Duluth Metals Announces High Grade Nickel Intercepts Indicative of New Contact Zones in the Maturi Deposit
TORONTO, September 4, 2013 /PRNewswire/ --
- Two high grade nickel intersections with significant off hole electromagnetic anomalies
- Down hole Crone electromagnetic surveys indicate strong conductivity off hole from Mex-50 and Mex-111
- New geophysical and drilling results indicate potential for semi-massive to massive sulphide mineralization
Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX: DM.U) is pleased to announce that a zone of high grade nickel-copper mineralization has been intersected on the southern edge of the Maturi Deposit within the Twin Metals Minnesota ("Twin Metals") Project in northeastern Minnesota. Drilled as part of the metallurgical program, Hole MEX276-W1 intersected 26.5 feet of 3.93% nickel, 0.68% copper, 0.44 g/t silver, and 0.44 g/t TPM (TPM = Platinum+Palladium+Gold). A follow-up hole, MEX-468, drilled approximately 300 feet to the southwest intersected 15.0 feet of 1.52% nickel, 0.99% copper, 0.50 g/t TPM. Crone down-hole electromagnetic surveying in MEX-468 has confirmed extensive off-hole conductivity. As the drill holes are within the margin of an extensive coincidental conductive zone, there is strong potential for additional higher grade mineralization within this area.
Geophysical Crone down-hole electromagnetic (EM) surveying in drill-holes MEX-50, MEX-111 and MEX-468 has shown strong conductivity off-hole from MEX-50 and MEX-111 in a zone extending 2500 feet long by 500 to 1000' wide with better conductivity in the immediate vicinity of MEX-468 as shown in Figure 1. The new nickel mineralization occurs as massive to semi-massive sulphides, at, or immediately below the contact between the South Kawishiwi Intrusion and the Giants Range batholith. On time, step response data from the Crone survey, indicates a zone of higher conductivity in close proximity to MEX-468, within the larger conductive zone. Higher conductivity is indicative of greater concentrations of conductive minerals, such as massive sulfides.
"Within a massive mineralized system like Twin Metals, our geologists have always believed there is potential for higher grade pods of mineralization," stated Christopher Dundas, Chairman and CEO of Duluth Metals Limited. "These new off-hole anomalies suggest that the conductive zone is extensive and requires additional drilling to test the central portions for massive and semi-massive sulphides."
"This drilling shows that the geologic potential of the Twin Metals Project can continue to evolve," commented, Vern Baker, President of Duluth Metals. "We see the possibility of higher grade massive sulphide zones within the TMM project area. The opportunity to find and define these zones may add a new dimension to what is already a world class project."
Other higher grade nickel intersections have been reported on the margins of the conductive zone in previous holes drilled by Twin Metals. MEX-276 intersected 5 feet of 1.76% nickel, 0.73% copper, 0.31 g/t TPM; MEX-439M-W1 intersected 5 feet of 1.56% nickel, 0.55% copper, 0.54 g/t TPM; and MEX-439M-W3 intersected 5 feet of 1.18% nickel, 0.98% copper, 0.36 g/t TPM.
In addition, historic hole DU-13, which is located approximately 3000 feet to the south within a mineralized area previously referred to as the Nickel Ridge Area, reported 10 feet of 1.57% nickel, 1.03% copper. (See Duluth Metals press release dated August 18, 2009.) There is no drilling between this hole and the newly identified mineralization.
Figure 1 shows the two reported holes, historic drill holes and the conductive zones.
A more detailed summary of the assay results for MEX-468 and nearby nickel-rich footwall mineralization including MEX-276-W1 results can be found in the table below. True width is estimated at about 80-90% of core length.
HOLE Zone From To Length Cu Ni Co TPM (ft) (ft) (ft) (%) (%) (%) (g/t) MEX-0276 @1.0% Ni cut-off 3003 3008 5 0.73 1.76 0.05 0.31 MEX-0276-W1 @0.5% Ni cut-off 3113 3139.5 26.5 0.68 3.93 0.13 0.43 Including @1.0% Ni cut-off 3118 3139.5 21.5 0.76 4.66 0.15 0.50 MEX-0439M-W1 @0.5% Ni cut-off 2858 2893 35 0.42 0.66 0.02 0.31 Including @1.0% Ni cut-off 2878 2883 5 0.55 1.56 0.05 0.54 MEX-0439M-W3 @0.5% Ni cut-off 2868 2893 25 0.56 0.76 0.03 0.32 Including @1.0% Ni cut-off 2888 2893 5 0.98 1.18 0.04 0.36 MEX-0468 @0.5% Ni cut-off 3099 3124 25 0.71 1.14 0.04 0.41 Including @1.0% Ni cut-off 3109 3124 15 0.99 1.52 0.06 0.50
**TPM = Total Precious Metals (Platinum+Palladium+Gold)
Note: g/t = grams per tonne
Complete platinum, palladium, gold and silver and assays for MEX-468 and nearby nickel-rich footwall mineralization including MEX-276-W1 are as follows:
HOLE Zone From To Length Pt Pd Au Ag (ft) (ft) (ft) (g/t) (g/t) (g/t) (g/t) MEX-0276 @1.0% Ni cut-off 3003 3008 5 0.08 0.21 0.03 0.6 MEX-0276-W1 @0.5% Ni cut-off 3113 3139.5 26.5 0.1 0.32 0.01 <0.05 Including @1.0% Ni cut-off 3118 3139.5 21.5 0.11 0.38 0.01 0.1 MEX-0439M-W1 @0.5% Ni cut-off 2858 2893 35 0.08 0.2 0.02 0.5 Including @1.0% Ni cut-off 2878 2883 5 0.13 0.39 0.02 0.7 MEX-0439M-W3 @0.5% Ni cut-off 2868 2893 25 0.09 0.21 0.02 0.6 Including @0.5% Ni cut-off 2888 2893 5 0.09 0.25 0.02 1.0 MEX-0468 @0.5% Ni cut-off 3099 3124 25 0.10 0.28 0.04 0.9 Including @1.0% Ni cut-off 3109 3124 15 0.11 0.34 0.05 1.2
Historic drill results referenced in Duluth Metals August 18, 2009 press release is as follows:
HOLE Zone From To Length Cu Ni (ft) (ft) (ft) (%) (%) DU-13 @0.5% Cu cut-off 3540 3600 60 0.58 0.46 including @1.0% Ni cut-off 3540 3550 10 1.03 1.57
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 the world's largest copper-nickel-PGM deposits within a new emerging mining belt in Minnesota, USA.
For the 2013 Drill Program, half core samples are being 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 33 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. 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.
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 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.
Image with caption: "Figure 1 - Geology, Drill Hole Ni Intercepts and Conductive Zones (CNW Group/Duluth Metals Limited)". Image available at: http://40rhel5streamview01.newswire.ca/media/2013/09/03/20130903-701852-30355-a3bfa111-dd67-422d-b092-9baf68aaa15c.jpg
For further information:
Vice President Investor Relations and Corporate Communications
Telephone: +1(416)369-1500 ext. 222
SOURCE Duluth Metals Limited