Twin Metals Minnesota LLC, is the joint venture company between Duluth Metals Limited (60% ownership interest) and Antofagasta plc (40% ownership interest). In 2011, Twin Metals Minnesota LLC acquired Franconia Minerals Corporation. Franconia`s principal assets are a 70% interest in the Birch Lake, "old Maturi" (not including former Nokomis property) and Spruce Road deposits through the Birch Lake Joint Venture, with Beaver Bay Resources owning the remaining 30%. Franconia announced in November, 2010 its intention to increase its ownership at the Birch Lake Joint Venture to 82% upon commencement of production. All of the forgoing Indicated and Inferred Mineral Resources are expressed as a 100% ownership position. Exploration Target tonnages reflect TMM's current 70% interest in a portion of these properties, which will increase to 82% upon production.This new Mineral Resource Estimate incorporates assay data from 266 holes totalling 871,000 feet drilled on the Maturi deposit between 2006 and 2011, in addition to information from 99 legacy holes also in the geologic data base. The Birch Lake deposit resource estimate incorporates assay data from 65 holes totalling 155,000 feet drilled between 2000 and 2010, and information from an additional 14 legacy holes. The Spruce Road deposit resource estimate incorporates assay data from 210 legacy holes. The effective date of the mineral resource estimate is April 23, 2012.
Duluth Metals Announces New AMEC NI 43-101 Technical Report Confirming Significant Increases To Twin Metals' Copper-Nickel-Palladium-Platinum-Gold Resource
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