Duluth Metals Hits 2.6% Copper Equivalent Over 125 Feet at Nokomis
By Duluth Metals Limited, PRNESunday, May 16, 2010
TORONTO, May 17, 2010 - Duluth Metals Limited ("Duluth Metals") (TSX: DM)
(TSX:DM.U) today announced results for six holes drilled in the 2010
Drilling Program on the Nokomis Deposit, Ely Minnesota. All holes
intersected significant intersections with MEX-167 returning 125 feet of
1.037% copper, 0.311% nickel, 3.6 g/t silver and 1.501 grams per tonne
(g/t) Total Precious Metals (TPM (equal sign) Platinum+Palladium+Gold)
(Cu Equivalent(x) of 2.586%) including a 55 foot section of 1.273% copper,
0.401% nickel, 4.6 g/t silver and 2.140 g/t TPM (Cu Equivalent(x)
of 3.362%).
Drill hole MEX-167 is located within the Central Area Higher Grade Zone
which was highlighted in the most recent NI 43-101 Resource Estimate dated
December 2009. Two additional drill holes, MEX-165 and 168 are located in
the northern vicinity of the Central Area Higher Grade Zone. Previously
reported higher grade holes in close proximity to MEX-167 include
MEX-142-W2 (see press release Dec. 4, 2008) which intersected 24.5 feet
of 1.084% copper, 0.296% nickel and 1.715 g/t TPM (Cu Equivalent(x) of
2.664%) within a 157.5 foot section of 0.740% copper, 0.219% nickel, and
1.114 g/t TPM (Cu Equivalent(x) of 1.856%); and MEX-109 (see press release
July 10, 2008) which intersected 40.0 feet of 0.955% copper, 0.278% nickel,
1.527 g/t TPM and 3.9 g/t silver (Cu Equivalent(x) of 2.40%) within a
155.0 foot section of 0.828% copper, 0.247% nickel, 1.089 g/t TPM and
3.2 g/t silver (Cu Equivalent(x) of 2.00%).
In addition, assay results from MEX-166, located approximately 250 feet
east of the current NI 43-101 outline of the Eastern Area Higher Grade Zone,
indicate the potential extension of this zone to the east. Mex-166 returned
30 feet of 1.239% copper, 0.291% nickel, 4.8 g/t Ag and 1.577 g/t TPM (Cu
Equivalent of 2.703%) within a 170 foot section of 0.853% copper, 0.229%
nickel, 3.3 g/t Ag and 1.028 g/t TPM (Cu Equivalent(x) of 1.936%).
A map illustrating the location of these six drill holes 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-162, 163, 165,
166, 167 and 168 can be found in the table below. True width is estimated
at about 90% of core length.
CU- FROM TO LENGTH COPPER NICKEL TPM(x) EQ(x) HOLE ZONE (feet) (feet) (feet) (%) (%) (g/t) (%) MEX- at 0.3% Cu 162 cut-off 2778 2843 65 0.678 0.188 0.806 1.568 at 0.5% Cu cut-off 2778 2828 50 0.764 0.215 0.929 1.782 including 2778 2793 15 1.100 0.296 1.419 2.531 at 0.3% Cu cut-off 2878 2903 25 0.379 0.086 0.374 0.789 MEX- at 0.3% Cu 163 cut-off 2187 2372 185 0.633 0.176 0.608 1.406 at 0.5% Cu cut-off 2187 2347 160 0.665 0.186 0.632 1.477 including 2262 2272 10 1.109 0.249 1.099 2.310 at 0.3% Cu cut-off 2402 2472 70 0.433 0.103 0.382 0.894 at 0.3% Cu cut-off 2502 2522 20 0.440 0.139 0.531 1.084 MEX- at 0.5% Cu 165 cut-off 3372 3412 40 0.733 0.218 1.287 1.904 MEX- at 0.3% Cu 166 cut-off 3868 4038 170 0.853 0.229 1.028 1.936 at 0.5% Cu cut-off 3868 4028 160 0.881 0.237 1.062 1.999 including 3903 3933 30 1.239 0.291 1.577 2.703 MEX- at 0.3% Cu 167 cut-off 3733 3858 125 1.037 0.311 1.501 2.586 at 0.5% Cu cut-off 3733 3853 120 1.064 0.320 1.547 2.657 including 3733 3788 55 1.273 0.401 2.140 3.362 and 3828 3848 20 1.197 0.359 1.416 2.856 MEX- at 0.3% Cu 168 cut-off 3283 3423 140 0.643 0.170 0.652 1.413 at 0.5% Cu cut-off 3288 3398 110 0.685 0.184 0.689 1.509 including 3313 3323 10 1.110 0.283 1.101 2.394 at 0.5% Cu cut-off 3488 3493 5 0.969 0.592 1.398 3.259 at 0.5% Cu cut-off 3533 3538 5 1.810 0.145 0.956 2.556
Complete gold, platinum, palladium and silver assays for MEX-162, 163,
165, 166, 167 and 168 are as follows:
FROM TO LENGTH GOLD PLATINUM PALLADIUM SILVER HOLE ZONE (feet) (feet) (feet) (g/t) (g/t) (g/t) (g/t) MEX- at 0.3% 162 Cu cut-off 2778 2843 65 0.143 0.212 0.451 2.1 at 0.5% Cu cut-off 2778 2828 50 0.168 0.244 0.517 2.4 including 2778 2793 15 0.349 0.320 0.751 3.6 at 0.3% Cu cut-off 2878 2903 25 0.065 0.098 0.211 1.5 MEX- at 0.3% 163 Cu cut-off 2187 2372 185 0.091 0.158 0.360 2.1 at 0.5% Cu cut-off 2187 2347 160 0.095 0.165 0.373 2.3 including 2262 2272 10 0.219 0.317 0.564 3.6 at 0.3% Cu cut-off 2402 2472 70 0.056 0.093 0.233 1.7 at 0.3% Cu cut-off 2502 2522 20 0.117 0.161 0.252 1.6 MEX- at 0.5% 165 Cu cut-off 3372 3412 40 0.148 0.360 0.779 3.0 MEX- at 0.3% 166 Cu cut-off 3868 4038 170 0.135 0.245 0.648 3.3 at 0.5% Cu cut-off 3868 4028 160 0.139 0.253 0.670 3.4 including 3903 3933 30 0.303 0.345 0.929 4.8 MEX- at 0.3% 167 Cu cut-off 3733 3858 125 0.160 0.441 0.901 3.6 at 0.5% Cu cut-off 3733 3853 120 0.164 0.454 0.929 3.7 including 3733 3788 55 0.202 0.656 1.282 4.6 and 3828 3848 20 0.141 0.420 0.855 4.3 MEX- at 0.3% 168 Cu cut-off 3283 3423 140 0.081 0.166 0.405 2.2 at 0.5% Cu cut-off 3288 3398 110 0.084 0.174 0.431 2.4 including 3313 3323 10 0.145 0.283 0.674 3.5 at 0.5% Cu cut-off 3488 3493 5 0.029 0.294 1.075 1.3 at 0.5% Cu cut-off 3533 3538 5 0.134 0.124 0.698 1.8
"The focus of the current program is infill drilling as well as drill
testing the possible extension of the Eastern Area Higher Grade Zone.
Mex-167 is an outstanding hole and helps to shape one of our main higher
grade zones, known as the Central Area Higher Grade Zone in the
south-central portion of Nokomis," stated Dr. Henry J. Sandri, President
and CEO of Duluth Metals. "In addition, Mex-166 certainly will build high
value tonnage in the Eastern Area Higher Grade Zone as the assay results
indicate the possible expansion of this area."
For the 2010 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.
(x)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.
Duluth Metals is continuing to work on completing the definitive
shareholders agreement with Antofagasta plc which is expected to be signed
by the end of June. In addition both companies are progressing with
organizational issues relating to the joint venture which was announced on
January 14, 2010.
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. On January 14, 2010, Duluth announced
the signing of a binding heads of agreement with Antofagasta plc on a joint
venture development of the Nokomis Deposit. 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: 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: www.duluthmetals.com
For further information: Mara Strazdins, Director of Corporate Communications, at mstrazdins at duluthmetals.com or at +1(416)369-1500; or Henry Sandri, President and CEO, at hsandri at duluthmetals.com; Minnesota corporate office: telephone +1(651)389-9990; Web Page: www.duluthmetals.com
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