Lundin Mining takes option on Talon's Boulderdash nickel/copper project
Base metals miner Lundin Mining has entered into an exclusivity agreement with Talon Metals to negotiate an earn-in agreement for up to a 70% interest in the Boulderdash nickel/copper exploration properties in Michigan, adjacent to its Eagle mine.
Lundin has advanced Talon $5-million to commence drilling at Boulderdash. If the parties do not execute the earn-in agreement, Talon will either repay the advance or issue shares to Lundin Mining at the five-day volume-weighted average price of its shares on the TSX at the time of issuance.
Under the proposed terms, Lundin Mining will fund up to 30 000 m of drilling in three tranches of 10 000 m each, earning a 44.625% interest in the project. The company may further secure a 70% stake by funding a feasibility study and has the potential to acquire up to 90% of certain adjacent properties.
Boulderdash, situated about 12 km northwest of the Eagle mine – the only operating nickel mine in the US – has shown promising early drill results. Talon reported a maiden drill hole in October 2024 intersecting 99.92 m grading 0.41% nickel and 0.35% copper, starting at 9.14 m depth. More recent drilling intercepted 2.35 m of nickel/copper massive sulphide mineralisation, assaying 2.33% nickel and 2.95% copper.
Lundin’s initial 10 000 m drill programme will follow up on these results, further assessing the potential of the Boulderdash deposit.
Lundin is a diversified base metals miner with operations in Argentina, Brazil, Chile, and the US, producing copper, gold, and nickel. The company announced the sale of its European assets to Boliden in December, with the transaction expected to close in mid-2025, subject to regulatory approvals.
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