Talon Metals Corp. announced the discovery of a new high-grade mineralized area that has been named the "CGO East Waterfall". Because of its proximity to the Tamarack Resource, this new target area has been added to the Company's 2024 exploration plan, as additional discoveries could meaningfully impact the Tamarack Nickel Project's economics in the early years of a mine.

Highlights. New Drill Hole 24TK0503 Intercepts High-Grade Massive Sulphide Mineralization: Intercepts 4.81 meters at 4.89% Ni, 4.10% Cu, 0,06% Co, with notably high Platinum Group Elements (PGEs), averaging 17.45 g/t Pd+Pt+Au (9.26% NiEq); Two Significant Intercepts in the Same Drill Hole: Drill Hole 24TK0503 has a second intercept of 79.22 meters at 0.80% NiEq; Near-Resource Expansion Potential: The "CGO East Waterfall" is approximately 120 meters below CGO East, representing low-hanging fruit for further exploration; Analogous Waterfall Features: The CGO East Waterfall mirrors a previous discovery named the CGO West Waterfall in depth, grade, nickel tenor, and PGEs, highlighting true geological analogies across the Tamarack Resource Area; Next Steps for Exploration: Talon plans to use its borehole EM technology (geophysics) to gain deeper insights into the new CGO East Waterfall area, which will be followed up by additional drilling. Discovering the CGO West and East "Waterfalls": During a 2021 drilling campaign, Talon discovered what has since been internally named the "CGO West Waterfall".

This area is marked by a change in orientation from flat gently dipping basal massive sulphide mineralization ranging 1-2 meters in thickness to a vertically oriented massive sulphide unit with intervals of up to 14 meters, which resembles a waterfall. The waterfall also contains distinct differences in mineralization, and notably, an order of magnitude higher concentrations of PGEs than typically observed in the Tamarack Resource Area. This discovery represented a departure from the known characteristics of the CGO West area, as well as the highest nickel and copper grades assayed to date at the Tamarack Nickel Project.

The CGO East deposit, similar to CGO West, also has a gently dipping basal massive sulphide layer ranging from 1-4 meters in thickness; however, the potential for a waterfall had not been identified or known until new drill hole 24TK0503. This intercept of high-grade massive sulphide may be the down plunge extent of a waterfall (hence the name "CGO East Waterfall") and similar to the waterfall in the CGO West area. This intercept shows an order of magnitude increase in PGEs and nickel assays up to 10.5% Ni in individual samples (15.87% NiEq).

Through a combination of recent and historic drilling efforts, Talon's exploration team is understanding more about the potential origins of the Waterfall zones. A historic drill hole in the area (drill hole 10TK0127) revealed mixed massive sulphide and intrusion-hosted mineralization, including 6.27 meters of massive sulphide containing 4.5% NiEq. The recently drilled 24TK0503 is a 40-meter step out from this.

These findings collectively point towards a consolidated body of massive sulphides as the likely origin of the Waterfall zones, offering a compelling theory for ongoing exploration and resource delineation efforts.