2014

Duluth Metals Highlights 153.5 Feet of 0.767% Copper, 0.197% Nickel and 1.988 Grams Total Precious Metals at Twin Metals Minnesota's Birch Lake Deposit

TORONTO, November 27, 2012 /PRNewswire/ --

  • Drill results of an additional 28 holes (BL11-01 to BL12-21) in the Birch Lake Deposit of Twin Metals Minnesota
  • The 28 drill holes from the Birch Lake Deposit which are featured in this press release will be factored into the final pre-feasibility AMEC resource numbers due early December 2012; this is in addition to the 159 additional drill holes and 70 wedge offsets for the Maturi Deposit
  • The final AMEC resource report will provide the basis for mine planning within the pre-feasibility study. Duluth Metals also expects the new estimate will confirm the extent and distribution of the higher grade portions of the deposit

Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX: DM.U) is pleased to announce assay results for 28 holes on the Birch Lake Deposit within the Twin Metals Minnesota Project in northeastern Minnesota. The Birch Lake Deposit is one of three mineral resources in close proximity to one another within the Twin Metals Minnesota Project, these being the Maturi, Birch Lake and Spruce Road Deposits.  All of the holes have significant length intercepts continuing to indicate a higher grade platinum+palladium+gold (TPM) content within the Birch Lake resource relative to other resources in the project. These additional holes will be incorporated into the final resource estimate to be issued by AMEC in early December 2012.

"The addition of these holes to the Birch Lake database will provide the basis for a stronger estimate in the western part of the Twin Metals Minnesota Project. The Birch Lake resource provides potential flexibility in the project as it is geographically separate (5 miles) from Maturi, and shows a higher contribution to revenue from precious metals than some of the other sections in the project," stated Vern Baker, President of Duluth Metals.

Drilling highlights in the Birch Lake Deposit include:

  • BL11-07-W1 returned a 153.5 foot intersection of 0.767% copper, 0.197% nickel, 3.0 g/t silver and 1.988 grams TPM (TPM = Platinum+Palladium+Gold) at a 0.5% Cu cut-off.
  • BL11-05 returned a 67.5 foot intersection of 0.710% copper, 0.230% nickel, 2.5 g/t silver and 1.817 grams TPM at a 0.5% Cu cut-off.
  • BL12-09 returned a 101.3 foot intersection of 0.862% copper, 0.273% nickel, 3.0 g/t silver and 1.237 grams TPM at a 0.5% Cu cut-off.
  • BL12-10 returned a 53 foot intersection of 0.638% copper, 0.182% nickel, 2.3 g/t silver and 1.158 grams TPM at a 0.5% Cu cut-off.

Figure 1 is a map illustrating the location of 28 drill holes reported in this press release which can be found on the Company website under this press release at http://www.duluthmetals.com.

A more detailed summary of the assay results for BL11-01 to BL12-21 as grouped by areas can be found in the table below. True thickness is estimated at about 90% of core length:

 
       Hole          Zone        From    To  Length  Cu    Ni    TPM
                                 (ft)   (ft)  (ft)   (%)   (%)  (g/t)
     BL11-01   @0.3% Cu cut-off    2258 2333     75 0.393 0.169 2.689
     BL11-02   @0.3% Cu cut-off    2503 2573     70 0.418 0.134 0.311
     BL11-03   @0.5% Cu cut-off    2353 2578    225 0.651 0.194 0.781
     BL11-04   @0.5% Cu cut-off  2536.5 2588   51.5 0.606 0.225 0.941
     BL11-05   @0.5% Cu cut-off  2720.5 2788   67.5 0.710 0.230 1.817
     BL11-06   @0.3% Cu cut-off    2428 2543    115 0.437 0.113 0.401
               @0.5% Cu cut-off    2358 2398     40 0.607 0.190 0.572
    BL11-07-W1 @0.5% Cu cut-off  2303.5 2457  153.5 0.767 0.197 1.988
     BL11-08   @0.3% Cu cut-off  1718.5 1772   53.5 0.406 0.147 0.366
     BL12-01   @0.3% Cu cut-off    2672 2817    145 0.522 0.125 0.914
               @0.5% Cu cut-off    2692 2802    110 0.590 0.132 1.050
     BL12-02   @0.5% Cu cut-off    2477 2602    125 0.599 0.161 1.097
     BL12-03   @0.3% Cu cut-off    2397 2452     55 0.339 0.140 0.438
     BL12-04   @0.5% Cu cut-off  2527.7 2632  104.3 0.623 0.165 0.668
     BL12-05   @0.3% Cu cut-off  1839.5 1977  137.5 0.395 0.142 0.325
     BL12-07           No Significant Mineralized Intercepts
     BL12-08   @0.5% Cu cut-off    2202 2292     90 0.570 0.184 0.386
     BL12-09   @0.3% Cu cut-off  2475.7 2647  171.3 0.704 0.220 0.907
               @0.5% Cu cut-off  2475.7 2577  101.3 0.862 0.273 1.237
     BL12-10   @0.3% Cu cut-off    2146 2277    131 0.488 0.170 0.751
               @0.5% Cu cut-off    2198 2251     53 0.638 0.182 1.158
     BL12-11   @0.3% Cu cut-off  2341.1 2467  125.9 0.442 0.161 0.653
     BL12-12   @0.5% Cu cut-off    2601 2731    130 0.622 0.191 0.577
     BL12-13   @0.3% Cu cut-off  1605.5 1912  306.5 0.409 0.144 0.270
     BL12-14   @0.3% Cu cut-off    2352 2432     80 0.449 0.225 0.216
     BL12-15   @0.3% Cu cut-off    2416 2536    120 0.447 0.139 0.483
     BL12-16   @0.3% Cu cut-off    2402 2582    180 0.476 0.298 0.246
     BL12-17   @0.3% Cu cut-off    2426 2527    101 0.448 0.146 0.868
     BL12-18   @0.3% Cu cut-off    2327 2407     80 0.456 0.142 0.833
     BL12-19   @0.3% Cu cut-off  1704.5 1892  187.5 0.653 0.233 0.380
               @0.5% Cu cut-off  1704.5 1867  162.5 0.700 0.228 0.413
     BL12-20   @0.3% Cu cut-off    2233 2308     75 0.466 0.153 0.633
     BL12-21   @0.5% Cu cut-off 2203.25 2307 103.75 0.583 0.204 0.376


(*TPM = Platinum+Palladium+Gold) 

Complete gold, platinum, palladium, silver and cobalt assays for BL11-01 to BL12-21 are as follows:

 
       Hole        Zone       From    To  Length  Pt    Pd    Au    Co    Ag
                              (ft)   (ft)  (ft)  (g/t) (g/t) (g/t)  (%)  (g/t)
                 @0.3% Cu
     BL11-01      cut-off       2258 2333     75 0.901 1.567 0.221 0.013   1.4
                 @0.3% Cu
     BL11-02      cut-off       2503 2573     70  0.08 0.181 0.050 0.011   1.3
                 @0.5% Cu
     BL11-03      cut-off       2353 2578    225 0.204 0.473 0.105 0.012   2.4
                 @0.5% Cu
     BL11-04      cut-off     2536.5 2588   51.5 0.274 0.562 0.105 0.011   2.1
                 @0.5% Cu
     BL11-05      cut-off     2720.5 2788   67.5 0.510 1.115 0.192 0.009   2.5
                 @0.3% Cu
     BL11-06      cut-off       2428 2543    115 0.155 0.190 0.056 0.011   1.7
                 @0.5% Cu
                  cut-off       2358 2398     40 0.147 0.340 0.085 0.010   2.1
                 @0.5% Cu
    BL11-07-W1    cut-off     2303.5 2457  153.5 0.595 1.118 0.275 0.013   3.0
                 @0.3% Cu
     BL11-08      cut-off     1718.5 1772   53.5 0.115 0.200 0.051 0.012   1.2
                 @0.3% Cu
     BL12-01      cut-off       2672 2817    145 0.250 0.559 0.105 0.008   1.6
                 @0.5% Cu
                  cut-off       2692 2802    110 0.285 0.645 0.120 0.008   1.8
                 @0.5% Cu
     BL12-02      cut-off       2477 2602    125 0.277 0.644 0.177 0.009   2.4
                 @0.3% Cu
     BL12-03      cut-off       2397 2452     55 0.126 0.259 0.053 0.009   1.2
                 @0.5% Cu
     BL12-04      cut-off     2527.7 2632  104.3 0.174 0.395 0.099 0.011   2.0
                 @0.3% Cu
     BL12-05      cut-off     1839.5 1977  137.5 0.089 0.185 0.052 0.010   1.2
     BL12-07                No Significant Mineralized Intercepts
                 @0.5% Cu
     BL12-08      cut-off       2202 2292     90 0.102 0.219 0.065 0.010   1.7
                 @0.3% Cu
     BL12-09      cut-off     2475.7 2647  171.3 0.256 0.533 0.119 0.012   2.5
                 @0.5% Cu
                  cut-off     2475.7 2577  101.3 0.360 0.715 0.163 0.014   3.0
                 @0.3% Cu
     BL12-10      cut-off       2146 2277    131 0.231 0.417 0.103 0.010   1.7
                 @0.5% Cu
                  cut-off       2198 2251     53 0.372 0.624 0.163 0.008   2.3
                 @0.3% Cu
     BL12-11      cut-off     2341.1 2467  125.9 0.194 0.388 0.071 0.011   1.5
                 @0.5% Cu
     BL12-12      cut-off       2601 2731    130 0.142 0.347 0.087 0.009   2.1
                 @0.3% Cu
     BL12-13      cut-off     1605.5 1912  306.5 0.066 0.156 0.047 0.010   1.6
                 @0.3% Cu
     BL12-14      cut-off       2352 2432     80 0.059 0.132 0.024 0.013   0.8
                 @0.3% Cu
     BL12-15      cut-off       2416 2536    120 0.130 0.286 0.067 0.009   1.1
                 @0.3% Cu
     BL12-16      cut-off       2402 2582    180 0.068 0.144 0.034 0.016   0.6
                 @0.3% Cu
     BL12-17      cut-off       2426 2527    101 0.231 0.523 0.114 0.010   1.8
                 @0.3% Cu
     BL12-18      cut-off       2327 2407     80 0.254 0.468 0.111 0.009   1.6
                 @0.3% Cu
     BL12-19      cut-off     1704.5 1892  187.5 0.095 0.230 0.055 0.012   2.1
                 @0.5% Cu
                  cut-off     1704.5 1867  162.5 0.103 0.250 0.060 0.011   2.3
                 @0.3% Cu
     BL12-20      cut-off       2233 2308     75 0.180 0.379 0.073 0.010   1.1
                 @0.5% Cu
     BL12-21      cut-off    2203.25 2307 103.75 0.101 0.218 0.058 0.013   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 of the world's largest copper-nickel-PGM deposits within a new emerging mining belt in Minnesota, USA.

For the 2011-2012 Birch Lake Drill Program, half core samples were 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: Twin Metals - Birch Lake Drilling Nov. 2012 (CNW Group/Duluth Metals Limited)." Image available at: http://photos.newswire.ca/images/download/20121127_C3693_PHOTO_EN_21238.jpg

SOURCE: Duluth Metals Limited

For further information:
Mara Strazdins
Vice President Investor Relations and 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

SOURCE Duluth Metals Limited



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