Duluth Metals Set to Drill Significant Exploration Properties Outside of Joint Venture
TORONTO, September 17, 2012 /PRNewswire/ --
Duluth Metals Limited ("Duluth") (TSX: DM) (TSX: DM.U) today announced that subject to the receipt of Bureau of Land Management (BLM) Prospecting Permits which are now expected to be issued on September 20th, Duluth will mobilize and commence an immediate exploration drilling program on its key land positions situated in the South Kawishiwi Intrusion (SKI) of the Duluth Complex, Minnesota. Drill targets on the Nor'East and East Shore exploration properties are in close proximity to and within the Nickel Lake Macrodike. This geological feature is thought to be the primary feeder structure for the copper-nickel-palladium-platinum-gold mineralization found in the SKI.
"The Nor'East and East Shore exploration properties were applied for on the basis of a geological model developed by Dr. Dean Peterson, Senior V.P. Exploration of Duluth Metals. As the Nickel Lake Macrodike is thought to be the source of nearby qualified mineralization, we feel the potential for these properties to host similar mineralization to the close-by Maturi Deposit is very high," stated Vern Baker, President of Duluth Metals. "Upon receipt of the prospecting permits, we intend to mobilize drills and commence a comprehensive drill program to test these significant properties for magma conduit-hosted type targets as soon as possible."
The primary exploration focus on the Nor'East and East Shore Properties is for copper-nickel-PGM mineralization, similar to other known deposits in the Duluth Complex, (e.g., the Maturi Deposit and the deep portions of the Mesaba Deposit). The Nor'East property is situated at the junction of the Nickel Lake Macrodike and the South Kawishiwi Intrusion and represents a prime target area for Duluth Metals. Geological modeling indicates that the property has the potential to host a "Voisey's Bay" type massive sulfide target. The three initial drilling target areas are:
- Target Area 1 - The Nickel Lake Macrodike area
- Target Area 2 - Two miles south of the Nickel Lake Macrodike
- Target Area 3 - The Harris Lake/Heart Lake area approximately 4 miles S of the Nickel Lake Macrodike.
Dr. Dean Peterson, Senior V.P. Exploration of Duluth Metals has co-authored a paper on the geological interpretation of the Nickel Lake Macrodike, entitled "Geology of the Nickel Lake Macrodike and its Association with Cu-Ni-PGE Mineralization in the Northern South Kawishiwi Intrusion, Duluth Complex, Northeastern Minnesota" which can be viewed on the Duluth Metals website at http://www.duluthmetals.com. (Peterson, D.M. and Albers, P.B., 2007, Geology of the Nickel Lake Macrodike and its association with Cu-Ni-PGE mineralization in the northern South Kawishiwi Intrusion, Duluth Complex, northeastern Minnesota: Institute on Lake Superior Geology, 53rd Annual Meeting, Field Trip #4, Field Trip Guidebook, Lutsen, Minnesota, Volume 53, pages 61-88.)
Duluth Metals has completed a 7,053 line kilometer airborne VTEM-Magnetic survey, a detailed ground gravity survey, a geochemical survey, and detailed geological mapping program, and has defined high priority exploration targets on the Nor'East and East Shore Properties.
A map showing the location of Duluth Metals Limited exploration properties and proposed drill sites can be found on the Company website at http://www.duluthmetals.com under this press release.
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 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.
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:
Director of Corporate Communications
Telephone: +1-416-369-1500 ext. 222
SOURCE Duluth Metals Limited