein.
For further information:
For further information: on Talon and its projects 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: