Duluth Metals Returns 2.2% Copper Equivalent Over 75 Feet at Nokomis Central Area
By Duluth Metals Limited, PRNETuesday, June 22, 2010
TORONTO, June 23, 2010 - Duluth Metals Limited ("Duluth Metals") (TSX:DM) (TSX:DM.U) today
announced assay results for five holes from the Spring 2010 Drilling Program.
Highlighting these intersections is the Central Area higher grade zone of the
Nokomis Deposit which continues to return significantly higher grade results.
MEX-170 returned 75 feet of 0.869% copper, 0.246% nickel, 2.5 g/t silver and
1.434 grams per tonne (g/t) Total Precious Metals (TPM (equal sign)
Platinum+Palladium+Gold) (Cu Equivalent(x) of 2.171%) including a 20 foot
section of 1.091% copper, 0.284% nickel, 3.1 g/t silver and 1.712 g/t TPM
(Cu Equivalent(x) of 2.605%).
In addition, drill holes MEX-171 intersected 25 feet of 1.131% copper,
0.261% nickel, 4.2 g/t silver and 1.657 g/t TPM (Cu Equivalent(x) of 2.576%)
within a 70 foot section of 0.851% copper, 0.194% nickel, 3.1 g/t silver and
1.225 g/t TPM (Cu Equivalent(x) of 1.922%); and MEX-173 which intersected 10.0
feet of 1.195% copper, 0.423% nickel, 3.8 g/t silver and 1.665 g/t TPM (Cu
Equivalent(x) of 3.058%) within a 70.0 foot section of 0.717% copper, 0.195%
nickel, 2.8 g/t silver and 0.821 g/t TPM (Cu Equivalent(x) of 1.61%) all
within a 155 section of 0.611% copper, 0.168% nickel, 2.5 g/t silver and 0.699
g/t TPM (Cu Equivalent(x) of 1.386%).
"The Central Area is one of six higher-grade areas within Nokomis that
will be the focus of future underground mine planning, including any potential
early sequencing that could improve the payback of the capital investment,"
stated Dr. Henry J. Sandri, President and CEO of Duluth Metals. "These higher
grade areas appear to be growing and will be studied carefully during upcoming
pre-feasibility in order to enhance and optimize cash flow in the initial
years of operation."
A map illustrating the location of the five 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-169, 170, 171, 172
and 173 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 HOLE ZONE (feet) (feet) (feet) (%) (%) (g/t) (%) ------------------------------------------------------------------------ Total MEX- Mineralized 169 Interval 3773 3813 40 0.301 0.114 0.345 0.775 ------------------------------------------------------------------------ at 0.3% Cu cut-off 3773 3783 10 0.510 0.149 0.587 1.165 ------------------------------------------------------------------------ at 0.5% Cu cut-off 3773 3778 5 0.580 0.180 0.706 1.373 ------------------------------------------------------------------------ ------------------------------------------------------------------------ MEX- at 0.3% Cu 170 cut-off 3283 3483 200 0.546 0.157 0.773 1.327 ------------------------------------------------------------------------ at 0.5% Cu cut-off 3288 3363 75 0.869 0.246 1.434 2.171 ------------------------------------------------------------------------ including 3318 3338 20 1.091 0.284 1.712 2.605 ------------------------------------------------------------------------ ------------------------------------------------------------------------ MEX- at 0.3% Cu 171 cut-off 3378 3508 130 0.639 0.153 0.933 1.469 ------------------------------------------------------------------------ at 0.5% Cu cut-off 3418 3488 70 0.851 0.194 1.225 1.922 ------------------------------------------------------------------------ including 3433 3458 25 1.131 0.261 1.657 2.576 ------------------------------------------------------------------------ ------------------------------------------------------------------------ MEX- at 0.3% Cu 172 cut-off 4038 4073 35 0.480 0.139 1.289 1.424 ------------------------------------------------------------------------ ------------------------------------------------------------------------ MEX- at 0.3% Cu 173 cut-off 3408 3563 155 0.611 0.168 0.699 1.386 ------------------------------------------------------------------------ at 0.5% Cu cut-off 3408 3443 35 0.767 0.211 0.966 1.795 ------------------------------------------------------------------------ at 0.5% Cu cut-off 3488 3558 70 0.717 0.195 0.821 1.611 ------------------------------------------------------------------------ including 3508 3518 10 1.195 0.423 1.665 3.058 ------------------------------------------------------------------------ Complete gold, platinum, palladium and silver assays for MEX- MEX-169, 170, 171, 172 and 173 are as follows: ------------------------------------------------------------------------ FROM TO LENGTH GOLD PLATINUM PALLADIUM SILVER HOLE ZONE (feet) (feet) (feet) (g/t) (g/t) (g/t) (g/t) ------------------------------------------------------------------------ MEX- 169 Total Mineralized Interval 3773 3813 40 0.057 0.066 0.222 1.1 ------------------------------------------------------------------------ at 0.3% Cu cut-off 3773 3783 10 0.114 0.099 0.374 1.7 ------------------------------------------------------------------------ at 0.5% Cu cut-off 3773 3778 5 0.120 0.125 0.461 1.5 ------------------------------------------------------------------------ ------------------------------------------------------------------------ MEX- at 0.3% 170 Cu cut-off 3283 3483 200 0.089 0.206 0.479 1.5 ------------------------------------------------------------------------ at 0.5% Cu cut-off 3288 3363 75 0.163 0.375 0.895 2.5 ------------------------------------------------------------------------ including 3318 3338 20 0.187 0.432 1.094 3.1 ------------------------------------------------------------------------ ------------------------------------------------------------------------ MEX- at 0.3% 171 Cu cut-off 3378 3508 130 0.126 0.249 0.558 2.3 ------------------------------------------------------------------------ at 0.5% Cu cut-off 3418 3488 70 0.168 0.328 0.728 3.1 ------------------------------------------------------------------------ including 3433 3458 25 0.239 0.455 0.963 4.2 ------------------------------------------------------------------------ ------------------------------------------------------------------------ MEX- at 0.3% 172 Cu cut-off 4038 4073 35 0.145 0.384 0.761 2.0 ------------------------------------------------------------------------ ------------------------------------------------------------------------ MEX- at 0.3% 173 Cu cut-off 3408 3563 155 0.101 0.167 0.431 2.5 ------------------------------------------------------------------------ at 0.5% Cu cut-off 3408 3443 35 0.128 0.272 0.566 2.9 ------------------------------------------------------------------------ at 0.5% Cu cut-off 3488 3558 70 0.123 0.177 0.522 2.8 ------------------------------------------------------------------------ including 3508 3518 10 0.206 0.317 1.143 3.8 ------------------------------------------------------------------------
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 -
USD$1.75/lb, Nickel - USD$7.00/lb, Cobalt - USD$10.00/lb, Gold - USD$600/oz,
Platinum - USD$1,100/oz, Palladium - USD$350/oz and Silver - USD$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. 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
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