TORONTO, September 17, 2012 /PRNewswire/ --
Duluth Metals Limited (" Duluth") (TSX: DM) (TSX: DM.U) today announced that subject to the receipt of Bureau of Land Management (BLM) Prospecting Permits which are now expected to be issued on September 20 th, Duluth will mobilize and commence an immediate exploration drilling program on its key land positions situated in the South Kawishiwi Intrusion (SKI) of the Duluth Complex, Minnesota. Drill targets on the Nor'East and East Shore exploration properties are in close proximity to and within the Nickel Lake Macrodike. This geological feature is thought to be the primary feeder structure for the copper-nickel-palladium-platinum-gold mineralization found in the SKI.
"The Nor'East and East Shore exploration properties were applied for on the basis of a geological model developed by Dr. Dean Peterson, Senior V.P. Exploration of Duluth Metals. As the Nickel Lake Macrodike is thought to be the source of nearby qualified mineralization, we feel the potential for these properties to host similar mineralization to the close-by Maturi Deposit is very high," stated Vern Baker, President of Duluth Metals. "Upon receipt of the prospecting permits, we intend to mobilize drills and commence a comprehensive drill program to test these significant properties for magma conduit-hosted type targets as soon as possible."
The primary exploration focus on the Nor'East and East Shore Properties is for copper-nickel-PGM mineralization, similar to other known deposits in the Duluth Complex, (e.g., the Maturi Deposit and the deep portions of the Mesaba Deposit). The Nor'East property is situated at the junction of the Nickel Lake Macrodike and the South Kawishiwi Intrusion and represents a prime target area for Duluth Metals. Geological modeling indicates that the property has the potential to host a "Voisey's Bay" type massive sulfide target. The three initial drilling target areas are:
- Target Area 1 - The Nickel Lake Macrodike area
- Target Area 2 - Two miles south of the Nickel Lake Macrodike
- Target Area 3 - The Harris Lake/Heart Lake area approximately 4 miles S of the Nickel Lake Macrodike.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV