Duluth Metals Announces 34.5 feet at 2.82% CuEq from Twin Metals New Drilling Results
TORONTO, June 9, 2011 /PRNewswire/ - Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX: DM.U) is pleased to announce assay results for 15 holes drilled on the Nokomis Deposit, one of four qualified resources on the Twin Metals Project in northeastern Minnesota. Drilling results continue as expected, with highlights showing higher grade assays from the Eastern, Central and Western Area higher grade zones, as well as two above average holes (Mex-208, 209) approximately 300 metres north-west of the Eastern Area. Four holes (Mex-197, 199, 201, 203) drilled outside of the Central Area, together with Mex-208 and 209 drilled outside the Eastern Area, confirm expansion to the previously released higher grade areas.
In and outside the Eastern Higher Grade area, drilling highlights include:
- Mex-210 returned 94.5 feet of 0.708% copper, 0.219% nickel, 3.0 g/t
silver and 1.145 grams per tonne (g/t) Total Precious Metals (TPM
= Platinum+Palladium+Gold) (Cu Equivalent* of 1.82%),
including a 59.5 foot section of 0.895% copper, 0.282% nickel, 3.6
g/t silver and 1.510 g/t TPM (Cu Equivalent* of 2.34%), as well as
a 34.5 foot section of 1.054% copper, 0.341% nickel, 4.3 g/t silver
and 1.887 g/t TPM (Cu Equivalent* of 2.82%).
- MEX-205 intersected 100.0 feet of 0.737% copper, 0.193% nickel, 2.6
g/t silver and 1.198 g/t TPM (Cu Equivalent* of 1.79%) including a
25 foot section of 0.985% copper, 0.253% nickel, 3.3 g/t silver and
1.509 g/t TPM (Cu Equivalent* of 2.33.
- Mex-209 intersected 281.0 feet of 0.735% copper, 0.210% nickel, 2.6
g/t silver and 0.667 g/t TPM (Cu Equivalent* of 1.64%) including a
155.0 foot section of 0.834% copper, 0.242% nickel, 3.0 g/t silver
and 0.747 g/t TPM (Cu Equivalent* of 1.86), and including a 60.0
foot section of 1.001 % copper, 0.302% nickel, 3.6 g/t silver and
0.938g/t TPM (Cu Equivalent* of 2.27).
- MEX-204 intersected 130.5 feet of 0.598% copper, 0.159% nickel, 2.1
g/t silver and 0.998 g/t TPM (Cu Equivalent* of 1.47%) including a
65 foot section of 0.776% copper, 0.214% nickel, 2.8 g/t silver and
1.324 g/t TPM (Cu Equivalent* of 1.95)
In and outside the Central Higher Grade area, drilling highlights include:
- Mex-199 returned 272.0 feet of 0.597% copper, 0.177% nickel, 2.0 g/t
silver and 0.798 grams TPM (Cu Equivalent* of 1.44%), including a
55.0 foot section of 0.823% copper, 0.300% nickel, 2.4 g/t silver and
0.938 g/t TPM (Cu Equivalent* of 2.10%).
- MEX-203 intersected 60.0 feet of 0.714% copper, 0.178% nickel, 3.5
g/t silver and 1.521 g/t TPM (Cu Equivalent* of 1.84%) including a
30.0 foot section of 0.836% copper, 0.192% nickel, 4.8 g/t silver and
1.943 g/t TPM (Cu Equivalent* of 2.15).
- MEX-201 intersected 44.0 feet of 0.613% copper, 0.208% nickel, 2.2
g/t silver and 1.453 g/t TPM (Cu Equivalent* of 1.82%) including a
40.0 foot section of 0.632% copper, 0.210% nickel, 2.2 g/t silver and
1.487 g/t TPM (Cu Equivalent* of 1.85).
- MEX-196 intersected 181.0 feet of 0.473% copper, 0.127% nickel, 1.9
g/t silver and 0.704 g/t TPM (Cu Equivalent* of 1.14%) including a
30.0 foot section of 0.898% copper, 0.245% nickel, 3.1 g/t silver and
1.538 g/t TPM (Cu Equivalent* of 2.24).
*Note - Copper Equivalent is based on US metal prices of: Copper - $1.75/lb, Nickel - $7.00/lb, Cobalt - $10.00/lb, Gold - $600/oz, Platinum - $1,100/oz, Palladium - $350/oz and Silver - $8.50/oz, and the methodology with metallurgical recoveries, refining costs and other charges being considered for all metals in accordance with the Net Smelter Return Factors contained in the January 22, 2008, NI 43-101 Scoping Study produced by Scott Wilson RPA.
"The drilling program of our joint venture company, Twin Metals Minnesota LLC (Twin Metals), continues to confirm the continuity, scale, and grades expected in this deposit. Within the larger in-fill drilling program, the expansion and verification of areas identified as higher grade will allow the Twin Metals team to evaluate economic optimization through mine sequencing", stated Vern Baker, President of Duluth Metals. "The early utilization of higher grade ore will be a major consideration for planning. The drilling and the potential economic benefits of early sequencing of 'high grade zones' make an outstanding project look stronger with every hole."
A map illustrating the location of the 15 drill holes reported in this press release 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-196 to 210 inclusive can be found in the table below. True width is estimated at about 90% of core length.
COP- CuEq
FROM TO LENGTH PER NICKEL TPM** *
HOLE ZONE (feet) (feet) (feet) (%) (%) (g/t) (%)
MEX-196 at 0.3% Cu 3887 4068 181 0.473 0.127 0.704 1.14
cut-off
at 0.5% Cu 3933 3963 30 0.898 0.245 1.538 2.24
cut-off
MEX-197 at 0.3% Cu 4252 4269 17 0.489 0.148 2.647 2.03
cut-off
MEX-198 at 0.3% Cu 3587 3692 105 0.636 0.207 1.091 1.67
cut-off
at 0.5% Cu 3627 3692 65 0.757 0.250 1.401 2.03
cut-off
at 0.3% Cu 3747 3772 25 0.401 0.097 0.507 0.89
cut-off
MEX-199 at 0.3% Cu 4036 4308 272 0.597 0.177 0.798 1.44
cut-off
at 0.5% Cu 4043 4078 35 0.715 0.192 1.103 1.73
cut-off
at 0.5% Cu 4138 4178 40 0.722 0.153 1.001 1.56
cut-off
at 0.5% Cu 4213 4238 25 0.593 0.190 0.826 1.51
cut-off
at 0.5% Cu 4253 4308 55 0.823 0.300 0.938 2.10
cut-off
MEX-200 at 0.3% Cu 3557 3755 198 0.741 0.191 0.809 1.63
cut-off
at 0.5% Cu 3567 3737 170 0.775 0.201 0.865 1.71
cut-off
including 3602 3627 25 0.971 0.256 1.142 2.17
MEX-201 at 0.3% Cu 4230 4274 44 0.613 0.208 1.453 1.82
cut-off
at 0.5% Cu 4234 4274 40 0.632 0.210 1.487 1.85
cut-off
MEX-202 at 0.3% Cu 3212 3237 25 0.682 0.189 1.440 1.81
cut-off
at 0.5% Cu 3212 3232 20 0.734 0.201 1.523 1.94
cut-off
MEX-203 at 0.3% Cu 3992.5 4068 75.5 0.664 0.165 1.377 1.70
cut-off
at 0.5% Cu 3998 4058 60 0.714 0.178 1.521 1.84
cut-off
including 4008 4038 30 0.836 0.192 1.943 2.15
MEX-204 at 0.3% Cu 3212.5 3343 130.5 0.598 0.159 0.998 1.47
cut-off
at 0.5% Cu 3218 3283 65 0.776 0.214 1.324 1.95
cut-off
at 0.5% Cu 3408.5 3423 14.5 0.626 0.139 0.900 1.40
cut-off
MEX-205 at 0.3% Cu 3117 3132 15 0.331 0.077 0.169 0.63
cut-off
at 0.3% Cu 3172 3323.5 151.5 0.646 0.163 1.002 1.53
cut-off
at 0.5% Cu 3172 3272 100 0.737 0.193 1.198 1.79
cut-off
including 3197 3222 25 0.985 0.253 1.509 2.33
MEX-206 at 0.3% Cu 3763 3778 15 0.415 0.085 0.744 0.96
cut-off
Total
MEX-207 Mineralized 3484 3698 214 0.434 0.111 0.459 0.96
Interval
at 0.5% Cu 3484 3503 19 0.549 0.161 0.670 1.31
cut-off
at 0.3% Cu 3538 3648 110 0.533 0.129 0.558 1.15
cut-off
at 0.5% Cu 3538 3598 60 0.650 0.153 0.721 1.40
cut-off
Total
MEX-208 Mineralized 2557 2787 230 0.466 0.135 0.583 1.10
Interval
at 0.3% Cu 2557 2617 60 0.655 0.212 0.886 1.64
cut-off
at 0.5% Cu 2557 2607 50 0.708 0.228 0.975 1.78
cut-off
at 0.3% Cu 2672 2767 95 0.468 0.122 0.546 1.06
cut-off
at 0.5% Cu 2702 2732 30 0.605 0.148 0.635 1.30
cut-off
at 0.3% Cu 2977 2997 20 0.508 0.059 0.567 0.91
cut-off
MEX-209 at 0.3% Cu 2192 2473 281 0.735 0.210 0.667 1.64
cut-off
at 0.5% Cu 2192 2347 155 0.834 0.242 0.747 1.86
cut-off
including 2217 2277 60 1.001 0.302 0.938 2.27
at 0.5% Cu 2362 2473 111 0.652 0.176 0.602 1.44
cut-off
MEX-210 at 0.3% Cu 3338.5 3433 94.5 0.708 0.219 1.145 1.82
cut-off
at 0.5% Cu
cut-off 3338.5 3398 59.5 0.895 0.282 1.510 2.34
including 3338.5 3373 34.5 1.054 0.341 1.887 2.82
**TPM = Total Precious Metals (Platinum+Palladium+Gold)
Note: g/t = grams per tonne
Complete gold, platinum, palladium and silver assays for MEX-196 to 210 inclusive are as follows:
PLAT- PALLA-
FROM TO LENGTH GOLD INUM DIUM SILVER
HOLE ZONE (feet) (feet) (feet) (g/t) (g/t) (g/t) (g/t)
MEX-196 at 0.3% Cu 3887 4068 181 0.098 0.189 0.417 1.9
cut-off
at 0.5% Cu 3933 3963 30 0.240 0.416 0.882 3.1
cut-off
MEX-197 at 0.3% Cu 4252 4269 17 0.284 0.841 1.523 2.1
cut-off
MEX-198 at 0.3% Cu 3587 3692 105 0.114 0.252 0.725 2.0
cut-off
at 0.5% Cu 3627 3692 65 0.138 0.327 0.937 2.4
cut-off
at 0.3% Cu 3747 3772 25 0.103 0.107 0.298 1.5
cut-off
MEX-199 at 0.3% Cu 4036 4308 272 0.100 0.207 0.491 2.0
cut-off
at 0.5% Cu 4043 4078 35 0.139 0.289 0.675 2.8
cut-off
at 0.5% Cu 4138 4178 40 0.120 0.243 0.639 2.5
cut-off
at 0.5% Cu 4213 4238 25 0.113 0.250 0.463 1.9
cut-off
at 0.5% Cu 4253 4308 55 0.122 0.242 0.574 2.4
cut-off
MEX-200 at 0.3% Cu 3557 3755 198 0.109 0.199 0.501 2.4
cut-off
at 0.5% Cu 3567 3737 170 0.115 0.213 0.536 2.5
cut-off
including 3602 3627 25 0.190 0.259 0.693 2.8
MEX-201 at 0.3% Cu 4230 4274 44 0.151 0.399 0.903 2.2
cut-off
at 0.5% Cu 4234 4274 40 0.156 0.408 0.923 2.2
cut-off
MEX-202 at 0.3% Cu 3212 3237 25 0.193 0.380 0.867 2.8
cut-off
at 0.5% Cu 3212 3232 20 0.193 0.406 0.924 3.1
cut-off
MEX-203 at 0.3% Cu 3992.5 4068 75.5 0.186 0.355 0.836 3.1
cut-off
at 0.5% Cu 3998 4058 60 0.211 0.385 0.925 3.5
cut-off
including 4008 4038 30 0.280 0.469 1.194 4.8
MEX-204 at 0.3% Cu
cut-off 3212.5 3343 130.5 0.107 0.272 0.619 2.1
at 0.5% Cu 3218 3283 65 0.143 0.363 0.819 2.8
cut-off
at 0.5% Cu 3408.5 3423 14.5 0.148 0.230 0.522 2.7
cut-off
MEX-205 at 0.3% Cu 3117 3132 15 0.026 0.043 0.100 1.2
cut-off
at 0.3% Cu 3172 3323.5 151.5 0.118 0.267 0.617 2.4
cut-off
at 0.5% Cu 3172 3272 100 0.144 0.315 0.739 2.6
cut-off
including 3197 3222 25 0.192 0.375 0.941 3.3
MEX-206 at 0.3% Cu 3763 3778 15 0.123 0.183 0.438 2.4
cut-off
MEX-207 Total
Mineralized 3484 3698 214 0.062 0.132 0.265 1.4
Interval
at 0.5% Cu 3484 3503 19 0.075 0.198 0.398 1.5
cut-off
at 0.3% Cu 3538 3648 110 0.080 0.160 0.318 1.8
cut-off
at 0.5% Cu 3538 3598 60 0.107 0.205 0.409 2.0
cut-off
MEX-208 Total
Mineralized 2557 2787 230 0.084 0.151 0.348 1.6
Interval
at 0.3% Cu 2557 2617 60 0.118 0.227 0.541 2.5
cut-off
at 0.5% Cu 2557 2607 50 0.129 0.251 0.596 2.6
cut-off
at 0.3% Cu 2672 2767 95 0.083 0.143 0.320 1.7
cut-off
at 0.5% Cu 2702 2732 30 0.094 0.154 0.387 2.3
cut-off
at 0.3% Cu 2977 2997 20 0.096 0.139 0.333 2.3
cut-off
MEX-209 at 0.3% Cu 2192 2473 281 0.095 0.181 0.391 2.6
cut-off
at 0.5% Cu 2192 2347 155 0.110 0.188 0.450 3.0
cut-off
including 2217 2277 60 0.153 0.228 0.558 3.6
at 0.5% Cu 2362 2473 111 0.081 0.185 0.336 2.3
cut-off
MEX-210 at 0.3% Cu 3338.5 3433 94.5 0.164 0.298 0.683 3.0
cut-off
at 0.5% Cu 3338.5 3398 59.5 0.205 0.393 0.912 3.6
cut-off
including 3338.5 3373 34.5 0.267 0.491 1.129 4.3
Note: g/t = grams per tonne
-----
The Twin Metals Project now covers over 25,000 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 nickel-copper-PGM deposits within a new emerging mining belt in Minnesota, USA.
The Twin Metals Project is currently in the pre-feasibility phase. Separate consulting engineering firms are being engaged for both the overall pre-feasibility study and an updated resource report. AMEC E&C Services Inc. from Reno, Nevada has been engaged to review and prepare a comprehensive updated NI 43-101 Resource Report on the expanded Twin Metals Project which now includes the Twin Metals and Franconia properties.
For the 2010-2011 Drill Program, half core samples are being prepared at ALS Chemex Ltd. laboratories in Thunder Bay and then shipped to its analytical facilities in Vancouver. Samples are being analyzed for Au, Pt, and Pd using a standard fire assay with an ICP finish and for 27 other elements using a four acid (near total) digestion and a combination of ICPMS and ICPAES. ICP over limits were re-analyzed using sodium peroxide fusion, acid dissolution followed by ICPAES. The remaining half core samples are being stored in Minnesota.
David Oliver, P. Geo. and Twin Metals Site Manager is the Qualified Person for this press release, in accordance with NI 43-101 of the Canadian Securities Administrators, and is responsible for the technical content 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 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 31,000 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, which is 60% owned by Duluth Metals and 40% by Antofagasta plc. The joint venture's principal asset is called the Twin Metals Project, located within the Duluth Complex mining camp in north-eastern Minnesota. The Twin Metals Project now covers over 25,000 acres of land/mineral interests and includes four NI 43-101 compliant Mineral Resources: the Spruce Road Deposit; the Nokomis Deposit; the Maturi Deposit, and the Birch Lake Deposit. (Franconia held an undivided 70% interest in the Birch, Spruce and Maturi properties and has exercised its option to increase its interest to 82% by agreeing to fund all of the carried interest of its joint venture partner through to commercial production.) For more information on Twin Metals Minnesota LLC, go to: www.twin-metals.com.
This document may contain 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 operations of Duluth, the environment in which it operates, timing and amount of capital expenditures, results of exploration and mine development, the availability of funding to Duluth and timing of geological reports. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Duluth. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in the annual information form under the heading "Risk Factors" and in the other public filings of Duluth. 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 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.
SOURCE Duluth Metals Limited
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