Duluth Metals Announces 120 Feet of 2.19g/t Total Precious Metals 350 Metres East of the Current Twin Metals Nokomis Resource
By Duluth Metals Limited, PRNEWednesday, July 6, 2011
TORONTO, July 7, 2011 -
Duluth Metals Limited (”Duluth Metals”) (TSX: DM) (TSX: DM.U) is
pleased to announce assay results for 15 holes drilled on the Twin
Metals Nokomis Deposit in northeastern Minnesota, including 9 holes
containing intersections with Total Precious Metals (TPM (equal
sign) Platinum+Palladium+Gold) grades greater than 1g/t and 11
holes having intersections greater than 1.7% Copper Equivalent(x).
Three holes, Mex-211, 217 and 225, intersected significant
mineralization up to 350 metres due east of the current Nokomis
resource, thereby expanding the current mineralized area
southwards. This includes a 25 foot intersection in Mex-225,
containing 3.385 g/t TPM within a 120 foot section of 2.19g/t TPM.
Four holes, Mex-218, 220, 223 and 224 continue to confirm higher
grade assays in the Eastern Higher Grade Zone, and two holes,
Mex-212 and 219 continue to confirm higher grade assays in the B
Higher Grade Zone. The Nokomis Deposit is one of four qualified
resources within the Twin Metals Project being advanced by the
joint venture company Twin Metals Minnesota LLC.
Highlights from expansion drilling south of
the current Nokomis Deposit include:
- Mex-225 returned 185.0 feet of 0.710% copper, 0.184% nickel,
3.1 g/t
silver and 1.642 grams per tonne (g/t) Total Precious Metals
(TPM
(equal sign) Platinum+Palladium+Gold) (Cu Equivalent(x) of
1.92%),
including a 120.0 foot section of 0.835% copper, 0.230% nickel,
3.6
g/t silver and 2.190 g/t TPM (Cu Equivalent(x) of 2.40%), as well
as a
25.0 foot section of 1.100% copper, 0.325% nickel, 5.9 g/t silver
and
3.385 g/t TPM (Cu Equivalent(x) of 3.39%). - MEX-217 intersected 267.5 feet of 0.698% copper, 0.184% nickel,
2.3
g/t silver and 1.139 g/t TPM (Cu Equivalent(x) of 1.72%) including
a
20 foot section of 0.986% copper, 0.251% nickel, 3.4 g/t silver
and
1.887 g/t TPM (Cu Equivalent(x) of 2.49).
Within the Eastern Higher Grade area, drilling
highlights include:
- Mex-224 returned 170.0 feet of 0.690% copper, 0.180% nickel,
3.0 g/t
silver and 1.616 grams TPM (Cu Equivalent(x) of 1.86%), including
a
87.0 foot section of 0.892% copper, 0.243% nickel, 3.5 g/t silver
and
2.166 g/t TPM (Cu Equivalent(x) of 2.47%) as well as a 50.0
foot
section of 1.089% copper, 0.302% nickel, 4.2 g/t silver and 2.737
g/t
TPM (Cu Equivalent(x) of 3.06). - MEX-223 intersected 95.0 feet of 0.749% copper, 0.186% nickel,
2.5 g/t
silver and 0.738 g/t TPM (Cu Equivalent(x) of 1.60%) including a
50.0
foot section of 1.000% copper, 0.252% nickel, 3.1 g/t silver and
1.054
g/t TPM (Cu Equivalent(x) of 2.17). - MEX-220 intersected 125.0 feet of 0.786% copper, 0.195% nickel
4.0 g/t
silver and 1.566 g/t TPM (Cu Equivalent(x) of 2.00%) including a
30.0
foot section of 1.140% copper, 0.241% nickel, 7.1 g/t silver and
2.125
g/t TPM (Cu Equivalent(x) of 2.76). - MEX-218 intersected 80.0 feet of 0.695% copper, 0.188% nickel,
2.9 g/t
silver and 0.978 g/t TPM (Cu Equivalent(x) of 1.65%) including a
55.0
foot section of 0.809% copper, 0.208% nickel, 3.3 g/t silver and
1.129
g/t TPM (Cu Equivalent(x) of 1.89).
(x) Note - Copper Equivalent is based on US metal prices of:
Copper - US$1.75/lb, Nickel - US$7.00/lb, Cobalt - US$10.00/lb,
Gold - US$600/oz, Platinum - US$1,100/oz, Palladium - US$350/oz and
Silver - US$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 January 22, 2008, NI 43-101 Scoping Study produced
by Scott Wilson RPA.
“The drilling program continues to provide results that increase
our confidence in this resource. These results also indicate that
areas of significantly higher TPMs can be identified within the
resource. Two exciting intersections with very good precious metal
results, 50 feet of 2.737g/t TPM in Mex-224 and 25 feet of 3.385
g/t TPM in Mex-225, show the potential within this resource to
define areas with higher TPM values”, stated Vern Baker, President
of Duluth Metals. “Overall, the drilling this year has been quite
encouraging. Three of the drill holes included in this release
(Mex-211, Mex-217, Mex-225) show the continuity of the resource
extending beyond the previous limits.”
A map illustrating the location of the 15 drill holes reported
in this press release, 14 of which have mineralized intercepts, 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 January 8, 2009 Scott Wilson RPA
Preliminary Assessment on the Nokomis Project, Minnesota, U.S.A.,
Cut-off grade at 1.0% CuEq, (xx)Copper equivalent (CuEq%) (equal
sign) 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)
A more detailed summary of the assay results for MEX-211 to 225
inclusive can be found in the table below. True width is estimated
at about 90% of core length.
HOLE ZONE FROM TO LENGTH COPPER NICKEL TPM(x) CuEQ
(feet)(feet) (feet) (%) (%) (g/t) (%)
MEX-211 Total Mineralized
Interval 3576 3808 232 0.285 0.087 0.523 0.76
(at)0.5% Cu cut-off 3588 3618 30 0.593 0.185 1.390 1.71
(at)0.3% Cu cut-off 3673 3718 45 0.448 0.114 0.704 1.08
(at)0.3% Cu cut-off 3788 3808 20 0.322 0.063 0.370 0.66 MEX-212 (at)0.3% Cu cut-off 2412 2578 166 0.721 0.228 0.632 1.67
(at)0.5% Cu cut-off 2412 2538 126 0.795 0.246 0.698 1.83
Including 2412 2453 41 1.004 0.312 0.964 2.36 MEX-213 Not completed to Zone, no assays, completed as MEX-214
MEX-214 (at)0.3% Cu cut-off 3403 3463 60 0.521 0.156 0.982 1.38
(at)0.5% Cu cut-off 3428 3458 30 0.658 0.191 1.265 1.73
(at)0.3% Cu cut-off 3544 3568 24 0.408 0.060 0.128 0.65 MEX-215 Total Mineralized
Interval 3317 3388 71 0.429 0.125 0.497 1.00
(at)0.3% Cu cut-off 3317 3368 51 0.518 0.165 0.611 1.26 MEX-216 Total Mineralized
Interval 1871.5 2187 315.5 0.475 0.136 0.326 1.02
(at)0.3% Cu cut-off 1871.5 1987 115.5 0.586 0.166 0.426 1.26
(at)0.5% Cu cut-off 1877 1937 60 0.666 0.196 0.519 1.46
(at)0.5% Cu cut-off 1957 1982 25 0.654 0.172 0.408 1.34
(at)0.3% Cu cut-off 2002 2187 185 0.441 0.125 0.289 0.94
(at)0.5% Cu cut-off 2012 2027 15 0.681 0.174 0.467 1.39
(at)0.5% Cu cut-off 2142 2157 15 0.589 0.159 0.378 1.22 MEX-217 (at)0.5% Cu cut-off 3909.5 4177.0 267.5 0.698 0.184 1.139 1.72
including 3967.0 3987.0 20.0 0.949 0.262 1.580 2.37
including 4027.0 4047.0 20.0 0.986 0.251 1.887 2.49
(at)0.3% Cu cut-off 4222.0 4272.0 50.0 0.371 0.081 0.462 0.80
(at)0.3% Cu cut-off 4412.0 4447.0 35.0 0.535 0.049 0.229 0.78
(at)0.5% Cu cut-off 4412.0 4432.0 20.0 0.695 0.063 0.288 1.01 MEX-218 (at)0.3% Cu cut-off 3407.0 3487.0 80.0 0.695 0.188 0.978 1.65
(at)0.5% Cu cut-off 3427.0 3482.0 55.0 0.809 0.208 1.129 1.89
including 3442.0 3452.0 10.0 1.055 0.266 1.530 2.46
including 3472.0 3482.0 10.0 1.250 0.271 1.688 2.74
(at)0.3% Cu cut-off 3637.0 3652.0 15.0 0.462 0.094 0.471 0.94 MEX-219 (at)0.3% Cu cut-off 2177.7 2363.0 185.3 0.661 0.204 0.588 1.52
(at)0.5% Cu cut-off 2183.0 2358.0 175.0 0.673 0.209 0.602 1.55
including 2233.0 2248.0 15.0 0.995 0.285 0.865 2.20
(at)0.3% Cu cut-off 2383.0 2418.0 35.0 0.660 0.296 0.457 1.74
(at)0.5% Cu cut-off 2383.0 2403.0 20.0 0.821 0.376 0.554 2.18
(at)0.3% Cu cut-off 2433.0 2468.0 35.0 0.548 0.226 0.416 1.40
(at)0.5% Cu cut-off 2488.0 2513.0 25.0 0.787 0.048 0.160 1.00 MEX-220 (at)0.3% Cu cut-off 3553.0 3678.0 125.0 0.786 0.195 1.566 2.00
(at)0.5% Cu cut-off 3553.0 3653.0 100.0 0.877 0.220 1.761 2.24
including 3603.0 3633.0 30.0 1.140 0.241 2.125 2.76 MEX-221 (at)0.3% Cu cut-off 1765.5 1978.0 212.5 0.603 0.169 0.400 1.28
(at)0.5% Cu cut-off 1765.5 1888.0 122.5 0.693 0.193 0.466 1.47 MEX-222 (at)0.3% Cu cut-off 3144.0 3269.0 125.0 0.716 0.195 1.113 1.77
(at)0.5% Cu cut-off 3159.0 3259.0 100.0 0.784 0.205 1.215 1.91
including 3189.0 3199.0 10.0 1.003 0.230 1.194 2.18
including 3244.0 3254.0 10.0 1.183 0.359 2.026 3.06 MEX-223 (at)0.3% Cu cut-off 3498.0 3593.0 95.0 0.749 0.186 0.738 1.60
(at)0.5% Cu cut-off 3498.0 3548.0 50.0 1.000 0.252 1.054 2.17
including 3498.0 3538.0 40.0 1.063 0.268 1.064 2.29
(at)0.5% Cu cut-off 3563.0 3583.0 20.0 0.585 0.130 0.482 1.17
(at)0.3% Cu cut-off 3643.0 3686.5 43.5 0.387 0.082 0.379 0.79 MEX-224 (at)0.3% Cu cut-off 3327.0 3352.7 25.7 0.366 0.082 0.289 0.73
(at)0.3% Cu cut-off 3367.0 3537.0 170.0 0.690 0.180 1.616 1.86
(at)0.5% Cu cut-off 3367.0 3454.0 87.0 0.892 0.243 2.166 2.47
including 3377.0 3427.0 50.0 1.089 0.302 2.737 3.06
(at)0.5% Cu cut-off 3467.0 3497.0 30.0 0.630 0.151 1.357 1.59
(at)0.5% Cu cut-off 3527.0 3537.0 10.0 0.700 0.140 1.703 1.81 MEX-225 (at)0.3% Cu cut-off 3909.0 3929.0 20.0 0.503 0.125 0.647 1.15
(at)0.3% Cu cut-off 3984.0 4169.0 185.0 0.710 0.184 1.642 1.92
(at)0.5% Cu cut-off 4019.0 4139.0 120.0 0.835 0.230 2.190 2.40
including 4044.0 4069.0 25.0 1.100 0.325 3.385 3.39
(xx)TPM (equal sign) Total Precious Metals
(Platinum+Palladium+Gold)
Note: g/t (equal sign) grams per tonne
—–
Complete gold, platinum, palladium and silver
assays for MEX-211 to 225
inclusive are as follows:
PLATI- PALLA-
HOLE ZONE FROM TO LENGTH GOLD NUM DIUM SILVER
(feet) (feet) (feet) (g/t) (g/t) (g/t) (g/t)
MEX-211 Total Mineralized
Interval 3576 3808 232 0.057 0.153 0.313 1.2
(at)0.5% Cu cut-off 3588 3618 30 0.129 0.410 0.852 2.3
(at)0.3% Cu cut-off 3673 3718 45 0.087 0.202 0.415 1.9
(at)0.3% Cu cut-off 3788 3808 20 0.050 0.102 0.219 1.8 MEX-212 (at)0.3% Cu cut-off 2412 2578 166 0.082 0.188 0.362 2.9
(at)0.5% Cu cut-off 2412 2538 126 0.091 0.206 0.402 3.5
including 2412 2453 41 0.118 0.312 0.534 4.4 MEX-214 (at)0.3% Cu cut-off 3403 3463 60 0.110 0.261 0.612 1.7
(at)0.5% Cu cut-off 3428 3458 30 0.155 0.337 0.773 2.3
(at)0.3% Cu cut-off 3544 3568 24 0.021 0.032 0.075 0.2 MEX-215 Total Mineralized
Interval 3317 3388 71 0.074 0.127 0.296 2.9
(at)0.3% Cu cut-off 3317 3368 51 0.082 0.160 0.369 3.5 MEX-216 Total Mineralized
Interval 1871.5 2187 315.5 0.051 0.084 0.191 1.8
(at)0.3% Cu cut-off 1871.5 1987 115.5 0.066 0.110 0.249 2.1
(at)0.5% Cu cut-off 1877 1937 60 0.080 0.132 0.306 2.4
(at)0.5% Cu cut-off 1957 1982 25 0.062 0.113 0.233 2.3
(at)0.3% Cu cut-off 2002 2187 185 0.045 0.074 0.170 1.8
(at)0.5% Cu cut-off 2012 2027 15 0.072 0.112 0.283 2.9
(at)0.5% Cu cut-off 2142 2157 15 0.056 0.090 0.232 2.4 MEX-217 (at)0.5% Cu cut-off 3909.5 4177.0 267.5 0.140 0.333 0.666 2.3
including 3967.0 3987.0 20.0 0.212 0.450 0.918 3.0
including 4027.0 4047.0 20.0 0.201 0.520 1.167 3.4
(at)0.3% Cu cut-off 4222.0 4272.0 50.0 0.064 0.131 0.268 1.3
(at)0.3% Cu cut-off 4412.0 4447.0 35.0 0.034 0.070 0.124 0.8
(at)0.5% Cu cut-off 4412.0 4432.0 20.0 0.037 0.098 0.154 1.2 MEX-218 (at)0.3% Cu cut-off 3407.0 3487.0 80.0 0.122 0.269 0.586 2.9
(at)0.5% Cu cut-off 3427.0 3482.0 55.0 0.141 0.310 0.677 3.3
including 3442.0 3452.0 10.0 0.198 0.422 0.911 4.0
including 3472.0 3482.0 10.0 0.200 0.479 1.009 5.0
(at)0.3% Cu cut-off 3637.0 3652.0 15.0 0.064 0.128 0.279 3.2 MEX-219 (at)0.3% Cu cut-off 2177.7 2363.0 185.3 0.086 0.161 0.341 2.3
(at)0.5% Cu cut-off 2183.0 2358.0 175.0 0.088 0.165 0.349 2.3
including 2233.0 2248.0 15.0 0.121 0.229 0.515 3.4
(at)0.3% Cu cut-off 2383.0 2418.0 35.0 0.055 0.127 0.275 1.6
(at)0.5% Cu cut-off 2383.0 2403.0 20.0 0.067 0.149 0.338 1.9
(at)0.3% Cu cut-off 2433.0 2468.0 35.0 0.053 0.117 0.246 2.0
(at)0.5% Cu cut-off 2488.0 2513.0 25.0 0.029 0.043 0.088 0.4
MEX-220 (at)0.3% Cu cut-off 3553.0 3678.0 125.0 0.218 0.434 0.914 4.0
(at)0.5% Cu cut-off 3553.0 3653.0 100.0 0.242 0.492 1.027 4.6
including 3603.0 3633.0 30.0 0.227 0.690 1.208 7.1 MEX-221 (at)0.3% Cu cut-off 1765.5 1978.0 212.5 0.056 0.111 0.233 2.1
(at)0.5% Cu cut-off 1765.5 1888.0 122.5 0.065 0.127 0.274 2.4 MEX-222 (at)0.3% Cu cut-off 3144.0 3269.0 125.0 0.144 0.342 0.628 2.6
(at)0.5% Cu cut-off 3159.0 3259.0 100.0 0.151 0.382 0.682 2.8
including 3189.0 3199.0 10.0 0.180 0.343 0.672 3.5
including 3244.0 3254.0 10.0 0.183 0.557 1.287 5.1 MEX-223 (at)0.3% Cu cut-off 3498.0 3593.0 95.0 0.110 0.187 0.441 2.5
(at)0.5% Cu cut-off 3498.0 3548.0 50.0 0.165 0.267 0.623 3.1
including 3498.0 3538.0 40.0 0.104 0.283 0.678 3.3
(at)0.5% Cu cut-off 3563.0 3583.0 20.0 0.063 0.131 0.289 2.3
(at)0.3% Cu cut-off 3643.0 3686.5 43.5 0.064 0.098 0.218 1.7 MEX-224 (at)0.3% Cu cut-off 3327.0 3352.7 25.7 0.041 0.074 0.174 1.6
(at)0.3% Cu cut-off 3367.0 3537.0 170.0 0.241 0.409 0.965 3.0
(at)0.5% Cu cut-off 3367.0 3454.0 87.0 0.300 0.564 1.302 3.5
including 3377.0 3427.0 50.0 0.355 0.725 1.658 4.2
(at)0.5% Cu cut-off 3467.0 3497.0 30.0 0.191 0.298 0.868 2.8
(at)0.5% Cu cut-off 3527.0 3537.0 10.0 0.381 0.474 0.848 3.9 MEX-225 (at)0.3% Cu cut-off 3909.0 3929.0 20.0 0.062 0.196 0.389 1.4
(at)0.3% Cu cut-off 3984.0 4169.0 185.0 0.192 0.460 0.989 3.1
(at)0.5% Cu cut-off 4019.0 4139.0 120.0 0.250 0.615 1.326 3.6
including 4044.0 4069.0 25.0 0.410 0.898 2.077 5.9
The Twin Metals Project now 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 nickel-copper-PGM deposits within a new
emerging mining belt in Minnesota, USA.
AMEC E&C Services Inc. from Reno, Nevada has been engaged to
review and prepare a comprehensive updated NI 43-101 Resource
Report on the expanded Twin Metals Project which now includes the
Twin Metals and Franconia properties.
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.
David Oliver, P. Geo. and Twin Metals Site Manager is the
Qualified Person for this press release, in accordance with NI
43-101 of the Canadian Securities Administrators, and is
responsible for the technical content 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 31,000 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% owned
by Duluth Metals Limited and 40% by Antofagasta plc. Announced in
Jan. 2010, Twin Metals was formed to pursue the development and
operation of a copper, nickel and platinum group metals (strategic
metals) mining project within the Duluth Complex in northeastern
Minnesota. Twin Metals’ assets, upon the roll-over of the recently
acquired Franconia Minerals Corporation assets from Duluth Metals
to Twin Metals, will cover more than 25,000 acres of land/mineral
interests and include four NI 43-101 compliant mineral resources:
the Nokomis Deposit, the Maturi Deposit, the Birch Lake Deposit and
the Spruce Road Deposit.(Franconia currently holds an undivided 70%
interest in the Birch, Spruce and Maturi properties and has
exercised its option to increase its interest to 82% by agreeing to
fund all of the carried interest of its joint venture partner
through to commercial production.)
This document may contain 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 operations of
Duluth, the environment in which it operates, timing and amount of
capital expenditures, results of exploration and mine development,
the availability of funding to Duluth and timing of geological
reports. Such statements are based on operations, estimates,
forecasts and projections. They are not guarantees of future
performance and involve known and unknown risks, uncertainties and
other factors that are difficult to predict and may be beyond the
control of Duluth. 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 the annual
information form under the heading “Risk Factors” and in the other
public filings of Duluth. 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 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: Mara Strazdins, Director of
Corporate Communications, Telephone: +1-416-369-1500 ext. 222,
Email: mstrazdins(at)duluthmetals.com; Vern Baker, President,
Telephone: +1-651-389-9990, Email:
Webpage: www.duluthmetals.com
.
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