June 13, 2012
Duluth Metals Limited (" Duluth") (TSX: DM) (TSX:DM.U)
- Amongst the world's largest Cu-Ni-PGM polymetallic sulphide deposits with contained metals (using a 0.3% Cu cut-off) of Indicated 8.0 Billion lbs copper, 2.5 Billion lbs nickel, and 12.1 Million ozs palladium+platinum+gold (TPM) [ 1 ]and Inferred 13.5 Billion lbs copper, 4.6 Billion lbs nickel, and 15.8 Million ozs TPM [ 1 ].
- Using a base case 0.3% Cu cut-off, AMEC estimated Indicated Resource of 726 million tons [ 2 ] and Inferred Resource of 1.37 billion tons on the three deposits (Birch Lake, Maturi and Spruce Road) which are approximately 11% of the Twin Metals property block.
- In addition to the stated Indicated and Inferred mineral resource tons, AMEC highlights additional Exploration Target areas surrounding Maturi estimating an additional potential of between 1.4 and 2.4 billion tons. These Exploration Target areas represent approximately 12% of the Twin Metals property block.
- Within the three zones for which resources are estimated, there exists significant continuous mineralization at higher grades than the global resource.
today announced that Twin Metals Minnesota LLC (TMM), has received a new draft NI 43-101 Technical Report on the consolidated mineral resources for the Twin Metals Minnesota Project in
prepared by AMEC E&C Services Inc. (AMEC) with a team led by Dr.
. This interim study confirms the Twin Metals Minnesota Project to be one of the largest base and precious metal deposits in the world of this type. The NI 43-101 compliant Technical Report will be delivered by AMEC and filed on SEDAR within 45 days from today's date. A final resource study incorporating 170 additional holes drilled during the past nine months will be delivered by AMEC in August, 2012.
, President of Duluth Metals, commenting on the report stated: "The AMEC report provides TMM a very strong basis for building the Prefeasibility study. This resource estimate has been done from the beginning with the concept of providing a robust estimate for mine planning. Incorporated into this estimate are much tighter estimation parameters and appropriate high-grade restrictions to provide the definition necessary for good planning. This estimate reinforces the scale, consistency, and amenability of the assumed mining methods of this Resource. We anticipate the next AMEC Resource Study in
will incorporate additional geologic and assay data from 170 holes, thereby providing greater clarity on continuous zones of higher grade mineralization."
Values for the Pt, Pd and Au components of TPM are shown on page 5.
All tonnages are reported as short tons.
The study includes three mineral resources in close proximity to one another within the Twin Metals Minnesota Project referred to as the Maturi, Birch Lake and Spruce Road Deposits:
- Using a base case 0.3% Cu cut-off, the Maturi Deposit** contains 726 million tons of Indicated Mineral Resources grading 0.55% copper, 0.17% nickel, 0.570 parts per million TPM (TPM = Pt + Pd + Au), plus an additional 651 million tons of Inferred Resources grading 0.53% copper, 0.18% nickel, 0.521 parts per million TPM.
- Using a base case 0.3% Cu cut-off, the Birch Lake Deposit** contains 242 million tons of Inferred Mineral Resources grading 0.52% copper, 0.16% nickel, 0.83 parts per million TPM (TPM = Pt + Pd + Au).
- Using a base case 0.3% Cu cut-off, the Spruce Road Deposit** contains 480 million tons of Inferred Resources grading 0.43% copper, 0.16% nickel.*
resource was estimated using Inco legacy assay data. Platinum, palladium, and gold were not assayed by Inco, and the core is not available for re-assay.
- These resource estimates include 100% of the identified material in each deposit, and include mineral resources acquired as a part of TMM's acquisition of Franconia Minerals Corporation in 2011. Franconia's principal assets are a 70% interest in the Birch Lake, 'old' Maturi and
deposits in northeastern
Joint Venture. Franconia announced in November, 2010 its intention to increase its ownership at the
Joint Venture to 82%; see
's company profile at
for Technical Reports. TMM's ownership of the resource will be factored by these percentages where applicable.
Contained metals in the new resources are as follows: