Duluth Metals Ramps up Winter Exploration on Nokomis Deposit
By Duluth Metals Limited, PRNEWednesday, March 3, 2010
TORONTO, March 4, 2010 - Duluth Metals Limited ("Duluth") (TSX: DM) (TSX:DM.U) today announced
progress on its current winter drilling program. The new drilling contract
with IDEA Drilling of Virginia, Minnesota is directed towards further
exploration of the company's two federal prospecting permits on the Nokomis
Deposit near Ely, Minnesota.
Three diamond drill rigs have been deployed and have drilled four holes
to date for 4,000 metres (13,000 ft.). Subject to winter conditions allowing
drilling to the end of April 2010, the winter drilling program anticipates
drilling thirteen holes on seven federally approved sites for a total of
11,000 metres (36,000 ft.). The winter drilling program includes both in-fill
and step-out drilling on the Nokomis Deposit and targets the inferred
resources with the anticipation of upgrading the resource estimate. Assaying
of the core is being conducted by ALS Chemex, Vancouver, B.C.
Future contemplated drill programs will include targeting previously
identified higher grade zones (six zones totaling 140 million tonnes
Indicated Resource and 34 million tonnes Inferred Resource - see press
release dated December 11, 2009), step-out drilling to determine the extent
of the deposit, and in-fill drilling for mine planning and design, and
environmental testing purposes.
"We're pleased to put the IDEA rigs back to work on the deposit and to
add jobs to the Minnesota economy, including five additional staff to our Ely
exploration office" said Dr. Henry J. Sandri, President and CEO of Duluth
Metals. "With IDEA Drilling we have a strong Minnesota company that has many
years of experience on the Range and the Duluth Complex. The contract allows
the resumption of drilling which advances our development of the project."
The winter program comes on the heels of the January 14, 2010
announcement of a joint venture with Antofagasta plc. Antofagasta is one of
the world's premier major copper producers with proven expertise in planning,
building and operating large mining projects. The joint venture with
Antofagasta accelerates Duluth Metals' activities over the next three years
in developing the project and working with state and federal officials on
environmental reviews and permitting. Activities such as exploratory and
development drilling, mine planning, metallurgical testing, pre-feasibility
and feasibility studies and continued environmental data collection and
analysis will be the development focus for the next 24 months.
The Nokomis Deposit presently contains 550 million tonnes of Indicated
Resources grading 0.639% copper, 0.200% nickel, 0.660 grams per tonne TPM
(TPM (equal sign) Pt + Pd + Au) for a copper equivalent (CuEq) grade of
1.51%, plus an additional 274 million tonnes of Inferred Resources grading
0.632% copper, 0.207% nickel, 0.685 grams per tonne TPM for a CuEq grade of
1.53% based on the Scott Wilson Roscoe Postle Associates Inc. NI 43-101
Resource Estimate dated October 26, 2009. To date, only sixty percent of the
Nokomis property area has been drilled, with 40 percent still unexplored, and
prior to this current program, Duluth Metals completed over 153,000 metres
(500,000 ft.) of diamond drilling on 155 holes and 67 wedge holes from 2006
to 2009, with every hole drilled to target depth intercepting mineralization
in varying widths and grades. (See assay results on Sedar.com.)
David Oliver, P. Geo. is the Qualified Person and Project Manager for
Duluth, 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 Property 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: 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; The telephone number
for the Minnesota corporate office is +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; The telephone number for the Minnesota corporate office is +1-651-389-9990