TORONTO, Dec. 2 /CNW/ - Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX:DM.U) today announced that exploration work has commenced on the Company's 100% owned (non-joint venture) exploration properties which consist of approximately 31,000 acres of mineral interests adjacent to and nearby the Twin Metals Minnesota LLC (TMM) joint venture with Antofagasta plc and Duluth Metals. The properties provide a pipeline of new exploration targets for potential future growth outside of the joint venture while the development of the Nokomis Project is being advanced by TMM.
"It makes sense for the Company to continue exploration in close proximity to known deposits that we understand geologically, and as such, Duluth Metals has assembled an exceptional pipeline of grassroots exploration properties within an emerging mining camp," stated Christopher Dundas, Chairman and CEO of Duluth Metals. "Duluth Metals is looking for continued future growth and these properties have the potential for future discoveries in our own backyard."
The Duluth Metals exploration team has expanded and will concentrate its exploration on three styles of mineralization within the Duluth Complex, including typical disseminated Cu-Ni-PGEs, magma conduit related Ni-rich massive sulphides, and Pt-rich reef type targets. Duluth Metals recently completed a 7,053 line kilometre airborne VTEM-Magnetic survey over a 649 square kilometre area within the Duluth Complex. Condor Consulting Inc., recognized experts in the field of airborne electromagnetics have been retained to perform a detailed interpretation of the results and their final report regarding the significance of the survey is pending. Dr. Dean Peterson, senior V.P. Exploration, and a pre-eminent authority on Duluth Complex mineralization, is working closely with geophysicists of Condor Consulting Inc. Drilling is scheduled to start in early 2011 on selected State and private exploration lands.
The eight exploration properties are:
- the Nor'East and East Shore Properties, which are in close proximity to the Nokomis Deposit where pending Federal prospecting permits if issued, may allow exploration on the magma conduit (Nickel Lake Macrodike) that formed all of the South Kawishiwi Intrusion copper-nickel-PGE mineralization including the Nokomis Deposit;
- the Reefs and Land O'Dixie Properties which have potential for Platinum-rich Reef type targets; and,
- the Rook, Cascade, Hoyt and Lands End Properties, which are in close proximity to other known copper-nickel-PGE deposits in the Duluth Complex.
A budget of $8 Million is being considered for the upcoming 2011 exploration program which will include geologic mapping, geochemical sampling, geophysical interpretation and drilling. In addition to the exploration lands, pre-feasibility stage work will continue on the Nokomis Project through Twin Metals Minnesota LLC, a new joint venture company, which is 60% owned by Duluth Metals and 40% by Antofagasta plc.
About Duluth Metals
Duluth Metals 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 Nokomis 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 31,000 acres of mineral interests on exploration properties adjacent to and nearby the Nokomis joint venture.
About Twin Metals Minnesota LLC
Twin Metals Minnesota LLC is a new joint venture company, which is 60% owned by Duluth Metals and 40% by Antofagasta plc. The joint venture's principal asset is called the Nokomis Project, located within the Duluth Complex mining camp in north-eastern Minnesota.
"This document may contain 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 operations of Duluth Metals, the environment in which it operates, timing and amount of capital expenditures, results of exploration and mine development, the availability of funding to Duluth Metals and timing of geological reports. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Duluth Metals. 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 the annual information form under the heading "Risk Factors" and in the other public filings of Duluth Metals. 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.
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