Duluth Metals Highlights 136 Feet of 0.945% Copper, 0.256% Nickel and 0.638 Grams Total Precious Metals at West Maturi in the Twin Metals Minnesota Project

TORONTO, November 9, 2012 /PRNewswire/ --


  • Drill results of an additional 30 holes (MEX-379 to MEX 408) in the Maturi Deposit of Twin Metals Minnesota
  • Approximately 159 additional drill holes and 70 wedge offsets for the Maturi Deposit, including the 30 holes featured in this press release, will be factored into the final pre-feasibility AMEC resource numbers due later this month (November 2012)
  • The final pre-feasibility AMEC resource estimate report will confirm the extent and distribution  of the higher grade portions of the deposit the  presence of which is indicated by the current drill results

Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX: DM.U) is pleased to announce assay results for 30 additional holes, MEX-379 to 408, on the Maturi Deposit within the Twin Metals Minnesota Project in northeastern Minnesota. The majority of the holes have significant length intercepts that meet a 0.5% Cu cut-off criteria. These holes, distributed across the Maturi Resource, continue to indicate the ability to define a higher grade sub-set of the resource for early utilization. These additional holes will be incorporated into the final resource estimate to be issued by AMEC later this month (November 2012).

"These additional 30 holes will be factored into the final pre-feasibility AMEC resource study which we are expecting by the end of this month", stated Vern Baker, President of Duluth Metals. "The final pre-feasibility AMEC resource estimate will allow mine planning to focus on early utilization of the most economic mineralization. This resource estimate is expected to upgrade a significant portion of the resource from the Inferred to the Indicated category."

Drilling highlights in the western section of the Maturi Deposit include:

In Area 1 (shallow west Maturi):

  • Mex-400 returned a 136 foot intersection of 0.945% copper, 0.256% nickel, 3.2 g/t silver and 0.638 grams TPM (TPM = Platinum+Palladium+Gold) at a 0.5% Cu cut-off.
  • Mex-390 returned a 189 foot intersection of 0.829% copper, 0.253% nickel, 2.4 g/t silver and 0.519 grams TPM at a 0.5% Cu cut-off.

In Area 2 (deeper west Maturi):

  • Mex-399 returned a 172.5 foot intersection of 0.793% copper, 0.280% nickel, 2.6 g/t silver and 0.578 grams TPM at a 0.5% Cu cut-off.
  • Mex-388 returned a 115.5 foot intersection of 0.653% copper, 0.259% nickel, 3.0 g/t silver and 0.719 grams TPM at a 0.5% Cu cut-off.

In Area 3 (central Maturi):

  • Mex-381 returned a 125 foot intersection of 0.866% copper, 0.266% nickel, 2.8 g/t silver and 0.661 grams TPM (TPM = Platinum+Palladium+Gold) at a 0.5% Cu cut-off.
  • Mex-391 returned a 148.5 foot intersection of 0.853% copper, 0.269% nickel, 3.3 g/t silver and 0.882 grams TPM at a 0.5% Cu cut-off.

A more detailed summary of the assay results for MEX-379 to 408 as grouped by areas can be found in the table below. True thickness is estimated at about 90% of core length:

                      Area 1 (shallow west Maturi)
    HOLE     Zone             From    To     Length Cu    Ni    TPM
                              (ft)    (ft)   (ft)   (%)   (%)   (g/t)
    MEX-0379 @0.3% Cu cut-off    1733   1828     95 0.420 0.173 0.386
                 Footwall        2088   2148     60 0.817 0.178 0.491
    MEX-0383 @0.3% Cu cut-off  1135.5   1319  183.5 0.698 0.220 0.546
             @0.5% Cu cut-off  1135.5   1274  138.5 0.797 0.250 0.622
                 Footwall        1424   1484     60 0.421 0.160 0.355
    MEX-0384 @0.5% Cu cut-off     713    848    135 0.699 0.212 0.515
             @0.5% Cu cut-off     868    923     55 0.550 0.179 0.288
                                           9
             @0.3% Cu cut-off     963     92     29 0.435 0.147 0.234
    MEX-0385 @0.3% Cu cut-off    1308   1473    165 0.683 0.213 0.478
             @0.5% Cu cut-off    1308   1433    125 0.753 0.234 0.536
                 Footwall        1493   1558     65 0.506 0.175 0.371
                 Footwall        1573   1598     25 0.462 0.131 0.358
                 Footwall        1778   1813     35 0.436 0.103 0.310
    MEX-0386 @0.5% Cu cut-off   957.5   1193  235.5 0.666 0.210 0.530
    MEX-0387 @0.5% Cu cut-off     953   1158    205 0.713 0.212 0.490
    MEX-0389 @0.5% Cu cut-off  1626.5   1778  151.5 0.646 0.274 0.549
    MEX-0390 @0.3% Cu cut-off    1284   1538    254 0.743 0.225 0.458
             @0.5% Cu cut-off    1284   1473    189 0.829 0.253 0.519
    MEX-0392 @0.5% Cu cut-off     537    727    190 0.618 0.184 0.436
             @0.3% Cu cut-off     822    872     50 0.413 0.125 0.206
    MEX-0393 @0.3% Cu cut-off    1003   1088     85 0.613 0.253 0.554
             @0.5% Cu cut-off    1003   1038     35 0.845 0.346 0.839
    MEX-0394 @0.5% Cu cut-off  1836.5   1858   21.5 0.672 0.242 0.738
    MEX-0395 @0.5% Cu cut-off  1099.5   1193   93.5 0.891 0.279 0.567
             @0.5% Cu cut-off    1213   1263     50 0.641 0.193 0.378
             @0.3% Cu cut-off    1278   1308     30 0.590 0.196 0.330
    MEX-0396 @0.5% Cu cut-off    1643   1883    240 0.743 0.234 0.699
    MEX-0397 @0.3% Cu cut-off     918    948     30 0.498 0.158 0.277
             @0.3% Cu cut-off     998   1083     85 0.416 0.130 0.288
             @0.5% Cu cut-off     678    838    160 0.776 0.223 0.637
    MEX-0398 @0.5% Cu cut-off    1227   1338    111 0.779 0.264 0.692
             @0.3% Cu cut-off    1373   1398     25 0.471 0.167 0.314
    MEX-0400 @0.3% Cu cut-off    1408   1593    185 0.812 0.225 0.541
             @0.5% Cu cut-off    1412   1548    136 0.945 0.256 0.638
    MEX-0402 @0.5% Cu cut-off  772.25   1063 290.75 0.667 0.197 0.482
    MEX-0403 @0.3% Cu cut-off    1123   1327    204 0.692 0.195 0.405
 
    MEX-0404 @0.5% Cu cut-off    1463   1677    214 0.743 0.235 0.525
    MEX-0405 @0.5% Cu cut-off 1178.75 1358.5 179.75 0.749 0.230 0.572
    MEX-0406 @0.3% Cu cut-off  1262.5   1502  239.5 0.692 0.219 0.458
             @0.5% Cu cut-off  1262.5   1457  194.5 0.761 0.241 0.512
    MEX-0407 @0.3% Cu cut-off  1249.5   1508  258.5 0.688 0.210 0.474
             @0.5% Cu cut-off  1249.5   1398  148.5 0.830 0.256 0.583
    MEX-0408 @0.3% Cu cut-off     889   1149    260 0.636 0.192 0.423
             @0.5% Cu cut-off     889   1094    205 0.688 0.211 0.462
                 Footwall        1174   1234     60 0.387 0.125 0.244


                       Area 2 (deep west Maturi)
    HOLE     Zone             From   To     Length Cu    Ni    TPM
                              (ft)   (ft)   (ft)   (%)   (%)   (g/t)
    MEX-0380 @0.5% Cu cut-off   2457   2542     85 0.614 0.204 0.521
    MEX-0388 @0.5% Cu cut-off   2592 2707.5  115.5 0.653 0.259 0.719
    MEX-0399 @0.5% Cu cut-off 1945.5   2118  172.5 0.793 0.280 0.578


                       Area 3 (central Maturi)
    HOLE     Zone             From   To   Length Cu    Ni    TPM
                              (ft)   (ft) (ft)   (%)   (%)   (g/t)
    MEX-0381 @0.3% Cu cut-off   2233 2418    185 0.710 0.221 0.524
             @0.5% Cu cut-off   2233 2358    125 0.866 0.266 0.661
    MEX-0382 @0.3% Cu cut-off   2097 2276    179 0.621 0.206 0.572
             @0.5% Cu cut-off   2097 2241    144 0.662 0.215 0.608
    MEX-0391 @0.5% Cu cut-off 2479.5 2628  148.5 0.853 0.269 0.882
    MEX-0401 @0.3% Cu cut-off   1938 2108    170 0.706 0.256 0.660
             @0.5% Cu cut-off   1938 2098    160 0.726 0.265 0.682
                 Footwall       2138 2193     55 0.518 0.312 0.473


(*TPM = Platinum+Palladium+Gold) 

Complete gold, platinum, palladium, silver and cobalt assays for MEX-379 to 408 are as follows:

    Area 1 (shallow west Maturi)
    HOLE     Zone          From    To     Length Pt    Pd    Au    Co    Ag
                           (ft)    (ft)   (ft)   (g/t) (g/t) (g/t) (%)   (g/t)
               @0.3% Cu
    MEX-0379    cut-off       1733   1828     95 0.103 0.243 0.041 0.010   1.3
               Footwall       2088   2148     60 0.130 0.281 0.080 0.008   3.3
               @0.3% Cu
    MEX-0383    cut-off     1135.5   1319  183.5 0.134 0.335 0.076 0.010   1.1
               @0.5% Cu
                cut-off     1135.5   1274  138.5 0.153 0.384 0.085 0.010   2.6
               Footwall       1424   1484     60 0.092 0.211 0.052 0.007   0.6
               @0.5% Cu
    MEX-0384    cut-off        713    848    135 0.125 0.295 0.095 0.012   2.7
               @0.5% Cu
                cut-off        868    923     55 0.080 0.159 0.048 0.012   1.5
               @0.3% Cu
                cut-off        963    992     29 0.067 0.130 0.037 0.009   1.5
               @0.3% Cu
    MEX-0385    cut-off       1308   1473    165 0.128 0.279 0.071 0.011   2.4
               @0.5% Cu
                cut-off       1308   1433    125 0.145 0.313 0.078 0.012   2.6
               Footwall       1493   1558     65 0.092 0.225 0.054 0.007   1.8
               Footwall       1573   1598     25 0.092 0.212 0.055 0.004   1.5
               Footwall       1778   1813     35 0.080 0.192 0.039 0.003   2.0
               @0.5% Cu
    MEX-0386    cut-off      957.5   1193  235.5 0.139 0.316 0.075 0.011   2.2
               @0.5% Cu
    MEX-0387    cut-off        953   1158    205 0.124 0.296 0.071 0.012   2.7
               @0.5% Cu
    MEX-0389    cut-off     1626.5   1778  151.5 0.145 0.317 0.087 0.012   2.1
               @0.3% Cu
    MEX-0390    cut-off       1284   1538    254 0.117 0.273 0.067 0.010   2.1
               @0.5% Cu
                cut-off       1284   1473    189 0.132 0.312 0.075 0.011   2.4
               @0.5% Cu
    MEX-0392    cut-off        537    727    190 0.097 0.255 0.058 0.010   4.3
               @0.3% Cu
                cut-off        822    872     50 0.049 0.121 0.037 0.011   1.5
               @0.3% Cu
    MEX-0393    cut-off       1003   1088     85 0.143 0.316 0.095 0.014   2.2
               @0.5% Cu
                cut-off       1003   1038     35 0.222 0.475 0.142 0.018   3.2
               @0.5% Cu
    MEX-0394    cut-off     1836.5   1858   21.5 0.238 0.418 0.082 0.014   5.2
               @0.5% Cu
    MEX-0395    cut-off     1099.5   1193   93.5 0.133 0.328 0.106 0.012   2.7
               @0.5% Cu
                cut-off       1213   1263     50 0.102 0.219 0.057 0.009   2.2
               @0.3% Cu
                cut-off       1278   1308     30 0.092 0.198 0.040 0.011   2.1
               @0.5% Cu
    MEX-0396    cut-off       1643   1883    240 0.172 0.424 0.103 0.010   2.8
               @0.3% Cu
    MEX-0397    cut-off        918    948     30 0.073 0.157 0.048 0.010   1.5
               @0.3% Cu
                cut-off        998   1083     85 0.066 0.170 0.051 0.008   1.7
               @0.5% Cu
                cut-off        678    838    160 0.164 0.327 0.145 0.011   2.6
               @0.5% Cu
    MEX-0398    cut-off       1227   1338    111 0.182 0.410 0.100 0.012   2.4
               @0.3% Cu
                cut-off       1373   1398     25 0.076 0.190 0.048 0.010   1.1
               @0.3% Cu
    MEX-0400    cut-off       1408   1593    185 0.136 0.320 0.084 0.010   2.6
               @0.5% Cu
                cut-off       1412   1548    136 0.166 0.373 0.098 0.011   3.2
               @0.5% Cu
    MEX-0402    cut-off     772.25   1063 290.75 0.123 0.260 0.100 0.010   2.3
               @0.3% Cu
    MEX-0403    cut-off       1123   1327    204 0.096 0.238 0.071 0.010   2.4
               @0.5% Cu
                cut-off       1123   1257    134 0.118 0.301 0.088 0.012   2.8
               @0.5% Cu
    MEX-0404    cut-off       1463   1677    214 0.134 0.307 0.085 0.010   2.5
               @0.5% Cu
    MEX-0405    cut-off    1178.75 1358.5 179.75 0.145 0.341 0.086 0.011   2.8
               @0.3% Cu
    MEX-0406    cut-off     1262.5   1502  239.5 0.112 0.280 0.066 0.011   2.1
               @0.5% Cu
                cut-off     1262.5   1457  194.5 0.126 0.313 0.073 0.012   2.2
               @0.3% Cu
    MEX-0407    cut-off     1249.5   1508  258.5 0.121 0.263 0.089 0.010   2.6
               @0.5% Cu
                cut-off     1249.5   1398  148.5 0.139 0.327 0.116 0.011   3.0
               @0.3% Cu
    MEX-0408    cut-off        889   1149    260 0.106 0.249 0.068 0.010   3.5
               @0.5% Cu
                cut-off        889   1094    205 0.117 0.272 0.073 0.011   3.9
               Footwall       1174   1234     60 0.058 0.149 0.037 0.007   1.6


                            Area 2 (deep west Maturi)
    HOLE     Zone           From   To     Length Pt    Pd    Au    Co    Ag
                            (ft)   (ft)   (ft)   (g/t) (g/t) (g/t) (%)   (g/t)
                   @0.5% Cu
    MEX-0380        cut-off   2457   2542     85 0.128 0.296 0.097 0.009   2.0
                   @0.5% Cu
    MEX-0388        cut-off   2592 2707.5  115.5 0.211 0.437 0.071 0.012   3.0
                   @0.5% Cu
    MEX-0399        cut-off 1945.5   2118  172.5 0.161 0.347 0.070 0.012   2.6


                             Area 3 (central Maturi)
    HOLE     Zone             From   To   Length Pt    Pd    Au    Co    Ag
                              (ft)   (ft) (ft)   (g/t) (g/t) (g/t) (%)   (g/t)
    MEX-0381 @0.3% Cu cut-off   2233 2418    185 0.162 0.293 0.071 0.010   2.3
             @0.5% Cu cut-off   2233 2358    125 0.208 0.364 0.089 0.011   2.8
    MEX-0382 @0.3% Cu cut-off   2097 2276    179 0.155 0.314 0.103 0.011   2.4
             @0.5% Cu cut-off   2097 2241    144 0.163 0.336 0.110 0.012   2.6
    MEX-0391 @0.5% Cu cut-off 2479.5 2628  148.5 0.247 0.521 0.114 0.011   3.3
    MEX-0401 @0.3% Cu cut-off   1938 2108    170 0.161 0.414 0.085 0.010   2.6
             @0.5% Cu cut-off   1938 2098    160 0.166 0.428 0.087 0.011   2.6
                 Footwall       2138 2193     55 0.131 0.282 0.060 0.011   2.0


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 2011-2012 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-AES or AAS. 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 is a map illustrating the location of 30 drill holes reported in this press release which can be found on the Company website under this press release at http://www.duluthmetals.com. (CNW Group/Duluth Metals Limited)". Image available at: http://40rhel5streamview01.newswire.ca/media/2012/11/08/20121108-637008-20371-1b7352b1-d702-424c-a44e-f57eabfceaac.jpg

SOURCE: Duluth Metals Limited

For further information:

Mara Strazdins
Director of Corporate Communications
Telephone: +1(416) 369-1500 ext. 222
Email: mstrazdins@duluthmetals.com

Vern Baker
President
Telephone: +1(651) 389-9990
Email: vbaker@duluthmetals.com

Webpage:  http://www.duluthmetals.com

(DM. DM.U.)


SOURCE Duluth Metals Limited



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