Duluth Metals Announces Higher Grade Intercepts With New Twin Metals Drilling Results
TORONTO, February 10, 2011 /PRNewswire/ -- Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX:DM.U) today announced assay results for 15 holes drilled by Twin Metals Minnesota LLC (Twin Metals), on the Nokomis joint venture project in Minnesota, U.S.A. Results of the current drill holes which were drilled within and adjacent to the Central and Eastern High Grade Zones (see press release dated December 11, 2009) confirm and extend the high grade mineralization in these areas. The majority of the holes returned copper equivalent (CuEq) values significantly greater than the Indicated Resource global grade of 1.51% CuEq. In addition, 13 of the 15 holes returned assay intervals of greater than 1 gram per tonne Total Precious Metals, compared to the global average of 0.66 g/t for the Nokomis Deposit (as per Scott Wilson RPA NI 43-101 compliant Resource Report dated December 10, 2009).
Highlights include MEX-194 which returned 120 feet of 0.934% copper, 0.222% nickel, 3.2 g/t silver and 1.925 grams per tonne (g/t) Total Precious Metals (TPM (equal sign) Platinum+Palladium+Gold) (Cu Equivalent(x) of 2.35%), including a 30 foot section of 1.181% copper, 0.262% nickel, 3.7 g/t silver and 2.439 g/t TPM (Cu Equivalent(x) of 2.96%), as well as a 30 foot section of 1.160% copper, 0.263% nickel, 4.4 g/t silver and 2.398 g/t TPM (Cu Equivalent(x) of 2.88%). MEX-182 intersected 145 feet of 0.827% copper, 0.225% nickel, 3.3 g/t silver and 1.319 g/t TPM (Cu Equivalent(x) of 1.99%) including a 15 foot section of 0.994% copper, 0.271% nickel, 3.3 g/t silver and 1.640 g/t TPM (Cu Equivalent(x) of 2.45%), as well as a 15 foot section of 1.576 % copper, 0.583% nickel, 9.9 g/t silver and 2.921 g/t TPM (Cu Equivalent(x) of 4.21%).
Vern Baker, President of Duluth Metals, stated: "Drilling to better delineate the higher-grade portions of the Nokomis deposit has been very encouraging. The results from drilling have increased our confidence in the quality of grade and continuity within this zone. These results will allow Twin Metals to confidently evaluate a mine plan incorporating this area into early production schedules allowing for improved project economics."
A map illustrating the location of the 15 drill holes reported in this press release can be found on the Company website under this press release at http://www.duluthmetals.com.
A more detailed summary of the assay results for MEX-182, 183, 183-W1, 184, 185, 186, 187, 188, 189, 190, 191, 192, 193, 194 and 195 can be found in the table below. True width is estimated at about 90% of core length.
Cu
FROM TO LENGTH COPPER NICKEL TPM(x) EQ
HOLE ZONE (feet) (feet) (feet) (%) (%) (g/t)(xx) (%)
---- ---- ----- ----- ----- ------ ------ ----- -----
MEX- at 0.3% Cu
182 cut-off 4062 4212 150 0.813 0.223 1.299 1.96
at 0.5% Cu
cut-off 4067 4212 145 0.827 0.225 1.319 1.99
including 4142 4157 15 0.994 0.271 1.640 2.45
and 4182 4197 15 1.576 0.583 2.921 4.21
Total
MEX- Mineralized
183 Interval 3869 4044 175 0.446 0.104 0.666 1.02
at 0.3% Cu
cut-off 3879 3904 25 0.427 0.061 0.442 0.78
at 0.3% Cu
cut-off 3934 4024 90 0.555 0.140 0.910 1.33
at 0.5% Cu
cut-off 3934 3989 55 0.686 0.178 1.234 1.71
MEX- Total
183- Mineralized
W1 Interval 3888 4063 175 0.556 0.132 0.689 1.22
at 0.3% Cu
cut-off 3888 3908 20 0.551 0.085 0.587 1.05
at 0.3% Cu
cut-off 3923 4023 100 0.731 0.180 0.943 1.64
at 0.5% Cu
cut-off 3923 4008 85 0.785 0.194 1.015 1.76
including 3938 3948 10 1.171 0.332 1.804 2.88
and 3963 3973 10 1.258 0.316 1.650 2.86
MEX- at 0.3% Cu
184 cut-off 268 278 10 0.502 0.050 0.102 0.69
at 0.3% Cu
cut-off 4498 4518 20 0.638 0.072 0.420 1.02
at 0.5% Cu
cut-off 4503 4518 15 0.730 0.081 0.436 1.14
at 0.5% Cu
cut-off 4543 4548 5 1.065 0.129 0.707 1.73
MEX- at 0.3% Cu
185 cut-off 4038 4058 20 0.653 0.224 1.101 1.75
at 0.5% Cu
cut-off 4043 4058 15 0.716 0.245 1.182 1.91
at 0.3% Cu
cut-off 4093 4218 125 0.726 0.176 0.993 1.64
at 0.5% Cu
cut-off 4093 4173 80 0.832 0.208 1.203 1.92
including 4098 4123 25 1.183 0.293 1.844 2.75
at 0.5% Cu
cut-off 4188 4208 20 0.718 0.180 0.847 1.59
MEX- at 0.5% Cu
186 cut-off 4133 4233 100 0.764 0.226 1.032 1.87
Total
MEX- Mineralized
187 Interval 4489 4524 35 0.322 0.037 0.558 0.68
at 0.5% Cu
cut-off 4414 4419 5 0.567 0.057 0.432 0.90
at 0.3% Cu
cut-off 4489 4499 10 0.481 0.057 1.629 1.37
at 0.3% Cu
cut-off 4514 4524 10 0.465 0.044 0.195 0.68
MEX- at 0.3% Cu
188 cut-off 4038 4133 95 0.640 0.145 1.101 1.50
at 0.5% Cu
cut-off 4058 4123 65 0.728 0.161 1.277 1.70
MEX- at 0.3% Cu
189 cut-off 3578 3598 20 0.384 0.099 0.514 0.89
at 0.3% Cu
cut-off 3618 3713 95 0.664 0.166 0.946 1.55
at 0.5% Cu
cut-off 3623 3708 85 0.701 0.175 0.989 1.62
including 3633 3648 15 1.047 0.277 1.542 2.48
MEX- at 0.5% Cu
190 cut-off 4479 4489 10 0.681 0.161 2.561 2.20
MEX- at 0.3% Cu
191 cut-off 3972 4102 130 0.740 0.198 1.199 1.80
at 0.5% Cu
cut-off 3977 4087 110 0.812 0.216 1.327 1.98
including 3977 4012 35 0.943 0.259 1.588 2.33
MEX- at 0.3% Cu
192 cut-off 3903 4008 105 0.497 0.115 0.639 1.10
at 0.5% Cu
cut-off 3903 3933 30 0.810 0.180 1.032 1.76
MEX- at 0.5% Cu
193 cut-off 4153.5 4179 25.5 0.523 0.185 2.562 2.07
MEX- at 0.3% Cu
194 cut-off 3823 3953 130 0.893 0.211 1.812 2.23
at 0.5% Cu
cut-off 3828 3948 120 0.934 0.222 1.925 2.35
including 3858 3888 30 1.181 0.262 2.439 2.96
and 3918 3948 30 1.160 0.263 2.398 2.88
at 0.3% Cu
cut-off 3993 4038 45 0.899 0.156 1.452 1.89
at 0.5% Cu
cut-off 3998 4028 30 1.131 0.179 1.816 2.31
including 4008 4018 10 1.700 0.168 2.810 3.10
MEX- at 0.3% Cu
195 cut-off 3610.5 3648 37.5 0.548 0.171 0.760 1.38
at 0.5% Cu
cut-off 3613 3643 30 0.602 0.183 0.824 1.49
at 0.3% Cu
cut-off 3678 3693 15 0.399 0.119 0.468 0.95
at 0.3% Cu
cut-off 3713 3728 15 0.350 0.096 0.361 0.78
(x)TPM (equal sign) Total Precious Metals (Platinum+Palladium+Gold)
(xx) g/t (equal sign) grams per tonne
Complete gold, platinum, palladium and silver assays for MEX-182, 183,
183-W1, 184, 185, 186, 187, 188, 189, 190, 191, 192, 193, 194 and 195
are as follows:
GOLD PLATINUM PALLADIUM SILVER
FROM TO LENGTH (g/t) (g/t) (g/t) (g/t)
HOLE ZONE (feet) (feet) (feet) (xx) (xx) (xx) (xx)
---- ---- ----- ----- ----- ----- ------ --------- -------
MEX- at 0.3%
182 Cu cut-off 4062 4212 150 0.138 0.283 0.878 3.3
at 0.5%
Cu cut-off 4067 4212 145 0.139 0.287 0.893 3.3
including 4142 4157 15 0.216 0.432 0.991 3.3
and 4182 4197 15 0.180 0.285 2.455 9.9
MEX-
183 Total
Mineralized
Interval 3869 4044 175 0.141 0.165 0.361 1.9
at 0.3%
Cu cut-off 3879 3904 25 0.081 0.098 0.263 2.7
at 0.3%
Cu cut-off 3934 4024 90 0.217 0.225 0.467 2.2
at 0.5%
Cu cut-off 3934 3989 55 0.318 0.304 0.612 2.5
MEX-
183-
W1 Total
Mineralized
Interval 3888 4063 175 0.096 0.176 0.418 2.0
at 0.3%
Cu cut-off 3888 3908 20 0.099 0.168 0.320 2.2
at 0.3%
Cu cut-off 3923 4023 100 0.129 0.236 0.578 2.8
at 0.5%
Cu cut-off 3923 4008 85 0.141 0.250 0.624 3.0
including 3938 3948 10 0.290 0.467 1.048 2.9
and 3963 3973 10 0.224 0.439 0.988 4.8
MEX- at 0.3%
184 Cu cut-off 268 278 10 0.029 0.015 0.058 1.4
at 0.3%
Cu cut-off 4498 4518 20 0.078 0.097 0.245 1.7
at 0.5%
Cu cut-off 4503 4518 15 0.075 0.102 0.259 1.6
at 0.5%
Cu cut-off 4543 4548 5 0.135 0.167 0.405 2.3
MEX- at 0.3%
185 Cu cut-off 4038 4058 20 0.153 0.265 0.683 1.8
at 0.5%
Cu cut-off 4043 4058 15 0.131 0.289 0.762 2.0
at 0.3%
Cu cut-off 4093 4218 125 0.149 0.238 0.606 2.8
at 0.5%
Cu cut-off 4093 4173 80 0.182 0.281 0.739 3.3
including 4098 4123 25 0.299 0.417 1.128 3.5
at 0.5%
Cu cut-off 4188 4208 20 0.114 0.216 0.517 2.8
MEX- at 0.5%
186 Cu cut-off 4133 4233 100 0.105 0.306 0.621 2.3
MEX-
187 Total
Mineralized
Interval 4489 4524 35 0.096 0.194 0.268 2.5
at 0.5%
Cu cut-off 4414 4419 5 0.072 0.097 0.263 1.4
at 0.3%
Cu cut-off 4489 4499 10 0.264 0.585 0.781 6.3
at 0.3%
Cu cut-off 4514 4524 10 0.060 0.048 0.087 2.3
MEX- at 0.3%
188 Cu cut-off 4038 4133 95 0.141 0.273 0.688 3.3
at 0.5%
Cu cut-off 4058 4123 65 0.165 0.311 0.802 3.5
MEX- at 0.3%
189 Cu cut-off 3578 3598 20 0.064 0.137 0.313 1.2
at 0.3%
Cu cut-off 3618 3713 95 0.112 0.266 0.568 2.2
at 0.5%
Cu cut-off 3623 3708 85 0.117 0.275 0.596 2.4
including 3633 3648 15 0.165 0.409 0.968 3.1
MEX- at 0.5%
190 Cu cut-off 4479 4489 10 0.335 0.752 1.474 2.8
MEX- at 0.3%
191 Cu cut-off 3972 4102 130 0.149 0.312 0.739 3.1
at 0.5%
Cu cut-off 3977 4087 110 0.163 0.347 0.818 3.4
including 3977 4012 35 0.187 0.384 1.017 3.5
MEX- at 0.3%
192 Cu cut-off 3903 4008 105 0.091 0.172 0.376 2.6
at 0.5%
Cu cut-off 3903 3933 30 0.132 0.284 0.617 3.1
MEX- at 0.5%
193 Cu cut-off 4153.5 4179 25.5 0.242 0.668 1.653 1.3
MEX- at 0.3%
194 Cu cut-off 3823 3953 130 0.400 0.450 0.962 3.0
at 0.5%
Cu cut-off 3828 3948 120 0.427 0.478 1.020 3.2
including 3858 3888 30 0.504 0.692 1.243 3.7
and 3918 3948 30 0.290 0.622 1.487 4.4
at 0.3%
Cu cut-off 3993 4038 45 0.213 0.288 0.951 6.7
at 0.5%
Cu cut-off 3998 4028 30 0.266 0.340 1.210 9.3
including 4008 4018 10 0.490 0.355 1.965 22.4
MEX- at 0.3%
195 Cu cut-off 3610.5 3648 37.5 0.100 0.224 0.436 2.1
at 0.5%
Cu cut-off 3613 3643 30 0.111 0.245 0.469 2.3
at 0.3%
Cu cut-off 3678 3693 15 0.055 0.138 0.275 1.9
at 0.3%
Cu cut-off 3713 3728 15 0.051 0.085 0.225 1.4
(x)TPM (equal sign) Total Precious Metals (Platinum+Palladium+Gold)
(xx) g/t (equal sign) grams per tonne
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.
(x) 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 Silver - $8.50/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.
David Oliver, P. Geo. and Twin Metals Site Manager is the Qualified Person, in accordance with NI 43-101 of the Canadian Securities Administrators, and is responsible for the technical content of this press release and quality assurance of the exploration data and analytical results.
About Duluth Metals
Duluth Metals 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 Nokomis 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 31,000 acres of mineral interests on exploration properties adjacent to and nearby the Nokomis joint venture.
About Twin Metals Minnesota LLC
Twin Metals Minnesota LLC is a new joint venture company, which is 60% owned by Duluth Metals and 40% by Antofagasta plc. The joint venture's principal asset is called the Nokomis Project, located within the Duluth Complex mining camp in north-eastern Minnesota. The current NI 43-101 compliant Resource Estimate dated December 2009 for the Nokomis Deposit consists of 550 million tonnes of Indicated Resources grading 0.639% copper, 0.200% nickel, 0.660 grams per tonne TPM (TPM (equal sign) Pt + Pd + Au) for a copper equivalent (CuEq) grade of 1.51%, plus an additional 274 million tonnes of Inferred Resources grading 0.632% copper, 0.207% nickel, 0.685 grams per tonne TPM for a CuEq grade of 1.53%.
"This document may contain 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 operations of Duluth Metals, the environment in which it operates, timing and amount of capital expenditures, results of exploration and mine development, the availability of funding to Duluth Metals and timing of geological reports. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Duluth Metals. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in the annual information form under the heading "Risk Factors" and in the other public filings of Duluth Metals. 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.
For further information: Mara Strazdins, Director of Corporate Communications, +1(416)369-1500 ext 222, mstrazdins(at)duluthmetals.com; Vern Baker, President, +1(651)-389-9990, vbaker(at)duluthmetals.com
(DM. DM.U.)
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