Duluth Metals Announces 34.5 feet at 2.82% CuEq From Twin Metals New Drilling Results
By Duluth Metals Limited, PRNEWednesday, June 8, 2011
TORONTO, June 9, 2011 -
Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX: DM.U) is pleased
to announce assay results for 15 holes drilled on the Nokomis Deposit, one of
four qualified resources on the Twin Metals Project in northeastern
Minnesota. Drilling results continue as expected, with highlights showing
higher grade assays from the Eastern, Central and Western Area higher grade
zones, as well as two above average holes (Mex-208, 209) approximately 300
metres north-west of the Eastern Area. Four holes (Mex-197, 199, 201, 203)
drilled outside of the Central Area, together with Mex-208 and 209 drilled
outside the Eastern Area, confirm expansion to the previously released higher
grade areas.
In and outside the Eastern Higher Grade area, drilling highlights
include:
- Mex-210 returned 94.5 feet of 0.708% copper, 0.219% nickel, 3.0 g/t
silver and 1.145 grams per tonne (g/t) Total Precious Metals (TPM
(equal sign) Platinum+Palladium+Gold) (Cu Equivalent(x) of 1.82%),
including a 59.5 foot section of 0.895% copper, 0.282% nickel, 3.6
g/t silver and 1.510 g/t TPM (Cu Equivalent(x) of 2.34%), as well as
a 34.5 foot section of 1.054% copper, 0.341% nickel, 4.3 g/t silver
and 1.887 g/t TPM (Cu Equivalent(x) of 2.82%).
- MEX-205 intersected 100.0 feet of 0.737% copper, 0.193% nickel, 2.6
g/t silver and 1.198 g/t TPM (Cu Equivalent(x) of 1.79%) including a
25 foot section of 0.985% copper, 0.253% nickel, 3.3 g/t silver and
1.509 g/t TPM (Cu Equivalent(x) of 2.33.
- Mex-209 intersected 281.0 feet of 0.735% copper, 0.210% nickel, 2.6
g/t silver and 0.667 g/t TPM (Cu Equivalent(x) of 1.64%) including a
155.0 foot section of 0.834% copper, 0.242% nickel, 3.0 g/t silver
and 0.747 g/t TPM (Cu Equivalent(x) of 1.86), and including a 60.0
foot section of 1.001 % copper, 0.302% nickel, 3.6 g/t silver and
0.938g/t TPM (Cu Equivalent(x) of 2.27).
- MEX-204 intersected 130.5 feet of 0.598% copper, 0.159% nickel, 2.1
g/t silver and 0.998 g/t TPM (Cu Equivalent(x) of 1.47%) including a
65 foot section of 0.776% copper, 0.214% nickel, 2.8 g/t silver and
1.324 g/t TPM (Cu Equivalent(x) of 1.95)
In and outside the Central Higher Grade area, drilling highlights
include:
- Mex-199 returned 272.0 feet of 0.597% copper, 0.177% nickel, 2.0 g/t
silver and 0.798 grams TPM (Cu Equivalent(x) of 1.44%), including a
55.0 foot section of 0.823% copper, 0.300% nickel, 2.4 g/t silver and
0.938 g/t TPM (Cu Equivalent(x) of 2.10%).
- MEX-203 intersected 60.0 feet of 0.714% copper, 0.178% nickel, 3.5
g/t silver and 1.521 g/t TPM (Cu Equivalent(x) of 1.84%) including a
30.0 foot section of 0.836% copper, 0.192% nickel, 4.8 g/t silver and
1.943 g/t TPM (Cu Equivalent(x) of 2.15).
- MEX-201 intersected 44.0 feet of 0.613% copper, 0.208% nickel, 2.2
g/t silver and 1.453 g/t TPM (Cu Equivalent(x) of 1.82%) including a
40.0 foot section of 0.632% copper, 0.210% nickel, 2.2 g/t silver and
1.487 g/t TPM (Cu Equivalent(x) of 1.85).
- MEX-196 intersected 181.0 feet of 0.473% copper, 0.127% nickel, 1.9
g/t silver and 0.704 g/t TPM (Cu Equivalent(x) of 1.14%) including a
30.0 foot section of 0.898% copper, 0.245% nickel, 3.1 g/t silver and
1.538 g/t TPM (Cu Equivalent(x) of 2.24).
(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 of our joint venture company, Twin Metals Minnesota
LLC (Twin Metals), continues to confirm the continuity, scale, and grades
expected in this deposit. Within the larger in-fill drilling program, the
expansion and verification of areas identified as higher grade will allow the
Twin Metals team to evaluate economic optimization through mine sequencing",
stated Vern Baker, President of Duluth Metals. "The early utilization of
higher grade ore will be a major consideration for planning. The drilling and
the potential economic benefits of early sequencing of 'high grade zones'
make an outstanding project look stronger with every hole."
A map illustrating the location of the 15 drill holes reported in this
press release can be found on the Company website under this press release at
www.duluthmetals.com.
A more detailed summary of the assay results for MEX-196 to 210 inclusive
can be found in the table below. True width is estimated at about 90% of core
length.
COP- CuEq
FROM TO LENGTH PER NICKEL TPM(xx) (x)
HOLE ZONE (feet) (feet) (feet) (%) (%) (g/t) (%)
MEX-196 at 0.3% Cu 3887 4068 181 0.473 0.127 0.704 1.14
cut-off
at 0.5% Cu 3933 3963 30 0.898 0.245 1.538 2.24
cut-off
MEX-197 at 0.3% Cu 4252 4269 17 0.489 0.148 2.647 2.03
cut-off
MEX-198 at 0.3% Cu 3587 3692 105 0.636 0.207 1.091 1.67
cut-off
at 0.5% Cu 3627 3692 65 0.757 0.250 1.401 2.03
cut-off
at 0.3% Cu 3747 3772 25 0.401 0.097 0.507 0.89
cut-off
MEX-199 at 0.3% Cu 4036 4308 272 0.597 0.177 0.798 1.44
cut-off
at 0.5% Cu 4043 4078 35 0.715 0.192 1.103 1.73
cut-off
at 0.5% Cu 4138 4178 40 0.722 0.153 1.001 1.56
cut-off
at 0.5% Cu 4213 4238 25 0.593 0.190 0.826 1.51
cut-off
at 0.5% Cu 4253 4308 55 0.823 0.300 0.938 2.10
cut-off
MEX-200 at 0.3% Cu 3557 3755 198 0.741 0.191 0.809 1.63
cut-off
at 0.5% Cu 3567 3737 170 0.775 0.201 0.865 1.71
cut-off
including 3602 3627 25 0.971 0.256 1.142 2.17
MEX-201 at 0.3% Cu 4230 4274 44 0.613 0.208 1.453 1.82
cut-off
at 0.5% Cu 4234 4274 40 0.632 0.210 1.487 1.85
cut-off
MEX-202 at 0.3% Cu 3212 3237 25 0.682 0.189 1.440 1.81
cut-off
at 0.5% Cu 3212 3232 20 0.734 0.201 1.523 1.94
cut-off
MEX-203 at 0.3% Cu 3992.5 4068 75.5 0.664 0.165 1.377 1.70
cut-off
at 0.5% Cu 3998 4058 60 0.714 0.178 1.521 1.84
cut-off
including 4008 4038 30 0.836 0.192 1.943 2.15
MEX-204 at 0.3% Cu 3212.5 3343 130.5 0.598 0.159 0.998 1.47
cut-off
at 0.5% Cu 3218 3283 65 0.776 0.214 1.324 1.95
cut-off
at 0.5% Cu 3408.5 3423 14.5 0.626 0.139 0.900 1.40
cut-off
MEX-205 at 0.3% Cu 3117 3132 15 0.331 0.077 0.169 0.63
cut-off
at 0.3% Cu 3172 3323.5 151.5 0.646 0.163 1.002 1.53
cut-off
at 0.5% Cu 3172 3272 100 0.737 0.193 1.198 1.79
cut-off
including 3197 3222 25 0.985 0.253 1.509 2.33
MEX-206 at 0.3% Cu 3763 3778 15 0.415 0.085 0.744 0.96
cut-off
Total
MEX-207 Mineralized 3484 3698 214 0.434 0.111 0.459 0.96
Interval
at 0.5% Cu 3484 3503 19 0.549 0.161 0.670 1.31
cut-off
at 0.3% Cu 3538 3648 110 0.533 0.129 0.558 1.15
cut-off
at 0.5% Cu 3538 3598 60 0.650 0.153 0.721 1.40
cut-off
Total
MEX-208 Mineralized 2557 2787 230 0.466 0.135 0.583 1.10
Interval
at 0.3% Cu 2557 2617 60 0.655 0.212 0.886 1.64
cut-off
at 0.5% Cu 2557 2607 50 0.708 0.228 0.975 1.78
cut-off
at 0.3% Cu 2672 2767 95 0.468 0.122 0.546 1.06
cut-off
at 0.5% Cu 2702 2732 30 0.605 0.148 0.635 1.30
cut-off
at 0.3% Cu 2977 2997 20 0.508 0.059 0.567 0.91
cut-off
MEX-209 at 0.3% Cu 2192 2473 281 0.735 0.210 0.667 1.64
cut-off
at 0.5% Cu 2192 2347 155 0.834 0.242 0.747 1.86
cut-off
including 2217 2277 60 1.001 0.302 0.938 2.27
at 0.5% Cu 2362 2473 111 0.652 0.176 0.602 1.44
cut-off
MEX-210 at 0.3% Cu 3338.5 3433 94.5 0.708 0.219 1.145 1.82
cut-off
at 0.5% Cu
cut-off 3338.5 3398 59.5 0.895 0.282 1.510 2.34
including 3338.5 3373 34.5 1.054 0.341 1.887 2.82
(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-196 to 210
inclusive are as follows:
PLAT- PALLA-
FROM TO LENGTH GOLD INUM DIUM SILVER
HOLE ZONE (feet) (feet) (feet) (g/t) (g/t) (g/t) (g/t)
MEX-196 at 0.3% Cu 3887 4068 181 0.098 0.189 0.417 1.9
cut-off
at 0.5% Cu 3933 3963 30 0.240 0.416 0.882 3.1
cut-off
MEX-197 at 0.3% Cu 4252 4269 17 0.284 0.841 1.523 2.1
cut-off
MEX-198 at 0.3% Cu 3587 3692 105 0.114 0.252 0.725 2.0
cut-off
at 0.5% Cu 3627 3692 65 0.138 0.327 0.937 2.4
cut-off
at 0.3% Cu 3747 3772 25 0.103 0.107 0.298 1.5
cut-off
MEX-199 at 0.3% Cu 4036 4308 272 0.100 0.207 0.491 2.0
cut-off
at 0.5% Cu 4043 4078 35 0.139 0.289 0.675 2.8
cut-off
at 0.5% Cu 4138 4178 40 0.120 0.243 0.639 2.5
cut-off
at 0.5% Cu 4213 4238 25 0.113 0.250 0.463 1.9
cut-off
at 0.5% Cu 4253 4308 55 0.122 0.242 0.574 2.4
cut-off
MEX-200 at 0.3% Cu 3557 3755 198 0.109 0.199 0.501 2.4
cut-off
at 0.5% Cu 3567 3737 170 0.115 0.213 0.536 2.5
cut-off
including 3602 3627 25 0.190 0.259 0.693 2.8
MEX-201 at 0.3% Cu 4230 4274 44 0.151 0.399 0.903 2.2
cut-off
at 0.5% Cu 4234 4274 40 0.156 0.408 0.923 2.2
cut-off
MEX-202 at 0.3% Cu 3212 3237 25 0.193 0.380 0.867 2.8
cut-off
at 0.5% Cu 3212 3232 20 0.193 0.406 0.924 3.1
cut-off
MEX-203 at 0.3% Cu 3992.5 4068 75.5 0.186 0.355 0.836 3.1
cut-off
at 0.5% Cu 3998 4058 60 0.211 0.385 0.925 3.5
cut-off
including 4008 4038 30 0.280 0.469 1.194 4.8
MEX-204 at 0.3% Cu
cut-off 3212.5 3343 130.5 0.107 0.272 0.619 2.1
at 0.5% Cu 3218 3283 65 0.143 0.363 0.819 2.8
cut-off
at 0.5% Cu 3408.5 3423 14.5 0.148 0.230 0.522 2.7
cut-off
MEX-205 at 0.3% Cu 3117 3132 15 0.026 0.043 0.100 1.2
cut-off
at 0.3% Cu 3172 3323.5 151.5 0.118 0.267 0.617 2.4
cut-off
at 0.5% Cu 3172 3272 100 0.144 0.315 0.739 2.6
cut-off
including 3197 3222 25 0.192 0.375 0.941 3.3
MEX-206 at 0.3% Cu 3763 3778 15 0.123 0.183 0.438 2.4
cut-off
MEX-207 Total
Mineralized 3484 3698 214 0.062 0.132 0.265 1.4
Interval
at 0.5% Cu 3484 3503 19 0.075 0.198 0.398 1.5
cut-off
at 0.3% Cu 3538 3648 110 0.080 0.160 0.318 1.8
cut-off
at 0.5% Cu 3538 3598 60 0.107 0.205 0.409 2.0
cut-off
MEX-208 Total
Mineralized 2557 2787 230 0.084 0.151 0.348 1.6
Interval
at 0.3% Cu 2557 2617 60 0.118 0.227 0.541 2.5
cut-off
at 0.5% Cu 2557 2607 50 0.129 0.251 0.596 2.6
cut-off
at 0.3% Cu 2672 2767 95 0.083 0.143 0.320 1.7
cut-off
at 0.5% Cu 2702 2732 30 0.094 0.154 0.387 2.3
cut-off
at 0.3% Cu 2977 2997 20 0.096 0.139 0.333 2.3
cut-off
MEX-209 at 0.3% Cu 2192 2473 281 0.095 0.181 0.391 2.6
cut-off
at 0.5% Cu 2192 2347 155 0.110 0.188 0.450 3.0
cut-off
including 2217 2277 60 0.153 0.228 0.558 3.6
at 0.5% Cu 2362 2473 111 0.081 0.185 0.336 2.3
cut-off
MEX-210 at 0.3% Cu 3338.5 3433 94.5 0.164 0.298 0.683 3.0
cut-off
at 0.5% Cu 3338.5 3398 59.5 0.205 0.393 0.912 3.6
cut-off
including 3338.5 3373 34.5 0.267 0.491 1.129 4.3
Note: g/t (equal sign) grams per tonne
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.
The Twin Metals Project is currently in the pre-feasibility phase.
Separate consulting engineering firms are being engaged for both the overall
pre-feasibility study and an updated resource report. 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, which is 60% owned
by Duluth Metals and 40% by Antofagasta plc. The joint venture's principal
asset is called the Twin Metals Project, located within the Duluth Complex
mining camp in north-eastern Minnesota. The Twin Metals Project now covers
over 25,000 acres of land/mineral interests and includes four NI 43-101
compliant Mineral Resources: the Spruce Road Deposit; the Nokomis Deposit;
the Maturi Deposit, and the Birch Lake Deposit. (Franconia held 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.) For
more information on Twin Metals Minnesota LLC, go to:
www.twin-metals.com.
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: For further information: Mara Strazdins,
Director of Corporate Communications, Telephone: +1-416-369-1500 ext. 222,
Email: mstrazdins@duluthmetals.com; Vern Baker, President, Telephone:
+1-651-389-9990, Email: vbaker@duluthmetals.com
Webpage: www.duluthmetals.com
.
Tags: canada, Duluth Metals Limited, June 9, Toronto
