Duluth Metals Highlights 70 feet of 0.83% Copper, 0.28% Nickel and 0.876 grams TPM at Maturi Southwest in the Twin Metals Minnesota Project
TORONTO, May 22, 2013 /PRNewswire/ --
- Drill results of an additional 23 holes (MSW-0021 to MSW-0044) for a total of 43 holes in the Maturi Southwest Exploration Target Area southwest of the Maturi deposit on the Twin Metals Minnesota Project (following Duluth Metals press release dated April 16, 2013 on holes MSW-0001 to MSW-0020)
- TMM initiated this drilling program to evaluate the area for potential additional resources that may be used to enhance early production rates.
- The AMEC 2012 Technical Report[1] outlined four Exploration Targets areas surrounding and adjacent to the Maturi and Birch Lake deposits. These four Exploration Target areas occur on approximately 12% of the footprint of the prospective South Kawishiwi Intrusion (SKI) on the Twin Metals Minnesota property block. The SKI hosts all the mineral resources on the Twin Metals Project prepared in compliance with the requirements of NI 43-101.
Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX: DM.U) is pleased to announce assay results for the next 23 holes, MSW-0021 to MSW-0044, in the northern portion of the Maturi Southwest Exploration Target area within the Twin Metals Minnesota Project ("TMM") in northeastern Minnesota. Assay results from the relatively shallow drilling highlight thick mineralized intersections which include:
- MSW-0025 returned a 183.5 foot intersection of 0.62% copper, 0.22% nickel, 2.3 g/t silver and 0.644 grams TPM (TPM = Platinum+Palladium+Gold) at a 0.3% Cu cut-off including a 70 foot intersection of 0.83% copper, 0.28% nickel, 3.0 g/t silver and 0.876 grams TPM at a 0.5% Cu cut-off;
- MSW-0031 returned a 275.5 foot intersection of 0.57% copper, 0.19% nickel, 2.0 g/t silver and 0.338 grams TPM at a 0.3% Cu cut-off including a 50.5 foot intersection of 0.82% copper, 0.25% nickel, 3.0 g/t silver and 0.490 grams TPM at a 0.5% Cu cut-off; and
"The completion of this drilling program will allow TMM to evaluate the area for potential additional resources that may enhance early production rates. The results of the drilling have been excellent and these latest holes continue to confirm the presence of mineralization at shallow depths between the Maturi Deposit and the Birch Lake Deposit." stated Vern Baker, President of Duluth Metals. "Currently different mining and production scenarios are being evaluated by TMM within the pre-feasibility study."
[1]Full independent NI 43-101 Technical Report completed by AMEC E&C Services Inc. (AMEC) by a team led by Dr. Harry Parker entitled "Maturi, Birch Lake, and Spruce Road Cu-Ni-PGE Projects, Ely, Minnesota, USA, NI 43-101 Technical Report" with an effective date of 15 September 2012 is filed on SEDAR (http://www.sedar.com).
Figure 1 is a map illustrating the location of 23 drill holes reported in this press release which 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 MSW-0021 to MSW-0044 can be found in Tables 1 and 2 below. True thickness is estimated at about 90% of core length:
Table 1: Maturi Southwest Results Summary
HOLE Zone From To Length Cu Ni TPM
(ft) (ft) (ft) (%) (%) (g/t)
MSW-0021 @0.3% Cu cut-off 681 756 75 0.35 0.14 0.179
MSW-0022 @0.3% Cu cut-off 406 674 268 0.53 0.18 0.349
including @0.5% Cu cut-off 406 524 118 0.70 0.23 0.529
MSW-0023 @0.3% Cu cut-off 18 114 96 0.42 0.13 0.179
MSW-0024 @0.3% Cu cut-off 781 977 196 0.57 0.19 0.390
including @0.5% Cu cut-off 781 837 56 0.70 0.25 0.488
MSW-0025 @0.3% Cu cut-off 8.5 192 183.5 0.62 0.22 0.644
including @0.5% Cu cut-off 22 92 70 0.83 0.28 0.876
MSW-0026 @0.3% Cu cut-off 798 873 75 0.39 0.12 0.273
including @0.3% Cu cut-off 963 998 35 0.66 0.20 0.435
MSW-0027 @0.3% Cu cut-off 728 806 78 0.37 0.14 0.320
MSW-0028 @0.3% Cu cut-off 195 353 158 0.42 0.16 0.308
including @0.3% Cu cut-off 378 423 45 0.43 0.15 0.242
MSW-0029 @0.3% Cu cut-off 288 538 250 0.47 0.14 0.252
including @0.5% Cu cut-off 293 353 60 0.59 0.19 0.436
MSW-0031 @0.3% Cu cut-off 831.5 1107 275.5 0.57 0.19 0.338
including @0.5% Cu cut-off 831.5 882 50.5 0.82 0.25 0.490
MSW-0032 @0.3% Cu cut-off 376 537 161 0.58 0.20 0.445
including @0.5% Cu cut-off 376 422 46 0.69 0.23 0.561
MSW-0033 @0.3% Cu cut-off 69 209 140 0.44 0.15 0.295
MSW-0034 @0.3% Cu cut-off 911.1 1013 101.9 0.59 0.20 0.486
MSW-0035 @0.3% Cu cut-off 935 1135 200 0.38 0.12 0.283
including @0.5% Cu cut-off 940 975 35 0.60 0.19 0.512
MSW-0036 @0.3% Cu cut-off 8 118 110 0.39 0.14 0.219
MSW-0037 @0.3% Cu cut-off 422 692 270 0.47 0.15 0.305
MSW-0038* @0.3% Cu cut-off 1032 1147 115 0.67 0.21 0.493
MSW-0039 @0.3% Cu cut-off 43 123 80 0.43 0.18 0.220
MSW-0040 @0.3% Cu cut-off 290 490 200 0.43 0.14 0.247
MSW-0041 @0.3% Cu cut-off 218 428 210 0.40 0.12 0.166
MSW-0042 @0.3% Cu cut-off 373 478 105 0.48 0.13 0.254
MSW-0043 @0.3% Cu cut-off 199.5 403 203.5 0.41 0.14 0.295
MSW-0044* @0.3% Cu cut-off 972.5 1093 120.5 0.56 0.16 0.370
*Drill hole ends in mineralization
(TPM = Platinum+Palladium+Gold)
Table 2: Complete platinum, palladium, gold, cobalt and silver assays.
HOLE Zone From To Length Pt Pd Au Co Ag
(ft) (ft) (ft) (g/t) (g/t) (g/t) (%) (g/t)
@0.3% Cu
MSW-0021 cut-off 681 756 75 0.047 0.105 0.028 0.01 1.4
@0.3% Cu
MSW-0022 cut-off 406 674 268 0.093 0.209 0.047 0.01 1.8
@0.5% Cu
including cut-off 406 524 118 0.138 0.325 0.066 0.01 2.6
@0.3% Cu
MSW-0023 cut-off 18 114 96 0.049 0.101 0.028 0.01 1.5
@0.3% Cu
MSW-0024 cut-off 781 977 196 0.089 0.232 0.069 0.01 2.0
@0.5% Cu
including cut-off 781 837 56 0.121 0.282 0.084 0.01 2.4
@0.3% Cu
MSW-0025 cut-off 8.5 192 183.5 0.171 0.361 0.113 0.01 2.3
@0.5% Cu
including cut-off 22 92 70 0.241 0.537 0.098 0.01 3.0
@0.3% Cu
MSW-0026 cut-off 798 873 75 0.075 0.160 0.038 0.01 1.2
@0.3% Cu
including cut-off 963 998 35 0.106 0.262 0.067 0.01 2.4
@0.3% Cu
MSW-0027 cut-off 728 806 78 0.093 0.182 0.045 0.01 0.9
@0.3% Cu
MSW-0028 cut-off 195 353 158 0.072 0.176 0.060 0.01 1.2
@0.3% Cu
including cut-off 378 423 45 0.067 0.134 0.042 0.01 1.3
@0.3% Cu
MSW-0029 cut-off 288 538 250 0.062 0.144 0.046 0.01 1.6
@0.5% Cu
including cut-off 293 353 60 0.105 0.240 0.091 0.01 2.0
@0.3% Cu
MSW-0031 cut-off 831.5 1107 275.5 0.087 0.196 0.055 0.01 2.0
@0.5% Cu
including cut-off 831.5 882 50.5 0.122 0.300 0.068 0.01 3.0
@0.3% Cu
MSW-0032 cut-off 376 537 161 0.123 0.263 0.059 0.01 2.0
@0.5% Cu
including cut-off 376 422 46 0.147 0.340 0.074 0.01 2.6
@0.3% Cu
MSW-0033 cut-off 69 209 140 0.082 0.169 0.044 0.01 1.2
@0.3% Cu
MSW-0034 cut-off 911.1 1013 101.9 0.102 0.313 0.070 0.01 1.7
@0.3% Cu
MSW-0035 cut-off 935 1135 200 0.066 0.174 0.044 0.01 1.1
@0.5% Cu
including cut-off 940 975 35 0.115 0.327 0.070 0.01 2.0
@0.3% Cu
MSW-0036 cut-off 8 118 110 0.060 0.125 0.034 0.01 1.1
@0.3% Cu
MSW-0037 cut-off 422 692 270 0.077 0.182 0.047 0.01 1.6
@0.3% Cu
MSW-0038* cut-off 1032 1147 115 0.157 0.265 0.071 0.01 2.5
@0.3% Cu
MSW-0039 cut-off 43 123 80 0.054 0.133 0.033 0.01 1.2
@0.3% Cu
MSW-0040 cut-off 290 490 200 0.065 0.145 0.038 0.01 1.3
@0.3% Cu
MSW-0041 cut-off 218 428 210 0.039 0.099 0.028 0.01 1.4
@0.3% Cu
MSW-0042 cut-off 373 478 105 0.061 0.151 0.042 0.01 1.6
@0.3% Cu
MSW-0043 cut-off 199.5 403 203.5 0.077 0.171 0.047 0.01 1.3
@0.3% Cu
MSW-0044* cut-off 972.5 1093 120.5 0.092 0.199 0.079 0.01 2.3
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 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 dissolution four acid (near total) digestion followed by ICP-MS. 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 (CNW Group/Duluth Metals Limited)". Image available at: http://photos.newswire.ca/images/download/20130522_C8806_PHOTO_EN_26969.jpg
For further information:
Mara Strazdins
Vice President Investor Relations and Corporate
Communications
Telephone: +1(416)369-1500 ext. 222
Email: mstrazdins@duluthmetals.com
Webpage: http://www.duluthmetals.com
Vern Baker
President
Telephone: +1(651)389-9990
Email: vbaker@duluthmetals.com
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