Duluth Metals Announces 85 feet of 2.57% Copper Equivalent east of the Twin Metals Project Eastern High Grade Zone
By Duluth Metals Limited, PRNETuesday, October 18, 2011
TORONTO, October 19, 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 Project in northeastern Minnesota. These holes were part of the infill and expansion drilling on the Nokomis Deposit, one of four qualified resources in the Project. The new drill results are very positive with 10 holes containing intersections higher than the global Copper Equivalent* (”Cu Eq”) grade of 1.5% Cu Eq. Two holes, Mex-227 and 234 continue to confirm higher grade potential east of the Eastern Higher Grade Zone.
Within and east of the Eastern Higher Grade area, drilling highlights include:
- Mex-227 returned 85.0 feet of 0.916% copper, 0.305% nickel, 3.124 g/t silver and 1.823 grams TPM (Cu Equivalent* of 2.57%).
- Mex-233 intersected 40.0 feet of 1.141% copper, 0.281% nickel, 4.713 g/t silver and 1.276 g/t TPM (Cu Equivalent* of 2.48%).
- Mex-234 intersected 55.0 feet of 0.825% copper, 0.242% nickel 2.573 g/t silver and 1.490 g/t TPM (Cu Equivalent* of 2.16).
In close proximity to the “C” Higher Grade area, Mex-231 returned:
- 69.0 feet of 0.852% copper, 0.272% nickel, 3.053 g/t silver and 1.314 grams TPM (Cu Equivalent* of 2.18%) including a 26.5 foot section of 1.028% copper, 0.346% nickel, 3.379 g/t silver and 1.470 grams TPM (Cu Equivalent* of 2.64%).
Within the “A” Higher Grade area, drilling highlights include:
- Mex-235-W1 returned 111.0 feet of 1.003% copper, 0.321% nickel, 3.841 g/t silver and 1.068grams TPM (Cu Equivalent* of 2.42%) including a 86.0 foot section of 1.121% copper, 0.362% nickel, 4.290 g/t silver and 1.208 grams TPM (Cu Equivalent* of 2.72%).
*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 January 22, 2008, NI 43-101 Scoping Study produced by Scott Wilson RPA.
As the Twin Metals Project has expanded considerably with the acquisition of additional qualified resources, AMEC E&C Services Inc. has been contracted to complete a new NI 43-101 technical report incorporating the four qualified resources under the Twin Metals Project: the Nokomis, Birch, Maturi and Spruce Deposits.
“Drilling by Twin Metals continues to confirm our confidence in the resource base of this project”, stated Vern Baker, President of Duluth Metals. “Overall, these results and the drilling this year have been quite encouraging and show the continuity of the resource and the extension of higher grade mineralization beyond the previous limits. These drilling results along with the engagement of Bechtel to lead the prefeasibility study, and URS to be the environmental consultant, reflect the progress Twin Metals is making on this large project.”
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. 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, **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)
A more detailed summary of the assay results for MEX-226 to 241 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) (%)
@0.3% Cu
MEX-226 cut-off 3088 3108 20 0.444 0.082 0.419 0.87
@0.3% Cu
cut-off 3168.5 3324 155.5 0.523 0.167 0.757 1.33
@0.5% Cu
cut-off 3173 3263 90 0.629 0.170 1.031 1.55
@0.3% Cu
cut-off 3388 3418 30 0.474 0.101 0.538 0.99
@0.3% Cu
MEX-227 cut-off 3808 3893 85 0.916 0.305 1.823 2.57
@0.5% Cu
cut-off 3813 3879 66 0.984 0.345 1.929 2.81
@0.3% Cu
MEX-228 cut-off 3518 3698 180 0.595 0.157 0.813 1.39
@0.5% Cu
cut-off 3528 3648 120 0.699 0.187 0.937 1.64
@0.3% Cu
MEX-230 cut-off 2253 2283 30 0.441 0.149 0.596 1.13
@0.3% Cu
cut-off 2323 2383 60 0.384 0.133 0.309 0.91
@0.3% Cu
MEX-231 cut-off 3039 3118 79 0.796 0.252 1.211 2.03
@0.5% Cu
cut-off 3039 3108 69 0.852 0.272 1.314 2.18
including 3051.5 3078 26.5 1.028 0.346 1.470 2.64
@0.5% Cu
cut-off 3148 3168 20 0.746 0.258 0.680 1.79
@0.5% Cu
MEX-232 cut-off 2685.5 2733 47.5 0.651 0.237 0.622 1.61
@0.3% Cu
MEX-233 cut-off 3843 3903 60 0.884 0.225 0.975 1.95
@0.5% Cu
cut-off 3863 3903 40 1.141 0.281 1.276 2.48
@0.5% Cu
cut-off 3948 3963 15 0.830 0.215 0.786 1.78
@0.5% Cu
cut-off 3978 4018 40 0.627 0.174 0.587 1.38
@0.3% Cu
cut-off 4058 4073 15 0.708 0.219 0.742 1.64
@0.5% Cu
MEX-234 cut-off 3568 3623 55 0.825 0.242 1.490 2.16
@0.3% Cu
MEX-235-W1 cut-off 2447 2598 151 0.836 0.266 0.882 2.01
@0.5% Cu
cut-off 2447 2558 111 1.003 0.321 1.068 2.41
including 2447 2533 86 1.121 0.362 1.208 2.72
@0.3% Cu
MEX-236 cut-off 2758 2838 80 0.447 0.159 0.445 1.11
@0.3% Cu
cut-off 2863 2883 20 0.432 0.231 0.443 1.31
@0.3% Cu
cut-off 2913 2938 25 0.497 0.179 0.458 1.22
@0.3% Cu
MEX-237 cut-off 2858 2878 20 0.443 0.129 0.598 1.07
@0.3% Cu
cut-off 2893 2918 25 0.417 0.150 0.438 1.05
@0.3% Cu
cut-off 2933 2988 55 0.382 0.113 0.364 0.86
@0.3% Cu
cut-off 3003 3043 40 0.463 0.088 0.446 0.91
@0.5% Cu
cut-off 3008 3033 25 0.515 0.094 0.510 1.00
@0.3% Cu
MEX-238 cut-off 3081.5 3258 176.5 0.535 0.207 0.616 1.41
@0.5% Cu
cut-off 3088 3191.5 103.5 0.632 0.195 0.622 1.48
including 3098 3123 25 0.808 0.219 1.018 1.88
@0.3% Cu
MEX-239 cut-off 3489 3524 35 0.384 0.156 0.956 1.26
@0.3% Cu
MEX-240 cut-off 2883 2903 20 0.586 0.102 0.422 1.06
@0.3% Cu
cut-off 3873 3998 125 0.645 0.189 0.813 1.53
@0.5% Cu
cut-off 3878 3983 105 0.703 0.207 0.900 1.69
@0.3% Cu
MEX-241 cut-off 2786 2901 115 0.432 0.129 0.517 1.03
**TPM = Total Precious Metals (Platinum+Palladium+Gold)
Note: g/t = grams per tonne
Complete gold, platinum, palladium, silver and cobalt assays for MEX-226 to 241 inclusive are as follows:
HOLE Zone From To Length
(ft) (ft) (ft)
MEX-226 @0.3% Cu cut-off 3088 3108 20
@0.3% Cu cut-off 3168.5 3324 155.5
@0.5% Cu cut-off 3173 3263 90
@0.3% Cu cut-off 3388 3418 30
MEX-227 @0.3% Cu cut-off 3808 3893 85
@0.5% Cu cut-off 3813 3879 66
MEX-228 @0.3% Cu cut-off 3518 3698 180
@0.5% Cu cut-off 3528 3648 120
MEX-230 @0.3% Cu cut-off 2253 2283 30
@0.3% Cu cut-off 2323 2383 60
MEX-231 @0.3% Cu cut-off 3039 3118 79
@0.5% Cu cut-off 3039 3108 69
including 3051.5 3078 26.5
@0.5% Cu cut-off 3148 3168 20
MEX-232 @0.5% Cu cut-off 2685.5 2733 47.5
MEX-233 @0.3% Cu cut-off 3843 3903 60
@0.5% Cu cut-off 3863 3903 40
@0.5% Cu cut-off 3948 3963 15
@0.5% Cu cut-off 3978 4018 40
@0.3% Cu cut-off 4058 4073 15
MEX-234 @0.5% Cu cut-off 3568 3623 55
MEX-235-W1 @0.3% Cu cut-off 2447 2598 151
@0.5% Cu cut-off 2447 2558 111
including 2447 2533 86
MEX-236 @0.3% Cu cut-off 2758 2838 80
@0.3% Cu cut-off 2863 2883 20
@0.3% Cu cut-off 2913 2938 25
MEX-237 @0.3% Cu cut-off 2858 2878 20
@0.3% Cu cut-off 2893 2918 25
@0.3% Cu cut-off 2933 2988 55
@0.3% Cu cut-off 3003 3043 40
@0.5% Cu cut-off 3008 3033 25
MEX-238 @0.3% Cu cut-off 3081.5 3258 176.5
@0.5% Cu cut-off 3088 3191.5 103.5
including 3098 3123 25
MEX-239 @0.3% Cu cut-off 3489 3524 35
MEX-240 @0.3% Cu cut-off 2883 2903 20
@0.3% Cu cut-off 3873 3998 125
@0.5% Cu cut-off 3878 3983 105
MEX-241 @0.3% Cu cut-off 2786 2901 115
HOLE Co Au Pt Pd Ag
(%) (g/t) (g/t) (g/t) (g/t)
MEX-226 0.004 0.113 0.120 0.186 1.675
0.009 0.169 0.193 0.395 1.666
0.010 0.257 0.255 0.519 1.878
0.003 0.067 0.146 0.326 1.800
MEX-227 0.012 0.177 0.524 1.122 3.124
0.013 0.181 0.567 1.181 3.325
MEX-228 0.008 0.105 0.220 0.488 3.115
0.010 0.126 0.254 0.557 3.446
MEX-230 0.010 0.076 0.161 0.359 2.333
0.009 0.045 0.082 0.182 1.342
MEX-231 0.010 0.181 0.309 0.721 2.872
0.010 0.198 0.336 0.780 3.053
0.011 0.138 0.373 0.960 3.379
0.011 0.089 0.157 0.433 2.620
MEX-232 0.010 0.093 0.153 0.377 2.316
MEX-233 0.010 0.128 0.250 0.596 3.592
0.010 0.160 0.327 0.789 4.713
0.010 0.096 0.200 0.490 2.600
0.010 0.080 0.147 0.360 2.213
0.009 0.105 0.145 0.492 2.300
MEX-234 0.012 0.143 0.441 0.906 2.573
MEX-235-W1 0.010 0.129 0.263 0.489 3.244
0.011 0.152 0.321 0.595 3.841
0.012 0.174 0.372 0.662 4.290
MEX-236 0.009 0.055 0.133 0.257 2.036
0.005 0.052 0.117 0.274 2.125
0.005 0.056 0.118 0.284 2.380
MEX-237 0.010 0.084 0.151 0.363 1.063
0.007 0.049 0.123 0.266 1.060
0.003 0.050 0.094 0.221 1.332
0.002 0.063 0.127 0.255 1.963
0.002 0.073 0.139 0.299 2.560
MEX-238 0.009 0.080 0.172 0.364 1.783
0.009 0.009 0.202 0.411 2.214
0.009 0.130 0.288 0.600 3.060
MEX-239 0.009 0.085 0.294 0.577 2.086
MEX-240 0.006 0.063 0.100 0.259 2.275
0.009 0.093 0.204 0.515 2.525
0.010 0.101 0.229 0.570 2.528
MEX-241 0.007 0.080 0.134 0.303 0.776
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.
For further information:
Mara Strazdins Vern Baker
Director of Corporate Communications President
Telephone: +1(416)-369-1500 ext. 222 Telephone: +1(651)-389-9990
Email: mstrazdins@duluthmetals.com Email: vbaker@duluthmetals.com
Webpage: www.duluthmetals.com
.
Tags: canada, Duluth Metals Limited, October 19, Toronto
