Duluth Metals Expands Higher Grade Area on Nokomis Deposit
TORONTO, April 22, 2010 /PRNewswire-FirstCall/ -- Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX:DM.U) today announced results for six holes drilled in the 2010 Winter Drilling Program on the Nokomis Deposit, Ely Minnesota. Significantly higher grade intersections have been returned for five of the holes, which together with previously reported hole MEX-158, indicates the potential for a larger higher grade area situated in the north central section of the currently defined Nokomis Deposit.
These six drill holes (MEX 157, 158, 159, 160, 161 and 164) are located in proximity to previously announced higher grade zones (see press release dated December 11, 2009) which were highlighted in the most recent NI 43-101 Resource Estimate dated December 2009. A map illustrating the location of these six drill holes in relation to the higher grade areas published in the December 11, 2009 press release can be found on the Company website under this press release at http://www.duluthmetals.com.
Highlights of the higher grade area include:
- MEX-157 intersected 30 feet of 1.048% copper, 0.251% nickel, 3.2 g/t
silver and 1.894 grams per tonne (g/t) Total Precious Metals
(TPM (equal sign) Platinum+Palladium+Gold) (Cu Equivalent(x) of
2.561%) within 75 feet of 0.919% copper, 0.211% nickel, 2.7 g/t
silver and 1.141 g/t TPM (Cu Equivalent(x) of 2.118%), all within a
125.0 foot section of 0.766% copper, 0.179% nickel, 2.3 g/t silver
and 1.190 g/t TPM (Cu Equivalent(x) of 1.778%)
- MEX-159 intersected 20 feet of 1.062% copper, 0.306% nickel, 3.9 g/t
silver and 0.937 g/t TPM (Cu Equivalent(x) of 2.366%) within a
160.0 foot section of 0.846% copper, 0.242% nickel, 2.7 g/t silver
and 0.761 g/t TPM (Cu Equivalent(x) of 1.87%)
- MEX-160 intersected 20 feet of 0.864% copper, 0.152% nickel, 3.4 g/t
silver and 0.960 g/t TPM (Cu Equivalent(x) of 1.702%) within a
180 foot section of 0.604% copper, 0.178% nickel, 2.1 g/t silver and
0.774 g/t TPM (Cu Equivalent(x) of 1.451%)
- MEX-161 intersected 50 feet of 1.070% copper, 0.295% nickel, 3.9 g/t
silver and 1.139 g/t TPM (Cu Equivalent(x) of 2.402%) within 75 feet
of 0.925% copper, 0.260% nickel, 3.4 g/t silver and 0.964 g/t TPM
(Cu Equivalent(x) of 2.082%), all within a 155.0 foot section of
0.698% copper, 0.189% nickel, 2.7 g/t silver and 0.673 g/t TPM
(Cu Equivalent(x) of 1.532%)
- MEX-164 intersected 40 feet of 0.975% copper, 0.275% nickel, 8.9 g/t
silver and 0.859 g/t TPM (Cu Equivalent(x) of 2.133%) within 85 feet
of 0.889% copper, 0.236% nickel, 5.6 g/t silver and 0.737 g/t TPM
(Cu Equivalent(x) of 1.885%), all within a 120 foot section of
0.742% copper, 0.200% nickel, 4.3 g/t silver and 0.621 g/t TPM
(Cu Equivalent(x) of 1.591%)
Previously reported hole MEX-158, intersected 70.0 feet of 1.189% copper, 0.328% nickel, 3.6 g/t silver and 1.404 g/t TPM (Cu Equivalent(x) of 2.69%) within a 180.0 foot section of 0.913% copper, 0.248% nickel, 2.9 g/t silver and 1.039 g/t TPM (Cu Equivalent(x) of 2.06%).
A more detailed summary of the assay results for MEX-156, 157, 159, 160,
161 and 164 can be found in the table below. True width is estimated at about
90% of core length.
CU-
FROM TO LENGTH COPPER NICKEL TPM(x) EQ(x)
HOLE ZONE (feet) (feet) (feet) (%) (%) (g/t) (%)
MEX- (at)0.3% Cu
0156 cut-off 3193 3218 25 0.527 0.228 0.555 1.436
MEX- (at)0.3% Cu
0157 cut-off 2832 2957 125 0.766 0.179 1.190 1.778
(at)0.5% Cu
cut-off 2832 2907 75 0.919 0.211 1.410 2.118
including 2857 2887 30 1.048 0.251 1.894 2.561
(at)0.5% Cu
cut-off 2927 2957 30 0.642 0.157 1.083 1.534
MEX- (at)0.3% Cu
0159 cut-off 2247 2407 160 0.846 0.242 0.761 1.871
(at)0.5% Cu
cut-off 2252 2407 155 0.860 0.244 0.768 1.892
including 2252 2272 20 1.062 0.306 0.937 2.366
MEX- (at)0.3% Cu
0160 cut-off 2767 2947 180 0.604 0.178 0.774 1.451
(at)0.5% Cu
cut-off 2792 2947 155 0.644 0.186 0.853 1.549
including 2922 2942 20 0.864 0.152 0.960 1.702
0.006
MEX- (at)0.3% Cu
0161 cut-off 2243 2398 155 0.698 0.189 0.673 1.532
(at)0.5% Cu
cut-off 2243 2318 75 0.923 0.260 0.964 2.082
including 2253 2303 50 1.070 0.295 1.139 2.402
(at)0.5% Cu
cut-off 2338 2373 35 0.617 0.136 0.520 1.231
MEX- (at)0.3% Cu
0164 cut-off 1922 2042 120 0.742 0.200 0.621 1.591
(at)0.5% Cu
cut-off 1922 2007 85 0.889 0.236 0.737 1.885
including 1922 1962 40 0.975 0.275 0.859 2.133
(at)0.5% Cu
cut-off 2087 2127 40 0.600 0.144 0.456 1.215
(at)0.3% Cu
cut-off 2147 2172 25 0.405 0.099 0.306 0.834
(at)0.3% Cu
cut-off 2232 2252 20 0.512 0.139 0.470 1.116
Complete gold, platinum, palladium and silver assays for MEX-156, 157, 159, 160, 161 and 164 are as follows:
FROM TO LENGTH GOLD PLATINUM PALLADIUM SILVER
HOLE ZONE (feet) (feet) (feet) (g/t) (g/t) (g/t) (g/t)
MEX- (at)0.3%
0156 Cu
cut-off 3193 3218 25 0.076 0.145 0.335 1.5
MEX- (at)0.3%
0157 Cu
cut-off 2832 2957 125 0.165 0.321 0.705 2.3
(at)0.5%
Cu
cut-off 2832 2907 75 0.190 0.391 0.829 2.7
including 2857 2887 30 0.292 0.527 1.076 3.2
(at)0.5%
Cu
cut-off 2927 2957 30 0.177 0.270 0.636 2.1
MEX- (at)0.3%
0159 Cu
cut-off 2247 2407 160 0.110 0.186 0.465 2.7
(at)0.5%
Cu
cut-off 2252 2407 155 0.113 0.185 0.470 2.7
including 2252 2272 20 0.115 0.267 0.555 3.9
MEX- (at)0.3%
0160 Cu
cut-off 2767 2947 180 0.112 0.212 0.449 2.1
(at)0.5%
Cu
cut-off 2792 2947 155 0.123 0.236 0.494 2.2
including 2922 2942 20 0.137 0.256 0.567 3.4
MEX- (at)0.3%
0161 Cu
cut-off 2243 2398 155 0.095 0.172 0.407 2.7
(at)0.5%
Cu
cut-off 2243 2318 75 0.131 0.244 0.590 3.4
including 2253 2303 50 0.163 0.286 0.690 3.9
(at)0.5%
Cu
cut-off 2338 2373 35 0.087 0.126 0.307 2.7
MEX- (at)0.3%
0164 Cu
cut-off 1922 2042 120 0.097 0.153 0.371 4.3
(at)0.5%
Cu
cut-off 1922 2007 85 0.123 0.173 0.441 5.6
including 1922 1962 40 0.159 0.198 0.502 8.9
(at)0.5%
Cu
cut-off 2087 2127 40 0.059 0.111 0.285 2.1
(at)0.3%
Cu
cut-off 2147 2172 25 0.045 0.090 0.171 1.5
(at)0.3%
Cu
cut-off 2232 2252 20 0.065 0.116 0.289 1.7
"These 2010 Winter Drill Program results indicate that some of the previously defined, higher grade areas within the Nokomis Deposit are growing in size. Increasing tonnage in our higher grade areas will clearly add to the already positive economics of the Nokomis Project", stated Dr. Henry J. Sandri, President and CEO of Duluth Metals. "The focus of our current 2010 Spring Drill Program is to continue to further evaluate and quantify theses notable higher grade copper, nickel, platinum, palladium, gold and silver zones in portions of the Nokomis Deposit."
For the 2010 Winter 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.
Duluth Metals is pleased to report that the definitive shareholders agreement with Antofagasta plc is expected to be signed by the end of June and both companies are progressing with organizational matters related to the joint venture which was announced on January 14, 2010
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 is committed to acquiring, exploring and developing copper, nickel and platinum group metal (PGM) deposits. Duluth's principal property is the Nokomis Deposit located within the rapidly emerging Duluth Complex mining camp in northeastern Minnesota. On January 14, 2010, Duluth announced the signing of a binding heads of agreement with Antofagasta plc on a joint venture development of the Nokomis Deposit. 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.
This document may contain forward-looking statements (including "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to Duluth's operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties 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 other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. 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: Mara Strazdins, Director of Corporate Communications, at [email protected] or at +1-416-369-1500; or Henry Sandri, President and CEO, at [email protected]; Minnesota corporate office: telephone +1-651-389-9990; Web Page: http://www.duluthmetals.com
SOURCE Duluth Metals Limited
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