Duluth Metals Highlights 153.5 Feet of 0.767% Copper, 0.197% Nickel and 1.988 Grams Total Precious Metals at Twin Metals Minnesota's Birch Lake Deposit
TORONTO, November 27, 2012 /PRNewswire/ --
- Drill results of an additional 28 holes (BL11-01 to BL12-21) in the Birch Lake Deposit of Twin Metals Minnesota
- The 28 drill holes from the Birch Lake Deposit which are featured in this press release will be factored into the final pre-feasibility AMEC resource numbers due early December 2012; this is in addition to the 159 additional drill holes and 70 wedge offsets for the Maturi Deposit
- The final AMEC resource report will provide the basis for mine planning within the pre-feasibility study. Duluth Metals also expects the new estimate will confirm the extent and distribution of the higher grade portions of the deposit
Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX: DM.U) is pleased to announce assay results for 28 holes on the Birch Lake Deposit within the Twin Metals Minnesota Project in northeastern Minnesota. The Birch Lake Deposit is one of three mineral resources in close proximity to one another within the Twin Metals Minnesota Project, these being the Maturi, Birch Lake and Spruce Road Deposits. All of the holes have significant length intercepts continuing to indicate a higher grade platinum+palladium+gold (TPM) content within the Birch Lake resource relative to other resources in the project. These additional holes will be incorporated into the final resource estimate to be issued by AMEC in early December 2012.
"The addition of these holes to the Birch Lake database will provide the basis for a stronger estimate in the western part of the Twin Metals Minnesota Project. The Birch Lake resource provides potential flexibility in the project as it is geographically separate (5 miles) from Maturi, and shows a higher contribution to revenue from precious metals than some of the other sections in the project," stated Vern Baker, President of Duluth Metals.
Drilling highlights in the Birch Lake Deposit include:
- BL11-07-W1 returned a 153.5 foot intersection of 0.767% copper, 0.197% nickel, 3.0 g/t silver and 1.988 grams TPM (TPM = Platinum+Palladium+Gold) at a 0.5% Cu cut-off.
- BL11-05 returned a 67.5 foot intersection of 0.710% copper, 0.230% nickel, 2.5 g/t silver and 1.817 grams TPM at a 0.5% Cu cut-off.
- BL12-09 returned a 101.3 foot intersection of 0.862% copper, 0.273% nickel, 3.0 g/t silver and 1.237 grams TPM at a 0.5% Cu cut-off.
- BL12-10 returned a 53 foot intersection of 0.638% copper, 0.182% nickel, 2.3 g/t silver and 1.158 grams TPM at a 0.5% Cu cut-off.
Figure 1 is a map illustrating the location of 28 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 BL11-01 to BL12-21 as grouped by areas can be found in the table below. True thickness is estimated at about 90% of core length:
Hole Zone From To Length Cu Ni TPM
(ft) (ft) (ft) (%) (%) (g/t)
BL11-01 @0.3% Cu cut-off 2258 2333 75 0.393 0.169 2.689
BL11-02 @0.3% Cu cut-off 2503 2573 70 0.418 0.134 0.311
BL11-03 @0.5% Cu cut-off 2353 2578 225 0.651 0.194 0.781
BL11-04 @0.5% Cu cut-off 2536.5 2588 51.5 0.606 0.225 0.941
BL11-05 @0.5% Cu cut-off 2720.5 2788 67.5 0.710 0.230 1.817
BL11-06 @0.3% Cu cut-off 2428 2543 115 0.437 0.113 0.401
@0.5% Cu cut-off 2358 2398 40 0.607 0.190 0.572
BL11-07-W1 @0.5% Cu cut-off 2303.5 2457 153.5 0.767 0.197 1.988
BL11-08 @0.3% Cu cut-off 1718.5 1772 53.5 0.406 0.147 0.366
BL12-01 @0.3% Cu cut-off 2672 2817 145 0.522 0.125 0.914
@0.5% Cu cut-off 2692 2802 110 0.590 0.132 1.050
BL12-02 @0.5% Cu cut-off 2477 2602 125 0.599 0.161 1.097
BL12-03 @0.3% Cu cut-off 2397 2452 55 0.339 0.140 0.438
BL12-04 @0.5% Cu cut-off 2527.7 2632 104.3 0.623 0.165 0.668
BL12-05 @0.3% Cu cut-off 1839.5 1977 137.5 0.395 0.142 0.325
BL12-07 No Significant Mineralized Intercepts
BL12-08 @0.5% Cu cut-off 2202 2292 90 0.570 0.184 0.386
BL12-09 @0.3% Cu cut-off 2475.7 2647 171.3 0.704 0.220 0.907
@0.5% Cu cut-off 2475.7 2577 101.3 0.862 0.273 1.237
BL12-10 @0.3% Cu cut-off 2146 2277 131 0.488 0.170 0.751
@0.5% Cu cut-off 2198 2251 53 0.638 0.182 1.158
BL12-11 @0.3% Cu cut-off 2341.1 2467 125.9 0.442 0.161 0.653
BL12-12 @0.5% Cu cut-off 2601 2731 130 0.622 0.191 0.577
BL12-13 @0.3% Cu cut-off 1605.5 1912 306.5 0.409 0.144 0.270
BL12-14 @0.3% Cu cut-off 2352 2432 80 0.449 0.225 0.216
BL12-15 @0.3% Cu cut-off 2416 2536 120 0.447 0.139 0.483
BL12-16 @0.3% Cu cut-off 2402 2582 180 0.476 0.298 0.246
BL12-17 @0.3% Cu cut-off 2426 2527 101 0.448 0.146 0.868
BL12-18 @0.3% Cu cut-off 2327 2407 80 0.456 0.142 0.833
BL12-19 @0.3% Cu cut-off 1704.5 1892 187.5 0.653 0.233 0.380
@0.5% Cu cut-off 1704.5 1867 162.5 0.700 0.228 0.413
BL12-20 @0.3% Cu cut-off 2233 2308 75 0.466 0.153 0.633
BL12-21 @0.5% Cu cut-off 2203.25 2307 103.75 0.583 0.204 0.376
(*TPM = Platinum+Palladium+Gold)
Complete gold, platinum, palladium, silver and cobalt assays for BL11-01 to BL12-21 are as follows:
Hole Zone From To Length Pt Pd Au Co Ag
(ft) (ft) (ft) (g/t) (g/t) (g/t) (%) (g/t)
@0.3% Cu
BL11-01 cut-off 2258 2333 75 0.901 1.567 0.221 0.013 1.4
@0.3% Cu
BL11-02 cut-off 2503 2573 70 0.08 0.181 0.050 0.011 1.3
@0.5% Cu
BL11-03 cut-off 2353 2578 225 0.204 0.473 0.105 0.012 2.4
@0.5% Cu
BL11-04 cut-off 2536.5 2588 51.5 0.274 0.562 0.105 0.011 2.1
@0.5% Cu
BL11-05 cut-off 2720.5 2788 67.5 0.510 1.115 0.192 0.009 2.5
@0.3% Cu
BL11-06 cut-off 2428 2543 115 0.155 0.190 0.056 0.011 1.7
@0.5% Cu
cut-off 2358 2398 40 0.147 0.340 0.085 0.010 2.1
@0.5% Cu
BL11-07-W1 cut-off 2303.5 2457 153.5 0.595 1.118 0.275 0.013 3.0
@0.3% Cu
BL11-08 cut-off 1718.5 1772 53.5 0.115 0.200 0.051 0.012 1.2
@0.3% Cu
BL12-01 cut-off 2672 2817 145 0.250 0.559 0.105 0.008 1.6
@0.5% Cu
cut-off 2692 2802 110 0.285 0.645 0.120 0.008 1.8
@0.5% Cu
BL12-02 cut-off 2477 2602 125 0.277 0.644 0.177 0.009 2.4
@0.3% Cu
BL12-03 cut-off 2397 2452 55 0.126 0.259 0.053 0.009 1.2
@0.5% Cu
BL12-04 cut-off 2527.7 2632 104.3 0.174 0.395 0.099 0.011 2.0
@0.3% Cu
BL12-05 cut-off 1839.5 1977 137.5 0.089 0.185 0.052 0.010 1.2
BL12-07 No Significant Mineralized Intercepts
@0.5% Cu
BL12-08 cut-off 2202 2292 90 0.102 0.219 0.065 0.010 1.7
@0.3% Cu
BL12-09 cut-off 2475.7 2647 171.3 0.256 0.533 0.119 0.012 2.5
@0.5% Cu
cut-off 2475.7 2577 101.3 0.360 0.715 0.163 0.014 3.0
@0.3% Cu
BL12-10 cut-off 2146 2277 131 0.231 0.417 0.103 0.010 1.7
@0.5% Cu
cut-off 2198 2251 53 0.372 0.624 0.163 0.008 2.3
@0.3% Cu
BL12-11 cut-off 2341.1 2467 125.9 0.194 0.388 0.071 0.011 1.5
@0.5% Cu
BL12-12 cut-off 2601 2731 130 0.142 0.347 0.087 0.009 2.1
@0.3% Cu
BL12-13 cut-off 1605.5 1912 306.5 0.066 0.156 0.047 0.010 1.6
@0.3% Cu
BL12-14 cut-off 2352 2432 80 0.059 0.132 0.024 0.013 0.8
@0.3% Cu
BL12-15 cut-off 2416 2536 120 0.130 0.286 0.067 0.009 1.1
@0.3% Cu
BL12-16 cut-off 2402 2582 180 0.068 0.144 0.034 0.016 0.6
@0.3% Cu
BL12-17 cut-off 2426 2527 101 0.231 0.523 0.114 0.010 1.8
@0.3% Cu
BL12-18 cut-off 2327 2407 80 0.254 0.468 0.111 0.009 1.6
@0.3% Cu
BL12-19 cut-off 1704.5 1892 187.5 0.095 0.230 0.055 0.012 2.1
@0.5% Cu
cut-off 1704.5 1867 162.5 0.103 0.250 0.060 0.011 2.3
@0.3% Cu
BL12-20 cut-off 2233 2308 75 0.180 0.379 0.073 0.010 1.1
@0.5% Cu
BL12-21 cut-off 2203.25 2307 103.75 0.101 0.218 0.058 0.013 2.0
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 of the world's largest copper-nickel-PGM deposits within a new emerging mining belt in Minnesota, USA.
For the 2011-2012 Birch Lake Drill Program, half core samples were 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.
Image with caption: "Figure 1: Twin Metals - Birch Lake Drilling Nov. 2012 (CNW Group/Duluth Metals Limited)." Image available at: http://photos.newswire.ca/images/download/20121127_C3693_PHOTO_EN_21238.jpg
SOURCE: Duluth Metals Limited
For further information:
Mara Strazdins
Vice President Investor Relations and Corporate Communications
Telephone: +1-(416)-369-1500 ext. 222
Email: [email protected]
Vern Baker
President
Telephone: +1-(651)-389-9990
Email: [email protected]
Webpage: http://www.duluthmetals.com
SOURCE Duluth Metals Limited
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