Duluth Metals Highlights 155 feet of 0.917% Copper, 0.279% Nickel and 0.639 grams Total Precious Metals at west Maturi in the Twin Metals Minnesota Project
-- Drill results of the remaining 23 holes (MEX-409 to MEX 436) in
the Maturi Deposit to be used in the final pre-feasibility AMEC
resource report
-- Approximately 159 additional drill holes and 70 wedge offsets
for the Maturi Deposit, including these 23 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
TORONTO, Nov. 15, 2012 /PRNewswire/ - Duluth Metals Limited (“Duluth Metals”) (TSX: DM) (TSX: DM.U) is pleased
to announce assay results for 23 additional holes, MEX-409 to 436, on
the Maturi Deposit within the Twin Metals Minnesota Project in
northeastern Minnesota. Assay results highlight Area 1 (shallow west Maturi), where 16 of the 17 drill holes have significant length intercepts with
average grades over 0.7% copper 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 initial mine planning. These additional holes will be incorporated
into the final resource estimate to be issued by AMEC later this month
(November 2012).
“These holes continue to show the continuity, thickness, and grade that
will provide us a strong resource estimate on which we can base the
pre-feasibility mine planning.” stated Vern Baker, President of Duluth
Metals. “The additional holes being added to the resource estimate have
been very encouraging and will provide for a very robust estimate. The
pre-feasibility study is also focusing on evaluating the optimum scale,
location, mining method, and metallurgical process for the Twin Metals
Minnesota Project.”
Drilling highlights in the western section of the Maturi Deposit
include:
In Area 1 (shallow west Maturi):
-- Mex-422Mreturned a 155 foot intersection of 0.917% copper,
0.279% nickel, 4.1 g/t silver and 0.639 grams TPM (TPM =
Platinum+Palladium+Gold) at a 0.5% Cu cut-off.
-- Mex-430Mreturned a 180 foot intersection of 0.896% copper,
0.256% nickel, 3.3 g/t silver and 0.689 grams TPM at a 0.5% Cu
cut-off.
-- Mex-412returned a 152 foot intersection of 0.896% copper,
0.262% nickel, 3.1 g/t silver and 0.692 grams TPM at a 0.5% Cu
cut-off.
-- Mex-421Mreturned a 121.25 foot intersection of 0.889% copper,
0.250% nickel, 3.4 g/t silver and 0.617 grams TPM at a 0.5% Cu
cut-off.
In Area 2 (deeper west Maturi):
-- Mex-409returned a 137 foot intersection of 0.833% copper,
0.279% nickel, 2.7 g/t silver and 0.817 grams TPM at a 0.5% Cu
cut-off.
-- Mex-436Mreturned a 168 foot intersection of 0.746% copper,
0.264% nickel, 2.4 g/t silver and 0.544 grams TPM at a 0.5% Cu
cut-off.
A more detailed summary of the assay results for MEX- 409 to 436 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-0410 @0.5% Cu 1057 1243.5 186.5 0.820 0.247 0.564
cut-off
MEX-0411 @0.5% Cu 1681 1831 150 0.753 0.254 0.541
cut-off
MEX-0412 @0.5% Cu 1681 1833 152 0.896 0.262 0.692
cut-off
Footwall 1857 1967 110 0.483 0.261 0.344
MEX-0413 @0.3% Cu 987.5 1223 235.5 0.735 0.215 0.502
cut-off
@0.5% Cu 987.5 1158 170.5 0.830 0.241 0.580
cut-off
MEX-0414M @0.5% Cu 770.5 996 225.5 0.856 0.277 0.678
cut-off
MEX-0415M @0.3% Cu 1034 1299 265 0.624 0.190 0.357
cut-off
@0.5% Cu 1054 1234 180 0.706 0.240 0.449
cut-off
MEX-0416 @0.3% Cu 1508 1670 162 0.809 0.251 0.726
cut-off
@0.5% Cu 1508 1657 149 0.833 0.258 0.667
cut-off
MEX-0418M @0.3% Cu 591.8 893 301.2 0.759 0.229 0.591
cut-off
@0.5% Cu 601.5 843 241.5 0.838 0.255 0.670
cut-off
MEX-0420M @0.3% Cu 654 853 199 0.629 0.190 0.462
cut-off
@0.5% Cu 654 773 119 0.709 0.218 0.541
cut-off
MEX-0421M @0.5% Cu 466.75 588 121.25 0.889 0.250 0.617
cut-off
Footwall 663 738 75 0.560 0.170 0.279
MEX-0422M @0.3% Cu 1440 1701 261 0.798 0.265 0.544
cut-off
@0.5% Cu 1446 1601 155 0.917 0.279 0.639
cut-off
MEX-0424M @0.3% Cu 593 918 325 0.690 0.192 0.512
cut-off
@0.5% Cu 593 838 245 0.770 0.210 0.596
cut-off
MEX-0425M @0.3% Cu 993.5 1278 284.5 0.671 0.207 0.470
cut-off
@0.5% Cu 993.5 1153 159.5 0.852 0.254 0.616
cut-off
Footwall 1283 1323 40 0.377 0.156 0.233
MEX-0430M @0.3% Cu 838 1103 265 0.753 0.215 0.557
cut-off
@0.5% Cu 838 1018 180 0.896 0.256 0.689
cut-off
MEX-0434M @0.5% Cu 1542 1730 188 0.860 0.286 0.624
cut-off
MEX-0435M @0.5% Cu 1203.5 1303 99.5 0.882 0.278 0.670
cut-off
Area 2 (deep west Maturi)
HOLE Zone From To Length Cu Ni TPM
(ft) (ft) (ft) (%) (%) (g/t)
MEX-0409 @0.5% Cu 2045 2182 137 0.833 0.279 0.817
cut-off
MEX-0417M @0.5% Cu 2165 2322 157 0.694 0.237 0.552
cut-off
MEX-0427 @0.3% Cu 2764.7 2842 77.3 0.584 0.224 0.646
cut-off
@0.5% Cu 2767 2817 50 0.653 0.240 0.764
cut-off
MEX-0428M @0.3% Cu 2150 2263 113 0.678 0.249 0.651
cut-off
@0.5% Cu 2150 2238 88 0.741 0.273 0.734
cut-off
MEX-0431M @0.3% Cu 2048 2178 130 0.574 0.214 0.423
cut-off
@0.5% Cu 2048 2128 80 0.659 0.237 0.496
cut-off
MEX-0433M @0.3% Cu 2457 2558 101 0.555 0.249 0.530
cut-off
@0.5% Cu 2462 2517 55 0.599 0.236 0.661
cut-off
Footwall 2558 2592 34 0.548 0.293 0.384
MEX-0436M @0.3% Cu 1844 2022 178 0.722 0.255 0.524
cut-off
@0.5% Cu 1844 2012 168 0.746 0.264 0.544
cut-off
(*TPM =
Platinum+Palladium+Gold)
Complete gold, platinum, palladium, silver and cobalt assays for MEX-409
to 436 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)
MEX-0410 @0.5% Cu 1057 1243.5 186.5 0.143 0.342 0.080 0.012 3.1
cut-off
MEX-0411 @0.5% Cu 1681 1831 150 0.150 0.316 0.074 0.014 2.9
cut-off
MEX-0412 @0.5% Cu 1681 1833 152 0.162 0.437 0.093 0.012 3.1
cut-off
Footwall 1857 1967 110 0.084 0.216 0.044 0.007 1.4
MEX-0413 @0.3% Cu 987.5 1223 235.5 0.125 0.304 0.072 0.011 2.8
cut-off
@0.5% Cu 987.5 1158 170.5 0.146 0.351 0.083 0.012 3.1
cut-off
MEX-0414M @0.5% Cu 770.5 996 225.5 0.171 0.404 0.103 0.014 2.8
cut-off
MEX-0415M @0.3% Cu 1034 1299 265 0.085 0.215 0.057 0.011 2.0
cut-off
@0.5% Cu 1054 1234 180 0.109 0.269 0.070 0.015 2.4
cut-off
MEX-0416 @0.3% Cu 1508 1670 162 0.235 0.386 0.104 0.010 3.2
cut-off
@0.5% Cu 1508 1657 149 0.162 0.396 0.109 0.011 3.3
cut-off
MEX-0418M @0.3% Cu 591.8 893 301.2 0.152 0.351 0.089 0.012 2.5
cut-off
@0.5% Cu 601.5 843 241.5 0.174 0.397 0.098 0.013 2.8
cut-off
MEX-0420M @0.3% Cu 654 853 199 0.113 0.277 0.072 0.009 2.5
cut-off
@0.5% Cu 654 773 119 0.134 0.320 0.087 0.010 2.7
cut-off
MEX-0421M @0.5% Cu 466.75 588 121.25 0.131 0.362 0.123 0.011 3.4
cut-off
@0.5% Cu 663 738 75 0.076 0.159 0.043 0.009 2.1
cut-off
MEX-0422M @0.3% Cu 1440 1701 261 0.133 0.328 0.083 0.012 3.3
cut-off
@0.5% Cu 1446 1601 155 0.159 0.382 0.099 0.012 4.1
cut-off
MEX-0424M @0.3% Cu 593 918 325 0.125 0.318 0.069 0.011 2.8
cut-off
@0.5% Cu 593 838 245 0.147 0.370 0.079 0.012 3.1
cut-off
MEX-0425M @0.3% Cu 993.5 1278 284.5 0.120 0.278 0.072 0.010 2.3
cut-off
@0.5% Cu 993.5 1153 159.5 0.171 0.361 0.084 0.011 3.0
cut-off
Footwall 1283 1323 40 0.060 0.140 0.033 0.006 1.2
MEX-0430M @0.3% Cu 838 1103 265 0.142 0.320 0.094 0.011 2.7
cut-off
@0.5% Cu 838 1018 180 0.177 0.395 0.118 0.012 3.3
cut-off
MEX-0434M @0.5% Cu 1542 1730 188 0.151 0.363 0.110 0.013 3.1
cut-off
MEX-0435M @0.5% Cu 1203.5 1303 99.5 0.167 0.406 0.096 0.012 2.9
cut-off
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)
MEX-0409 @0.5% Cu 2045 2182 137 0.219 0.447 0.151 0.012 2.7
cut-off
MEX-0417M @0.5% Cu 2165 2322 157 0.166 0.311 0.075 0.010 2.1
cut-off
MEX-0427 @0.3% Cu 2764.7 2842 77.3 0.143 0.359 0.144 0.009 2.0
cut-off
@0.5% Cu 2767 2817 50 0.164 0.411 0.189 0.010 2.2
cut-off
MEX-0428M @0.3% Cu 2150 2263 113 0.140 0.315 0.196 0.011 2.8
cut-off
@0.5% Cu 2150 2238 88 0.150 0.347 0.236 0.013 3.1
cut-off
MEX-0431M @0.3% Cu 2048 2178 130 0.121 0.246 0.055 0.011 2.3
cut-off
@0.5% Cu 2048 2128 80 0.142 0.290 0.064 0.011 2.7
cut-off
MEX-0433M @0.3% Cu 2457 2558 101 0.128 0.264 0.139 0.012 3.1
cut-off
@0.5% Cu 2462 2517 55 0.144 0.309 0.209 0.012 1.8
cut-off
Footwall 2558 2592 34 0.088 0.206 0.089 0.009 1.4
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.
SOURCE Duluth Metals Limited
Image with caption: “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 www.duluthmetals.com. (CNW Group/Duluth Metals Limited)”. Image available at: http://photos.newswire.ca/images/download/20121115_C8286_PHOTO_EN_20703.jpg
