Duluth Metals Receives NI 43-101 Report and Updated Resource Estimate for the
Nokomis Deposit
The six higher-grade areas are all contained within the current mineral resource. The three highest grade areas (Western, Eastern and Central) have a cumulative total of 92 million tonnes of Indicated Resources at an average grade of 1.80 CuEq%(copper equivalent grade) using a 1.0% CuEq cut-off grade. In addition, these three areas contain a combined 22 million tonnes of Inferred Resources at an average grade of 1.81 CuEq%, also using a 1.0% CuEq cut-off grade. The other higher grade areas (A, B and C) have a combined total of approximately 48 million tonnes of Indicated Resources at an average grade of 1.75% CuEq using a 1.0% CuEq cutoff grade and an additional 12 million tonnes of Inferred Resources at an average grade of 1.68% CuEq using a 1.0% CuEq cutoff grade. Together, the six higher-grade areas total approximately140 million tonnes of Indicated Resources and an additional 34 million tonnes of Inferred Resources. These totals are significant in relation to the projected 14 million tonnes per year (40,000 tonnes per day) of annual throughput contemplated in the
The six higher-grade areas can also be viewed at www.duluthmetals.com by navigating to this press release.
"This new Resource Report prepared by
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------------------------------------------------------------------------- Duluth Metals Limited Nokomis Deposit, Minnesota ------------------------------------------------------------------------- Indicated Resources(1-11) ------------------------------------------------------------------------- Cut-off Tonnes Cu Ni Co Au Pt Pd TPM CuEq ------------------------------------------------------------------------- Grade (000's) % % % g/t g/t g/t g/t % ------------------------------------------------------------------------- 1.0% CuEq 550,038 0.639 0.200 0.010 0.092 0.176 0.392 0.660 1.51 ------------------------------------------------------------------------- 0.5% Cu 482,438 0.666 0.206 0.010 0.098 0.188 0.420 0.706 1.57 ------------------------------------------------------------------------- 0.6% Cu 327,847 0.719 0.216 0.011 0.110 0.216 0.482 0.808 1.69 ------------------------------------------------------------------------- 0.7% Cu 157,803 0.797 0.231 0.011 0.127 0.256 0.567 0.950 1.87 ------------------------------------------------------------------------- 0.8% Cu 59,958 0.886 0.242 0.011 0.149 0.307 0.676 1.132 2.07 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Inferred Resources(1-11) ------------------------------------------------------------------------- Cut-off Tonnes Cu Ni Co Au Pt Pd TPM CuEq ------------------------------------------------------------------------- Grade (000's) % % % g/t g/t g/t g/t % ------------------------------------------------------------------------- 1.0% CuEq 273,835 0.632 0.207 0.010 0.091 0.185 0.409 0.685 1.53 ------------------------------------------------------------------------- 0.5% Cu 252,000 0.648 0.210 0.010 0.094 0.192 0.424 0.710 1.57 ------------------------------------------------------------------------- 0.6% Cu 158,651 0.700 0.218 0.010 0.109 0.227 0.499 0.835 1.69 ------------------------------------------------------------------------- 0.7% Cu 63,846 0.785 0.229 0.010 0.131 0.278 0.601 1.010 1.88 ------------------------------------------------------------------------- 0.8% Cu 20,275 0.865 0.239 0.010 0.134 0.307 0.657 1.098 2.03 ------------------------------------------------------------------------- 1. CIM definitions were followed for Mineral Resource estimation and classification. 2. Mineral Resources are estimated at a zone definition (wireframe) cut off grade of approximately 1.0% Cu equivalent grade (CuEq). 3. The approximately 1.0% CuEq cut-off grade includes all material in the wireframed zones. 4. Bulk density is 3.01 t/m(3). 5. Resources were estimated to a maximum depth of approximately 1,350 m. 6. Copper equivalent (CuEq%) is based on Net Smelter Return Factors as determined for the Preliminary Assessment by Scott Wilson RPA dated January 18, 2008. 7. Metal Prices used were $1.75/lb copper, $7.00/lb nickel, $10.00/lb Co, $600/oz Au, $1100/oz Pt and $350/oz Pd. 8. 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 based on expected metal prices and process recovery and refining charges. 9. TPM is Au g/t + Pt g/t + Pd g/t. 10. Co, Au, Pt, Pd grades, that are lacking in historic drill holes, have been entered in the resource database based on regression of assay grades from DML drill hole assays. 11. There is no information available on silver recoveries for the Nokomis Deposit; these recoveries would be needed to include silver in the CuEq determination. CONTAINED METALS IN EXPANDED NOKOMIS RESOURCE* ------------------------------------------------ ---------------------------------------------------------- METAL INDICATED RESOURCE INFERRED RESOURCE ---------------------------------------------------------- Copper 7.75 Billion lbs. 3.82 Billion lbs. ---------------------------------------------------------- Nickel 2.43 Billion lbs. 1.25 Billion lbs. ---------------------------------------------------------- Cobalt 121.26 Million lbs. 60.37 Million lbs. ---------------------------------------------------------- Platinum 3.11 Million ozs. 1.63 Million ozs. ---------------------------------------------------------- Palladium 6.93 Million ozs. 3.60 Million ozs. ---------------------------------------------------------- Gold 1.63 Million ozs. 0.80 Million ozs. ---------------------------------------------------------- Silver 37.42 Million ozs. 18.10 Million ozs. ---------------------------------------------------------- * Based on resource estimated at 1.0% copper equivalent cut-off
The proposed 2010 program will focus on moving the property towards production and will include additional definition and step-out drilling, metallurgical tests, mine planning, pre-feasibility studies and continued environmental baseline studies.
The Resource Estimate contains all of Duluth Metals in-fill and step-out drill holes (155) as well as all (67) of its wedge holes from the 2006-2009 drill programs. Half core samples were prepared at ALS Chemex Ltd. Laboratories in Thunder Bay and then shipped to its analytical facilities in
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 Property 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 securities laws.
For further information: For further information: Mara Strazdins, Director of Corporate Communications, at [email protected] or at (416) 369-1500; or Henry Sandri, President and CEO, at [email protected]; The Minnesota corporate office is telephone (651)-389-9990; Web Page: www.duluthmetals.com
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