Duluth Metals Highlights 136 Feet of 0.945% Copper, 0.256% Nickel and 0.638 Grams Total Precious Metals at West Maturi in the Twin Metals Minnesota Project
TORONTO, November 9, 2012 /PRNewswire/ --
- Drill results of an additional 30 holes (MEX-379 to MEX 408) in the Maturi Deposit of Twin Metals Minnesota
- Approximately 159 additional drill holes and 70 wedge offsets for the Maturi Deposit, including the 30 holes featured in this press release, will be factored into the final pre-feasibility AMEC resource numbers due later this month (November 2012)
- The final pre-feasibility AMEC resource estimate report will confirm the extent and distribution of the higher grade portions of the deposit the presence of which is indicated by the current drill results
Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX: DM.U) is pleased to announce assay results for 30 additional holes, MEX-379 to 408, on the Maturi Deposit within the Twin Metals Minnesota Project in northeastern Minnesota. The majority of the holes have significant length intercepts that meet a 0.5% Cu cut-off criteria. These holes, distributed across the Maturi Resource, continue to indicate the ability to define a higher grade sub-set of the resource for early utilization. These additional holes will be incorporated into the final resource estimate to be issued by AMEC later this month (November 2012).
"These additional 30 holes will be factored into the final pre-feasibility AMEC resource study which we are expecting by the end of this month", stated Vern Baker, President of Duluth Metals. "The final pre-feasibility AMEC resource estimate will allow mine planning to focus on early utilization of the most economic mineralization. This resource estimate is expected to upgrade a significant portion of the resource from the Inferred to the Indicated category."
Drilling highlights in the western section of the Maturi Deposit include:
In Area 1 (shallow west Maturi):
- Mex-400 returned a 136 foot intersection of 0.945% copper, 0.256% nickel, 3.2 g/t silver and 0.638 grams TPM (TPM = Platinum+Palladium+Gold) at a 0.5% Cu cut-off.
- Mex-390 returned a 189 foot intersection of 0.829% copper, 0.253% nickel, 2.4 g/t silver and 0.519 grams TPM at a 0.5% Cu cut-off.
In Area 2 (deeper west Maturi):
- Mex-399 returned a 172.5 foot intersection of 0.793% copper, 0.280% nickel, 2.6 g/t silver and 0.578 grams TPM at a 0.5% Cu cut-off.
- Mex-388 returned a 115.5 foot intersection of 0.653% copper, 0.259% nickel, 3.0 g/t silver and 0.719 grams TPM at a 0.5% Cu cut-off.
In Area 3 (central Maturi):
- Mex-381 returned a 125 foot intersection of 0.866% copper, 0.266% nickel, 2.8 g/t silver and 0.661 grams TPM (TPM = Platinum+Palladium+Gold) at a 0.5% Cu cut-off.
- Mex-391 returned a 148.5 foot intersection of 0.853% copper, 0.269% nickel, 3.3 g/t silver and 0.882 grams TPM at a 0.5% Cu cut-off.
A more detailed summary of the assay results for MEX-379 to 408 as grouped by areas can be found in the table below. True thickness is estimated at about 90% of core length:
Area 1 (shallow west Maturi)
HOLE Zone From To Length Cu Ni TPM
(ft) (ft) (ft) (%) (%) (g/t)
MEX-0379 @0.3% Cu cut-off 1733 1828 95 0.420 0.173 0.386
Footwall 2088 2148 60 0.817 0.178 0.491
MEX-0383 @0.3% Cu cut-off 1135.5 1319 183.5 0.698 0.220 0.546
@0.5% Cu cut-off 1135.5 1274 138.5 0.797 0.250 0.622
Footwall 1424 1484 60 0.421 0.160 0.355
MEX-0384 @0.5% Cu cut-off 713 848 135 0.699 0.212 0.515
@0.5% Cu cut-off 868 923 55 0.550 0.179 0.288
9
@0.3% Cu cut-off 963 92 29 0.435 0.147 0.234
MEX-0385 @0.3% Cu cut-off 1308 1473 165 0.683 0.213 0.478
@0.5% Cu cut-off 1308 1433 125 0.753 0.234 0.536
Footwall 1493 1558 65 0.506 0.175 0.371
Footwall 1573 1598 25 0.462 0.131 0.358
Footwall 1778 1813 35 0.436 0.103 0.310
MEX-0386 @0.5% Cu cut-off 957.5 1193 235.5 0.666 0.210 0.530
MEX-0387 @0.5% Cu cut-off 953 1158 205 0.713 0.212 0.490
MEX-0389 @0.5% Cu cut-off 1626.5 1778 151.5 0.646 0.274 0.549
MEX-0390 @0.3% Cu cut-off 1284 1538 254 0.743 0.225 0.458
@0.5% Cu cut-off 1284 1473 189 0.829 0.253 0.519
MEX-0392 @0.5% Cu cut-off 537 727 190 0.618 0.184 0.436
@0.3% Cu cut-off 822 872 50 0.413 0.125 0.206
MEX-0393 @0.3% Cu cut-off 1003 1088 85 0.613 0.253 0.554
@0.5% Cu cut-off 1003 1038 35 0.845 0.346 0.839
MEX-0394 @0.5% Cu cut-off 1836.5 1858 21.5 0.672 0.242 0.738
MEX-0395 @0.5% Cu cut-off 1099.5 1193 93.5 0.891 0.279 0.567
@0.5% Cu cut-off 1213 1263 50 0.641 0.193 0.378
@0.3% Cu cut-off 1278 1308 30 0.590 0.196 0.330
MEX-0396 @0.5% Cu cut-off 1643 1883 240 0.743 0.234 0.699
MEX-0397 @0.3% Cu cut-off 918 948 30 0.498 0.158 0.277
@0.3% Cu cut-off 998 1083 85 0.416 0.130 0.288
@0.5% Cu cut-off 678 838 160 0.776 0.223 0.637
MEX-0398 @0.5% Cu cut-off 1227 1338 111 0.779 0.264 0.692
@0.3% Cu cut-off 1373 1398 25 0.471 0.167 0.314
MEX-0400 @0.3% Cu cut-off 1408 1593 185 0.812 0.225 0.541
@0.5% Cu cut-off 1412 1548 136 0.945 0.256 0.638
MEX-0402 @0.5% Cu cut-off 772.25 1063 290.75 0.667 0.197 0.482
MEX-0403 @0.3% Cu cut-off 1123 1327 204 0.692 0.195 0.405
MEX-0404 @0.5% Cu cut-off 1463 1677 214 0.743 0.235 0.525
MEX-0405 @0.5% Cu cut-off 1178.75 1358.5 179.75 0.749 0.230 0.572
MEX-0406 @0.3% Cu cut-off 1262.5 1502 239.5 0.692 0.219 0.458
@0.5% Cu cut-off 1262.5 1457 194.5 0.761 0.241 0.512
MEX-0407 @0.3% Cu cut-off 1249.5 1508 258.5 0.688 0.210 0.474
@0.5% Cu cut-off 1249.5 1398 148.5 0.830 0.256 0.583
MEX-0408 @0.3% Cu cut-off 889 1149 260 0.636 0.192 0.423
@0.5% Cu cut-off 889 1094 205 0.688 0.211 0.462
Footwall 1174 1234 60 0.387 0.125 0.244
Area 2 (deep west Maturi)
HOLE Zone From To Length Cu Ni TPM
(ft) (ft) (ft) (%) (%) (g/t)
MEX-0380 @0.5% Cu cut-off 2457 2542 85 0.614 0.204 0.521
MEX-0388 @0.5% Cu cut-off 2592 2707.5 115.5 0.653 0.259 0.719
MEX-0399 @0.5% Cu cut-off 1945.5 2118 172.5 0.793 0.280 0.578
Area 3 (central Maturi)
HOLE Zone From To Length Cu Ni TPM
(ft) (ft) (ft) (%) (%) (g/t)
MEX-0381 @0.3% Cu cut-off 2233 2418 185 0.710 0.221 0.524
@0.5% Cu cut-off 2233 2358 125 0.866 0.266 0.661
MEX-0382 @0.3% Cu cut-off 2097 2276 179 0.621 0.206 0.572
@0.5% Cu cut-off 2097 2241 144 0.662 0.215 0.608
MEX-0391 @0.5% Cu cut-off 2479.5 2628 148.5 0.853 0.269 0.882
MEX-0401 @0.3% Cu cut-off 1938 2108 170 0.706 0.256 0.660
@0.5% Cu cut-off 1938 2098 160 0.726 0.265 0.682
Footwall 2138 2193 55 0.518 0.312 0.473
(*TPM = Platinum+Palladium+Gold)
Complete gold, platinum, palladium, silver and cobalt assays for MEX-379 to 408 are as follows:
Area 1 (shallow west Maturi)
HOLE Zone From To Length Pt Pd Au Co Ag
(ft) (ft) (ft) (g/t) (g/t) (g/t) (%) (g/t)
@0.3% Cu
MEX-0379 cut-off 1733 1828 95 0.103 0.243 0.041 0.010 1.3
Footwall 2088 2148 60 0.130 0.281 0.080 0.008 3.3
@0.3% Cu
MEX-0383 cut-off 1135.5 1319 183.5 0.134 0.335 0.076 0.010 1.1
@0.5% Cu
cut-off 1135.5 1274 138.5 0.153 0.384 0.085 0.010 2.6
Footwall 1424 1484 60 0.092 0.211 0.052 0.007 0.6
@0.5% Cu
MEX-0384 cut-off 713 848 135 0.125 0.295 0.095 0.012 2.7
@0.5% Cu
cut-off 868 923 55 0.080 0.159 0.048 0.012 1.5
@0.3% Cu
cut-off 963 992 29 0.067 0.130 0.037 0.009 1.5
@0.3% Cu
MEX-0385 cut-off 1308 1473 165 0.128 0.279 0.071 0.011 2.4
@0.5% Cu
cut-off 1308 1433 125 0.145 0.313 0.078 0.012 2.6
Footwall 1493 1558 65 0.092 0.225 0.054 0.007 1.8
Footwall 1573 1598 25 0.092 0.212 0.055 0.004 1.5
Footwall 1778 1813 35 0.080 0.192 0.039 0.003 2.0
@0.5% Cu
MEX-0386 cut-off 957.5 1193 235.5 0.139 0.316 0.075 0.011 2.2
@0.5% Cu
MEX-0387 cut-off 953 1158 205 0.124 0.296 0.071 0.012 2.7
@0.5% Cu
MEX-0389 cut-off 1626.5 1778 151.5 0.145 0.317 0.087 0.012 2.1
@0.3% Cu
MEX-0390 cut-off 1284 1538 254 0.117 0.273 0.067 0.010 2.1
@0.5% Cu
cut-off 1284 1473 189 0.132 0.312 0.075 0.011 2.4
@0.5% Cu
MEX-0392 cut-off 537 727 190 0.097 0.255 0.058 0.010 4.3
@0.3% Cu
cut-off 822 872 50 0.049 0.121 0.037 0.011 1.5
@0.3% Cu
MEX-0393 cut-off 1003 1088 85 0.143 0.316 0.095 0.014 2.2
@0.5% Cu
cut-off 1003 1038 35 0.222 0.475 0.142 0.018 3.2
@0.5% Cu
MEX-0394 cut-off 1836.5 1858 21.5 0.238 0.418 0.082 0.014 5.2
@0.5% Cu
MEX-0395 cut-off 1099.5 1193 93.5 0.133 0.328 0.106 0.012 2.7
@0.5% Cu
cut-off 1213 1263 50 0.102 0.219 0.057 0.009 2.2
@0.3% Cu
cut-off 1278 1308 30 0.092 0.198 0.040 0.011 2.1
@0.5% Cu
MEX-0396 cut-off 1643 1883 240 0.172 0.424 0.103 0.010 2.8
@0.3% Cu
MEX-0397 cut-off 918 948 30 0.073 0.157 0.048 0.010 1.5
@0.3% Cu
cut-off 998 1083 85 0.066 0.170 0.051 0.008 1.7
@0.5% Cu
cut-off 678 838 160 0.164 0.327 0.145 0.011 2.6
@0.5% Cu
MEX-0398 cut-off 1227 1338 111 0.182 0.410 0.100 0.012 2.4
@0.3% Cu
cut-off 1373 1398 25 0.076 0.190 0.048 0.010 1.1
@0.3% Cu
MEX-0400 cut-off 1408 1593 185 0.136 0.320 0.084 0.010 2.6
@0.5% Cu
cut-off 1412 1548 136 0.166 0.373 0.098 0.011 3.2
@0.5% Cu
MEX-0402 cut-off 772.25 1063 290.75 0.123 0.260 0.100 0.010 2.3
@0.3% Cu
MEX-0403 cut-off 1123 1327 204 0.096 0.238 0.071 0.010 2.4
@0.5% Cu
cut-off 1123 1257 134 0.118 0.301 0.088 0.012 2.8
@0.5% Cu
MEX-0404 cut-off 1463 1677 214 0.134 0.307 0.085 0.010 2.5
@0.5% Cu
MEX-0405 cut-off 1178.75 1358.5 179.75 0.145 0.341 0.086 0.011 2.8
@0.3% Cu
MEX-0406 cut-off 1262.5 1502 239.5 0.112 0.280 0.066 0.011 2.1
@0.5% Cu
cut-off 1262.5 1457 194.5 0.126 0.313 0.073 0.012 2.2
@0.3% Cu
MEX-0407 cut-off 1249.5 1508 258.5 0.121 0.263 0.089 0.010 2.6
@0.5% Cu
cut-off 1249.5 1398 148.5 0.139 0.327 0.116 0.011 3.0
@0.3% Cu
MEX-0408 cut-off 889 1149 260 0.106 0.249 0.068 0.010 3.5
@0.5% Cu
cut-off 889 1094 205 0.117 0.272 0.073 0.011 3.9
Footwall 1174 1234 60 0.058 0.149 0.037 0.007 1.6
Area 2 (deep west Maturi)
HOLE Zone From To Length Pt Pd Au Co Ag
(ft) (ft) (ft) (g/t) (g/t) (g/t) (%) (g/t)
@0.5% Cu
MEX-0380 cut-off 2457 2542 85 0.128 0.296 0.097 0.009 2.0
@0.5% Cu
MEX-0388 cut-off 2592 2707.5 115.5 0.211 0.437 0.071 0.012 3.0
@0.5% Cu
MEX-0399 cut-off 1945.5 2118 172.5 0.161 0.347 0.070 0.012 2.6
Area 3 (central Maturi)
HOLE Zone From To Length Pt Pd Au Co Ag
(ft) (ft) (ft) (g/t) (g/t) (g/t) (%) (g/t)
MEX-0381 @0.3% Cu cut-off 2233 2418 185 0.162 0.293 0.071 0.010 2.3
@0.5% Cu cut-off 2233 2358 125 0.208 0.364 0.089 0.011 2.8
MEX-0382 @0.3% Cu cut-off 2097 2276 179 0.155 0.314 0.103 0.011 2.4
@0.5% Cu cut-off 2097 2241 144 0.163 0.336 0.110 0.012 2.6
MEX-0391 @0.5% Cu cut-off 2479.5 2628 148.5 0.247 0.521 0.114 0.011 3.3
MEX-0401 @0.3% Cu cut-off 1938 2108 170 0.161 0.414 0.085 0.010 2.6
@0.5% Cu cut-off 1938 2098 160 0.166 0.428 0.087 0.011 2.6
Footwall 2138 2193 55 0.131 0.282 0.060 0.011 2.0
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.
Image with caption: "Figure 1 is a map illustrating the location of 30 drill holes reported in this press release which can be found on the Company website under this press release at http://www.duluthmetals.com. (CNW Group/Duluth Metals Limited)". Image available at: http://40rhel5streamview01.newswire.ca/media/2012/11/08/20121108-637008-20371-1b7352b1-d702-424c-a44e-f57eabfceaac.jpg
SOURCE: Duluth Metals Limited
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
(DM. DM.U.)
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