Duluth Metals Highlights 116.5 Feet of 1.32 g/t Total Precious Metals and 2.57% Copper Equivalent Amongst Drill Results for 30 Holes at the Twin Metals Minnesota Project
TORONTO, May 14, 2012 /PRNewswire/ --
- Nokomis and Maturi deposits will be consolidated due to geologic continuity and referred to as the "MaturiDeposit"
- Drilling indicates continuity between these two deposits
- Good assay results amongst 30 holes at the Twin Metals Minnesota Project with strong Total Precious Metals values
- Maturi Deposit shows good grades and widths
- Pre-Feasibility study in progress on Twin Metals Minnesota Project
- The resource estimate prepared in compliance with the requirements of NI 43-101 on the consolidated mineral resource of the Twin Metals Minnesota Project is nearing completion by AMEC. This resource estimate will be used for the pre-feasibility study.
Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX: DM.U) is pleased to announce strong assay results for continued drilling on the Twin Metals Minnesota Project in northeastern Minnesota. These drill holes continue to indicate continuity between the Nokomis and Maturi deposits, good widths and grades in Maturi at relatively shallow depths, and the continuity of Nokomis in and around the 'donut hole'. While these recently completed holes will not be incorporated into the resource estimate to be issued by AMEC this quarter, in the final Pre-Feasibility estimate the holes will be very valuable in upgrading portions of the resource from the Inferred to the Indicated category. In addition, given the demonstrated continuity between the Maturi and Nokomis deposits, Twin Metals Minnesota is consolidating the deposits as a single deposit under the name Maturi Deposit.
Eighteen holes completed within or near the Maturi Deposit demonstrate continuous, relatively thick mineralization. Drilling highlights include:
- Mex-299 returned 281.5 feet of 0.770% copper, 0.213% nickel, 2.7 g/t silver and 0.538 grams TPM (Cu Equivalent* of 1.63%) including a 70.0 foot section of 1.128% copper, 0.321% nickel, 4.3 g/t silver and 0.804 grams TPM (Cu Equivalent* of 2.42%).
- Mex-307 returned 245 feet of 0.788% copper, 0.226% nickel, 2.6 g/t silver and 0.592 grams TPM (Cu Equivalent* of 1.70%) including a 35 foot section of 1.056% copper, 0.322% nickel, 3.7 g/t silver and 0.876 grams TPM (Cu Equivalent* of 2.37%).
- Mex-310 returned 188.5 feet of 0.811% copper, 0.239% nickel, 2.8 g/t silver and 0.650 grams TPM (Cu Equivalent* of 1.79%) including a 65 foot section of 1.061% copper, 0.317% nickel, 3.5 g/t silver and 0.928 grams TPM (Cu Equivalent* of 2.38%).
"These positive drill results continue to show the continuity of mineralization throughout the deposit as well as the potential for significant zones with above average grades," stated Vern Baker, President of Duluth Metals. "The indicated continuity between what has been known as the Nokomis Deposit with the original resource known as the Maturi Deposit makes it clear that this is one large and continuous deposit. It makes perfect sense for us to combine the two and call the combined deposit the Maturi Deposit after the original discovery."
Nine holes drilled in and around the "Donut Hole" area show strong continuity and grade. One hole, MEX-291M, returned 116.5 feet of 1.043% copper, 0.330% nickel, 3.8 g/t silver and 1.324 grams per tonne (g/t) Total Precious Metals (TPM = Platinum+Palladium+Gold) (Cu Equivalent* of 2.57%) including a 70 foot section of 1.240% copper, 0.399% nickel, 4.5g/t silver and 1.558 g/t TPM (Cu Equivalent* of 3.07%). MEX-305 returned 170 feet of 0.845 copper, 0.255% nickel, 2.6 g/t silver and 0.888 g/t TPM (Cu Equivalent* of 1.96%) including a 20 foot section of 1.300% copper, 0.418% nickel, 3.5 g/t silver and 1.576 g/t TPM (Cu Equivalent* of 3.16%). MEX-291M and MEX-305 are in an area historically denoted the Central Higher Grade Zone and are near historic holes with similar grades. One previously reported hole (see press release May 17, 2010 ) MEX-167 returned 125 feet of 1.037% copper, 0.311% nickel, 3.6 g/t s silver and 1.501 g/t TPM (Cu Equivalent* of 2.586%) including a 55 foot section of 1.273% copper, 0.401% nickel, 4.6 g/t silver and 2.140 g/t TPM (Cu Equivalent* of 3.362%). Other historic higher grade holes in the zone include MEX-142-W2 (see press release Dec. 4, 2008) which intersected 24.5 feet of 1.084% copper, 0.296% nickel and 1.715 g/t TPM (Cu Equivalent* of 2.664%) within a 157.5 foot section of 0.740% copper, 0.219% nickel, and 1.114 g/t TPM (Cu Equivalent* of 1.856%); and MEX-109 (see press release July 10, 2008) which intersected 40.0 feet of 0.955% copper, 0.278% nickel, 1.527 g/t TPM and 3.9 g/t silver (Cu Equivalent* of 2.40%) within a 155.0 foot section of 0.828% copper, 0.247% nickel, 1.089 g/t TPM and 3.2 g/t silver (Cu Equivalent* of 2.00%).
Two other significant holes drilled on the east side of the Maturi resource show continuity of higher grades in that portion of the deposit. MEX-290 returned 64 feet of 0.857% copper, 0.262% nickel, 2.8 g/t silver and 0.955 g/t TPM (Cu Equivalent* of 2.02%) including a 20 foot section of 1.080% copper, 0.314% nickel, 4.0 g/t silver and 1.383 g/t TPM (Cu Equivalent* of 2.55%). MEX-294 returned 109 feet of 0.723% copper, 0.219% nickel, 3.2 g/t silver and 0.873 g/t TPM (Cu Equivalent* of 1.74%).
*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 December 10, 2009 Technical Report On The Mineral Resource Estimate For The Nokomis Deposit On The Nokomis Property, Minnesota, U.S.A. by Scott Wilson RPA.
A map illustrating the location of 30 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 outlines the main delineated 2009 historical NI 43-101 resources excluding Birch Lake. (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 December 10, 2009 Technical Report On The Mineral Resource Estimate For The Nokomis Deposit On The Nokomis Property, 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).
An initial NI-43-101 Technical Report on the consolidated mineral resources of the Twin Metals Minnesota Project is nearing completion by AMEC and is anticipated to be finalized in the second quarter of 2012. This resource estimate is going through final iterations as minor additions are incorporated into the geologic model and will be used for preliminary mine planning purposes. This initial resource update will be followed by a final resource estimate expected this fall which will incorporate data from approximately 170 additional drill holes. The final resource estimate will be used for mine planning purposes in the pre-feasibility study.
A more detailed summary of the assay results for MEX-286 to 316 can be found in the table below. True thickness is estimated at about 90% of core length.
From To Length Cu Ni TPM* CuEQ
HOLE Zone (ft) (ft) (ft) (%) (%) (g/t) (%)
MEX-0286 @0.3% Cu cut-off 2163 2198 35 0.418 0.122 0.305 0.91
@0.5% Cu cut-off 2049.5 2098 48.5 0.773 0.228 0.784 1.77
MEX-0287 @0.3% Cu cut-off 2323 2427 104 0.589 0.191 0.588 1.40
@0.3% Cu cut-off 2447 2492 45 0.432 0.136 0.376 0.99
@0.5% Cu cut-off 2382 2427 45 0.746 0.232 0.636 1.70
MEX-0288 @0.3% Cu cut-off 2758 2833 75 0.462 0.161 0.514 1.15
MEX-0289 @0.3% Cu cut-off 3453 3568 115 0.624 0.169 0.748 1.45
@0.5% Cu cut-off 3498 3528 30 0.750 0.194 1.071 1.84
FW 3583 3613 30 0.382 0.062 0.364 0.71
MEX-0290 @0.3% Cu cut-off 2303 2343 40 0.360 0.118 0.337 0.85
@0.5% Cu cut-off 2209 2273 64 0.857 0.262 0.955 2.02
@1.0% Cu cut-off 2238 2258 20 1.080 0.314 1.383 2.55
MEX-0291M @0.5% Cu cut-off 3698 3814.5 116.5 1.043 0.330 1.324 2.57
@1.0% Cu cut-off 3718 3788 70 1.240 0.399 1.558 3.07
MEX-0292 @0.3% Cu cut-off 3788 3959.5 171.5 0.628 0.186 0.623 1.44
@0.5% Cu cut-off 3788 3883 95 0.770 0.227 0.762 1.76
MEX-0294 @0.5% Cu cut-off 2853 2962 109 0.723 0.219 0.873 1.74
FW 2962 3023 61 0.353 0.090 0.385 0.78
MEX-0295 @0.3% Cu cut-off 3502.5 3675 172.5 0.641 0.174 0.759 1.46
@0.5% Cu cut-off 3508 3633 125 0.738 0.206 0.913 1.72
FW 3675 3713 38 0.446 0.079 0.502 0.88
MEX-0296 @0.5% Cu cut-off 2183.5 2292 108.5 0.717 0.232 0.624 1.67
MEX-0297 @0.3% Cu cut-off 3943 4018 75 0.454 0.116 0.604 1.04
MEX-0298 @0.5% Cu cut-off 3166.5 3297.5 131 0.742 0.223 0.869 1.77
FW 3297.5 3323 25.5 0.518 0.147 0.530 1.18
MEX-0299 @0.5% Cu cut-off 1141.5 1423 281.5 0.770 0.213 0.538 1.63
@1.0% Cu cut-off 1163 1233 70 1.128 0.321 0.804 2.42
MEX-0300 @0.3% Cu cut-off 648 668 20 0.439 0.135 0.361 0.99
MEX-0301 @0.3% Cu cut-off 3648 3788 140 0.515 0.148 0.530 1.17
@0.3% Cu cut-off 3858 3878 20 0.697 0.122 0.568 1.29
@0.5% Cu cut-off 3653 3693 40 0.736 0.230 0.937 1.81
MEX-0302 No significant mineralized intercepts.
MEX-0303-W1 @0.5% Cu cut-off 2481 2572 91 0.692 0.270 0.505 1.71
FW 2572 2607 35 0.416 0.178 0.298 1.07
MEX-0304 @0.3% Cu cut-off 962 1246 284 0.712 0.203 0.480 1.51
@0.5% Cu cut-off 962 1133 171 0.858 0.244 0.600 1.83
@0.8% Cu cut-off 973 1063 90 0.932 0.265 0.687 2.00
MEX-0305 @0.3% Cu cut-off 3778 4005.5 227.5 0.741 0.225 0.807 1.74
@0.5% Cu cut-off 3818 3988 170 0.845 0.255 0.888 1.96
@1.0% Cu cut-off 3853 3873 20 1.300 0.418 1.576 3.16
MEX-0306 @0.5% Cu cut-off 733 884 151 0.673 0.194 0.639 1.50
FW 884 958 74 0.362 0.107 0.309 0.81
MEX-0307 @0.5% Cu cut-off 1499 1744 245 0.788 0.226 0.592 1.70
@1.0% Cu cut-off 1524 1559 35 1.056 0.322 0.876 2.37
MEX-0308 @0.3% Cu cut-off 3282 3382 100 0.584 0.168 0.784 1.40
MEX-0309 @0.5% Cu cut-off 3048.5 3203 154.5 0.677 0.185 0.638 1.48
MEX-0310 @0.5% Cu cut-off 623 811.5 188.5 0.811 0.239 0.650 1.79
@1.0% Cu cut-off 633 698 65 1.061 0.317 0.928 2.38
FW 873 898 25 0.384 0.088 0.329 0.78
MEX-0311 @0.3% Cu cut-off 3323 3358 35 0.591 0.162 1.464 1.66
MEX-0312 @0.3% Cu cut-off 2732 2802.5 70.5 0.635 0.224 0.686 1.59
MEX-0313 No significant mineralized intercepts.
MEX-0314 @0.3% Cu cut-off 486 712 226 0.584 0.167 0.438 1.26
@0.5% Cu cut-off 486 572 86 0.770 0.217 0.642 1.68
@1.0% Cu cut-off 527 562 35 0.953 0.265 0.815 2.07
MEX-0315 @0.5% Cu cut-off 793 988 195 0.642 0.207 0.564 1.50
MEX-0316 No significant mineralized intercepts.
Complete gold, platinum, palladium, silver and cobalt assays for MEX-286 to 316 are as follows:
From To Length Pt Pd Au Co Ag
HOLE Zone (ft) (ft) (ft) (g/t) (g/t) (g/t) (%) (g/t)
MEX-0286 @0.3% Cu cut-off 2163 2198 35 0.071 0.184 0.050 0.008 1.8
@0.5% Cu cut-off 2049.5 2098 48.5 0.189 0.453 0.142 0.013 2.9
MEX-0287 @0.3% Cu cut-off 2323 2427 104 0.144 0.331 0.114 0.010 1.9
@0.3% Cu cut-off 2447 2492 45 0.100 0.227 0.048 0.008 1.5
@0.5% Cu cut-off 2382 2427 45 0.156 0.377 0.102 0.011 2.7
MEX-0288 @0.3% Cu cut-off 2758 2833 75 0.128 0.285 0.101 0.006 0.8
MEX-0289 @0.3% Cu cut-off 3453 3568 115 0.243 0.417 0.088 0.009 2.3
@0.5% Cu cut-off 3498 3528 30 0.446 0.512 0.113 0.009 2.9
FW 3583 3613 30 0.093 0.217 0.055 0.003 1.7
MEX-0290 @0.3% Cu cut-off 2303 2343 40 0.081 0.208 0.048 0.008 0.9
@0.5% Cu cut-off 2209 2273 64 0.238 0.551 0.167 0.011 2.8
@1.0% Cu cut-off 2238 2258 20 0.313 0.767 0.304 0.011 4.0
MEX-0291M @0.5% Cu cut-off 3698 3814.5 116.5 0.362 0.810 0.151 0.013 3.8
@1.0% Cu cut-off 3718 3788 70 0.434 0.974 0.149 0.014 4.5
MEX-0292 @0.3% Cu cut-off 3788 3959.5 171.5 0.162 0.376 0.085 0.010 1.9
@0.5% Cu cut-off 3788 3883 95 0.198 0.460 0.104 0.011 2.5
MEX-0294 @0.5% Cu cut-off 2853 2962 109 0.240 0.488 0.145 0.011 3.2
FW 2962 3023 61 0.099 0.226 0.060 0.004 1.3
MEX-0295 @0.3% Cu cut-off 3502.5 3675 172.5 0.190 0.449 0.120 0.009 2.0
@0.5% Cu cut-off 3508 3633 125 0.228 0.538 0.147 0.010 2.4
FW 3675 3713 38 0.134 0.289 0.080 0.003 2.3
MEX-0296 @0.5% Cu cut-off 2183.5 2292 108.5 0.160 0.372 0.091 0.011 2.5
MEX-0297 @0.3% Cu cut-off 3943 4018 75 0.160 0.366 0.077 0.008 1.6
MEX-0298 @0.5% Cu cut-off 3166.5 3297.5 131 0.251 0.491 0.127 0.010 2.9
FW 3297.5 3323 25.5 0.150 0.304 0.076 0.007 1.9
MEX-0299 @0.5% Cu cut-off 1141.5 1423 281.5 0.136 0.315 0.087 0.010 2.7
@1.0% Cu cut-off 1163 1233 70 0.201 0.464 0.139 0.013 4.3
MEX-0300 @0.3% Cu cut-off 648 668 20 0.087 0.198 0.076 0.008 1.1
MEX-0301 @0.3% Cu cut-off 3648 3788 140 0.142 0.319 0.069 0.009 1.7
@0.3% Cu cut-off 3858 3878 20 0.158 0.334 0.076 0.006 1.2
@0.5% Cu cut-off 3653 3693 40 0.264 0.559 0.114 0.012 3.1
MEX-0302 No significant mineralized intercepts.
MEX-0303-W1 @0.5% Cu cut-off 2481 2572 91 0.130 0.310 0.065 0.012 2.2
FW 2572 2607 35 0.077 0.175 0.045 0.006 3.0
MEX-0304 @0.3% Cu cut-off 962 1246 284 0.115 0.287 0.078 0.011 2.3
@0.5% Cu cut-off 962 1133 171 0.145 0.359 0.095 0.012 2.7
@0.8% Cu cut-off 973 1063 90 0.165 0.407 0.115 0.012 2.7
MEX-0305 @0.3% Cu cut-off 3778 4005.5 227.5 0.205 0.491 0.110 0.010 2.2
@0.5% Cu cut-off 3818 3988 170 0.227 0.540 0.121 0.011 2.6
@1.0% Cu cut-off 3853 3873 20 0.369 0.947 0.260 0.016 3.5
MEX-0306 @0.5% Cu cut-off 733 884 151 0.131 0.329 0.179 0.011 2.3
FW 884 958 74 0.079 0.184 0.046 0.006 1.6
MEX-0307 @0.5% Cu cut-off 1499 1744 245 0.147 0.345 0.100 0.010 2.6
@1.0% Cu cut-off 1524 1559 35 0.207 0.505 0.163 0.014 3.7
MEX-0308 @0.3% Cu cut-off 3282 3382 100 0.206 0.464 0.114 0.009 2.1
MEX-0309 @0.5% Cu cut-off 3048.5 3203 154.5 0.153 0.403 0.082 0.009 2.2
MEX-0310 @0.5% Cu cut-off 623 811.5 188.5 0.167 0.392 0.091 0.011 2.8
@1.0% Cu cut-off 633 698 65 0.238 0.571 0.119 0.013 3.5
FW 873 898 25 0.079 0.200 0.050 0.005 4.3
MEX-0311 @0.3% Cu cut-off 3323 3358 35 0.401 0.901 0.162 0.008 2.4
MEX-0312 @0.3% Cu cut-off 2732 2802.5 70.5 0.188 0.411 0.088 0.009 2.1
MEX-0313 No significant mineralized intercepts.
MEX-0314 @0.3% Cu cut-off 486 712 226 0.108 0.266 0.064 0.010 2.3
@0.5% Cu cut-off 486 572 86 0.157 0.393 0.093 0.011 3.0
@1.0% Cu cut-off 527 562 35 0.193 0.500 0.122 0.013 3.4
MEX-0315 @0.5% Cu cut-off 793 988 195 0.158 0.328 0.078 0.013 2.4
MEX-0316 No significant mineralized intercepts.
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 the world's largest copper-nickel-PGM deposits within a new emerging mining belt in Minnesota, USA.
For the 2011-2012 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 dissolution four acid (near total) digestion followed by ICP-AES or AAS. 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 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 Antofagasta plc 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 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 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.
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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