Duluth Metals Highlights 155 feet of 1.371% Copper, 0.281% Nickel and 0.863 grams Total Precious Metals at west Maturi in the Twin Metals Minnesota Project
TORONTO, October 11, 2012 /PRNewswire/ --
- Drill results of additional 30 holes in the Maturi Deposit of Twin Metals Minnesota
- Drilling of the Maturi Deposit consistently returned good grades and intersections across four areas within the deposit
- Approximately 170 additional drill holes, including the 30 holes (MEX-349 to MEX 378) featured in this press release, will be factored into the final pre-feasibility AMEC resource study due in Fall 2012
- The final pre-feasibility AMEC resource estimate report will confirm the economic opportunities represented by this resource
Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX: DM.U) is pleased to announce assay results for 30 additional holes from Maturi as drilling continues on the Twin Metals Minnesota Project in northeastern Minnesota. Drilling results continue to indicate continuous and relatively thick mineralization with certain higher grade zones. These recently completed holes will be incorporated into the final resource estimate to be issued by AMEC in Fall 2012.
All of the 30 holes have significant length intercepts that meet a 0.5% Cu cut-off criteria. These holes, distributed across the Maturi Resource, continue to indicate the ability to define a higher grade sub-set of the resource for early utilization. The holes are grouped into four distinct areas within the resource as shown in Figure 1 further in this press release, and are referred to as:
- Area 1 - shallow west Maturi
- Area 2 - deeper west Maturi
- Area 3 - central Maturi
- Area 4 - northeast Maturi
"This set of 30 holes highlights the continuity of this resource as well as the significant thickness of the well mineralized material", stated Vern Baker, President of Duluth Metals. "The ability to include data from a large number of additional holes and to incorporate a more detailed geological interpretation will provide a much stronger resource estimate for the Twin Metals Minnesota project this fall. The final pre-feasibility AMEC resource estimate will allow mine planning to focus on early utilization of the most economic mineralization. This resource estimate will also upgrade large areas of the resource from the Inferred to the Indicated category."
Drilling highlights in the western section of the Maturi Deposit include:
In Area 1 (shallow west Maturi):
- Mex-371 returned a 155 foot intersection of 1.371% copper, 0.281% nickel, 5.1 g/t silver and 0.863 grams TPM (TPM = Platinum+Palladium+Gold) at a 0.5% Cu cut-off.
- Mex-374 returned a 240 foot intersection of 0.790% copper, 0.273% nickel, 3.1 g/t silver and 0.544 grams TPM at a 0.5% Cu cut-off.
In Area 2 (deeper west Maturi):
- Mex-373 returned a 105 foot intersection of 0.868% copper, 0.262% nickel, 3.3 g/t silver and 0.743 grams TPM at a 0.5% Cu cut-off.
- Mex-357 returned a 144 foot intersection of 0.799% copper, 0.292% nickel, 2.8 g/t silver and 0..704 grams TPM at a 0.5% Cu cut-off.
In Area 3 (central Maturi):
- Mex-351 returned a 62 foot intersection of 0.823% copper, 0.278% nickel, 2.7 g/t silver and 1.028 grams TPM (TPM = Platinum+Palladium+Gold) at a 0.5% Cu cut-off.
- Mex-362 returned a 85 foot intersection of 0.805% copper, 0.264% nickel, 2.8 g/t silver and 0.905 grams TPM at a 0.5% Cu cut-off.
- Mex-367 returned a 147 foot intersection of 0.758% copper, 0.231% nickel, 3.0 g/t silver and 0.813 grams TPM at a 0.5% Cu cut-off.
In Area 4 (northeast Maturi):
- Mex-355 returned a 158 foot intersection of 0.905% copper, 0.306% nickel, 3.1 g/t silver and 0.782 grams TPM (TPM = Platinum+Palladium+Gold) at a 0.5% Cu cut-off.
- Mex-376 returned a 90 foot intersection of 0.870% copper, 0.255% nickel, 2.9 g/t silver and 0.771 grams TPM at a 0.5% Cu cut-off.
Figure 1 is a map illustrating the location of 30 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 MEX-349 to 378 as grouped by areas can be found in the table below. True thickness is estimated at about 90% of core length:
Area 1 (shallow west Maturi):
HOLE Zone From To Length Cu Ni TPM*
(ft) (ft) (ft) (%) (%) (g/t)
@0.3% Cu
MEX-0349 cut-off 447 698 251 0.551 0.168 0.402
@0.5% Cu
cut-off 478 638 160 0.658 0.199 0.505
@0.3% Cu
MEX-0352 cut-off 1748 1938 190 0.663 0.260 0.514
@0.5% Cu
cut-off 1748 1893 145 0.713 0.241 0.598
@0.5% Cu
MEX-0356 cut-off 1162 1358 196 0.721 0.230 0.430
@0.5% Cu
MEX-0359 cut-off 1282.5 1512.8 230.3 0.773 0.238 0.521
@0.5% Cu
MEX-0361 cut-off 744 968 224 0.662 0.198 0.443
@0.5% Cu
MEX-0364 cut-off 592 713 121 0.690 0.204 0.576
@0.5% Cu
cut-off 743 773 30 0.557 0.134 0.333
@0.5% Cu
MEX-0365 cut-off 1228 1418 190 0.788 0.225 0.554
@0.3% Cu
MEX-0368 cut-off 859 978 119 0.564 0.170 0.335
@0.5% Cu
cut-off 859 959 100 0.596 0.181 0.356
@0.3% Cu
MEX-0371 cut-off 1554 1749 195 1.178 0.249 0.750
@0.5% Cu
cut-off 1569 1724 155 1.371 0.281 0.863
@0.5% Cu
MEX-0372 cut-off 1073.25 1233 159.75 0.671 0.212 0.430
@0.5% Cu
MEX-0374 cut-off 1768 2008 240 0.790 0.273 0.544
@0.3% Cu
MEX-0377 cut-off 1204 1443 239 0.740 0.223 0.532
@0.5% Cu
cut-off 1208 1403 195 0.818 0.245 0.595
@0.3% Cu
MEX-0378 cut-off 1064.5 1233 168.5 0.639 0.195 0.451
@0.5% Cu
cut-off 1064.5 1158 93.5 0.801 0.240 0.556
Area 2 (deeper west Maturi):
HOLE Zone From To Length Cu Ni TPM*
(ft) (ft) (ft) (%) (%) (g/t)
MEX-0350 @0.3% Cu cut-off 2214.5 2359 144.5 0.684 0.268 0.516
@0.5% Cu cut-off 2214.5 2344 129.5 0.725 0.281 0.554
MEX-0357 @0.5% Cu cut-off 1384 1528 144 0.799 0.292 0.704
@0.5% Cu cut-off 1618 1703 85 0.618 0.226 0.669
MEX-0360 @0.3% Cu cut-off 2364 2518 154 0.664 0.251 0.491
@0.5% Cu cut-off 2364 2453 89 0.798 0.286 0.627
MEX-0366 @0.5% Cu cut-off 2260 2362.5 102.5 0.721 0.284 0.691
MEX-0370 @0.3% Cu cut-off 2735 2888 153 0.577 0.285 0.507
@0.5% Cu cut-off 2735 2813 78 0.748 0.321 0.721
MEX-0373 @0.3% Cu cut-off 2287 2422 135 0.743 0.234 0.639
@0.5% Cu cut-off 2287 2392 105 0.868 0.262 0.743
Area 3 (central Maturi):
HOLE Zone From To Length Cu Ni TPM*
(ft) (ft) (ft) (%) (%) (g/t)
@0.5% Cu
MEX-0351 cut-off 2571 2633 62 0.823 0.278 1.028
@0.3% Cu
MEX-0354 cut-off 2658 2838 180 0.678 0.190 0.763
@0.5% Cu
cut-off 2668 2833 165 0.704 0.196 0.790
@0.3% Cu
MEX-0362 cut-off 2647.3 2817.5 170.2 0.614 0.216 0.695
@0.5% Cu
cut-off 2653 2738 85 0.805 0.264 0.905
@0.5% Cu
MEX-0367 cut-off 2564.8 2712 147.2 0.758 0.231 0.813
@0.3% Cu
MEX-0375 cut-off 2682.5 2818 135.5 0.596 0.183 0.739
@0.5% Cu
cut-off 2693 2788 95 0.660 0.193 0.840
Area 4 (northeast Maturi):
HOLE Zone From To Length Cu Ni TPM*
(ft) (ft) (ft) (%) (%) (g/t)
@0.3%
Cu
MEX-0353 cut-off 2973 3153 180 0.561 0.170 1.029
@0.5%
Cu
cut-off 3048 3148 100 0.762 0.235 1.649
@0.3%
Cu
MEX-0355 cut-off 2106 2213 107 0.440 0.131 0.248
@0.5%
Cu
cut-off 2278 2436.5 158.5 0.905 0.306 0.782
@0.5%
Cu
MEX-0358 cut-off 2638 2738 100 0.721 0.227 0.813
@0.5%
Cu
MEX-0369 cut-off 2598 2643 45 0.639 0.163 0.559
@0.5%
Cu
cut-off 2688 2798 110 0.676 0.203 0.767
@0.3%
Cu
MEX-0376 cut-off 2718 2868 150 0.685 0.202 0.629
@0.5%
Cu
cut-off 2733 2823 90 0.870 0.255 0.771
Fill-in
hole
@0.5%
Cu
MEX-0363 cut-off 1733 1778 45 0.709 0.248 0.627
(*TPM = Platinum+Palladium+Gold)
Complete gold, platinum, palladium, silver and cobalt assays for MEX-349 to 378 are as follows:
Area 1 (shallow west Maturi):
HOLE Zone From To Length Pt Pd Au Co Ag
(ft) (ft) (ft) (g/t) (g/t) (g/t) (%) (g/t)
@0.3%
Cu
MEX-0349 cut-off 447 698 251 0.097 0.238 0.066 0.010 2.0
@0.5%
Cu
MEX-0349 cut-off 478 638 160 0.124 0.296 0.085 0.011 2.4
@0.3%
Cu
MEX-0352 cut-off 1748 1938 190 0.138 0.311 0.065 0.011 2.3
@0.5%
Cu
cut-off 1748 1893 145 0.162 0.361 0.075 0.011 2.5
@0.5%
Cu
MEX-0356 cut-off 1162 1358 196 0.102 0.256 0.072 0.011 2.5
@0.5%
Cu
MEX-0359 cut-off 1282.5 1512.8 230.3 0.135 0.312 0.074 0.011 3.0
@0.5%
Cu
MEX-0361 cut-off 744 968 224 0.114 0.264 0.065 0.011 2.5
@0.5%
Cu
MEX-0364 cut-off 592 713 121 0.129 0.292 0.155 0.009 2.4
@0.5%
Cu
cut-off 743 773 30 0.086 0.182 0.064 0.008 2.0
@0.5%
Cu
MEX-0365 cut-off 1228 1418 190 0.143 0.334 0.077 0.011 2.8
@0.3%
Cu
MEX-0368 cut-off 859 978 119 0.081 0.201 0.053 0.010 2.3
@0.5%
Cu
cut-off 859 959 100 0.086 0.214 0.055 0.010 2.4
@0.3%
Cu
MEX-0371 cut-off 1554 1749 195 0.158 0.497 0.095 0.012 4.4
@0.5%
Cu
cut-off 1569 1724 155 0.184 0.581 0.098 0.013 5.1
@0.5%
Cu
MEX-0372 cut-off 1073.25 1233 159.75 0.107 0.258 0.065 0.011 2.1
@0.5%
Cu
MEX-0374 cut-off 1768 2008 240 0.136 0.334 0.075 0.011 3.1
@0.3%
Cu
MEX-0377 cut-off 1204 1443 239 0.144 0.295 0.093 0.011 2.4
@0.5%
Cu
cut-off 1208 1403 195 0.163 0.326 0.105 0.012 2.7
@0.3%
Cu
MEX-0378 cut-off 1064.5 1233 168.5 0.119 0.265 0.068 0.010 2.4
@0.5%
Cu
cut-off 1064.5 1158 93.5 0.140 0.337 0.080 0.011 2.6
Area 2 (deeper west Maturi):
HOLE Zone From To Length Pt Pd Au Co Ag
(ft) (ft) (ft) (g/t) (g/t) (g/t) (%) (g/t)
@0.3%
Cu
MEX-0350 cut-off 2214.5 2359 144.5 0.121 0.299 0.095 0.012 2.1
@0.5%
Cu
cut-off 2214.5 2344 129.5 0.131 0.321 0.103 0.013 2.3
@0.5%
Cu
MEX-0357 cut-off 1384 1528 144 0.186 0.432 0.085 0.012 2.8
@0.5%
Cu
cut-off 1618 1703 85 0.178 0.420 0.071 0.009 2.4
@0.3%
Cu
MEX-0360 cut-off 2364 2518 154 0.130 0.298 0.064 0.012 2.3
@0.5%
Cu
cut-off 2364 2453 89 0.166 0.380 0.081 0.013 2.8
@0.5%
Cu
MEX-0366 cut-off 2260 2362.5 102.5 0.197 0.411 0.083 0.012 3.0
@0.3%
Cu
MEX-0370 cut-off 2735 2888 153 0.121 0.310 0.076 0.011 1.6
@0.5%
Cu
cut-off 2735 2813 78 0.170 0.437 0.114 0.013 2.2
@0.3%
Cu
MEX-0373 cut-off 2287 2422 135 0.174 0.375 0.090 0.010 2.9
@0.5%
Cu
cut-off 2287 2392 105 0.204 0.435 0.105 0.011 3.3
Area 3 (central Maturi):
HOLE Zone From To Length Pt Pd Au Co Ag
(ft) (ft) (ft) (g/t) (g/t) (g/t) (%) (g/t)
@0.5%
Cu
MEX-0351 cut-off 2571 2633 62 0.273 0.639 0.116 0.010 2.7
@0.3%
Cu
MEX-0354 cut-off 2658 2838 180 0.207 0.454 0.102 0.007 2.3
@0.5%
Cu
cut-off 2668 2833 165 0.216 0.469 0.106 0.007 2.4
@0.3%
Cu
MEX-0362 cut-off 2647.3 2817.5 170.2 0.178 0.428 0.088 0.011 2.1
@0.5%
Cu
cut-off 2653 2738 85 0.227 0.579 0.099 0.012 2.8
@0.5%
Cu
MEX-0367 cut-off 2564.8 2712 147.2 0.209 0.497 0.107 0.010 3.0
@0.3%
Cu
cut-off 1554 1749 195 0.158 0.497 0.095 0.012 4.4
@0.5%
Cu
MEX-0374 cut-off 1768 2008 240 0.136 0.334 0.075 0.011 3.1
@0.3%
Cu
MEX-0375 cut-off 2682.5 2818 135.5 0.206 0.414 0.120 0.008 2.0
@0.5%
Cu
cut-off 2693 2788 95 0.238 0.460 0.141 0.008 2.2
Area 4 (northeast Maturi):
Zone From To Length Pt Pd Au Co Ag
(ft) (ft) (ft) (g/t) (g/t) (g/t) (%) (g/t)
@0.3%
Cu
MEX-0353 cut-off 2973 3153 180 0.270 0.641 0.118 0.010 2.8
@0.5%
Cu
cut-off 3048 3148 100 0.438 1.030 0.180 0.011 4.6
@0.3%
Cu
MEX-0355 cut-off 2106 2213 107 0.062 0.150 0.035 0.010 1.4
@0.5%
Cu
cut-off 2278 2436.5 158.5 0.189 0.499 0.094 0.011 3.1
@0.5%
Cu
MEX-0358 cut-off 2638 2738 100 0.186 0.522 0.105 0.009 3.0
@0.5%
Cu
MEX-0363 cut-off 1733 1778 45 0.158 0.389 0.080 0.014 2.7
@0.5%
Cu
MEX-0369 cut-off 2598 2643 45 0.132 0.335 0.092 0.010 2.6
@0.5%
Cu
cut-off 2688 2798 110 0.225 0.443 0.099 0.009 2.7
@0.3%
Cu
MEX-0376 cut-off 2718 2868 150 0.147 0.394 0.088 0.010 2.4
@0.5%
Cu
cut-off 2733 2823 90 0.179 0.480 0.112 0.011 2.9
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 the world's largest copper-nickel-PGM deposits within a new emerging mining belt in Minnesota, USA.
For the 2011-2012 Drill Program, half core samples are being 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.
For further information:
Mara Strazdins
Director of 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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