TORONTO, July 30, 2012 /PRNewswire/ --
Duluth Metals Limited (" Duluth") (TSX: DM) (TSX:DM.U) today announces that the independent NI 43-101 Technical Report completed by AMEC E&C Services Inc. (AMEC) with a team led by Dr. Harry Parker entitled "Maturi, Birch Lake, and Spruce Road Cu-Ni-PGE Projects, Ely, Minnesota, USA, NI 43-101 Technical Report" with an effective date of June 15, 2012 has now been filed on Sedar ( http://www.sedar.com). This filing follows the Duluth press release of June 13, 2012 which referenced the summary highlights of the new resource estimate.
Key outcomes as initially announced in the Duluth June 13, 2012 press release are:
- The Twin Metals Minnesota Project is 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).
- The reported contained metal within the mineral resources is on only 11% of the 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.
- The new study confirms this growing platinum group metals and gold resource within the Twin Metals Minnesota Project as one of the world`s larger palladium and platinum resources outside of South Africa.
This interim study will be updated in September 2012 with additional geologic and drilling data which will then complete the final Pre-Feasibility Resource Study. The final resource estimate will provide greater clarity on the continuity of higher grade mineralization, as well as upgrading additional tonnage from Inferred to Indicated.Vern Baker, President of Duluth Metals, commenting on the report stated: "This Technical Report on the interim report mineral resource estimate provides the macro picture on this massive deposit. This report gives us the basis for developing a final prefeasibility geological model and estimate, as well as a foundation for the planning of the overall operation." __________________