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Last updated on April 20, 2014 at 14:04 EDT

Duluth Metals Announces 40 feet of 2.67 g/t Total Precious Metals on Latest Drilling at the Twin Metals Project

January 17, 2012
        --  Continued strong overall drill results for the Twin Metals
            Project
        --  Precious metal component becomes increasingly important
        --  Positive drill results in between Maturi and Nokomis Deposits
        --  New AMEC resource study to be completed by February, 2012

TORONTO, Jan. 17, 2012 /PRNewswire/ – Duluth Metals Limited (“Duluth Metals”)
(TSX: DM) (TSX: DM.U) is pleased to announce continued strong assay
results for 8 holes drilled on the Twin Metals Project in northeastern
Minnesota. Two holes, MEX-262 and 267 drilled between the Eastern and
Central Higher Grade Areas demonstrates the continuity between the two
zones with higher grade platinum + palladium + gold (TPM) and copper
assays.  Drilling highlights include:

        --  Mex-267 returned 90.0 feet of 0.707% copper, 0.208% nickel, 2.7
            g/t silver and 1.552 grams TPM (Cu Equivalent* of 1.94%)
            including 40.0 feet of 0.954% copper, 0.282% nickel, 3.3 g/t
            silver and 2.268 grams TPM (Cu Equivalent* of 2.69%)
        --  Mex-262 intersected 49.0 feet of 0.881% copper, 0.253% nickel,
            2.5 g/t silver and 1.235 g/t TPM (Cu Equivalent* of 2.14%).

All six holes completed in between the Maturi Deposit and the Nokomis
Deposit demonstrate continuous, relatively thicker mineralized sections
which include the following higher grade intervals:

        --  Mex-261 returned 170.0 feet of 0.699% copper, 0.226% nickel,
            2.5 g/t silver and 0.517 grams TPM (Cu Equivalent* of 1.59%)
            including a 95.0 foot section of 0.786% copper, 0.252% nickel,
            2.9 g/t silver and 0.584 grams TPM (Cu Equivalent* of 1.77%)
        --  Mex-263-W1returned 132.5 feet of 0.552% copper, 0.185% nickel,
            1.5 g/t silver and 0.517 grams TPM (Cu Equivalent* of 1.32%)
            including a 62.5 foot section of 0.668% copper, 0.223% nickel,
            2.0 g/t silver and 0.640 grams TPM (Cu Equivalent* of 1.59%)
        --  Mex-264returned 121.5 feet of 0.550% copper, 0.181% nickel, 1.9
            g/t silver and 0.518 grams TPM (Cu Equivalent* of 1.31%)
            including a 46.5 foot section of 0.702% copper, 0.252% nickel,
            2.2 g/t silver and 0.690 grams TPM (Cu Equivalent* of 1.75%).
        --  Mex-265returned 185.0 feet of 0.656% copper, 0.225% nickel, 2.5
            g/t silver and 0.479 grams TPM (Cu Equivalent* of 1.53%)
            including a 30.0 foot section of 0.867% copper, 0.270% nickel,
            3.2 g/t silver and 0.659 grams TPM (Cu Equivalent* of 1.96%).
        --  Mex-268returned 92.0 feet of 0.744% copper, 0.264% nickel, 2.8
            g/t silver and 0.506 grams TPM (Cu Equivalent* of 1.75%)
            including a 60.0 foot section of 0.858% copper, 0.300% nickel,
            3.2 g/t silver and 0.578 grams TPM (Cu Equivalent* of 2.00%).
        --  Mex-269returned 146.0 feet of 0.550% copper, 0.180% nickel, 1.9
            g/t silver and 0.474 grams TPM (Cu Equivalent* of 1.28%)
            including a 100.0 foot section of 0.629% copper, 0.202% nickel,
            2.1 g/t silver and 0.489 grams TPM (Cu Equivalent* of 1.43%).

*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 the 8 drill holes reported in this
press release can be found on the Company website under this press
release at www.duluthmetals.com.  The map shows the designated NI 43-101 resource outlines for the
Nokomis, Maturi and Spruce Road Deposits.  (see Franconia’s company profile on Sedar at 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
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).

As the Twin Metals Project has expanded considerably with the
acquisition of the three Franconia qualified resources, AMEC E&C
Services Inc. has been contracted to complete a new NI 43-101 technical
report incorporating the four qualified resources within the Twin
Metals Project: the Nokomis, Birch, Maturi and Spruce Road Deposits. 
The summary results for this report are expected by February, 2012.
With today’s press release, the results of all drill holes included in
the upcoming technical report (up to MEX 269) have been released.

“These positive drill results continue to be extremely encouraging.
Holes MEX 262 and MEX 267 are the first reported results from the
“donut hole” area acquired from Franconia. They show good grades and
strongly indicate the expansion potential of the Central and Eastern
High Grade Zones”, stated Vern Baker, President of Duluth Metals. “The
western holes confirm great continuity between Nokomis and Maturi.
Overall the development drilling also shows the strong PGM component of
the project.”

A more detailed summary of the assay results for MEX-261 to 269
inclusive can be found in the table below. True width is estimated at
about 90% of core length.


         HOLE        Zone      From     To    Length     Cu      Ni    TPM*    CuEQ

                               (ft)    (ft)    (ft)     (%)     (%)    (g/t)   (%)

    MEX-0261      @0.3% Cu     1827    2107     280    0.561   0.183   0.420   1.28
                   cut-off

                  @0.5% Cu     1832    2002     170    0.699   0.226   0.517   1.59
                   cut-off

                  including    1832    1927      95    0.786   0.252   0.584   1.77

    MEX-0262      @0.5% Cu     3964    4013      49    0.881   0.253   1.235   2.14
                   cut-off

    MEX-0263-W1   @0.3% Cu    2439.5   2572   132.5    0.552   0.185   0.517   1.32
                   cut-off

                  @0.5% Cu    2439.5   2502    62.5    0.668   0.223   0.640   1.59
                   cut-off

    MEX-0264      @0.3% Cu    1921.5   2043   121.5    0.550   0.181   0.518   1.31
                   cut-off

                  @0.5% Cu    1921.5   1968    46.5    0.702   0.252   0.690   1.75
                   cut-off

    MEX-0265      @0.3% Cu     1946    2131     185    0.656   0.225   0.479   1.53
                   cut-off

                  including    2076    2106      30    0.867   0.270   0.659   1.96

    MEX-0267      @0.3% Cu     3993    4083      90    0.707   0.208   1.552   1.94
                   cut-off

                  @1.0% Cu     4033    4073      40    0.954   0.282   2.268   2.69
                   cut-off

    MEX-0268      @0.3% Cu     2375    2467      92    0.744   0.264   0.506   1.75
                   cut-off

                  @0.5% Cu     2375    2457      82    0.790   0.277   0.541   1.85
                   cut-off

                  including    2382    2442      60    0.858   0.300   0.578   2.00

    MEX-0269      @0.3% Cu     2015    2161     146    0.550   0.180   0.474   1.28
                   cut-off

                  @0.5% Cu     2046    2146     100    0.629   0.202   0.489   1.43
                   cut-off

**TPM = Total Precious Metals (Platinum+Palladium+Gold)
Note:   g/t = grams per tonne

Complete gold, platinum, palladium, silver and cobalt assays for MEX-261
to 269 inclusive are as follows:


         HOLE        Zone      From     To    Length     Co      Au      Pt      Pd      Ag

                               (ft)    (ft)    (ft)     (%)    (g/t)   (g/t)   (g/t)   (g/t)

    MEX-0261      @0.3% Cu     1827    2107     280    0.009   0.071   0.102   0.247    2.0
                   cut-off

                  @0.5% Cu     1832    2002     170    0.012   0.092   0.123   0.302    2.5
                   cut-off

                  including    1832    1927      95    0.013   0.107   0.138   0.339    2.9

    MEX-0262      @0.5% Cu     3964    4013      49    0.010   0.101   0.360   0.774    2.5
                   cut-off

    MEX-0263-W1   @0.3% Cu    2439.5   2572   132.5    0.010   0.077   0.131   0.309    1.5
                   cut-off

                  @0.5% Cu    2439.5   2502    62.5    0.012   0.100   0.157   0.383    2.0
                   cut-off

    MEX-0264      @0.3% Cu    1921.5   2043   121.5    0.010   0.061   0.146   0.311    1.9
                   cut-off

                  @0.5% Cu    1921.5   1968    46.5    0.013   0.067   0.213   0.410    2.2
                   cut-off

    MEX-0265      @0.3% Cu     1946    2131     185    0.012   0.073   0.128   0.278    2.5
                   cut-off

                  including    2076    2106      30    0.011   0.082   0.200   0.377    3.2

    MEX-0267      @0.3% Cu     3993    4083      90    0.010   0.218   0.402   0.932    2.7
                   cut-off

                  @1.0% Cu     4033    4073      40    0.010   0.294   0.599   1.376    3.3
                   cut-off

    MEX-0268      @0.3% Cu     2375    2467      92    0.012   0.059   0.140   0.307    2.8
                   cut-off

                  @0.5% Cu     2375    2457      82    0.012   0.063   0.150   0.328    3.0
                   cut-off

                  including    2382    2442      60    0.013   0.064   0.161   0.354    3.2

    MEX-0269      @0.3% Cu     2015    2161     146    0.009   0.066   0.121   0.286    1.9
                   cut-off

                  @0.5% Cu     2046    2146     100    0.010   0.076   0.122   0.291    2.1
                   cut-off

The Twin Metals Project covers over 25,000 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 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.

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’s 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 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 37,000 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 25,000 acres of
leased and permitted land, including four NI 43-101 compliant mineral
resources: the Nokomis, Maturi, Spruce Road and Birch Lake deposits.

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.

 

 

 

 

SOURCE Duluth Metals Limited


Source: PR Newswire