ROAD TOWN, TORTOLA, British Virgin Islands, July 13 /CNW/ - Talon Metals Corp., ("Talon" or the "Company") (TSX: TLO) is pleased to outline its plans for the first drilling program at its Sergipe Potash Project in Brazil.
Talon has identified seven potash targets at its Sergipe Potash Project, six of which have potash intersections recorded in previous oil well drilling. Twelve drill sites have been identified for preliminary drilling, throughout the seven target areas, following an extensive remodelling of the geology of the Sergipe basin, based on approximately 234 line kilometres of 2D seismic data and the relogging of 286 historical oil wells in the area.
The first phase of drilling will focus on drilling approximately 4,500 metres on two targets.
In Target 1, sylvinite mineralization has been intersected at depths of approximately 1,150 metres and includes five sylvinite seams varying in widths from 2.2 to 10.0 metres, with a cumulative sylvinite width for all seams of 26.6 metres.
In Target 2, the potash mineralization is in the form of carnallitite which has been intersected in a nearby oil well at depths of about 512 metres. The carnallitite occurs in three seams interlayered with narrow rock salt horizons which vary in width from 6.6 metres to 21.4 metres, and have a cumulative width of 37.4 metres. The drilling site on this target will be immediately north of the common boundary between the Taquari-Vassouras mine and the Talon licences.
Talon has commissioned an international drilling contractor with local Brazilian operations to undertake the drilling program. Specialized drilling equipment is currently being imported into Brazil for this drilling program. It is anticipated that drilling will commence once the drilling equipment is established on site, which is expected to be in August 2010.
"The start of our first potash drilling program has been long anticipated but will benefit considerably from the very extensive data base that has been reviewed in the past year, in association with our specialist consultants, Stratageo and Ercosplan," commented Stuart Comline, President and CEO of Talon. "Now that the data review and the geological modelling of the Sergipe basin are complete, we look forward to drilling the first of the targets that have been identified in the next exploration phase. Our Sergipe Potash Project has the potential to hold considerable potash resources in an area of well developed infrastructure close to the Brazilian markets which import most of their potash."
On completion of the first phase of drilling, follow up work will depend on the results received in the first phase of drilling, but could include a 2D seismic survey, follow up drilling on Targets 1 and 2 and/or the extension of drilling to the other five targets identified.
Talon is working towards completing an initial National Instrument 43-101 ("NI 43-101") mineral resource estimate for the Sergipe Potash Project during 2011.
About Talon's Sergipe Potash Project
The Sergipe Potash Project is located on the northeastern coast of Brazil, near the coastline city of Aracaju, the capital of Sergipe State. This project has a comprehensive technical data base, access to excellent infrastructure and good proximity to Brazilian potash markets. It is close to Brazil's only producing potash mine, Taquari-Vassouras, which is operated by Vale.
The Sergipe Potash Project comprises 76 exploration licences, in 12 separate land holdings, over a total area of 107,987 hectares (266,840 acres). In addition, Talon has 4,982 hectares (12,311 acres) under application for exploration licences. Together this area totals 112,969 hectares (279,152 acres).
Talon is a TSX-listed company focused on the acquisition, exploration and development 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$2.9 million and has 63,877,950 common shares outstanding and 70,517,450 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: the Company's drilling program at the Sergipe Potash Project, including the timeline and focus for such program; prospective drilling sites; the benefit of historical data to the drilling program; the potential of the Company's Sergipe Potash Project to hold potash resources and the suitability of such resources for the Brazilian market; and the timing, scope and implementation of follow up work in respect of the 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; changes in the anticipated demand for fertilizer including factors related to world population growth, income per capita, the use of biofuels and area of arable land; political developments in Brazil; changes to regulations affecting the Company's activities, including tax and trade laws and policies; delays in obtaining or failures to obtain required regulatory permits and approvals from government authorities; delays in commencing the Company's proposed drilling program; delays in receiving and evaluating outstanding historical data to define the most attractive targets for potash mineralisation; the uncertainties involved in interpreting drilling results and other geological data; the possibility that future exploration results will not be consistent with the Company's expectations; exploration costs varying significantly from estimates; uncertainties relating to the availability and costs of financing needed to complete exploration activities and demonstrate the feasibility of the Company's projects; the success of future exploration and development initiatives; and other risks involved in the mineral exploration and development industry.
Forward looking information 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 forward-looking information, 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 information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
SOURCE Talon Metals Corp.
For further information: For further information: on Talon please visit the Company's website at www.talonmetals.com or contact: Erica Belling, CFA, VP Investor Relations, Tau Capital Corp., Tel: (416) 361-9636 x 243, Email: firstname.lastname@example.org