Canada's Talon Metals strikes new copper, nickel in Michigan
Oct 24 (Reuters) -Canadian miner Talon Metals TLO.TO said on Thursday it has made a new copper and nickel mineralization discovery in Michigan.
The company's shares were up nearly 17% in morning trading.
Long-term demand for copper and nickel is expected to increase in the coming years, with both metals playing a key role in the renewable energy transition, including the manufacturing process of electric vehicle batteries.
"U.S. leaders are laser focused on U.S. dependency on critical minerals produced by foreign entities of concern. Discovery of a potential new domestic resource of copper and nickel is very timely," CEO Henri van Rooyen said.
Talon's mineral exploration activities in Michigan and Minnesota are funded by the U.S. Department of Defense, which in 2023 said it would provide $20.6 million for accelerated exploration in the two states.
Talon discovered the sources through the maiden drill hole at its Boulderdash target, located in the Upper Peninsula of Michigan. The company now plans to add more drill holes for further evaluation.
The target is close to the Lundin Mining-owned LUN.TO Eagle Nickel Mine, which is currently the only nickel mine operating in the United States.
Reporting by Vallari Srivastava in Bengaluru; Editing by Shreya Biswas
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