- Continued strong overall drill results for the Twin Metals Project
- Precious metal component becomes increasingly important
- Positive drill results in between Maturi and Nokomis Deposits
- New AMEC resource study to be completed by February, 2012
TORONTO, Jan. 17, 2012 /CNW/ - Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX: DM.U) is pleased to announce continued strong assay results for 8 holes drilled on the Twin Metals Project in northeastern Minnesota. Two holes, MEX-262 and 267 drilled between the Eastern and Central Higher Grade Areas demonstrates the continuity between the two zones with higher grade platinum + palladium + gold (TPM) and copper assays. Drilling highlights include:
- Mex-267 returned 90.0 feet of 0.707% copper, 0.208% nickel, 2.7 g/t silver and 1.552 grams TPM (Cu Equivalent* of 1.94%) including 40.0 feet of 0.954% copper, 0.282% nickel, 3.3 g/t silver and 2.268 grams TPM (Cu Equivalent* of 2.69%)
- Mex-262 intersected 49.0 feet of 0.881% copper, 0.253% nickel, 2.5 g/t silver and 1.235 g/t TPM (Cu Equivalent* of 2.14%).
All six holes completed in between the Maturi Deposit and the Nokomis Deposit demonstrate continuous, relatively thicker mineralized sections which include the following higher grade intervals:
- Mex-261 returned 170.0 feet of 0.699% copper, 0.226% nickel, 2.5 g/t silver and 0.517 grams TPM (Cu Equivalent* of 1.59%) including a 95.0 foot section of 0.786% copper, 0.252% nickel, 2.9 g/t silver and 0.584 grams TPM (Cu Equivalent* of 1.77%)
- Mex-263-W1 returned 132.5 feet of 0.552% copper, 0.185% nickel, 1.5 g/t silver and 0.517 grams TPM (Cu Equivalent* of 1.32%) including a 62.5 foot section of 0.668% copper, 0.223% nickel, 2.0 g/t silver and 0.640 grams TPM (Cu Equivalent* of 1.59%)
- Mex-264 returned 121.5 feet of 0.550% copper, 0.181% nickel, 1.9 g/t silver and 0.518 grams TPM (Cu Equivalent* of 1.31%) including a 46.5 foot section of 0.702% copper, 0.252% nickel, 2.2 g/t silver and 0.690 grams TPM (Cu Equivalent* of 1.75%).
- Mex-265 returned 185.0 feet of 0.656% copper, 0.225% nickel, 2.5 g/t silver and 0.479 grams TPM (Cu Equivalent* of 1.53%) including a 30.0 foot section of 0.867% copper, 0.270% nickel, 3.2 g/t silver and 0.659 grams TPM (Cu Equivalent* of 1.96%).
- Mex-268 returned 92.0 feet of 0.744% copper, 0.264% nickel, 2.8 g/t silver and 0.506 grams TPM (Cu Equivalent* of 1.75%) including a 60.0 foot section of 0.858% copper, 0.300% nickel, 3.2 g/t silver and 0.578 grams TPM (Cu Equivalent* of 2.00%).
- Mex-269 returned 146.0 feet of 0.550% copper, 0.180% nickel, 1.9 g/t silver and 0.474 grams TPM (Cu Equivalent* of 1.28%) including a 100.0 foot section of 0.629% copper, 0.202% nickel, 2.1 g/t silver and 0.489 grams TPM (Cu Equivalent* of 1.43%).
*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 December 10, 2009 Technical Report On The Mineral Resource Estimate For The Nokomis Deposit On The Nokomis Property, Minnesota, U.S.A. by Scott Wilson RPA.
A map illustrating the location of the 8 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 December 10, 2009 Technical Report On The Mineral Resource Estimate For The Nokomis Deposit On The Nokomis Property, 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).
As the Twin Metals Project has expanded considerably with the acquisition of the three Franconia qualified resources, AMEC E&C Services Inc. has been contracted to complete a new NI 43-101 technical report incorporating the four qualified resources within the Twin Metals Project: the Nokomis, Birch, Maturi and Spruce Road Deposits. The summary results for this report are expected by February, 2012. With today's press release, the results of all drill holes included in the upcoming technical report (up to MEX 269) have been released.
"These positive drill results continue to be extremely encouraging. Holes MEX 262 and MEX 267 are the first reported results from the "donut hole" area acquired from Franconia. They show good grades and strongly indicate the expansion potential of the Central and Eastern High Grade Zones", stated Vern Baker, President of Duluth Metals. "The western holes confirm great continuity between Nokomis and Maturi. Overall the development drilling also shows the strong PGM component of the project."
A more detailed summary of the assay results for MEX-261 to 269 inclusive can be found in the table below. True width is estimated at about 90% of core length.
|MEXemail@example.com% Cu cut-off||1827||2107||280||0.561||0.183||0.420||1.28|
|@0.5% Cu cut-off||1832||2002||170||0.699||0.226||0.517||1.59|
|MEXfirstname.lastname@example.org% Cu cut-off||3964||4013||49||0.881||0.253||1.235||2.14|
|MEX-0263-W1email@example.com% Cu cut-off||2439.5||2572||132.5||0.552||0.185||0.517||1.32|
|@0.5% Cu cut-off||2439.5||2502||62.5||0.668||0.223||0.640||1.59|
|MEXfirstname.lastname@example.org% Cu cut-off||1921.5||2043||121.5||0.550||0.181||0.518||1.31|
|@0.5% Cu cut-off||1921.5||1968||46.5||0.702||0.252||0.690||1.75|
|MEXemail@example.com% Cu cut-off||1946||2131||185||0.656||0.225||0.479||1.53|
|MEXfirstname.lastname@example.org% Cu cut-off||3993||4083||90||0.707||0.208||1.552||1.94|
|@1.0% Cu cut-off||4033||4073||40||0.954||0.282||2.268||2.69|
|MEXemail@example.com% Cu cut-off||2375||2467||92||0.744||0.264||0.506||1.75|
|@0.5% Cu cut-off||2375||2457||82||0.790||0.277||0.541||1.85|
|MEXfirstname.lastname@example.org% Cu cut-off||2015||2161||146||0.550||0.180||0.474||1.28|
|@0.5% Cu cut-off||2046||2146||100||0.629||0.202||0.489||1.43|
**TPM = Total Precious Metals (Platinum+Palladium+Gold)
Note: g/t = grams per tonne
Complete gold, platinum, palladium, silver and cobalt assays for MEX-261 to 269 inclusive are as follows:
|MEXemail@example.com% Cu cut-off||1827||2107||280||0.009||0.071||0.102||0.247||2.0|
|@0.5% Cu cut-off||1832||2002||170||0.012||0.092||0.123||0.302||2.5|
|MEXfirstname.lastname@example.org% Cu cut-off||3964||4013||49||0.010||0.101||0.360||0.774||2.5|
|MEX-0263-W1email@example.com% Cu cut-off||2439.5||2572||132.5||0.010||0.077||0.131||0.309||1.5|
|@0.5% Cu cut-off||2439.5||2502||62.5||0.012||0.100||0.157||0.383||2.0|
|MEXfirstname.lastname@example.org% Cu cut-off||1921.5||2043||121.5||0.010||0.061||0.146||0.311||1.9|
|@0.5% Cu cut-off||1921.5||1968||46.5||0.013||0.067||0.213||0.410||2.2|
|MEXemail@example.com% Cu cut-off||1946||2131||185||0.012||0.073||0.128||0.278||2.5|
|MEXfirstname.lastname@example.org% Cu cut-off||3993||4083||90||0.010||0.218||0.402||0.932||2.7|
|@1.0% Cu cut-off||4033||4073||40||0.010||0.294||0.599||1.376||3.3|
|MEXemail@example.com% Cu cut-off||2375||2467||92||0.012||0.059||0.140||0.307||2.8|
|@0.5% Cu cut-off||2375||2457||82||0.012||0.063||0.150||0.328||3.0|
|MEXfirstname.lastname@example.org% Cu cut-off||2015||2161||146||0.009||0.066||0.121||0.286||1.9|
|@0.5% Cu cut-off||2046||2146||100||0.010||0.076||0.122||0.291||2.1|
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.
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