Duluth Metals Highlights 155 feet of 1.371% Copper, 0.281% Nickel and 0.863 grams Total Precious Metals at west Maturi in the Twin Metals Minnesota Project

  • Drill results of additional 30 holes in the Maturi Deposit of Twin Metals Minnesota
  • Drilling of the Maturi Deposit consistently returned good grades and intersections across four areas within the deposit
  • Approximately 170 additional drill holes, including the 30 holes (MEX-349 to MEX 378) featured in this press release, will be factored into the final pre-feasibility AMEC resource study due in Fall 2012
  • The final pre-feasibility AMEC resource estimate report will confirm the economic opportunities represented by this resource

TORONTO, Oct. 11, 2012 /PRNewswire/ - Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX: DM.U) is pleased to announce assay results for 30 additional holes from Maturi as drilling continues on the Twin Metals Minnesota Project in northeastern Minnesota. Drilling results continue to indicate continuous and relatively thick mineralization with certain higher grade zones. These recently completed holes will be incorporated into the final resource estimate to be issued by AMEC in Fall 2012.

All of the 30 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. The holes are grouped into four distinct areas within the resource as shown in Figure 1 further in this press release, and are referred to as:

  1. Area 1 - shallow west Maturi
  2. Area 2 - deeper west Maturi
  3. Area 3 - central Maturi
  4. Area 4 - northeast Maturi

"This set of 30 holes highlights the continuity of this resource as well as the significant thickness of the well mineralized material", stated Vern Baker, President of Duluth Metals. "The ability to include data from a large number of additional holes and to incorporate a more detailed geological interpretation will provide a much stronger resource estimate for the Twin Metals Minnesota project this fall. The final pre-feasibility AMEC resource estimate will allow mine planning to focus on early utilization of the most economic mineralization. This resource estimate will also upgrade large areas 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-371 returned a 155 foot intersection of 1.371% copper, 0.281% nickel, 5.1 g/t silver and 0.863 grams TPM (TPM = Platinum+Palladium+Gold) at a 0.5% Cu cut-off.
  • Mex-374 returned a 240 foot intersection of 0.790% copper, 0.273% nickel, 3.1 g/t silver and 0.544 grams TPM at a 0.5% Cu cut-off.

In Area 2 (deeper west Maturi):

  • Mex-373 returned a 105 foot intersection of 0.868% copper, 0.262% nickel, 3.3 g/t silver and 0.743 grams TPM at a 0.5% Cu cut-off.
  • Mex-357 returned a 144 foot intersection of 0.799% copper, 0.292% nickel, 2.8 g/t silver and 0..704 grams TPM at a 0.5% Cu cut-off.

In Area 3 (central Maturi):

  • Mex-351 returned a 62 foot intersection of 0.823% copper, 0.278% nickel, 2.7 g/t silver and 1.028 grams TPM (TPM = Platinum+Palladium+Gold) at a 0.5% Cu cut-off.
  • Mex-362 returned a 85 foot intersection of 0.805% copper, 0.264% nickel, 2.8 g/t silver and 0.905 grams TPM at a 0.5% Cu cut-off.
  • Mex-367 returned a 147 foot intersection of 0.758% copper, 0.231% nickel, 3.0 g/t silver and 0.813 grams TPM at a 0.5% Cu cut-off.

In Area 4 (northeast Maturi):

  • Mex-355 returned a 158 foot intersection of 0.905% copper, 0.306% nickel, 3.1 g/t silver and 0.782 grams TPM (TPM = Platinum+Palladium+Gold) at a 0.5% Cu cut-off.
  • Mex-376 returned a 90 foot intersection of 0.870% copper, 0.255% nickel, 2.9 g/t silver and 0.771 grams TPM at a 0.5% Cu cut-off.

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 www.duluthmetals.com.

A more detailed summary of the assay results for MEX-349 to 378 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-0349   @0.3% Cu cut-off   447   698   251   0.551   0.168   0.402
    @0.5% Cu cut-off   478   638   160   0.658   0.199   0.505
MEX-0352   @0.3% Cu cut-off   1748   1938   190   0.663   0.260   0.514
    @0.5% Cu cut-off   1748   1893   145   0.713   0.241   0.598
MEX-0356   @0.5% Cu cut-off   1162   1358   196   0.721   0.230   0.430
MEX-0359   @0.5% Cu cut-off   1282.5   1512.8   230.3   0.773   0.238   0.521
MEX-0361   @0.5% Cu cut-off   744   968   224   0.662   0.198   0.443
MEX-0364   @0.5% Cu cut-off   592   713   121   0.690   0.204   0.576
    @0.5% Cu cut-off   743   773   30   0.557   0.134   0.333
MEX-0365   @0.5% Cu cut-off   1228   1418   190   0.788   0.225   0.554
MEX-0368   @0.3% Cu cut-off   859   978   119   0.564   0.170   0.335
    @0.5% Cu cut-off   859   959   100   0.596   0.181   0.356
MEX-0371   @0.3% Cu cut-off   1554   1749   195   1.178   0.249   0.750
    @0.5% Cu cut-off   1569   1724   155   1.371   0.281   0.863
MEX-0372   @0.5% Cu cut-off   1073.25   1233   159.75   0.671   0.212   0.430
MEX-0374   @0.5% Cu cut-off   1768   2008   240   0.790   0.273   0.544
MEX-0377   @0.3% Cu cut-off   1204   1443   239   0.740   0.223   0.532
    @0.5% Cu cut-off   1208   1403   195   0.818   0.245   0.595
MEX-0378   @0.3% Cu cut-off   1064.5   1233   168.5   0.639   0.195   0.451
    @0.5% Cu cut-off   1064.5   1158   93.5   0.801   0.240   0.556
                             

Area 2 (deeper west Maturi):          
HOLE Zone From To Length Cu Ni TPM*
    (ft) (ft) (ft) (%) (%) (g/t)
MEX-0350 @0.3% Cu cut-off 2214.5 2359 144.5 0.684 0.268 0.516
  @0.5% Cu cut-off 2214.5 2344 129.5 0.725 0.281 0.554
MEX-0357 @0.5% Cu cut-off 1384 1528 144 0.799 0.292 0.704
  @0.5% Cu cut-off 1618 1703 85 0.618 0.226 0.669
MEX-0360 @0.3% Cu cut-off 2364 2518 154 0.664 0.251 0.491
  @0.5% Cu cut-off 2364 2453 89 0.798 0.286 0.627
MEX-0366 @0.5% Cu cut-off 2260 2362.5 102.5 0.721 0.284 0.691
MEX-0370 @0.3% Cu cut-off 2735 2888 153 0.577 0.285 0.507
  @0.5% Cu cut-off 2735 2813 78 0.748 0.321 0.721
MEX-0373 @0.3% Cu cut-off 2287 2422 135 0.743 0.234 0.639
  @0.5% Cu cut-off 2287 2392 105 0.868 0.262 0.743

Area 3 (central Maturi):            
HOLE   Zone   From   To   Length   Cu   Ni   TPM*
        (ft)   (ft)   (ft)   (%)   (%)   (g/t)
MEX-0351   @0.5% Cu cut-off   2571   2633   62   0.823   0.278   1.028
MEX-0354   @0.3% Cu cut-off   2658   2838   180   0.678   0.190   0.763
    @0.5% Cu cut-off   2668   2833   165   0.704   0.196   0.790
MEX-0362   @0.3% Cu cut-off   2647.3   2817.5   170.2   0.614   0.216   0.695
    @0.5% Cu cut-off   2653   2738   85   0.805   0.264   0.905
MEX-0367   @0.5% Cu cut-off   2564.8   2712   147.2   0.758   0.231   0.813
MEX-0375   @0.3% Cu cut-off   2682.5   2818   135.5   0.596   0.183   0.739
    @0.5% Cu cut-off   2693   2788   95   0.660   0.193   0.840

Area 4 (northeast Maturi):      
HOLE   Zone   From   To   Length   Cu   Ni   TPM*
        (ft)   (ft)   (ft)   (%)   (%)   (g/t)
MEX-0353   @0.3% Cu cut-off   2973   3153   180   0.561   0.170   1.029
    @0.5% Cu cut-off   3048   3148   100   0.762   0.235   1.649
MEX-0355   @0.3% Cu cut-off   2106   2213   107   0.440   0.131   0.248
    @0.5% Cu cut-off   2278   2436.5   158.5   0.905   0.306   0.782
MEX-0358   @0.5% Cu cut-off   2638   2738   100   0.721   0.227   0.813
MEX-0369   @0.5% Cu cut-off   2598   2643   45   0.639   0.163   0.559
    @0.5% Cu cut-off   2688   2798   110   0.676   0.203   0.767
MEX-0376   @0.3% Cu cut-off   2718   2868   150   0.685   0.202   0.629
    @0.5% Cu cut-off   2733   2823   90   0.870   0.255   0.771
                             
Fill-in hole                            
MEX-0363   @0.5% Cu cut-off   1733   1778   45   0.709   0.248   0.627
(*TPM = Platinum+Palladium+Gold)                              

Complete gold, platinum, palladium, silver and cobalt assays for MEX-349 to 378 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)
MEX-0349   @0.3% Cu cut-off   447   698   251   0.097   0.238   0.066   0.010   2.0
MEX-0349   @0.5% Cu cut-off   478   638   160   0.124   0.296   0.085   0.011   2.4
MEX-0352   @0.3% Cu cut-off   1748   1938   190   0.138   0.311   0.065   0.011   2.3
    @0.5% Cu cut-off   1748   1893   145   0.162   0.361   0.075   0.011   2.5
MEX-0356   @0.5% Cu cut-off   1162   1358   196   0.102   0.256   0.072   0.011   2.5
MEX-0359   @0.5% Cu cut-off   1282.5   1512.8   230.3   0.135   0.312   0.074   0.011   3.0
MEX-0361   @0.5% Cu cut-off   744   968   224   0.114   0.264   0.065   0.011   2.5
MEX-0364   @0.5% Cu cut-off   592   713   121   0.129   0.292   0.155   0.009   2.4
    @0.5% Cu cut-off   743   773   30   0.086   0.182   0.064   0.008   2.0
MEX-0365   @0.5% Cu cut-off   1228   1418   190   0.143   0.334   0.077   0.011   2.8
MEX-0368   @0.3% Cu cut-off   859   978   119   0.081   0.201   0.053   0.010   2.3
    @0.5% Cu cut-off   859   959   100   0.086   0.214   0.055   0.010   2.4
MEX-0371   @0.3% Cu cut-off   1554   1749   195   0.158   0.497   0.095   0.012   4.4
    @0.5% Cu cut-off   1569   1724   155   0.184   0.581   0.098   0.013   5.1
MEX-0372   @0.5% Cu cut-off   1073.25   1233   159.75   0.107   0.258   0.065   0.011   2.1
MEX-0374   @0.5% Cu cut-off   1768   2008   240   0.136   0.334   0.075   0.011   3.1
MEX-0377   @0.3% Cu cut-off   1204   1443   239   0.144   0.295   0.093   0.011   2.4
    @0.5% Cu cut-off   1208   1403   195   0.163   0.326   0.105   0.012   2.7
MEX-0378   @0.3% Cu cut-off   1064.5   1233   168.5   0.119   0.265   0.068   0.010   2.4
    @0.5% Cu cut-off   1064.5   1158   93.5   0.140   0.337   0.080   0.011   2.6

Area 2 (deeper west Maturi):        
HOLE   Zone   From   To   Length   Pt   Pd   Au   Co   Ag
        (ft)   (ft)   (ft)   (g/t)   (g/t)   (g/t)   (%)   (g/t)
MEX-0350   @0.3% Cu cut-off   2214.5   2359   144.5   0.121   0.299   0.095   0.012   2.1
    @0.5% Cu cut-off   2214.5   2344   129.5   0.131   0.321   0.103   0.013   2.3
MEX-0357   @0.5% Cu cut-off   1384   1528   144   0.186   0.432   0.085   0.012   2.8
    @0.5% Cu cut-off   1618   1703   85   0.178   0.420   0.071   0.009   2.4
MEX-0360   @0.3% Cu cut-off   2364   2518   154   0.130   0.298   0.064   0.012   2.3
    @0.5% Cu cut-off   2364   2453   89   0.166   0.380   0.081   0.013   2.8
MEX-0366   @0.5% Cu cut-off   2260   2362.5   102.5   0.197   0.411   0.083   0.012   3.0
MEX-0370   @0.3% Cu cut-off   2735   2888   153   0.121   0.310   0.076   0.011   1.6
    @0.5% Cu cut-off   2735   2813   78   0.170   0.437   0.114   0.013   2.2
MEX-0373   @0.3% Cu cut-off   2287   2422   135   0.174   0.375   0.090   0.010   2.9
    @0.5% Cu cut-off   2287   2392   105   0.204   0.435   0.105   0.011   3.3

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-0351   @0.5% Cu cut-off   2571   2633   62   0.273   0.639   0.116   0.010   2.7
MEX-0354   @0.3% Cu cut-off   2658   2838   180   0.207   0.454   0.102   0.007   2.3
    @0.5% Cu cut-off   2668   2833   165   0.216   0.469   0.106   0.007   2.4
MEX-0362   @0.3% Cu cut-off   2647.3   2817.5   170.2   0.178   0.428   0.088   0.011   2.1
    @0.5% Cu cut-off   2653   2738   85   0.227   0.579   0.099   0.012   2.8
MEX-0367   @0.5% Cu cut-off   2564.8   2712   147.2   0.209   0.497   0.107   0.010   3.0
    @0.3% Cu cut-off   1554   1749   195   0.158   0.497   0.095   0.012   4.4
MEX-0374   @0.5% Cu cut-off   1768   2008   240   0.136   0.334   0.075   0.011   3.1
MEX-0375   @0.3% Cu cut-off   2682.5   2818   135.5   0.206   0.414   0.120   0.008   2.0
    @0.5% Cu cut-off   2693   2788   95   0.238   0.460   0.141   0.008   2.2

Area 4 (northeast Maturi):    
    Zone   From To   Length   Pt   Pd   Au   Co   Ag
        (ft) (ft)   (ft)   (g/t)   (g/t)   (g/t)   (%)   (g/t)
MEX-0353   @0.3% Cu cut-off   2973 3153   180   0.270   0.641   0.118   0.010   2.8
    @0.5% Cu cut-off   3048 3148   100   0.438   1.030   0.180   0.011   4.6
MEX-0355   @0.3% Cu cut-off   2106 2213   107   0.062   0.150   0.035   0.010   1.4
    @0.5% Cu cut-off   2278 2436.5   158.5   0.189   0.499   0.094   0.011   3.1
MEX-0358   @0.5% Cu cut-off   2638 2738   100   0.186   0.522   0.105   0.009   3.0
MEX-0363   @0.5% Cu cut-off   1733 1778   45   0.158   0.389   0.080   0.014   2.7
MEX-0369   @0.5% Cu cut-off   2598 2643   45   0.132   0.335   0.092   0.010   2.6
    @0.5% Cu cut-off   2688 2798   110   0.225   0.443   0.099   0.009   2.7
MEX-0376   @0.3% Cu cut-off   2718 2868   150   0.147   0.394   0.088   0.010   2.4
    @0.5% Cu cut-off   2733 2823   90   0.179   0.480   0.112   0.011   2.9

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. 

 

 

SOURCE Duluth Metals Limited



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