Duluth Metals Highlights 155 feet of 0.917% Copper, 0.279% Nickel
and 0.639 grams Total Precious Metals at west Maturi in the Twin
Metals Minnesota Project
- Drill results of the remaining 23 holes (MEX-409 to MEX 436) in
the Maturi Deposit to be used in the final pre-feasibility AMEC
resource report
- Approximately 159 additional drill holes and 70 wedge offsets
for the Maturi Deposit, including these 23 holes featured in this
press release, will be factored into the final pre-feasibility AMEC
resource numbers due later this month (November 2012)
- The final pre-feasibility AMEC resource estimate report will
confirm the extent and distribution of the higher grade
portions of the deposit the presence of which is indicated by
the current drill results
TORONTO,
Nov. 15, 2012 /PRNewswire/ - Duluth
Metals Limited ("Duluth Metals") (TSX: DM) (TSX: DM.U) is pleased
to announce assay results for 23 additional holes, MEX-409 to 436,
on the Maturi Deposit within the Twin Metals Minnesota Project in
northeastern Minnesota. Assay
results highlight Area 1 (shallow west Maturi), where 16 of
the 17 drill holes have significant length intercepts with average
grades over 0.7% copper 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
initial mine planning. These additional holes will be incorporated
into the final resource estimate to be issued by AMEC later this
month (November 2012).
"These holes continue to show the continuity,
thickness, and grade that will provide us a strong resource
estimate on which we can base the pre-feasibility mine planning."
stated Vern Baker, President of
Duluth Metals. "The additional
holes being added to the resource estimate have been very
encouraging and will provide for a very robust estimate. The
pre-feasibility study is also focusing on evaluating the optimum
scale, location, mining method, and metallurgical process for the
Twin Metals Minnesota Project."
Drilling highlights in the western section of
the Maturi Deposit include:
In Area 1 (shallow west Maturi):
- Mex-422M returned a 155 foot intersection of 0.917%
copper, 0.279% nickel, 4.1 g/t silver and 0.639 grams TPM (TPM =
Platinum+Palladium+Gold) at a 0.5% Cu cut-off.
- Mex-430M returned a 180 foot intersection of 0.896%
copper, 0.256% nickel, 3.3 g/t silver and 0.689 grams TPM at a 0.5%
Cu cut-off.
- Mex-412 returned a 152 foot intersection of 0.896%
copper, 0.262% nickel, 3.1 g/t silver and 0.692 grams TPM at a 0.5%
Cu cut-off.
- Mex-421M returned a 121.25 foot intersection of 0.889%
copper, 0.250% nickel, 3.4 g/t silver and 0.617 grams TPM at a 0.5%
Cu cut-off.
In Area 2 (deeper west Maturi):
- Mex-409 returned a 137 foot intersection of 0.833%
copper, 0.279% nickel, 2.7 g/t silver and 0.817 grams TPM at a 0.5%
Cu cut-off.
- Mex-436M returned a 168 foot intersection of 0.746%
copper, 0.264% nickel, 2.4 g/t silver and 0.544 grams TPM at a 0.5%
Cu cut-off.
A more detailed summary of the assay results for
MEX- 409 to 436 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) |
MEX-0410 |
@0.5% Cu cut-off |
|
1057 |
|
1243.5 |
|
186.5 |
|
0.820 |
|
0.247 |
|
0.564 |
MEX-0411 |
@0.5% Cu cut-off |
|
1681 |
|
1831 |
|
150 |
|
0.753 |
|
0.254 |
|
0.541 |
MEX-0412 |
@0.5% Cu cut-off |
|
1681 |
|
1833 |
|
152 |
|
0.896 |
|
0.262 |
|
0.692 |
|
Footwall |
|
1857 |
|
1967 |
|
110 |
|
0.483 |
|
0.261 |
|
0.344 |
MEX-0413 |
@0.3% Cu cut-off |
|
987.5 |
|
1223 |
|
235.5 |
|
0.735 |
|
0.215 |
|
0.502 |
|
@0.5% Cu cut-off |
|
987.5 |
|
1158 |
|
170.5 |
|
0.830 |
|
0.241 |
|
0.580 |
MEX-0414M |
@0.5% Cu cut-off |
|
770.5 |
|
996 |
|
225.5 |
|
0.856 |
|
0.277 |
|
0.678 |
MEX-0415M |
@0.3% Cu cut-off |
|
1034 |
|
1299 |
|
265 |
|
0.624 |
|
0.190 |
|
0.357 |
|
@0.5% Cu cut-off |
|
1054 |
|
1234 |
|
180 |
|
0.706 |
|
0.240 |
|
0.449 |
MEX-0416 |
@0.3% Cu cut-off |
|
1508 |
|
1670 |
|
162 |
|
0.809 |
|
0.251 |
|
0.726 |
|
@0.5% Cu cut-off |
|
1508 |
|
1657 |
|
149 |
|
0.833 |
|
0.258 |
|
0.667 |
MEX-0418M |
@0.3% Cu cut-off |
|
591.8 |
|
893 |
|
301.2 |
|
0.759 |
|
0.229 |
|
0.591 |
|
@0.5% Cu cut-off |
|
601.5 |
|
843 |
|
241.5 |
|
0.838 |
|
0.255 |
|
0.670 |
MEX-0420M |
@0.3% Cu cut-off |
|
654 |
|
853 |
|
199 |
|
0.629 |
|
0.190 |
|
0.462 |
|
@0.5% Cu cut-off |
|
654 |
|
773 |
|
119 |
|
0.709 |
|
0.218 |
|
0.541 |
MEX-0421M |
@0.5% Cu cut-off |
|
466.75 |
|
588 |
|
121.25 |
|
0.889 |
|
0.250 |
|
0.617 |
|
Footwall |
|
663 |
|
738 |
|
75 |
|
0.560 |
|
0.170 |
|
0.279 |
MEX-0422M |
@0.3% Cu cut-off |
|
1440 |
|
1701 |
|
261 |
|
0.798 |
|
0.265 |
|
0.544 |
|
@0.5% Cu cut-off |
|
1446 |
|
1601 |
|
155 |
|
0.917 |
|
0.279 |
|
0.639 |
MEX-0424M |
@0.3% Cu cut-off |
|
593 |
|
918 |
|
325 |
|
0.690 |
|
0.192 |
|
0.512 |
|
@0.5% Cu cut-off |
|
593 |
|
838 |
|
245 |
|
0.770 |
|
0.210 |
|
0.596 |
MEX-0425M |
@0.3% Cu cut-off |
|
993.5 |
|
1278 |
|
284.5 |
|
0.671 |
|
0.207 |
|
0.470 |
|
@0.5% Cu cut-off |
|
993.5 |
|
1153 |
|
159.5 |
|
0.852 |
|
0.254 |
|
0.616 |
|
Footwall |
|
1283 |
|
1323 |
|
40 |
|
0.377 |
|
0.156 |
|
0.233 |
MEX-0430M |
@0.3% Cu cut-off |
|
838 |
|
1103 |
|
265 |
|
0.753 |
|
0.215 |
|
0.557 |
|
@0.5% Cu cut-off |
|
838 |
|
1018 |
|
180 |
|
0.896 |
|
0.256 |
|
0.689 |
MEX-0434M |
@0.5% Cu cut-off |
|
1542 |
|
1730 |
|
188 |
|
0.860 |
|
0.286 |
|
0.624 |
MEX-0435M |
@0.5% Cu cut-off |
|
1203.5 |
|
1303 |
|
99.5 |
|
0.882 |
|
0.278 |
|
0.670 |
Area 2 (deep west Maturi) |
|
|
|
|
|
|
|
|
|
|
|
|
HOLE |
Zone |
|
From |
|
To |
|
Length |
|
Cu |
|
Ni |
|
TPM |
|
|
|
(ft) |
|
(ft) |
|
(ft) |
|
(%) |
|
(%) |
|
(g/t) |
MEX-0409 |
@0.5% Cu cut-off |
|
2045 |
|
2182 |
|
137 |
|
0.833 |
|
0.279 |
|
0.817 |
MEX-0417M |
@0.5% Cu cut-off |
|
2165 |
|
2322 |
|
157 |
|
0.694 |
|
0.237 |
|
0.552 |
MEX-0427 |
@0.3% Cu cut-off |
|
2764.7 |
|
2842 |
|
77.3 |
|
0.584 |
|
0.224 |
|
0.646 |
|
@0.5% Cu cut-off |
|
2767 |
|
2817 |
|
50 |
|
0.653 |
|
0.240 |
|
0.764 |
MEX-0428M |
@0.3% Cu cut-off |
|
2150 |
|
2263 |
|
113 |
|
0.678 |
|
0.249 |
|
0.651 |
|
@0.5% Cu cut-off |
|
2150 |
|
2238 |
|
88 |
|
0.741 |
|
0.273 |
|
0.734 |
MEX-0431M |
@0.3% Cu cut-off |
|
2048 |
|
2178 |
|
130 |
|
0.574 |
|
0.214 |
|
0.423 |
|
@0.5% Cu cut-off |
|
2048 |
|
2128 |
|
80 |
|
0.659 |
|
0.237 |
|
0.496 |
MEX-0433M |
@0.3% Cu cut-off |
|
2457 |
|
2558 |
|
101 |
|
0.555 |
|
0.249 |
|
0.530 |
|
@0.5% Cu cut-off |
|
2462 |
|
2517 |
|
55 |
|
0.599 |
|
0.236 |
|
0.661 |
|
Footwall |
|
2558 |
|
2592 |
|
34 |
|
0.548 |
|
0.293 |
|
0.384 |
MEX-0436M |
@0.3% Cu cut-off |
|
1844 |
|
2022 |
|
178 |
|
0.722 |
|
0.255 |
|
0.524 |
|
@0.5% Cu cut-off |
|
1844 |
|
2012 |
|
168 |
|
0.746 |
|
0.264 |
|
0.544 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*TPM = Platinum+Palladium+Gold) |
|
|
|
|
|
|
|
|
|
Complete gold, platinum, palladium, silver and cobalt assays for
MEX-409 to 436 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) |
MEX-0410 |
@0.5% Cu cut-off |
|
1057 |
|
1243.5 |
|
186.5 |
|
0.143 |
|
0.342 |
|
0.080 |
|
0.012 |
|
3.1 |
MEX-0411 |
@0.5% Cu cut-off |
|
1681 |
|
1831 |
|
150 |
|
0.150 |
|
0.316 |
|
0.074 |
|
0.014 |
|
2.9 |
MEX-0412 |
@0.5% Cu cut-off |
|
1681 |
|
1833 |
|
152 |
|
0.162 |
|
0.437 |
|
0.093 |
|
0.012 |
|
3.1 |
|
Footwall |
|
1857 |
|
1967 |
|
110 |
|
0.084 |
|
0.216 |
|
0.044 |
|
0.007 |
|
1.4 |
MEX-0413 |
@0.3% Cu cut-off |
|
987.5 |
|
1223 |
|
235.5 |
|
0.125 |
|
0.304 |
|
0.072 |
|
0.011 |
|
2.8 |
|
@0.5% Cu cut-off |
|
987.5 |
|
1158 |
|
170.5 |
|
0.146 |
|
0.351 |
|
0.083 |
|
0.012 |
|
3.1 |
MEX-0414M |
@0.5% Cu cut-off |
|
770.5 |
|
996 |
|
225.5 |
|
0.171 |
|
0.404 |
|
0.103 |
|
0.014 |
|
2.8 |
MEX-0415M |
@0.3% Cu cut-off |
|
1034 |
|
1299 |
|
265 |
|
0.085 |
|
0.215 |
|
0.057 |
|
0.011 |
|
2.0 |
|
@0.5% Cu cut-off |
|
1054 |
|
1234 |
|
180 |
|
0.109 |
|
0.269 |
|
0.070 |
|
0.015 |
|
2.4 |
MEX-0416 |
@0.3% Cu cut-off |
|
1508 |
|
1670 |
|
162 |
|
0.235 |
|
0.386 |
|
0.104 |
|
0.010 |
|
3.2 |
|
@0.5% Cu cut-off |
|
1508 |
|
1657 |
|
149 |
|
0.162 |
|
0.396 |
|
0.109 |
|
0.011 |
|
3.3 |
MEX-0418M |
@0.3% Cu cut-off |
|
591.8 |
|
893 |
|
301.2 |
|
0.152 |
|
0.351 |
|
0.089 |
|
0.012 |
|
2.5 |
|
@0.5% Cu cut-off |
|
601.5 |
|
843 |
|
241.5 |
|
0.174 |
|
0.397 |
|
0.098 |
|
0.013 |
|
2.8 |
MEX-0420M |
@0.3% Cu cut-off |
|
654 |
|
853 |
|
199 |
|
0.113 |
|
0.277 |
|
0.072 |
|
0.009 |
|
2.5 |
|
@0.5% Cu cut-off |
|
654 |
|
773 |
|
119 |
|
0.134 |
|
0.320 |
|
0.087 |
|
0.010 |
|
2.7 |
MEX-0421M |
@0.5% Cu cut-off |
|
466.75 |
|
588 |
|
121.25 |
|
0.131 |
|
0.362 |
|
0.123 |
|
0.011 |
|
3.4 |
|
@0.5% Cu cut-off |
|
663 |
|
738 |
|
75 |
|
0.076 |
|
0.159 |
|
0.043 |
|
0.009 |
|
2.1 |
MEX-0422M |
@0.3% Cu cut-off |
|
1440 |
|
1701 |
|
261 |
|
0.133 |
|
0.328 |
|
0.083 |
|
0.012 |
|
3.3 |
|
@0.5% Cu cut-off |
|
1446 |
|
1601 |
|
155 |
|
0.159 |
|
0.382 |
|
0.099 |
|
0.012 |
|
4.1 |
MEX-0424M |
@0.3% Cu cut-off |
|
593 |
|
918 |
|
325 |
|
0.125 |
|
0.318 |
|
0.069 |
|
0.011 |
|
2.8 |
|
@0.5% Cu cut-off |
|
593 |
|
838 |
|
245 |
|
0.147 |
|
0.370 |
|
0.079 |
|
0.012 |
|
3.1 |
MEX-0425M |
@0.3% Cu cut-off |
|
993.5 |
|
1278 |
|
284.5 |
|
0.120 |
|
0.278 |
|
0.072 |
|
0.010 |
|
2.3 |
|
@0.5% Cu cut-off |
|
993.5 |
|
1153 |
|
159.5 |
|
0.171 |
|
0.361 |
|
0.084 |
|
0.011 |
|
3.0 |
|
Footwall |
|
1283 |
|
1323 |
|
40 |
|
0.060 |
|
0.140 |
|
0.033 |
|
0.006 |
|
1.2 |
MEX-0430M |
@0.3% Cu cut-off |
|
838 |
|
1103 |
|
265 |
|
0.142 |
|
0.320 |
|
0.094 |
|
0.011 |
|
2.7 |
|
@0.5% Cu cut-off |
|
838 |
|
1018 |
|
180 |
|
0.177 |
|
0.395 |
|
0.118 |
|
0.012 |
|
3.3 |
MEX-0434M |
@0.5% Cu cut-off |
|
1542 |
|
1730 |
|
188 |
|
0.151 |
|
0.363 |
|
0.110 |
|
0.013 |
|
3.1 |
MEX-0435M |
@0.5% Cu cut-off |
|
1203.5 |
|
1303 |
|
99.5 |
|
0.167 |
|
0.406 |
|
0.096 |
|
0.012 |
|
2.9 |
Area 2 (deep west Maturi) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOLE |
Zone |
|
From |
|
To |
|
Length |
|
Pt |
|
Pd |
|
Au |
|
Co |
|
Ag |
|
|
|
(ft) |
|
(ft) |
|
(ft) |
|
(g/t) |
|
(g/t) |
|
(g/t) |
|
(%) |
|
(g/t) |
MEX-0409 |
@0.5% Cu cut-off |
|
2045 |
|
2182 |
|
137 |
|
0.219 |
|
0.447 |
|
0.151 |
|
0.012 |
|
2.7 |
MEX-0417M |
@0.5% Cu cut-off |
|
2165 |
|
2322 |
|
157 |
|
0.166 |
|
0.311 |
|
0.075 |
|
0.010 |
|
2.1 |
MEX-0427 |
@0.3% Cu cut-off |
|
2764.7 |
|
2842 |
|
77.3 |
|
0.143 |
|
0.359 |
|
0.144 |
|
0.009 |
|
2.0 |
|
@0.5% Cu cut-off |
|
2767 |
|
2817 |
|
50 |
|
0.164 |
|
0.411 |
|
0.189 |
|
0.010 |
|
2.2 |
MEX-0428M |
@0.3% Cu cut-off |
|
2150 |
|
2263 |
|
113 |
|
0.140 |
|
0.315 |
|
0.196 |
|
0.011 |
|
2.8 |
|
@0.5% Cu cut-off |
|
2150 |
|
2238 |
|
88 |
|
0.150 |
|
0.347 |
|
0.236 |
|
0.013 |
|
3.1 |
MEX-0431M |
@0.3% Cu cut-off |
|
2048 |
|
2178 |
|
130 |
|
0.121 |
|
0.246 |
|
0.055 |
|
0.011 |
|
2.3 |
|
@0.5% Cu cut-off |
|
2048 |
|
2128 |
|
80 |
|
0.142 |
|
0.290 |
|
0.064 |
|
0.011 |
|
2.7 |
MEX-0433M |
@0.3% Cu cut-off |
|
2457 |
|
2558 |
|
101 |
|
0.128 |
|
0.264 |
|
0.139 |
|
0.012 |
|
3.1 |
|
@0.5% Cu cut-off |
|
2462 |
|
2517 |
|
55 |
|
0.144 |
|
0.309 |
|
0.209 |
|
0.012 |
|
1.8 |
|
Footwall |
|
2558 |
|
2592 |
|
34 |
|
0.088 |
|
0.206 |
|
0.089 |
|
0.009 |
|
1.4 |
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.
SOURCE Duluth Metals Limited
Image with caption: "Figure 1 is a map illustrating the location
of 23 drill holes reported in this press release which can be found
on the Company website under this press release at
www.duluthmetals.com. (CNW Group/Duluth Metals Limited)". Image
available at:
http://photos.newswire.ca/images/download/20121115_C8286_PHOTO_EN_20703.jpg