Duluth Metals Announces 120 Feet of 2.22% Copper Equivalent South of the Twin Metals Project Eastern High Grade Zone
TORONTO, November 10, 2011 /PRNewswire/ --
Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX: DM.U) is pleased to announce assay results for another 16 holes drilled on the Twin Metals Project in northeastern Minnesota. The drill results confirm the continuity of the Nokomis Resource with the Maturi Resource and highlight two higher grade holes in the vicinity of the Eastern Higher Grade Zone:
- Mex-247 returned 120.0 feet of 0.921% copper, 0.260% nickel, 3.1 g/t silver and 1.335 grams TPM (Cu Equivalent* of 2.22%), including a 15.0 foot section of 1.360% copper, 0.426% nickel, 4.7 g/t silver and 2.101 grams TPM (Cu Equivalent* of 3.45%), and including a 40.0 foot section of 1.160% copper, 0.319% nickel, 3.9 g/t silver and 1.714 grams TPM (Cu Equivalent* of 2.79%).
- Mex-255 returned 120.0 feet of 0.938% copper, 0.254% nickel, 4.0 g/t silver and 0.950 grams TPM (Cu Equivalent* of 2.08%) including a 50.0 foot section of 1.157% copper, 0.349% nickel, 3.9 g/t silver and 1.255 grams TPM (Cu Equivalent* of 2.72%), including a 20.0 foot section of 1.086% copper, 0.261% nickel, 3.9 g/t silver and 1.119 grams TPM (Cu Equivalent* of 2.31%).
Thirteen drill holes completed in the vicinity of the Nokomis Resource western boundary demonstrate the continuity of the mineralization towards the west. Drilling highlights include:
- Mex-252 returned 157.0 feet of 0.721% copper, 0.219% nickel, 2.4 g/t silver and 0.544 grams TPM (Cu Equivalent* of 1.60%) including a 35.0 foot section of 0.977% copper, 0.268% nickel, 3.2 g/t silver and 0.731grams TPM (Cu Equivalent* of 2.07%).
- Mex-258 returned 209.0 feet of 0.741% copper, 0.230% nickel, 2.9 g/t silver and 0.533 grams TPM (Cu Equivalent* of 1.65%) including a 109.0 foot section of 0.866% copper, 0.265% nickel, 3.3 g/t silver and 0.639grams TPM (Cu Equivalent* of 1.92%).
*Note - Copper Equivalent is based on US metal prices of: Copper - $1.75/lb, Nickel - $7.00/lb, Cobalt - $10.00/lb, Gold - $600/oz, Platinum - $1,100/oz, Palladium - $350/oz, and the methodology with metallurgical recoveries, refining costs and other charges being considered for all metals in accordance with the Net Smelter Return Factors contained in the January 22, 2008, NI 43-101 Scoping Study produced by Scott Wilson RPA.
Currently a pre-feasibility study is underway on the Twin Metals Project with Bechtel as the lead consultant to analyze and prepare a mine plan and project description for eventual environmental review, permitting, and operations. As the Twin Metals Project has expanded considerably with the acquisition of additional compliant resources, AMEC E&C Services Inc. has been contracted to complete a new NI 43-101 resource estimate for Nokomis, Birch and Maturi and a technical report for Spruce Road, incorporating the four compliant resources under the Twin Metals Project.
"The consistency and scale of the Twin Metals project continues to be sustained by all the drilling.", stated Vern Baker, President of Duluth Metals. "The ongoing drill program, which has six drills turning, is crucial for the Pre-Feasibility study. This drilling will be instrumental in allowing a large portion of the resource to be defined as 'Indicated'. Resources from the 'Indicated' category are critical to building a NI43-101 compliant Pre-Feasibility report."
A map illustrating the location of the 16 drill holes reported in this press release can be found on the Company website under this press release at http://www.duluthmetals.com. The map shows the designated NI 43-101 resource outlines for the Nokomis, Maturi and Spruce Road Deposits. (see Franconia's company profile on Sedar at http://www.SEDAR.com for the October 20, 2006 Technical Report on the Preliminary Assessment of the Birch Lake and Maturi Deposits, Minnesota, U.S.A by Scott Wilson Roscoe Postle Associates; and the November 15, 2007 Technical Report on the Resource Estimate for the Spruce Road Deposit, Minnesota, U.S.A by Scott Wilson Roscoe Postle Associates; Cut-off grade 0.5% Cu.; see Duluth's company profile on Sedar at http://www.SEDAR.com for the January 8, 2009 Scott Wilson RPA Preliminary Assessment on the Nokomis Project, Minnesota, U.S.A., Cut-off grade at 1.0% CuEq, **Copper equivalent (CuEq%) = Cu% + 3.03 x Ni% + 0.63 x Co% + 0.30 x Au g/t + 0.76 x Pt g/t + 0.24 x Pd g/t)
A more detailed summary of the assay results for MEX- 242 to 250 inclusive, MEX-252 to 255 inclusive and Mex-257, 258 and 259 can be found in the table below. True width is estimated at about 90% of core length.
From To Length Cu Ni TPM* CuEQ
Hole Zone (ft) (ft) (ft) (%) (%) (g/t) (%)
@0.3% Cu
MEX-242 cut-off 1905 2043 138 0.738 0.227 0.652 1.68
@0.5% Cu
cut-off 1913 2043 130 0.761 0.232 0.662 1.72
@0.3% Cu
MEX-243 cut-off 2876.5 2913 37 0.707 0.259 0.941 1.86
@0.5% Cu
cut-off 2892 2913 21 0.884 0.297 1.151 2.22
@0.5% Cu
cut-off 2938 2963 25 0.668 0.336 0.789 2.01
@0.5% Cu
MEX-244 cut-off 3393.5 3433 40 0.676 0.219 1.282 1.84
total
mineralized
MEX-245 interval 937.5 1337 400 0.514 0.155 0.310 1.11
@0.5% Cu
cut-off 937.5 1012 75 0.716 0.210 0.445 1.53
@0.5% Cu
cut-off 1062 1092 30 0.582 0.152 0.311 1.16
@0.5% Cu
cut-off 1142 1172 30 0.589 0.175 0.344 1.26
@0.5% Cu
cut-off 1212 1242 30 0.627 0.161 0.335 1.24
@0.5% Cu
cut-off 1312 1332 20 0.628 0.257 0.510 1.64
@0.3% Cu
MEX-246 cut-off 2890 2942 52 0.664 0.244 0.737 1.70
@0.5% Cu
cut-off 2890 2932 42 0.734 0.259 0.825 1.85
@0.3% Cu
MEX-247 cut-off 3868 4013 145 0.826 0.235 1.189 1.99
@0.5% Cu
cut-off 3893 4013 120 0.921 0.260 1.335 2.22
including 3893 3908 15 1.360 0.426 2.101 3.45
including 3958 3998 40 1.160 0.319 1.714 2.79
@0.5% Cu
cut-off 4048 4068 20 0.587 0.139 0.789 1.32
@0.5% Cu
MEX-248 cut-off 1526 1717 191 0.716 0.214 0.539 1.57
including 1577 1592 15 1.070 0.291 0.951 2.32
@0.3% Cu
MEX-249 cut-off 1271 1343 72 0.476 0.170 0.418 1.15
@0.5% Cu
cut-off 1273 1293 20 0.762 0.279 0.683 1.88
@0.3% Cu
MEX-250 cut-off 2139.5 2276 137 0.538 0.226 0.443 1.40
@0.5% Cu
cut-off 2139.5 2186 47 0.703 0.296 0.657 1.86
@0.5% Cu
cut-off 2221 2266 45 0.514 0.207 0.388 1.29
@0.3% Cu
MEX-252 cut-off 1721 1973 252 0.601 0.178 0.455 1.32
@0.5% Cu
cut-off 1721 1878 157 0.721 0.219 0.544 1.60
including 1728 1763 35 0.977 0.268 0.731 2.07
@0.3% Cu
cut-off 1883 1918 35 0.459 0.130 0.374 1.00
@0.5% Cu
cut-off 1893 1913 20 0.559 0.151 0.456 1.19
@0.3% Cu
MEX-253 cut-off 1128 1313 185 0.516 0.153 0.394 1.14
@0.5% Cu
cut-off 1128 1208 80 0.689 0.204 0.607 1.55
@0.3% Cu
MEX-254 cut-off 2197 2338 141 0.687 0.252 0.469 1.64
@0.5% Cu
cut-off 2197 2273 76 0.775 0.277 0.564 1.84
@0.5% Cu
MEX-255 cut-off 3708 3828 120 0.938 0.254 0.950 2.08
including 3718 3768 50 1.157 0.349 1.255 2.72
including 3803 3823 20 1.086 0.261 1.119 2.31
@0.3% Cu
cut-off 3928 3943 15 0.339 0.074 0.337 0.70
@0.3% Cu
MEX-257 cut-off 962 1157 195 0.636 0.188 0.408 1.36
@0.5% Cu
cut-off 962 1122 160 0.692 0.205 0.447 1.49
including 1017 1102 85 0.774 0.222 0.463 1.62
@0.3% Cu
cut-off 1182 1197 15 0.386 0.124 0.198 0.85
@0.3% Cu
cut-off 1207 1227 20 0.426 0.108 0.291 0.87
@0.5% Cu
MEX-258 cut-off 1657 1866 209 0.741 0.230 0.533 1.65
including 1663 1772 109 0.866 0.265 0.639 1.92
@0.3% Cu
MEX-259 cut-off 2470 2623 153 0.640 0.222 0.568 1.55
@0.5% Cu
cut-off 2470 2588 118 0.719 0.251 0.637 1.74
**TPM = Total Precious Metals (Platinum+Palladium+Gold)
Note: g/t = grams per tonne
Complete gold, platinum, palladium, silver and cobalt assays for MEX- 242 to 250 inclusive, MEX-252 to 255 inclusive and Mex-257, 258 and 259 are as follows:
From To Length Co Au Pt Pd Ag
Hole Zone (ft) (ft) (ft) (%) (g/t) (g/t) (g/t) (g/t)
@0.3% Cu
MEX-242 cut-off 1905 2043 138 0.012 0.156 0.148 0.348 2.5
@0.5% Cu
cut-off 1913 2043 130 0.012 0.163 0.147 0.352 2.6
@0.3% Cu
MEX-243 cut-off 2876.5 2913 37 0.012 0.115 0.249 0.577 4.3
@0.5% Cu
cut-off 2892 2913 21 0.011 0.109 0.291 0.751 6.3
@0.5% Cu
cut-off 2938 2963 25 0.012 0.083 0.235 0.471 2.1
@0.5% Cu
MEX-244 cut-off 3393.5 3433 40 0.010 0.130 0.348 0.804 2.3
total
mineralized
MEX-245 interval 937.5 1337 75 0.010 0.044 0.077 0.189 1.8
@0.5% Cu
cut-off 937.5 1012 400 0.011 0.061 0.116 0.267 2.4
@0.5% Cu
cut-off 1062 1092 30 0.010 0.055 0.070 0.186 2.0
@0.5% Cu
cut-off 1142 1172 30 0.012 0.051 0.084 0.210 2.1
@0.5% Cu
cut-off 1212 1242 30 0.010 0.043 0.064 0.229 2.6
@0.5% Cu
cut-off 1312 1332 20 0.012 0.065 0.189 0.255 2.0
@0.3% Cu
MEX-246 cut-off 2890 2942 52 0.008 0.072 0.206 0.459 2.5
@0.5% Cu
cut-off 2890 2932 42 0.009 0.079 0.233 0.513 2.7
@0.3% Cu
MEX-247 cut-off 3868 4013 145 0.009 0.153 0.303 0.733 3.0
@0.5% Cu
cut-off 3893 4013 120 0.010 0.173 0.339 0.822 3.1
including 3893 3908 15 0.013 0.261 0.516 1.325 4.7
including 3958 3998 40 0.011 0.252 0.441 1.021 3.9
@0.5% Cu
cut-off 4048 4068 20 0.008 0.100 0.209 0.480 2.1
@0.5% Cu
MEX-248 cut-off 1526 1717 191 0.012 0.083 0.132 0.323 2.3
including 1577 1592 15 0.014 0.176 0.229 0.546 3.0
@0.3% Cu
MEX-249 cut-off 1271 1343 72 0.010 0.059 0.098 0.261 2.1
@0.5% Cu
cut-off 1273 1293 20 0.013 0.105 0.173 0.405 2.8
@0.3% Cu
MEX-250 cut-off 2139.5 2276 137 0.012 0.073 0.114 0.256 2.0
@0.5% Cu
cut-off 2139.5 2186 47 0.015 0.112 0.176 0.369 2.5
@0.5% Cu
cut-off 2221 2266 45 0.011 0.063 0.099 0.226 1.9
@0.3% Cu
MEX-252 cut-off 1721 1973 252 0.010 0.069 0.114 0.273 2.1
@0.5% Cu
cut-off 1721 1878 157 0.012 0.082 0.134 0.329 2.4
including 1728 1763 35 0.012 0.107 0.169 0.455 3.2
@0.3% Cu
cut-off 1883 1918 35 0.008 0.058 0.092 0.223 1.9
@0.5% Cu
cut-off 1893 1913 20 0.008 0.078 0.110 0.269 2.2
@0.3% Cu
MEX-253 cut-off 1128 1313 185 0.008 0.062 0.108 0.225 1.8
@0.5% Cu
cut-off 1128 1208 80 0.009 0.095 0.173 0.339 2.5
@0.3% Cu
MEX-254 cut-off 2197 2338 141 0.012 0.058 0.126 0.285 2.5
@0.5% Cu
cut-off 2197 2273 76 0.013 0.061 0.148 0.354 2.8
@0.5% Cu
MEX-255 cut-off 3708 3828 120 0.010 0.130 0.252 0.569 4.0
including 3718 3768 50 0.012 0.144 0.358 0.753 3.9
including 3803 3823 20 0.011 0.174 0.272 0.673 3.9
@0.3% Cu
cut-off 3928 3943 15 0.006 0.046 0.089 0.202 1.1
@0.3% Cu
MEX-257 cut-off 962 1157 195 0.010 0.071 0.097 0.241 2.0
@0.5% Cu
cut-off 962 1122 160 0.011 0.075 0.106 0.265 2.2
including 1017 1102 85 0.011 0.086 0.105 0.272 2.3
@0.3% Cu
cut-off 1182 1197 15 0.008 0.026 0.066 0.106 0.8
@0.3% Cu
cut-off 1207 1227 20 0.004 0.044 0.073 0.174 1.3
@0.5% Cu
MEX-258 cut-off 1657 1866 209 0.011 0.080 0.146 0.308 2.9
including 1663 1772 109 0.012 0.097 0.171 0.371 3.3
@0.3% Cu
MEX-259 cut-off 2470 2623 153 0.009 0.064 0.164 0.341 2.1
@0.5% Cu
cut-off 2470 2588 118 0.010 0.071 0.181 0.384 2.4
The Twin Metals Project covers over 25,000 acres of land/mineral interests and consolidates the largest base and precious metal land position in Minnesota. This extensive land position provides Twin Metals with the platform to plan and develop one the world's largest copper- nickel-PGM deposits within a new emerging mining belt in Minnesota, USA.
For the 2010-2011 Drill Program, half core samples are being prepared at ALS Chemex Ltd. laboratories in Thunder Bay and then shipped to its analytical facilities in Vancouver. Samples are being analyzed for Au, Pt, and Pd using a standard fire assay with an ICP finish and for 27 other elements using a four acid (near total) digestion and a combination of ICPMS and ICPAES. ICP over limits were re-analyzed using sodium peroxide fusion, acid dissolution followed by ICPAES. The remaining half core samples are being stored in Minnesota.
Phillip Larson, P. Geo. is the Qualified Person for Duluth Metals and Senior Geologist for Duluth Metals, in accordance with NI 43-101 of the Canadian Securities Administrators, and is responsible for Duluth Metal's technical content of this press release and quality assurance of the exploration data and analytical results.
About Duluth Metals Limited
Duluth Metals Limited is committed to acquiring, exploring and developing copper, nickel and platinum group metal (PGM) deposits. Duluth Metals has a joint venture with Antofagasta plc on the Twin Metals Project, located within the rapidly emerging Duluth Complex mining camp in north-eastern Minnesota. The Duluth Complex hosts one of the world's largest undeveloped repositories of copper, nickel and PGMs, including the world's third largest accumulation of nickel sulphides, and one of the world's largest accumulations of polymetallic copper and platinum group metals. Aside from the joint venture, Duluth Metals retains a 100% position on approximately 37,000 acres of mineral interests on exploration properties adjacent to and nearby the Twin Metals Minnesota LLC joint venture.
About Twin Metals Minnesota LLC
Twin Metals Minnesota, LLC, is a joint venture company, 60 percent owned by Duluth Metals Limited and 40 percent by Antofagasta plc. Twin Metals was formed in 2010 to pursue the development and operation of a copper, nickel and platinum group metals (strategic metals) underground mining project within the Duluth Complex in northeastern Minnesota. Twin Metals' holds mineral and land assets of approximately 25,000 acres of leased and permitted land, including three NI 43-101 compliant mineral resources -Nokomis, Maturi and Birch Lake deposits- and a fourth one in advance to technical report phase -Spruce Road-
This press release contains forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other things, the results of drilling operations of Duluth Metals and exploration and mine development. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Duluth Metals has relied on a number of assumptions and estimates in making such forward-looking statements, including, without limitation, the prices of copper, nickel and platinum group metals (PGMs) and the costs associated with continuing exploration and mining development. Such assumptions and estimates are made in light of the trends and conditions that are considered to be relevant and reasonable based on information available and the circumstances existing at this time. A number of risk factors may cause actual results, level of activity, performance or outcomes of such exploration and/or mine development to be materially different from those expressed or implied by such forward-looking statements including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the possibility of changes to project parameters as plans continue to be refined, the ability to execute planned exploration and future drilling programs, possible variations of copper, nickel and PGM grade or recovery rates, the need for additional funding to continue exploration efforts, changes in general economic, market and business conditions, and those other risks set forth in Duluth Metals' most recent annual information form under the heading "Risk Factors" and in its other public filings. Statements related to "reserves" and "resources" are deemed forward-looking statements as they involve the implied assessment, based on realistically assumed and justifiable technical and economic conditions, that an inventory of mineralization will become economically extractable. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Duluth Metals. Although Duluth Metals has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof. Duluth Metals disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws. The forward-looking statements contained herein are expressly qualified by this disclaimer.
For further information:
Mara Strazdins
Director of Corporate Communications
Telephone: +1-416-369-1500 ext. 222
Email: mstrazdins@duluthmetals.com
Vern Baker
President
Telephone: +1-651-389-9990
Email: vbaker@duluthmetals.com
Webpage: http://www.duluthmetals.com
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