Duluth Metals Announces Results from Twin Metals Fence Drilling Program
TORONTO, December 6, 2013 /PRNewswire/ --
- Close spaced diamond drilling program shows good continuity of mineralization and excellent correlation between the new drilling and the existing resource model.
- The program provides the Joint Venture team the necessary information to define the drill spacing required to upgrade Indicated to Measured Resource within the resource base.
- AMEC is currently working on a revised Technical Report updating the current September 15, 2012 resource estimate.
- The holes show excellent consistency within the Maturi Deposit.
Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX: DM.U) is pleased to announce that Twin Metals Minnesota LLC ("Twin Metals") has completed 35 closely spaced diamond drill holes within the Maturi Deposit. This drilling was designed to provide the Joint Venture team the necessary information to define the drill spacing required to upgrade Indicated to Measured Resource within the resource base. The program completed two crossing perpendicular fence lines, each 1000 feet in length with holes spaced 50 feet apart within the basal mineralized zones (Figs. 1-3). The program utilized four (4) existing holes in addition to the 35 new holes. Preliminary examination of drilling and assay results shows an excellent correlation between the new drilling and the existing resource model.
"It is seldom, if ever, that you can expect to match new drilling to an existing geological model with this kind of precision," said Vern Baker, President of Duluth Metals Limited. "The way this drilling matches to the existing model shows once again how this resource has a consistency and continuity beyond most metallic resources."
Figure 1 is a map showing the fence drill holes locations. Figure 2 shows a cross section along the SW to NE drill hole fence, and Figure 3 shows a cross section along the NW to SE drill hole fence.
A more detailed summary of the assay results for MEX-0442 to MEX-0467 and MEX-0469 to MEX-0477 can be found in the table below. True width is estimated at 80-100% of core length.
Section HOLE Zone From To Length Cu Ni TPM
(ft) (ft) (ft) (%) (%) (g/t)
@0.3%
Cu
SW-NE MEX-0473 cut-off 689 941 252.0 0.53 0.16 0.371
@0.3%
Cu
SW-NE MEX-0443 cut-off 655 834 179.0 0.66 0.20 0.504
@0.3%
Cu
SW-NE MEX-0446 cut-off 639.3 824 184.7 0.75 0.25 0.574
@0.3%
Cu
SW-NE MEX-0449 cut-off 636 884 248.0 0.66 0.19 0.465
@0.3%
Cu
SW-NE MEX-0452 cut-off 638.75 847 208.3 0.80 0.23 0.701
@0.3%
Cu
SW-NE MEX-0454 cut-off 640 845 205.0 0.77 0.22 0.535
@0.3%
Cu
SW-NE MEX-0457 cut-off 659 904 245.0 0.66 0.19 0.427
@0.3%
Cu
SW-NE MEX-0459 cut-off 681 906 225.0 0.67 0.20 0.498
@0.3%
Cu
SW-NE MEX-0464 cut-off 699.5 962 262.5 0.74 0.22 0.519
@0.3%
Cu
SW-NE MEX-0469 cut-off 707.3 986 278.7 0.72 0.21 0.482
@0.3%
Cu
SW-NE MEX-0448 cut-off 660 924 264.0 0.66 0.19 0.419
@0.3%
Cu
SW-NE MEX-0467 cut-off 674 991 317.0 0.63 0.19 0.425
@0.3%
Cu
SW-NE MEX-0472 cut-off 689 997 308.0 0.64 0.21 0.469
@0.3%
Cu
SW-NE MEX-0476 cut-off 690.7 1038.3 347.6 0.62 0.19 0.393
@0.3%
Cu
SW-NE MEX-0466 cut-off 621.25 1009 387.8 0.61 0.19 0.419
@0.3%
Cu
SW-NE MEX-0471 cut-off 633.75 1005.5 371.8 0.58 0.18 0.454
@0.3%
Cu
SW-NE MEX-0474 cut-off 634 1007.25 373.3 0.52 0.16 0.359
@0.3%
Cu
NW-SE MEX-0463 cut-off 550.75 763 212.3 0.69 0.20 0.404
@0.3%
Cu
NW-SE MEX-0462 cut-off 544 781 237.0 0.76 0.22 0.492
@0.3%
Cu
NW-SE MEX-0460 cut-off 545.6 786 240.4 0.81 0.24 0.476
@0.3%
Cu
NW-SE MEX-0458 cut-off 557 807 250.0 0.70 0.21 0.444
@0.3%
Cu
NW-SE MEX-0456 cut-off 601.25 808 206.8 0.74 0.23 0.461
@0.3%
Cu
NW-SE MEX-0453 cut-off 614.4 903 288.6 0.69 0.20 0.459
@0.3%
Cu
NW-SE MEX-0451 cut-off 644 886.5 242.5 0.73 0.22 0.457
@0.3%
Cu
NW-SE MEX-0445 cut-off 690 994 304.0 0.58 0.17 0.382
@0.3%
Cu
NW-SE MEX-0444 cut-off 717.75 1032 314.3 0.67 0.19 0.470
@0.3%
Cu
NW-SE MEX-0477 cut-off 896.75 1152 255.3 0.45 0.13 0.287
@0.3%
Cu
NW-SE MEX-0475 cut-off 881.25 1108 226.8 0.61 0.18 0.415
@0.3%
Cu
NW-SE MEX-0470 cut-off 932 1212.6 280.6 0.74 0.22 0.557
@0.3%
Cu
NW-SE MEX-0465 cut-off 967 1243.5 276.5 0.65 0.20 0.423
@0.3%
Cu
NW-SE MEX-0461 cut-off 1036 1287 251.0 0.72 0.21 0.518
@0.3%
Cu
NW-SE MEX-0455-W1 cut-off 1065 1322 257.0 0.71 0.22 0.514
@0.3%
Cu
NW-SE MEX-0450-W1 cut-off 1093 1358 265.0 0.61 0.18 0.433
@0.3%
Cu
NW-SE MEX-0447 cut-off 1109 1398.5 289.5 0.65 0.19 0.487
@0.3%
Cu
NW-SE MEX-0442 cut-off 1183 1508 325.0 0.65 0.19 0.473
**TPM = Total Precious Metals (Platinum+Palladium+Gold)
Note: g/t = grams per tonne
Complete platinum, palladium, gold and silver and assays for MEX-0442 to MEX-0467 and MEX-0469 to MEX-0477 are as follows:
Section DHID Zone From To Length Pt Pd Au Co Ag
(ft) (ft) (ft) (g/t) (g/t) (g/t) (%) (g/t)
SW-NE MEX-0473 @0.3% Cu cut-off 689 941 252.0 0.102 0.220 0.049 0.01 1.8
SW-NE MEX-0443 @0.3% Cu cut-off 655 834 179.0 0.137 0.288 0.079 0.01 2.2
SW-NE MEX-0446 @0.3% Cu cut-off 639.3 824 184.7 0.133 0.345 0.095 0.01 2.4
SW-NE MEX-0449 @0.3% Cu cut-off 636 884 248.0 0.112 0.272 0.081 0.01 2.4
SW-NE MEX-0452 @0.3% Cu cut-off 638.75 847 208.3 0.300 0.325 0.076 0.01 2.9
SW-NE MEX-0454 @0.3% Cu cut-off 640 845 205.0 0.133 0.320 0.082 0.01 2.4
SW-NE MEX-0457 @0.3% Cu cut-off 659 904 245.0 0.104 0.253 0.070 0.01 2.4
SW-NE MEX-0459 @0.3% Cu cut-off 681 906 225.0 0.137 0.295 0.067 0.01 2.3
SW-NE MEX-0464 @0.3% Cu cut-off 699.5 962 262.5 0.133 0.303 0.083 0.01 2.6
SW-NE MEX-0469 @0.3% Cu cut-off 707.3 986 278.7 0.126 0.279 0.077 0.01 2.7
SW-NE MEX-0448 @0.3% Cu cut-off 660 924 264.0 0.101 0.244 0.075 0.01 1.8
SW-NE MEX-0467 @0.3% Cu cut-off 674 991 317.0 0.094 0.246 0.085 0.01 2.4
SW-NE MEX-0472 @0.3% Cu cut-off 689 997 308.0 0.119 0.276 0.074 0.01 2.7
SW-NE MEX-0476 @0.3% Cu cut-off 690.7 1038.3 347.6 0.094 0.237 0.062 0.01 2.3
SW-NE MEX-0466 @0.3% Cu cut-off 621.25 1009 387.8 0.118 0.244 0.057 0.01 2.1
SW-NE MEX-0471 @0.3% Cu cut-off 633.75 1005.5 371.8 0.111 0.250 0.093 0.01 2.1
SW-NE MEX-0474 @0.3% Cu cut-off 634 1007.25 373.3 0.088 0.214 0.057 0.01 1.6
NW-SE MEX-0463 @0.3% Cu cut-off 550.75 763 212.3 0.105 0.234 0.065 0.01 2.2
NW-SE MEX-0462 @0.3% Cu cut-off 544 781 237.0 0.134 0.275 0.083 0.01 2.4
NW-SE MEX-0460 @0.3% Cu cut-off 545.6 786 240.4 0.113 0.271 0.091 0.01 2.8
NW-SE MEX-0458 @0.3% Cu cut-off 557 807 250.0 0.115 0.260 0.069 0.01 2.4
NW-SE MEX-0456 @0.3% Cu cut-off 601.25 808 206.8 0.107 0.277 0.077 0.01 2.6
NW-SE MEX-0453 @0.3% Cu cut-off 614.4 903 288.6 0.115 0.268 0.076 0.01 2.4
NW-SE MEX-0451 @0.3% Cu cut-off 644 886.5 242.5 0.115 0.279 0.064 0.01 2.5
NW-SE MEX-0445 @0.3% Cu cut-off 690 994 304.0 0.095 0.223 0.064 0.01 1.7
NW-SE MEX-0444 @0.3% Cu cut-off 717.75 1032 314.3 0.132 0.270 0.068 0.01 2.3
NW-SE MEX-0477 @0.3% Cu cut-off 896.75 1152 255.3 0.074 0.170 0.043 0.01 1.3
NW-SE MEX-0475 @0.3% Cu cut-off 881.25 1108 226.8 0.110 0.246 0.058 0.01 1.8
NW-SE MEX-0470 @0.3% Cu cut-off 932 1212.6 280.6 0.147 0.306 0.103 0.01 2.9
NW-SE MEX-0465 @0.3% Cu cut-off 967 1243.5 276.5 0.111 0.245 0.067 0.01 2.3
NW-SE MEX-0461 @0.3% Cu cut-off 1036 1287 251.0 0.127 0.308 0.083 0.01 2.5
NW-SE MEX-0455-W1 @0.3% Cu cut-off 1065 1322 257.0 0.123 0.311 0.080 0.01 2.6
NW-SE MEX-0450-W1 @0.3% Cu cut-off 1093 1358 265.0 0.121 0.246 0.067 0.01 2.1
NW-SE MEX-0447 @0.3% Cu cut-off 1109 1398.5 289.5 0.131 0.284 0.073 0.01 2.2
NW-SE MEX-0442 @0.3% Cu cut-off 1183 1508 325.0 0.117 0.282 0.074 0.01 2.4
Twin Metals' resource estimation consultant, AMEC E&C Services Inc. (AMEC), is working on a revised resource estimate that will incorporate all drilling completed since September 2012. In addition to results from the fence drilling program and revised resource definitions, the estimate will incorporate results of an ongoing drill program designed to upgrade targeted areas of the Maturi resource base from Inferred to Indicated Resource classification. The updated resource estimate and revised Technical Report are expected in the spring of 2014.
The Twin Metals Minnesota Project covers over 32,000 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 of the world's largest copper-nickel-PGM deposits within a new emerging mining belt in Minnesota, USA.
For the 2013 Drill Program, half core samples are being prepared at ALS Minerals laboratories in Thunder Bay and then shipped to its analytical facilities in Vancouver. Samples are being analyzed for Au, Pt, and Pd using a 30g standard fire assay with an ICP-AES finish and for 33 other elements using a four acid (near total) digestion and a combination of ICP-MS and ICP-AES. ICP over-limits for copper and nickel are re-analyzed using four acid (near total) digestion followed by ICP-MS. The remaining half core samples are being stored in Minnesota.
Drill collar information for MEX-0442 to MEX-0467 and MEX-0469 to MEX-0477 is shown in the table below:
Hole Easting Northing Azimuth Inclination
(bearing) (degrees)
MEX-0442 2954436 805006 002 -89
MEX-0443 2953985 805133 272 -65
MEX-0444 2954105 805400 084 -90
MEX-0445 2954104 805401 333 -88
MEX-0446 2953985 805134 279 -67
MEX-0447 2954436 805007 320 -85
MEX-0448 2954104 805402 321 -84
MEX-0449 2953986 805135 287 -70
MEX-0450-W1 2954436 805007 320 -83
MEX-0451 2954103 805402 321 -80
MEX-0452 2953986 805136 298 -72
MEX-0453 2954102 805403 321 -74
MEX-0454 2953986 805138 310 -74
MEX-0455-W1 2954436 805007 320 -81
MEX-0456 2954102 805404 321 -70
MEX-0457 2953988 805139 323 -74
MEX-0458 2954102 805404 321 -65
MEX-0459 2953989 805140 336 -75
MEX-0460 2954101 805405 321 -59
MEX-0461 2954436 805008 320 -78
MEX-0462 2954099 805406 321 -53
MEX-0463 2954098 805408 321 -47
MEX-0464 2953989 805142 357 -71
MEX-0465 2954435 805009 320 -74
MEX-0466 2954259 805618 154 -89
MEX-0467 2954095 805386 002 -82
MEX-0468 2955379 803274 092 -71
MEX-0469 2953994 805141 004 -69
MEX-0470 2954434 805009 320 -71
MEX-0471 2954260 805619 050 -86
MEX-0472 2954098 805388 017 -81
MEX-0473 2953980 805128 267 -63
MEX-0474 2954261 805619 050 -81
MEX-0475 2954434 805009 320 -68
MEX-0476 2954098 805383 031 -74
MEX-0477 2954434 805010 320 -63
*Collar easting and northing coordinates are given as feet in Minnesota North State Plane Coordinates, NAD83 datum.
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 Metals 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 a wholly-owned subsidiary of Antofagasta plc (Antofagasta) on the Twin Metals Minnesota 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 40,000 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. 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 32,000 acres of leased and permitted land, including mineral resources prepared in compliance with the requirements of NI 43-101.
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.
Image with caption: "Figure 1: Fence Drill Hole Locations. (CNW Group/Duluth Metals Limited)". Image available at: http://photos.newswire.ca/images/download/20131206_C8313_PHOTO_EN_34622.jpg
Image with caption: "Figure 2: SW to NE fence drill hole cross section. (CNW Group/Duluth Metals Limited)". Image available at: http://photos.newswire.ca/images/download/20131206_C8313_PHOTO_EN_34623.jpg
Image with caption: "Figure 3: NW to SE fence drill hole cross section (CNW Group/Duluth Metals Limited)". Image available at: http://photos.newswire.ca/images/download/20131206_C8313_PHOTO_EN_34624.jpg
For further information:
Mara Strazdins
Vice President Investor Relations and
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: www.duluthmetals.com
(DM. DM.U.)
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