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US EV Battery Supply Chain: Talon Metals Releases Record Length of High-Grade Nickel Mineralization at the Tamarack Nickel Project

18 May 2022

Talon Metals Corp. (TSX: TLO) (OTC Pink: TLOFF) ("Talon" or the "Company") is providing an update on the Tamarack Nickel-Copper-Cobalt Project ("Tamarack Nickel Project"), located in central Minnesota.

The Talon team reports an additional 26 new drill holes from within the main zone (resource area). All of the new drill holes reported today have intercepted nickel-copper mineralization, with assays pending. Of note, drill hole 22TK0380 set a new record at the Tamarack Nickel Project, with 23.44 meters of massive sulphide nickel and copper mineralization (assays pending).

GreenStockNewsFigure 1: Record intercept of 23.44 meters at 453 meters depth in drill hole 22TK0380

Brian Goldner, Chief Exploration and Operations Officer of Talon, said: "We continue to drill impressive amounts of massive sulphide nickel mineralization. These results continue to demonstrate high grades of nickel and copper mineralization within the main zone (resource area) at the Tamarack Nickel Project. We continue to see thick pooling of the high-grade massive sulphide with a record intercept length of 23.44 meters."

Henri van Rooyen, CEO of Talon, said: "With the Tesla supply agreement in hand, and the goal of first production by 2026, the 4 drill rigs at site are now completely focused on infill drilling within the main zone with the goal of upgrading the high-grade resource from the 'inferred' category to the 'indicated' category. We are on target to complete our infill program for our Pre-Feasibility Study by the end of May, and then the rigs will be deployed outside the main zone with the goal of making new discoveries at the Tamarack Nickel Project."

GreenStockNews

Figure 2. Plan view geological map of the main zone (Tamarack resource area).

Table 1: Collar Locations of New Drill Holes Referred to in this Press Release

Tamarack Resource Area
HOLE ID Easting (m) Northing (m) Elevation (masl) Azm Dip End Depth (m)
16TK0249A 490888.0 5168484.0 388.0 259.0 -83.4 587.7
16TK0249B 490888.0 5168484.0 388.0 259.6 -83.5 523.7
16TK0249C 490889.7 5168484.4 388.0 261.2 -84.1 483.6
20TK0274 490708.0 5168541.0 388.0 113.7 -78.5 72.0
20TK0275 490708.0 5168541.0 388.0 130.0 -78.0 26.8
20TK0276 490707.8 5168536.9 388.1 132.0 -78.6 534.5
21TK0279 490760.5 5168414.2 388.3 40.9 -84.6 535.2
21TK0324 490687.7 5168539.4 388.3 137.1 -72.0 579.4
21TK0346 490735.9 5168650.9 390.0 181.0 -87.4 479.5
21TK0346A 490737.0 5168650.0 388.0 178.3 -87.3 430.4
21TK0352 490701.9 5168743.0 390.5 16.6 -85.3 489.8
21TK0359 490702.4 5168742.2 390.4 153.5 -79.7 489.8
21TK0364 490770.5 5168676.5 390.0 9.3 -80.4 471.8
21TK0366 490987.7 5168994.8 388.4 274.2 -69.4 517.3
21TK0367 490770.4 5168673.0 390.2 31.5 -87.5 419.4
21TK0370 490736.6 5168651.3 390.1 162.3 -84.9 529.7
21TK0372 490764.9 5168688.7 389.9 154.8 -85.5 427.9
21TK0372A 490765.0 5168687.0 388.0 153.6 -85.5 477.6
21TK0375 490707.2 5168751.3 390.0 5.9 -81.6 450.2
21TK0376 490858.5 5168535.5 388.4 285.9 -83.3 535.8
21TK0377 490757.1 5168601.2 389.6 175.9 -86.9 493.2
21TK0378 490888.0 5168484.0 388.0 233.8 -81.7 553.7
21TK0379 490756.7 5168600.9 389.5 168.2 -81.6 498.7
21TK0380 490772.8 5168481.3 388.0 111.6 -85.5 506.0
22TK0381 490889.7 5168484.0 388.0 119.7 -73.9 654.4
22TK0382 490766.0 5168677.0 388.0 20.3 -88.8 474.9
Collar coordinates are UTM Zone 15N, NAD83 Azimuths and dips are taken from survey record at collar unless otherwise noted

Table 2: Quick Lithology Log for New Drill Holes

Hole ID From (m) To (m) Length (m) Lithology % Sulphides
16TK0249C 0 30   Overburden  
30 374.44   FGO/MZNO Tr-3%
374.44 442.96   CGO 1-3%
442.96 446.7   SED  
446.7 458.22 11.52 MMS/MSU >30%
458.22 469.53   SED  
469.53 470.55 1.02 MMS/MSU >10%
470.55 471.83   SED  
471.83 483.57   CGO  
21TK0346A 0 32   Overburden  
32 379.64   FGO/MZNO Tr-2%
379.64 392.66   CGO Tr-2%
392.66 396.6   SED  
396.6 399.82 3.22 MMS/MSU >70%
399.82 430.38   CGO  
21TK0352 0 33.03   Overburden  
330.03 331.12   FGO/MZNO Traces
331.12 339.53 8.41 CGO 5%
339.53 340.5 0.97 MMS/MSU >25%
341.97 349.19 7.22 CGO 5-10%
349.19 354.07 4.88 MMS/MSU >25%
354.07 489.81   CGO  
21TK0359 0 33.32   Overburden  
33.32 377.75   FGO/MZNO Traces
377.75 378.64 0.89 MMS/MSU >75%
378.64 385   FGO/MZNO Tr-4%
385 387.48   SED  
387.48 391.97 4.49 MMS/MSU >65%
391.97 403.39   FGO/MZNO  
403.39 428.54   CGO Tr-3%
428.54 457.39 28.85 CGO 5-15%
457.39 489.81   CGO  
21TK0364 0 29.87   Overburden  
29.87 359   FGO/MZNO Tr-5%
359 373.29   SED  
373.29 377.58 4.29 MMS/MSU 50-85%
377.58 448.19   CGO Tr-10%
448.19 471.83   SED  
21TK0366 0 39.24   Overburden  
39.24 265.4   FGO/MZNO Traces
265.4 309.77   CGO Traces
309.77 340.76 30.99 CGO 5-10%
340.76 361.94   CGO 2-4%
361.94 389.23 27.29 CGO 5-20%
389.23 512.03   CGO  
512.03 517.25   SED  
21TK0367 0 28.04   Overburden  
28.04 364.85   FGO/MZNO Traces
364.85 381.75   SED  
381.75 394.04 12.29 MMS/MSU 10-80%
394.04 419.4   CGO  
21TK0370 0 26.89   Overburden  
26.89 386.49   FGO/MZNO Traces
386.49 408.13   CGO 2-5%
408.13 481.03 72.9 CGO 10-40%
481.03 529.74   CGO Tr-3%
21TK0372 0 30.28   Overburden  
30.28 376.38   FGO/MZNO Traces
376.38 395.78   SED  
395.78 398.37 2.59 MMS/MSU >40%
398.37 427.94   CGO Tr-3%
21TK0372A 0 30.28   Overburden  
30.28 369.81   FGO/MZNO Traces
369.81 386.83   SED  
386.83 395.63 8.8 MMS/MSU 25-85%
395.63 397.46   SED  
397.46 477.62   CGO Traces
21TK0376 0 33.47   Overburden  
33.47 402.95   FGO/MZNO Traces
402.95 435.19   CGO Tr-4%
435.19 440.5 5.31 MMS/MSU 10-90%
440.5 535.84   CGO Tr-4%
21TK0377 0 35.97   Overburden  
35.97 412.09   FGO/MZNO Tr-5%
412.09 412.39 0.3 MMS/MSU 60%
412.39 413.64   FGO/MZNO  
413.64 420.63   SED  
420.63 422.83 2.2 MMS/MSU >25%
422.83 493.17   CGO Tr-3%
21TK0378 0 29.94   Overburden  
29.84 454.08   FGO/MZNO Tr-2%
454.08 456.01   CGO  
456.01 475.9   SED  
475.9 490.29 14.39 MMS/MSU 25-80%
490.29 553.67   CGO  
21TK0379 0 35.97   Overburden  
35.97 418.96   FGO/MZNO Traces
418.96 431.5   SED  
431.5 432.21 0.71 MMS/MSU 20%
432.21 433.94   SED  
433.94 434.94 1 MMS/MSU 15%
434.94 437.65   SED  
437.65 438.38 0.73 MMS/MSU 15%
438.38 498.65   SED  
21TK0380 0 31.38   Overburden  
31.38 450.75   FGO/MZNO Traces
450.75 453.73   SED  
453.73 477.17 23.44 MMS/MSU 45-95%
477.17 475.39   SED  
475.39 502.92   CGO  
22TK0382 0 26.82   Overburden  
26.82 349   FGO/MZNO Traces
349 366.17   CGO Tr-3%
366.17 376.16   FGO/MZNO  
376.16 376.81   SED  
376.81 378.05 1.24 MMS/MSU >10%
378.05 390.66   CGO Traces
390.66 391.26   SED  
391.26 411.21   CGO Traces
411.21 462.99 51.78 CGO 5-30%
462.99 474.88   CGO  
16TK0249A No significant sulphide mineralization (these holes were primarily planned holes for geophysical surveys)
16TK0249B
20TK0276
21TK0279
21TK0324
21TK0346
21TK0375
22TK0381
20TK0274 Hole abandoned in overburden
20TK0275
Quick lithology log of drill holes: Traces (Tr); Overburden (OB); Fine-grained Orthocumulate/Mixed Zone (FGO/MZNO); Mixed massive sulphides (MMS); Massive sulphides (MSU); Meta-sedimentary rocks (SED); Coarse-grained Orthocumulate (CGO)

QUALITY ASSURANCE, QUALITY CONTROL AND QUALIFIED PERSONS

Please see the technical report entitled "NI 43-101 Technical Report Updated Preliminary Economic Assessment (PEA) #3 of the Tamarack North Project - Tamarack, Minnesota" with an effective date of January 8, 2021 prepared by independent "Qualified Persons" (as that term is defined in National Instrument 43-101 ("NI 43-101") Leslie Correia (Pr. Eng), Andre-Francois Gravel (P. Eng.), Tim Fletcher (P. Eng.), Daniel Gagnon (P. Eng.), David Ritchie (P. Eng.), Oliver Peters (P. Eng.), Volodymyr Liskovych (P.Eng.), Andrea Martin (P. E.) and Brian Thomas (P. Geo.) for information on the QA/QC, analytical and testing procedures at the Tamarack Project. Copies are available on the Company's website (www.talonmetals.com) or on SEDAR at (www.sedar.com). The laboratory used is ALS Minerals who is independent of the Company.

Lengths are drill intersections and not necessarily true widths. True widths cannot be consistently calculated for comparison purposes between holes because of the irregular shapes of the mineralized zones. Drill intersections have been independently selected by Talon. Drill composites have been independently calculated by Talon. The geological interpretations in this news release are solely those of the Company. The locations and distances highlighted on all maps in this news release are approximate.

Dr. Etienne Dinel, Vice President, Geology of Talon, is a Qualified Person within the meaning of NI 43-101. Dr. Dinel is satisfied that the analytical and testing procedures used are standard industry operating procedures and methodologies, and he has reviewed, approved and verified the technical information disclosed in this news release, including sampling, analytical and test data underlying the technical information.

Where used in this news release: NiEq% = Ni%+ Cu% x $3.00/$8.00 + Co% x $12.00/$8.00 + Pt [g/t]/31.103 x $1,300/$8.00/22.04 + Pd [g/t]/31.103 x $700/$8.00/22.04 + Au [g/t]/31.103 x $1,200/$8.00/22.04

ABOUT TALON

Talon is a TSX-listed base metals company in a joint venture with Rio Tinto on the high-grade Tamarack Nickel-Copper-Cobalt Project located in central Minnesota. Talon's shares are also traded in the US over the OTC market under the symbol TLOFF. The Tamarack Nickel Project comprises a large land position (18km of strike length) with high-grade intercepts outside the current resource area. Talon has an earn-in right to acquire up to 60% of the Tamarack Nickel Project, and currently owns 51%. Talon is focused on (i) expanding and infilling its current high-grade nickel mineralization resource prepared in accordance with NI 43-101 to shape a mine plan for submission to Minnesota regulators, (ii) following up on additional high-grade nickel mineralization in the Tamarack Intrusive Complex, and (iii) exploring the prospects for significant carbon storage in the ultra-mafic rocks that comprise the Tamarack Intrusive Complex through carbon mineralization. Talon has an agreement with Tesla Inc. to supply it with 75,000 metric tonnes (165 million lbs) of nickel in concentrate (and certain by-products, including cobalt and iron) from the Tamarack Nickel Project over an estimated six-year period once commercial production is achieved. Talon has well-qualified experienced exploration, mine development, external affairs and mine permitting teams.

For additional information on Talon, please visit the Company's website at www.talonmetals.com/

Media Contact:

Todd Malan
1(202)714-8187
This email address is being protected from spambots. You need JavaScript enabled to view it.

Investor Contact:

Sean Werger
1(416)500-9891
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FORWARD-LOOKING STATEMENTS

This news 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 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. Such forward-looking statements include statements relating to the timing and results of the exploration program, including assay results, grades, geophysical results, drilling plans and the timing of completion of drilling for a pre-feasibility study; timing of production and plans for a potential mine, including the attributes thereof; the timing of completing a pre-feasibility study (if at all) and results thereof; and making new discoveries at the Tamarack Nickel Project. Forward-looking statements are 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 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.

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.

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