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United States
Tamarack Project

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 Location:
77 km W from Duluth, Minnesota, United States

  Project Contacts:
165 Warren St.
Tamarack
Minnesota, United States
55787
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WebsiteWeb
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Overview

StagePreliminary Economic Assessment
Mine TypeUnderground
Commodities
  • Nickel
  • Copper
  • Cobalt
  • Platinum
  • Palladium
  • Gold
Mining Method
  • Drift & Fill
  • Longhole open stoping
  • Transverse stoping
  • Cemented backfill
  • Paste backfill
Mine Life8 years (as of Jan 1, 2020)


Owners

Source:
CompanyInterestOwnership
Rio Tinto plc 49 % Indirect
Talon Metals Corp. (operator) 51 % Indirect
September 27, 2021 - Talon Metals Corp. (Talon) is the operator of the Tamarack Nickel Project with control over the strategic and operational direction of the project. Today, Talon announces that is has formally earned a majority 51% interest in the Tamarack Nickel Project.

In accordance with a November 2018 agreement between a subsidiary of Talon and a subsidiary of Rio Tinto that established a number of milestones for Talon to earn up to a 60% total interest in the Tamarack Nickel Project, Talon has completed a stock-based transaction to earn a 51% interest in the Tamarack Nickel Project.

Going forward, Talon has until March 2026 to increase its ownership interest in the Tamarack Nickel Project to 60%. Talon intends to earn this remaining interest on an accelerated basis.

Contractors

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Deposit Type

  • Magmatic


Summary:

The Tamarack North Project hosts magmatic Ni-Cu-Co-PGE sulphide mineralization. These deposits form as the result of segregation and concentration of liquid sulphide from mafic or ultramafic magma and the partitioning of chalcophile elements into the sulphide from the silica melt (Naldrett, 1999).

Ni-Cu-Co sulphide deposits are economically important because they present favourable economics compared to the mining and processing of Ni laterite deposits. This is due to their relatively high-grade and comparatively low capital cost requirements. The various mineralized zones at the
Tamarack North Project occur within different host lithologies, exhibit different types of mineralization styles, and display varying sulphide concentrations and tenors. These mineralized zones range from massive sulphides hosted by altered sediments in the MSU, to net textured and disseminated sulphide mineralization hosted by the CGO in the SMSU; to a more predominantly disseminated sulphide mineralization as well as layers of net textured sulphide mineralization, in the 138 Zone. Mineralization in the 138 Zone, where interlayered disseminated and net textured mineralization occurs is referred to as MZ mineralization. All these mineralization types are typical of many magmatic sulphide ore bodies around the world. The current known mineral zones of the Tamarack North Project (SMSU, MSU and 138 Zone) that are the basis of this resource statement are referred to as the Tamarack Zon ........


Mining Methods

  • Drift & Fill
  • Longhole open stoping
  • Transverse stoping
  • Cemented backfill
  • Paste backfill


Summary:

The Tamarack deposit will be mined using underground mining methods.

Different underground mining methods will be utilized for the deposits: bulk long hole mining
method for SMSU (consisting of an Upper and Lower SMSU) and selective drift-and-fill
method for the narrower MSU. The selected mining methods will provide flexibility and selectivity to ensure consistent feed blend to the process plant at a rate of 2,000 tpd.

Mining Method for the Upper and Lower SMSU
The mining method proposed for the Upper and Lower SMSU is transverse long hole open stoping with cemented paste backfill.

For the Upper and Lower SMSU ore bodies, mining will be progressed by means of the following steps:

- Mine levels [ [mL50] and [mL0] will be developed away from the shaft to reach the Upper SMSU. Levels [mL-115] and [mL-130] will be developed to reach the Lower SMSU;
- Declines (ramps) will be developed from each level, parallel to each of the Upper and Lower SMSU ore bodies. Following this, crosscuts will be developed into the orebodies, an overcut (for drilling and blasting) and an undercut (for loading and mucking) for each stope;
- Stopes will be mined in a “primary-secondary” sequence from the bottom levels and advancing upwards;
- A vertical slot parallel with the SMSU is developed from where fan drilling will be used to blast the trough. Blast holes are then drilled from an overcut therefore the overcut will be sil ........


Crushing and Grinding
Source: Subscription required

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Processing

Flow Sheet: Subscription required

Summary:

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Projected Production:

CommodityProductUnitsAvg. AnnualLOM
Nickel Payable metal kt 9.664
Nickel Concentrate kt 99668
Copper Payable metal M lbs  ......  Subscription required  ......  Subscription required
Copper Concentrate kt  ......  Subscription required  ......  Subscription required
Cobalt Payable metal M lbs  ......  Subscription required
Platinum Payable metal oz  ......  Subscription required
Palladium Payable metal oz  ......  Subscription required
Gold Payable metal oz  ......  Subscription required

Operational Metrics:

Metrics
Daily ore mining rate  ......  Subscription required
Ore tonnes mined, LOM  ......  Subscription required
Daily production capacity  ......  Subscription required
Daily production capacity  ......  Subscription required
Daily processing capacity  ......  Subscription required
Tonnes processed, LOM  ......  Subscription required
Annual processing capacity  ......  Subscription required
* According to 2020 study.
Subscription required - Subscription is required.

Reserves at February 15, 2018:
All resources reported at a 0.83% NiEq cut-off.

CategoryTonnage CommodityGrade
Indicated 3,639 kt Nickel 1.83 %
Indicated 3,639 kt Copper 0.99 %
Indicated 3,639 kt Cobalt 0.05 %
Indicated 3,639 kt Platinum 0.42 g/t
Indicated 3,639 kt Palladium 0.26 g/t
Indicated 3,639 kt Gold 0.2 g/t
Indicated 3,639 kt Nickel Equivalent 2.45 %
Inferred 4,382 kt Nickel 1.58 %
Inferred 4,382 kt Copper 0.92 %
Inferred 4,382 kt Cobalt 0.04 %
Inferred 4,382 kt Platinum 0.29 g/t
Inferred 4,382 kt Palladium 0.18 g/t
Inferred 4,382 kt Gold 0.16 g/t
Inferred 4,382 kt Nickel Equivalent 2.11 %

Commodity Production Costs:

CommodityUnitsAverage
Credits (by-product) Nickel USD  ......  Subscription required&nbs
Site cash costs (produced) Nickel USD  ......  Subscription required&nbs
Total cash costs Nickel USD  ......  Subscription required *†
All-in sustaining costs (AISC) Nickel USD  ......  Subscription required *†
C1 cash costs Nickel USD  ......  Subscription required *†
All-in costs Nickel USD  ......  Subscription required *†
Assumed price Palladium USD  ......  Subscription required&nbs
Assumed price Platinum USD  ......  Subscription required&nbs
Assumed price Cobalt USD  ......  Subscription required&nbs
Operating margin Nickel USD  ......  Subscription required&nbs
Assumed price Nickel USD  ......  Subscription required&nbs
Assumed price Copper USD  ......  Subscription required&nbs
Assumed price Gold USD  ......  Subscription required&nbs
* According to 2020 study / presentation.
† Net of By-Product.
Subscription required - Subscription is required.

Operating Costs:

Units2020
UG mining costs ($/t milled) USD 50.3 *
Direct operating costs ($/t milled) USD  ......  Subscription required
Processing costs ($/t milled) USD  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required
* According to 2020 study.
Subscription required - Subscription is required.

2020 Study Costs and Valuation Metrics :

MetricsUnitsLOM Total
Initial CapEx $M USD  ......  Subscription required
Sustaining CapEx $M USD  ......  Subscription required
Closure costs $M USD  ......  Subscription required
Total CapEx $M USD  ......  Subscription required
UG OpEx $M USD  ......  Subscription required
Processing OpEx $M USD 72.1
G&A costs $M USD 36.8
Total OpEx $M USD  ......  Subscription required
Total Taxes $M USD  ......  Subscription required
Royalty payments $M USD  ......  Subscription required
Gross revenue (LOM) $M USD  ......  Subscription required
Net revenue (LOM) $M USD  ......  Subscription required
Operating margin (LOM) $M USD  ......  Subscription required
Pre-tax Cash Flow (LOM) $M USD  ......  Subscription required
After-tax Cash Flow (LOM) $M USD  ......  Subscription required
Pre-tax NPV @ 10% $M USD  ......  Subscription required
Pre-tax NPV @ 8% $M USD  ......  Subscription required
After-tax NPV @ 10% $M USD  ......  Subscription required
After-tax NPV @ 8% $M USD  ......  Subscription required
Pre-tax IRR, %  ......  Subscription required
After-tax IRR, %  ......  Subscription required
Pre-tax payback period, years  ......  Subscription required
After-tax payback period, years  ......  Subscription required
Subscription required - Subscription is required.


Proposed Heavy Mobile Equipment as of March 12, 2020:
HME TypeSizeQuantityLeased or
Contractor
ANFO Loader ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
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....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required ....................... Subscription required Leased
....................... Subscription required ....................... Subscription required Leased
Subscription required - Subscription is required.

Mine Management:

Job TitleNameEmailProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Apr 6, 2022
....................... Subscription required ....................... Subscription required ....................... Subscription required Subscription required Apr 6, 2022
....................... Subscription required ....................... Subscription required Subscription required Mar 12, 2020
....................... Subscription required ....................... Subscription required Subscription required Mar 12, 2020
....................... Subscription required ....................... Subscription required Subscription required Mar 12, 2020
....................... Subscription required ....................... Subscription required Subscription required Mar 12, 2020
Subscription required - Subscription is required.


Corporate Filings & Presentations:

DocumentYear
................................... Subscription required 2020
................................... Subscription required 2020
Preliminary Economic Assessment 2018
Press Release 2018
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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