- Pre-feasibility completion scheduled for mid-year, 2014.
- A new comprehensive NI 43-101 compliant Technical Report on the Pre-Feasibility Study is scheduled for completion by mid-year, 2014.
- In addition, a NI 43-101 compliant Technical Report on an updated Resource for the project will be completed by Spring, 2014.
TORONTO, Jan. 7, 2014 /CNW/ - Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX: DM.U) is pleased to announce that the Twin Metals Minnesota Project ("Twin Metals") Pre-feasibility is progressing well with a completion date scheduled for mid-year 2014. Over the next few months, the main focus is the completion of the Pre-feasibility Study and delivering by mid-year a comprehensive NI 43-101 compliant Technical Report on this phase of the project development. In addition, a NI 43-101 compliant Technical Report on an updated resource estimate for the project is scheduled to be completed by Spring, 2014. The updated resource estimate will incorporate all drilling since September 2012, including the 35 closely spaced diamond drill holes within the Maturi Deposit designed to provide the Joint Venture team the necessary information to define the drill spacing required to upgrade Indicated to Measured Resource within the resource base (see Duluth Metals press release dated Dec 6, 2013, "Duluth Metals Announces Results from Twin Metals Fence Drilling Program").
The Twin Metals copper-nickel-platinum-palladium-gold project is being developed by joint venture partners Antofagasta plc and Duluth Metals. Over the last year, Twin Metals has concentrated on optimizing the project in every dimension, including:
- Mine planning, including a detailed mining plan utilizing large scale underground mining methods
- Metallurgy, including detailed analysis of selective flotation and downstream processing
- Various milling capacity options
- Surface facility definition and planning
- Environmental studies and planning
- Marketing studies for various products
"The Twin Metals Project is based on a resource with the scale and extent to provide many options for development. The project continues to have multiple avenues for that development, and the current plans will be directed at what the first development within the project will look like." stated Vern Baker, President of Duluth Metals. "The Twin Metals Project is one of the most capital efficient large mining projects in the world, situated in one of the best jurisdictions in the world, with exceptional infrastructure nearby."
The Twin Metals Minnesota Project covers over 32,000 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 of the world's largest copper-nickel-PGM deposits. Using a 0.3% Cu cut-off, the Twin Metals Project has a global mineral resource of 1.17 billion tons of Indicated Resource and 1.26 billion tons of Inferred Resource, located on approximately 11% of the footprint of the prospective portion of the Twin Metals property block (see Duluth Metals press release dated Jan 21, 2013, "Duluth Metals Announces SEDAR filing of AMEC Technical Report on the Twin Metals Project"). Mine planning is focusing on the higher grade S3 Subunit in the Maturi Deposit, which using a 0.6% Cu cut-off, contains 500 million tons of Indicated Resource grading 0.72% Cu, 0.23% Ni and 0.78 ppm TPM1, plus 129 million tons of Inferred Resource grading 0.70% Cu, 0.22% Ni and 0.92 ppm TPM. (1TPM = Total Precious Metals (Platinum+Palladium+Gold))
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 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 a wholly-owned subsidiary of Antofagasta plc (Antofagasta) on the Twin Metals Minnesota 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 40,000 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. 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 32,000 acres of leased and permitted land, including mineral resources prepared in compliance with the requirements of NI 43-101.
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.
1 TPM = platinum + palladium + gold
SOURCE: Duluth Metals Limited
For further information:
Vice President Investor Relations and Corporate Communications
Telephone: (416) 369-1500 ext. 222
Email: [email protected]
Telephone: (651) 389-9990
Email: [email protected]