Talon Resources (LSE:TAR) has completed the acquisition of a 90% interest in the Eagle Lake gold project and started a maiden drilling programme following its admission to AIM and a fundraising of approximately £2.0 million.
The company cancelled its listing on the Main Market and commenced trading on AIM as it shifted its focus towards gold exploration in North America.
Phase 1 exploration at Eagle Lake, located in Ontario’s Wabigoon Subprovince, confirmed gold mineralisation across several targets and identified the new Moss Knoll prospect.
Following the initial exploration work, Talon expanded its maiden drilling programme to approximately 1,375 metres. Results from the programme will be used to inform the company’s planned Phase 2 exploration activities.
Talon is also using data-driven targeting through its partnership with MINML as part of its exploration programme and is evaluating additional opportunities in the Wabigoon Subprovince and elsewhere in North America.
Talon Reports £729,808 First-Half Pre-Tax Loss
Talon reported a pre-tax loss of £729,808 for the half-year, with administrative costs increasing in connection with the Eagle Lake transaction and the expansion of its exploration activities.
The company raised approximately £2.0 million through a placing and subscription, with the proceeds allocated to exploration at Eagle Lake and general working capital.
Talon said its available resources include cash and receivables relating to share subscriptions as it progresses the drilling programme.
More About Talon Resources
Talon Resources plc is a North American gold exploration company focused on the Eagle Lake project in Ontario’s Wabigoon Subprovince.
The company trades on AIM under the ticker TAR and is seeking to develop a broader portfolio of exploration assets in North America. It also works with MINML to apply machine-learning tools to geological targeting.
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