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

TORONTO, October 11, 2012 /PRNewswire/ --

  • 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

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 http://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)
                   @0.3% Cu
     MEX-0349       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
                   @0.3% Cu
     MEX-0352       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
                   @0.5% Cu
     MEX-0356       cut-off        1162     1358      196  0.721  0.230  0.430
                   @0.5% Cu
     MEX-0359       cut-off      1282.5   1512.8    230.3  0.773  0.238  0.521
                   @0.5% Cu
     MEX-0361       cut-off         744      968      224  0.662  0.198  0.443
                   @0.5% Cu
     MEX-0364       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
                   @0.5% Cu
     MEX-0365       cut-off        1228     1418      190  0.788  0.225  0.554
                   @0.3% Cu
     MEX-0368       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
                   @0.3% Cu
     MEX-0371       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
                   @0.5% Cu
     MEX-0372       cut-off     1073.25     1233   159.75  0.671  0.212  0.430
                   @0.5% Cu
     MEX-0374       cut-off        1768     2008      240  0.790  0.273  0.544
                   @0.3% Cu
     MEX-0377       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
                   @0.3% Cu
     MEX-0378       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)
                      @0.5% Cu
    MEX-0351           cut-off     2571     2633       62  0.823  0.278  1.028
                      @0.3% Cu
    MEX-0354           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
                      @0.3% Cu
    MEX-0362           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
                      @0.5% Cu
    MEX-0367           cut-off   2564.8     2712    147.2  0.758  0.231  0.813
                      @0.3% Cu
    MEX-0375           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)
                       @0.3%
                          Cu
    MEX-0353         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
                       @0.3%
                          Cu
    MEX-0355         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
                       @0.5%
                          Cu
    MEX-0358         cut-off            2638     2738      100   0.721  0.227  0.813
                       @0.5%
                          Cu
    MEX-0369         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
                       @0.3%
                          Cu
    MEX-0376         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
                       @0.5%
                          Cu
    MEX-0363         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)
                 @0.3%
                    Cu
    MEX-0349   cut-off       447      698      251   0.097  0.238  0.066  0.010    2.0
                 @0.5%
                    Cu
    MEX-0349   cut-off       478      638      160   0.124  0.296  0.085  0.011    2.4
                 @0.3%
                    Cu
    MEX-0352   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
                 @0.5%
                    Cu
    MEX-0356   cut-off      1162     1358      196   0.102  0.256  0.072  0.011    2.5
                 @0.5%
                    Cu
    MEX-0359   cut-off    1282.5   1512.8    230.3   0.135  0.312  0.074  0.011    3.0
                 @0.5%
                    Cu
    MEX-0361   cut-off       744      968      224   0.114  0.264  0.065  0.011    2.5
                 @0.5%
                    Cu
    MEX-0364   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
                 @0.5%
                    Cu
    MEX-0365   cut-off      1228     1418      190   0.143  0.334  0.077  0.011    2.8
                 @0.3%
                    Cu
    MEX-0368   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
                 @0.3%
                    Cu
    MEX-0371   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
                 @0.5%
                    Cu
    MEX-0372   cut-off   1073.25     1233   159.75   0.107  0.258  0.065  0.011    2.1
                 @0.5%
                    Cu
    MEX-0374   cut-off      1768     2008      240   0.136  0.334  0.075  0.011    3.1
                 @0.3%
                    Cu
    MEX-0377   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
                 @0.3%
                    Cu
    MEX-0378   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)
                 @0.3%
                    Cu
    MEX-0350   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
                 @0.5%
                    Cu
    MEX-0357   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
                 @0.3%
                    Cu
    MEX-0360   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
                 @0.5%
                    Cu
    MEX-0366   cut-off     2260   2362.5    102.5   0.197   0.411  0.083  0.012    3.0
                 @0.3%
                    Cu
    MEX-0370   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
                 @0.3%
                    Cu
    MEX-0373   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)
                 @0.5%
                    Cu
    MEX-0351   cut-off     2571     2633       62  0.273  0.639  0.116  0.010    2.7
                 @0.3%
                    Cu
    MEX-0354   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
                 @0.3%
                    Cu
    MEX-0362   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
                 @0.5%
                    Cu
    MEX-0367   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
                 @0.5%
                    Cu
    MEX-0374   cut-off     1768     2008      240  0.136  0.334  0.075  0.011    3.1
                 @0.3%
                    Cu
    MEX-0375   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)
                 @0.3%
                    Cu
    MEX-0353   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
                 @0.3%
                    Cu
    MEX-0355   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
                 @0.5%
                    Cu
    MEX-0358   cut-off   2638   2738      100   0.186   0.522   0.105  0.009    3.0
                 @0.5%
                    Cu
    MEX-0363   cut-off   1733   1778       45   0.158   0.389   0.080  0.014    2.7
                 @0.5%
                    Cu
    MEX-0369   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
                 @0.3%
                    Cu
    MEX-0376   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.

 

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

SOURCE Duluth Metals Limited



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