TORONTO, June 16 /CNW/ - Duluth Metals Limited ("Duluth Metals") (TSX:
DM) (TSX:DM.U) is pleased to announce the successful acquisition of 3,353
acres by way of nine prospective mineral leases from the State of Minnesota.
The new acquisitions include 3,161 acres of matching surface rights. This
newly-leased acreage is within the Duluth Complex and located in Lake County,
Minnesota. These strategic lands were acquired for future exploration for
copper, nickel, and precious metal mineralization and/or for strategic
planning and infrastructure purposes.
The new acquisitions are located 21 kilometers (13 miles) south of the
Nokomis Deposit and 13 kilometers (8 miles) south-east of the Dunka Property.
The Cascade Properties (as they are known) potentially overlie the southern
extent of the South Kawishiwi Intrusion as it is cross-cut by the base of the
Greenwood Lake Intrusion. The property has potential for contact-type
copper-PGE mineralization. The Nokomis Deposit has a NI 43-101 compliant
Indicated Resource of 449 million tonnes grading 0.624% copper, 0.199% nickel,
0.600 grams per tonne of TPM (TPM = Platinum+Palladium+Gold), as well as 284
million tonnes of Inferred Resources grading 0.627% copper, 0.194% nickel,
0.718 grams per tonne of TPM. (For reference, the Nokomis Property totals
These new land acquisitions bring the current mineral rights and
exploration holdings of Duluth Metals to approximately 18,656 acres and 13,990
acres of surface rights, making it the largest mineral rights holder of
prospective copper-nickel-PGM lands in Minnesota. Duluth Metals also has
pending State and Federal lease applications, which if awarded, would more
than double the current holdings.
A map showing the newly acquired land parcels along with the existing
Nokomis Property can be viewed on our website at www.duluthmetals.com along
with this press release.
The Company also confirms that the new NI 43-101 Resource Study by Scott
Wilson RPA has commenced incorporating an additional 48 vertical drill holes
and 67 wedge holes.
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. 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
For further information:
For further information: please contact Mara Strazdins, Director of
Corporate Communications, at email@example.com or at (416) 369-1500
or Henry Sandri, President and CEO, at firstname.lastname@example.org. Minnesota
corporate office: telephone 651-389-9990; Web Page: www.duluthmetals.com