Quantcast

Duluth Metals Drills Large Corridor of Higher Grade Copper, Nickel, Platinum and Palladium Mineralization

October 27, 2008

TORONTO, Canada, October 27 /PRNewswire-FirstCall/ — Duluth Metals Limited (“Duluth Metals”) (TSX: DM) (TSX:DM.U) today announced significant new assays for seven holes drilled in a higher grade eastern corridor of the Nokomis Deposit located near Ely, Minnesota. These seven holes were concentrated in an area of historically higher grade copper-platinum-palladium mineralization and confirmed significant higher grade values. Highlights of the drilling program include: MEX-138, which intersected a 63.9 foot section of 1.045% copper, 0.323% nickel and 1.565 grams per tonne (g/t) of Total Precious Metals (TPM=Platinum+Palladium+Gold) (Cu Equivalent(x) of 2.595%), MEX-129, which intersected 30.0 feet of 1.055% copper, 0.272% nickel, and 3.190 grams per tonne (g/t) of TPM (Cu Equivalent(x) of 3.221%), MEX-131, which intersected 29.5 feet of 1.464% copper, 0.347% nickel and 1.385 g/t TPM (Cu Equivalent(x) of 3.036%), and MEX-77W1, which intersected a 25.0 foot section of 0.945% copper, 0.303% nickel and 2.529 g/t TPM (Cu Equivalent(x) of 2.910%).The Company is moving forward on its development program and has a current cash position of approximately $14 Million Cdn.

Higher grade sections from the seven holes drilled in this eastern corridor are listed as follows. In addition, a complete assay table of all drill holes is provided further in this press release.

   - MEX-77W1 (MEX 71 and MEX 77 were not completed for technical   reasons) intersected 65.0 feet of 0.789% copper, 0.242% nickel and 2.065   g/t TPM (Cu Equivalent(x) of 2.369%), including 25.0 feet of 0.945%   copper, 0.303% nickel and 2.530 g/t TPM (Cu Equivalent(x) of 2.910%).    - MEX-124 intersected 58.9 feet of 0.732% copper, 0.199% nickel and 1.591   g/t TPM (Cu Equivalent(x) of 1.956%), including 5.0 feet of 1.270%   copper, 0.331% nickel and 2.435 g/t TPM (Cu Equivalent(x) of 3.216%).    - MEX-127M intersected 105.0 feet of 0.829% copper, 0.230% nickel and   1.564 g/t TPM (Cu Equivalent(x) of 2.146%), including 10.0 feet of 1.150%   copper, 0.309% nickel and 2.099 g/t TPM (Cu Equivalent(x) of 2.912%), and   15.0 feet of 1.128% copper, 0.315% nickel and 1.881 g/t TPM (Cu   Equivalent(x) of 2.830%).    - MEX-129 intersected 105.0 feet of 0.740% copper, 0.200% nickel and   1.817 g/t TPM (Cu Equivalent(x) of 2.087%), including 30.0 feet of 1.055%   copper, 0.272% nickel and 3.190 g/t TPM (Cu Equivalent(x) of 3.211%).    - MEX-131 intersected 103.2 feet of 0.915% copper, 0.238% nickel and   1.036 g/t TPM (Cu Equivalent(x) of 2.044%), including 29.5 feet of 1.464%   copper, 0.347% nickel and 1.385 g/t TPM (Cu Equivalent(x) of 3.036%).    - MEX-136 intersected 29.6 feet of 0.687% copper, 0.217% nickel and 0.953   g/t TPM (Cu Equivalent(x) of 1.692%).    - MEX-138 intersected 250.9 feet of 0.801% copper, 0.229% nickel and   0.915 g/t TPM (Cu Equivalent(x) of 1.845%), including 63.9 feet of 1.045%   copper, 0.323% nickel and 1.565 g/t TPM (Cu Equivalent(x) of 2.595%) and   24.5 feet of 0.957% copper, 0.245% nickel and 0.867 g/t TPM (Cu   Equivalent(x) of 2.034%).    

Fourteen holes drilled previously by Duluth Metals (listed in earlier press releases) have also encountered higher grade intersections in this eastern part of the Nokomis Deposit. This higher grade area is approximately a half mile wide by one mile long. The following lists highlights from the previous holes and full results are available in previous press releases available on our website.

   - MEX-3 intersected 75.0 feet of 0.842% copper, 0.206% nickel and   0.838g/t TPM (Cu Equivalent(x) of 1.804%), including 25.0 feet of 1.073%   copper, 0.251% nickel and 1.011 g/t TPM (Cu Equivalent(x) of 2.252%) and   20.0 feet of 0.966% copper, 0.249% nickel and 0.996 g/t TPM (Cu   Equivalent(x) of 2.104%).    - MEX-67 intersected 130.0 feet of 1.036% copper, 0.281% nickel and 0.960   g/t TPM (Cu Equivalent(x) of 2.250%), including 60.0 feet of 1.326%   copper, 0.348% nickel and 1.186 g/t TPM (Cu Equivalent(x) of 2.250%),   containing 5.0 feet of 3.260% copper, 0.493% nickel and 2.041 g/t TPM   (Cu Equivalent(x) of 5.382%).    - MEX-69 intersected 19.7 feet of 1.583% copper, 0.696% nickel and 1.529   g/t TPM (Cu Equivalent(x) of 4.281%), including 9.8 feet of 2.517%   copper, 1.255% nickel and 2.277 g/t TPM (Cu Equivalent(x) of 7.062%).    - MEX-73 intersected 39.3 feet of 0.830% copper, 0.222% nickel and 1.110   g/t TPM (Cu Equivalent(x) of 1.926%), including 14.7 feet of 1.045%   copper, 0.251% nickel and 1.282 g/t TPM (Cu Equivalent(x) of 2.296%).    - MEX-74 intersected 39.4 feet of 0.815% copper, 0.237% nickel and 1.314   g/t TPM (Cu Equivalent(x) of 2.061%), including 9.8 feet of 1.093%   copper, 0.298% nickel and 1.589 g/t TPM (Cu Equivalent(x) of 2.600%).    - MEX-77 intersected 40.0 feet of 0.929% copper, 0.269% nickel and 2.379   g/t TPM (Cu Equivalent(x) of 2.746%), containing 30.0 feet of 1.030%   copper, 0.294% nickel and 2.690 g/t TPM (Cu Equivalent(x) of 3.052%).   (Hole MEX-77 terminated in mineralization due to technical problems.)    - MEX-78 intersected 123.1 feet of 0.905% copper, 0.264% nickel and 1.426   g/t TPM (Cu Equivalent(x) of 2.250%), including 49.2 feet of 1.167%   copper, 0.351% nickel and 1.781 g/t TPM (Cu Equivalent(x) of 2.921%).    - MEX-80 intersected 49.2 feet of 0.916% copper, 0.258% nickel and 2.361   g/t TPM (Cu Equivalent(x) of 2.612%), including 14.9 feet of 1.262%   copper, 0.380% nickel and 3.795 g/t TPM (Cu Equivalent(x) of 3.864%).    - MEX-99 intersected 14.9 feet of 0.992% copper, 0.200% nickel and 1.051   g/t TPM (Cu Equivalent(x) of 2.003%).    - MEX-103 intersected 78.7 feet of 0.857% copper, 0.224% nickel and 1.428   g/t TPM (Cu Equivalent(x) of 2.066%), containing 34.6 feet of 1.087%   copper, 0.251% nickel and 1.724 g/t TPM (Cu Equivalent(x) of 2.477%).    - MEX-108 intersected 137.7 feet of 0.899% copper, 0.249% nickel and   0.979 g/t TPM (Cu Equivalent(x) of 2.023%), including 73.9 feet of 1.081%   copper, 0.287% nickel and 1.197 g/t TPM (Cu Equivalent(x) of 2.399%).    - MEX-112 intersected 78.7 feet of 0.772% copper, 0.196% nickel and 1.125   g/t TPM (Cu Equivalent(x) of 1.834%), including 34.5 feet of 1.175%   copper, 0.270% nickel and 1.821 g/t TPM (Cu Equivalent(x) of 2.690%),   containing 29.5 feet of 1.240% copper, 0.272% nickel and 1.897 g/t TPM   (Cu Equivalent(x) of 2.789%).    - MEX-114 intersected 44.4 feet of 0.682% copper, 0.195% nickel and 1.686   g/t TPM (Cu Equivalent(x) of 1.914%).    - MEX-120 intersected 132.9 feet of 0.633% copper, 0.180% nickel and   0.915 g/t TPM (Cu Equivalent(x) of 1.551%), containing 24.6 feet of   0.855% copper, 0.226% nickel and 1.197 g/t TPM (Cu Equivalent(x) of   2.029%).    (x) Note to Reader: Copper Equivalent is based on US metal prices of:   Copper - CDN$1.75/lb, Nickel - CDN$7.00/lb, Cobalt - CDN$10.00/lb, Gold -   CDN$600/oz, Platinum - CDN$1,100/oz, Palladium - CDN$350/0z and Silver -   CDN$8.50/oz, and the methodology with metallurgical recoveries, refining   costs and other charges being considered for all metals in accordance   with the January 22, 2008, NI 43-101 Scoping Study produced by Scott   Wilson Roscoe Postle Associates.    

“Holes MEX-77W1, 124, 127M, 129, 131, 136 and 138 have been drilled in an area that continues to return markedly higher copper, above average nickel and significantly higher TPM values than the global Nokomis resource, as reported in the June 2008 NI 43-101 Resource Estimate. We are pleased that the new drill results confirm higher grade mineralization within the eastern sector of the Nokomis Deposit” stated Dr. Henry J. Sandri, President and CEO of Duluth Metals. “These new results taken together with the results of the previous 14 holes in this area indicate a specific target area with grade potential significantly above that of our qualified Indicated Resource grades of 0.624% copper, 0.199% nickel and 0.600 g/t TPM. When combined with the previous holes, this higher grade drilled area currently covers an area of approximately 400 acres, and is open in all directions.” A more detailed summary of the assay results for holes MEX-77W1, 124, 127M, 129, 131, 136 and 138 can be found in the table below. True width is estimated at about 90% of core length.

              ZONE              CUT-OFF        FROM      TO    LENGTH  COPPER  NICKEL  TPM(x)    HOLE      at            (feet)   (feet)  (feet)   (%)     (%)    (g/t)     MEX-77W1  0.3% Cu        3318     3418     100   0.690   0.203   1.723              0.5% Cu        3318     3383      65   0.789   0.242   2.065              including      3323     3348      25   0.945   0.303   2.529              0.3% Cu        3448     3483      35   0.371   0.092   0.630     MEX-124   0.3% Cu      3951.8   4025.6    73.8   0.658   0.176   1.405              0.5% Cu      3956.8   4015.7    58.9   0.732   0.199   1.591              including    3966.5   3971.5       5   1.270   0.331   2.435              0.3% Cu      4133.8   4168.3    34.5   0.374   0.084   0.642     MEX-127M  0.3% Cu        3074     3184     110   0.811   0.224   1.520              0.5% Cu        3074     3179     105   0.829   0.230   1.564              including      3089     3099      10   1.150   0.309   2.099              and            3119     3134      15   1.128   0.315   1.881     MEX-129   0.3% Cu        2948     3058     110   0.722   0.195   1.769              0.5% Cu        2948     3053     105   0.740   0.200   1.817              including      2973     3003      30   1.055   0.272   3.190     MEX-131   0.3% Cu      3627.1   3774.7   147.6   0.760   0.197   0.867              0.5% Cu      3627.1   3730.3   103.2   0.915   0.238   1.036              including    3627.1   3656.6    29.5   1.464   0.347   1.385     MEX-136   0.3% Cu      3666.4   3740.2    73.8   0.566   0.173   0.782              0.5% Cu      3666.4     3696    29.6   0.687   0.217   0.953              0.3% Cu      3873.1   3907.4    34.3   0.401   0.076   0.351     MEX-138   0.3% Cu      3612.2   3868.1   255.9   0.792   0.226   0.906              0.5% Cu      3617.2   3868.1   250.9   0.801   0.229   0.915              including    3627.1     3691    63.9   1.045   0.323   1.565              and          3774.7   3799.2    24.5   0.957   0.245   0.866     (x) Total Precious Metals = Platinum+Palladium+Gold     Complete gold, platinum, and palladium assays for MEX-77W1, 124, 127M,   129, 131, 136 and 138 are as follows:               ZONE                                                   PALL-              CUT-OFF        FROM      TO    LENGTH  GOLD  PLATINUM  ADIUM    HOLE      at            (feet)   (feet)  (feet)  (g/t)   (g/t)   (g/t)     MEX-77W1  0.3% Cu        3318     3418     100   0.161   0.520   1.041              0.5% Cu        3318     3383      65   0.189   0.642   1.234              including      3323     3348      25   0.219   0.809   1.502              0.3% Cu        3448     3483      35   0.088   0.161   0.381     MEX-124   0.3% Cu      3951.8   4025.6    73.8   0.191   0.372   0.842              0.5% Cu      3956.8   4015.7    58.9   0.217   0.423   0.951              including    3966.5   3971.5       5   0.297   0.643   1.495              0.3% Cu      4133.8   4168.3    34.5   0.091   0.163   0.388     MEX-127M  0.3% Cu        3074     3184     110   0.157   0.425   0.938              0.5% Cu        3074     3179     105   0.161   0.439   0.964              including      3089     3099      10   0.130   0.592   1.378              and            3119     3134      15   0.195   0.535   1.152      MEX-129   0.3% Cu        2948     3058     110   0.271   0.529   0.969              0.5% Cu        2948     3053     105   0.278   0.543   0.995              including      2973     3003      30   0.627   1.005   1.558     MEX-131   0.3% Cu      3627.1   3774.7   147.6   0.116   0.225   0.526              0.5% Cu      3627.1   3730.3   103.2   0.142   0.278   0.616              including    3627.1   3656.6    29.5   0.188   0.328   0.869     MEX-136   0.3% Cu      3666.4   3740.2    73.8   0.154   0.153   0.475              0.5% Cu      3666.4     3696    29.6   0.114   0.204   0.635              0.3% Cu      3873.1   3907.4    34.3   0.075   0.082   0.194     MEX-138   0.3% Cu      3612.2   3868.1   255.9   0.211   0.213   0.482              0.5% Cu      3617.2   3868.1   250.9   0.214   0.215   0.486              including    3627.1     3691    63.9   0.563   0.300   0.702              and          3774.7   3799.2    24.5   0.121   0.217   0.529    

A “Location Map” highlighting the seven holes as well as other holes discussed in this release can be found on our Company website at http://www.duluthmetals.com/.

For the 2008 drill program, half core samples have been 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.

In the near term, Duluth will be utilizing one drill rig to continue in-fill drilling. The focus of the current program is on the long term development of the Nokomis Deposit which includes a pre-feasibility study of the existing Nokomis Resource, continued metallurgical testing for processing optimization, as well as environmental baseline studies required for future permitting.

David Oliver, P. Geo. and Duluth Project Manager is the Qualified Person, in accordance with NI 43-101 of the Canadian Securities Administrators, and is responsible for the technical content of this press release and quality assurance of the exploration data and analytical results.

About Duluth Metals

Duluth is committed to acquiring, exploring and developing copper, nickel and platinum group metal (PGM) deposits. Duluth’s principal property is the Nokomis Deposit located within the rapidly emerging Duluth Complex mining camp in northeastern 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.

This document may contain forward-looking statements (including “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to Duluth’s operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Duluth’s control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Duluth 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.

For further information: please contact Mara Strazdins, Director of Corporate Communications, at mstrazdins@duluthmetals.com or at +1-416-369-1500; or Henry Sandri, President and CEO, at hsandri@duluthmetals.com; Minnesota corporate office: telephone +1-651-389-9990, Web Page: http://www.duluthmetals.com/

Duluth Metals Limited

CONTACT: For further information: please contact Mara Strazdins,Director of Corporate Communications, at mstrazdins@duluthmetals.com or at+1-416-369-1500; or Henry Sandri, President and CEO, athsandri@duluthmetals.com; Minnesota corporate office: telephone+1-651-389-9990,




comments powered by Disqus