Duluth Metals Announces Ongoing Drill Results on Twin Metals Nokomis Joint Venture
TORONTO, September 23, 2010 /PRNewswire-FirstCall/ -- Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX:DM.U) today announced assay results for eight holes drilled for Twin Metals Minnesota LLC, on the Nokomis joint venture project. Seven holes were drilled in or near the Central Area higher grade zone of the Nokomis Deposit. Highlights include MEX-179 which returned 90 feet of 0.693% copper, 0.192% nickel, 2.8 g/t silver and 1.123 grams per tonne (g/t) Total Precious Metals (TPM ( equal sign) Platinum+Palladium+Gold) (Cu Equivalent(x) of 1.71%), including a 60 foot section of 0.814% copper, 0.235% nickel, 3.2 g/t silver and 1.376 g/t TPM (Cu Equivalent(x) of 2.06%), as well as a 30 foot section of 1.019% copper, 0.298% nickel, 3.9 g/t silver and 1.805 g/t TPM (Cu Equivalent(x) of 2.62%).
Some of the other higher grade intersections are as follows: MEX-180 intersected 50 feet of 0.929% copper, 0.263% nickel, 2.5 g/t silver and 1. 856 g/t TPM (Cu Equivalent(x) of 2.45%) including a 40 foot section of 0. 979% copper,0.277% nickel, 2.7 g/t silver and 1.981 g/t TPM (Cu Equivalent( x) of 2.58%); MEX-174 intersected 60 feet of 0.657% copper, 0.213% nickel, 2.3 g/t silver and 1.199 g/t TPM (Cu Equivalent(x) of 1.77%) including a 40 foot section of 0.804% copper, 0.265% nickel, 2.9 g/t silver and 1.485 g/t TPM (Cu Equivalent(x) of 2.18%) and, including a 15 foot section of 1.091% copper, 0.369% nickel, 3.4 g/t silver and 2.107 g/t TPM (Cu Equivalent(x) of 3.03%); and MEX-178 intersected 20.0 feet of 0.971% copper, 0.235% nickel, 3.3 g/t silver and 2.708 g/t TPM (Cu Equivalent(x) of 2.59%) within a 65.0 foot section of 0.707% copper, 0.175% nickel, 2.4 g/t silver and 1. 420 g/t TPM (Cu Equivalent(x) of 1.78%), all within a 165.0 foot section of 0.619% copper, 0.135% nickel, 2.7 g/t silver and 0.929 g/t TPM (Cu Equivalent(x) of 1.39%).
Vern Baker, President of Duluth Metals, stated: "Diamond drilling was focused mainly in the Central Area of the Nokomis Deposit. Drill results continue to show the potential for significant areas of higher grade within the deposit. This information will be incorporated into the upcoming prefeasibility work being done by Twin Metals Minnesota on the Nokomis Project. These results also provide confidence that Twin Metals Minnesota will be able to evaluate higher grade areas for incorporation into a mine plan that could improve the project's economics."
A map illustrating the location of the eight drill holes reported in this press release 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-174, 175, 176, 177, 178, 179, 180 and 181 can be found in the table below. True width is estimated at about 90% of core length.
FROM TO LENGTH COPPER NICKEL TPM(x) CuEQ
HOLE ZONE (feet) (feet) (feet) (%) (%) (g/t) (%)
MEX-174 Total
Mineralized
Interval 3563 3828 265 0.491 0.128 0.646 1.13
(at)0.3% Cu
cut-off 3563 3623 60 0.657 0.213 1.199 1.77
(at)0.5% Cu
cut-off 3568 3608 40 0.804 0.265 1.485 2.18
including 3573 3588 15 1.091 0.369 2.107 3.03
(at)0.3% Cu
cut-off 3648 3828 180 0.483 0.109 0.529 1.02
(at)0.5% Cu
cut-off 3738 3758 20 0.767 0.160 0.721 1.53
(at)0.5% Cu
cut-off 3788 3818 30 0.737 0.126 0.833 1.44
MEX-175 (at)0.3% Cu
cut-off 3843 3883 40 0.477 0.134 0.857 1.21
(at)0.5% Cu
cut-off 3853 3868 15 0.682 0.164 1.383 1.70
(at)0.3% Cu
cut-off 3903 3943 40 0.426 0.107 0.489 0.94
MEX-176 (at)0.3% Cu
cut-off 3343 3488 145 0.638 0.164 0.840 1.47
(at)0.5% Cu
cut-off 3343 3448 105 0.695 0.185 0.962 1.64
MEX-177 Total
Mineralized
Interval 3828 3918 90 0.412 0.065 0.415 0.77
(at)0.5% Cu
cut-off 4043 4053 10 1.223 0.151 2.272 2.60
MEX-178 Total
Mineralized
Interval 3573 3738 165 0.619 0.135 0.929 1.39
(at)0.3% Cu
cut-off 3573 3638 65 0.707 0.175 1.420 1.78
(at)0.5% Cu
cut-off 3598 3638 40 0.803 0.196 1.883 2.10
including 3613 3633 20 0.971 0.235 2.708 2.59
(at)0.5% Cu
cut-off 3658 3713 55 0.768 0.147 0.823 1.54
including 3683 3693 10 1.143 0.204 1.559 2.40
MEX-179 (at)0.3% Cu
cut-off 3838 3928 90 0.693 0.192 1.123 1.71
(at)0.5% Cu
cut-off 3838 3898 60 0.814 0.235 1.376 2.06
including 3838 3868 30 1.019 0.298 1.805 2.62
(at)0.3% Cu
cut-off 3958 3978 20 0.569 0.062 0.343 0.89
MEX-180 (at)0.3% Cu
cut-off 4019 4104 85 0.701 0.196 1.323 1.81
(at)0.5% Cu
cut-off 4024 4074 50 0.929 0.263 1.856 2.45
including 4034 4074 40 0.979 0.277 1.981 2.58
(at)0.5% Cu
cut-off 4204 4229 25 0.576 0.074 0.461 0.98
MEX-181 Total
Mineralized
Interval 4128 4228 100 0.360 0.064 0.418 0.72
(at)0.5% Cu
cut-off 4153 4163 10 0.827 0.122 0.961 1.58
Complete gold, platinum, palladium and silver assays for MEX-174, 175, 176, 177, 178, 179, 180 and 181 are as follows:
PLATI- PALLA-
FROM TO LENGTH GOLD NUM DIUM SILVER
HOLE ZONE (feet) (feet) (feet) (g/t) (g/t) (g/t) (g/t)
MEX-174 Total
Mineralized 3563 3828 265 0.086 0.169 0.391 1.7
(at)0.3% Cu
cut-off 3563 3623 60 0.152 0.310 0.738 2.3
(at)0.5% Cu
cut-off 3568 3608 40 0.187 0.389 0.910 2.9
including 3573 3588 15 0.241 0.558 1.308 3.4
(at)0.3% Cu
cut-off 3648 3828 180 0.073 0.141 0.316 1.7
(at)0.5% Cu
cut-off 3738 3758 20 0.102 0.187 0.432 2.9
(at)0.5% Cu
cut-off 3788 3818 30 0.127 0.212 0.495 2.9
MEX-175 (at)0.3% Cu
cut-off 3843 3883 40 0.097 0.215 0.546 1.5
(at)0.5% Cu
cut-off 3853 3868 15 0.163 0.340 0.880 2.1
(at)0.3% Cu
cut-off 3903 3943 40 0.060 0.124 0.305 1.4
MEX-176 (at)0.3% Cu
cut-off 3343 3488 145 0.106 0.239 0.496 2.3
(at)0.5% Cu
cut-off 3343 3448 105 0.119 0.276 0.567 2.5
MEX-177 Total
Mineralized
Interval 3828 3918 90 0.066 0.104 0.244 1.8
(at)0.5% Cu
cut-off 4043 4053 10 0.282 0.670 1.321 8.4
MEX-178 Total
Mineralized
Interval 3573 3738 165 0.084 0.244 0.601 2.7
(at)0.3% Cu
cut-off 3573 3638 65 0.092 0.359 0.969 2.4
(at)0.5% Cu
cut-off 3598 3638 40 0.102 0.466 1.314 2.7
including 3613 3633 20 0.125 0.475 2.108 3.3
(at)0.5% Cu
cut-off 3658 3713 55 0.104 0.229 0.490 3.5
including 3683 3693 10 0.187 0.484 0.889 5.3
MEX-179 (at)0.3% Cu
cut-off 3838 3928 90 0.169 0.289 0.666 2.8
(at)0.5% Cu
cut-off 3838 3898 60 0.206 0.351 0.819 3.2
including 3838 3868 30 0.282 0.459 1.064 3.9
(at)0.3% Cu
cut-off 3958 3978 20 0.057 0.083 0.204 2.3
MEX-180 (at)0.3% Cu
cut-off 4019 4104 85 0.191 0.346 0.787 1.8
(at)0.5% Cu
cut-off 4024 4074 50 0.278 0.483 1.095 2.5
including 4034 4074 40 0.309 0.511 1.160 2.7
(at)0.5% Cu
cut-off 4204 4229 25 0.074 0.111 0.276 3.5
MEX-181 Total
Mineralized
Interval 4128 4228 100 0.064 0.108 0.246 1.8
(at)0.5% Cu
cut-off 4153 4163 10 0.133 0.267 0.562 6.2
For the 2010 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.
(x)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.
David Oliver, P. Geo. and Duluth Project Manager is the Qualified Person, in accordance with NI 43-101 of the Canadian Securities Administrators, and is responsible for the technical content of this press release and quality assurance of the exploration data and analytical results.
About Duluth Metals
Duluth Metals is committed to acquiring, exploring and developing copper, nickel and platinum group metal (PGM) deposits. The Company has a joint venture with Antofagasta plc on their principal asset called the Nokomis Project, located within the rapidly emerging Duluth Complex mining camp in northeastern 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, the Company retains a 100% position on approximately 31,000 acres of mineral interests on exploration properties adjacent to and nearby the joint venture Nokomis Deposit.
About Twin Metals Minnesota LLC
Twin Metals Minnesota LLC is a new joint venture company, which is 60% owned by Duluth Metals and 40% by Antofagasta plc. The joint venture's principal asset is called the Nokomis Project, located within the Duluth Complex mining camp in northeastern Minnesota. The current NI 43-101 compliant Resource Estimate dated December 2009 for the Nokomis Deposit consists of 550 million tonnes of Indicated Resources grading 0.639% copper , 0.200% nickel, 0.660 grams per tonne TPM (TPM (equal sign) Pt + Pd + Au) for a copper equivalent (CuEq) grade of 1.51%, plus an additional 274 million tonnes of Inferred Resources grading 0.632% copper, 0.207% nickel, 0.685 grams per tonne TPM for a CuEq grade of 1.53%.
"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, Duluth's operations, 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 Duluth's control. 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 Duluth's annual information form under the heading "Risk Factors" and in Duluth's other public filings. 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.
For further information: For further information: Mara Strazdins, Director of Corporate Communications, +1(416)369-1500 ext 222, mstrazdins@ duluthmetals.com; Christopher Dundas, Chairman & CEO, +1(416)-369-1500, [email protected]
SOURCE Duluth Metals Limited
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