Duluth Metals Announces Discovery Immediately Southeast of Teck's Mesaba Project
TORONTO, August 6, 2013 /PRNewswire/ --
- Significant drill intersections on Duluth Metals 100% owned Rook Property.
- The Rook Property discovery hole is located southeast of Teck's large Mesaba Deposit in the Duluth Complex in Minnesota.
- Three separate zones of copper, nickel and Platinum Group mineralization have been confirmed in Hole 13-RK-02.
Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX: DM.U) is pleased to announce results for Hole 13-RK-02, drilled on the 100% owned Rook Property, situated in the western sector of the Company's 100% owned 40,000 acre exploration package. This hole has intersected three significant mineralized sections returning the following highlights:
- Zone 1 - A 5.9 foot intersection of 0.88% copper, 0.18% nickel, 2.3 g/t silver and 8.16 g/t TPM (TPM = Platinum+Palladium+Gold) at a 5.0 g/t TPM cut-off within a 12.7 foot intersection of 0.49% copper, 0.11% nickel, 1.4 g/t silver and 4.69 g/t TPM at a 1.0 g/t TPM cut-off;
- Zone 2 - A 79.6 foot intersection of 0.66% copper, 0.16% nickel, 2.3 g/t silver and 1.16 g/t TPM at a 0.5% Cu cut-off within a 128.1 foot intersection of 0.53% copper, 0.14% nickel, 0.04 g/t silver and 0.90 g/t TPM at a 0.3% Cu cut-off;
- Zone 3 - A 95.0 foot intersection of 0.95% copper, 0.26% nickel, 2.9 g/t silver and 0.94 g/t TPM at a 0.5% Cu cut-off within a 188.4 foot intersection of 0.70 % copper, 0.18 % nickel, 2.5 g/t silver and 0.85 g/t TPM at a 0.3% Cu cut-off.
The Rook Property is situated on the south-eastern boundary of the Teck Resources Limited ("Teck") Mesaba copper-nickel project in the Duluth Complex, northeastern Minnesota and is approximately three miles southwest of the Twin Metals Minnesota Project currently under pre-feasibility study by Duluth and its joint venture partner Antofagasta plc. Drilling on the Rook Property is part of the long term exploration program being conducted on Duluth Metals' large prospective exploration package situated in the Duluth Complex.
Hole 13-RK-02 was drilled to test for the down-dip extension of mineralization at the base of the Partridge River intrusion (PRI), host to Teck's Mesaba deposit. The closest previous deep drilling to this hole is approximately a half mile to the north and west. In addition to intersecting the basal mineralization, Hole 13-RK-02 also identified high grade PGM and Cu-Ni-PGE mineralization significantly above the basal contact of the PRI.
"This spring our geologic team identified an opportunity to explore for Cu-Ni-Pt-Pd-Au mineralization on our Rook property. The Rook property covers an area where the South Kawishiwi Intrusion and the Partridge River Intrusion meet. These excellent drill results indicate there is significant potential for the Mesaba deposit to extend down dip onto our property position," stated Vern Baker, President of Duluth Metals. "We look forward to developing a follow-up program that will include geophysical work and additional drilling."
The Company's 2013 Exploration Program is focused on selected areas within their large prospective exploration package. During the 2013 summer season, the exploration work is concentrating on compiling, integrating and interpreting all drilling, geochemical, geophysical and geological data acquired from their previous 2012-13 drilling and exploration program. In addition, the Company has commenced a comprehensive field program comprised of detailed geologic mapping, rock chip and glacial till geochemical sampling. The Company has announced four other areas of new mineralization within the Duluth Complex exploration holdings in addition to the latest discovery on the Rook Property.
The Duluth Complex hosts some of the world's largest undeveloped resources of copper, nickel and PGMs. In comparison to worldwide deposits, the Duluth Complex is estimated to have the world's third largest accumulation of nickel sulphides and the world's second largest accumulation of polymetallic copper and platinum group metals. The Duluth Complex hosts a number of known copper-nickel-platinum-palladium-gold deposits. Figure 1 above illustrates the property and drill hole locations.
Full assay results for holes 13-RK-01 and 13-RK-02 are shown as follows in Table 1 and Table 2. The true thickness is estimated at approximately 100% of core length. The assay results in Tables 1 and 2 include averages of the original plus extensive check assays.
Table 1- Rook Property Summary Assay Results:
HOLE Zone From To Length Cu Ni TPM (ft) (ft) (ft) (%) (%) (g/t) Shallow 359 ft. 13-RK-01 hole no significant assays @1.0 g/t TPM 13-RK-02 cut-off 933.9 946.6 12.7 0.49 0.11 4.69 @5.0 g/t TPM including cut-off 940.7 946.6 5.9 0.88 0.18 8.16 @0.3% Cu 13-RK-02 cut-off 2259.9 2388 128.1 0.53 0.14 0.90 @0.5% Cu including cut-off 2259.9 2339.5 79.6 0.66 0.16 1.16 @0.3% Cu 13-RK-02 cut-off 2629.1 2691.4 62.3 0.36 0.08 0.38 @0.3% Cu 13-RK-02 cut-off 2864.6 3053 188.4 0.70 0.18 0.85 @0.5% Cu including cut-off 2958 3053 95 0.95 0.26 0.94
(TPM = Platinum+Palladium+Gold)
Table 2- Complete platinum, palladium, gold, cobalt and silver assays:
HOLE Zone From To Length Pt Pd Au Co Ag (ft) (ft) (ft) (g/t) (g/t) (g/t) (%) (g/t) Shallow 359 ft. 13-RK-01 hole no significant assays @1.0 g/t TPM 13-RK-02 cut-off 933.9 946.6 12.7 1.013 3.246 0.429 0.01 1.4 @5.0 g/t TPM including cut-off 940.7 946.6 5.9 1.730 5.690 0.744 0.01 2.3 @0.3% Cu 13-RK-02 cut-off 2259.9 2388 128.1 0.188 0.616 0.093 0.00 0.4 @0.5% Cu including cut-off 2259.9 2339.5 79.6 0.241 0.795 0.120 0.01 2.3 @0.3% Cu 13-RK-02 cut-off 2629.1 2691.4 62.3 0.058 0.284 0.034 0.01 2.5 @0.3% Cu 13-RK-02 cut-off 2864.6 3053 188.4 0.148 0.615 0.087 0.01 2.2 @0.5% Cu including cut-off 2958 3053 95 0.163 0.703 0.074 0.02 2.9
For the 2013 Drill Program, half core samples are prepared at ALS Minerals laboratories in Thunder Bay and then shipped to its analytical facilities in Vancouver. Samples are being analyzed for Au, Pt, and Pd using a 30g standard fire assay with an ICP-AES finish and for 48 other elements using a four acid (near total) digestion and a combination of ICP-MS and ICP-AES. ICP over-limits for copper and nickel are re-analyzed using dissolution four acid (near total) digestion followed by ICP-MS. Quality control samples consisting of certified reference material, blanks, and duplicate samples are submitted to monitor the integrity of assay results. 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 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 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.
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. A number of risk factors may cause actual results, level of activity, performance or outcomes of ongoing exploration to be materially different from those expressed or implied by the drilling results contained in this press release 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. 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.
Image with caption: "Figure 1 - Rook Property (CNW Group/Duluth Metals Limited)". Image available at: http://40rhel5streamview01.newswire.ca/media/2013/08/05/20130805-696725-29507-e89a5272-2846-424b-b08b-1a6158ae622c.jpg
For further information:
Vice President Investor Relations and Corporate Communications
Telephone: +1-(416)-369-1500 ext. 222
SOURCE Duluth Metals Limited