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Duluth Metals Announces SEDAR Filing Of AMEC Technical Report On The Twin Metals Project

The current Maturi Deposit resource estimate is based on a refined geological model. One geological subunit within the Maturi Deposit, known as the S3, hosts a higher-grade area that is a subset of the base case mineral resource estimate that may have potential as an early start-up area. AMEC estimated that the S3 Subunit in the Maturi Deposit, using a 0.5% Cu cut-off, contains 622 million tons grading 0.69% Cu, 0.22% Ni and 0.76 ppm TPM of Indicated Mineral Resources and 198 million tons grading 0.65% Cu, 0.21% Ni and 0.82 ppm TPM in the Inferred category. This material is a higher grade sub-set of the global resources estimated for Maturi. Within the Maturi Deposit, the bulk of mineralization is hosted by two subunits of the Basal Mineralized Zone (BMZ). The S2 and S3 subunits are stratiform, with the S3 subunit overlying the S2 subunit. Both subunits are laterally extensive, and are present over the vast majority of the deposit footprint. Within the Indicated Mineral Resource areal footprint, the S3 subunit ranges in vertical thickness from 0 to 355 feet, averaging 108 feet thick (0 to 276 feet, average 91 feet true thickness) and within the Indicated Mineral Resource areal footprint, the S2 subunit ranges in vertical thickness from 0 to 423 feet, averaging 72 feet thick (0 to 329 feet, averaging 59 feet true thickness). Table 1 shows tabulation range of sensitivity cases at different copper cut-off grades for the S3 Subunit of the Maturi Deposit. The base case subset estimate at a 0.3% Cu cut-off grade for the unit is shown in bold, and the 0.5% Cu cut-off grade sensitivity case subset is indicated in italics.

Figure 2 below shows the TPM (platinum+palladium+gold) values expressed in ppm ranging from less from less 0.3 ppm TPM (blue) to greater than 1.2 ppm TPM (red)  in the S3 subunit within the Maturi Deposit looking from an oblique view from the south.   Drill holes are projected as the light blue strings and the green outline is the limit of the block model. The grey surface represents the base of the Basal Mineralized Zone.

Table 1 - MATURI DEPOSIT S3 SUBUNIT SENSITIVITY CASE INDICATED AND INFERRED MINERAL RESOURCES

 
                 Maturi Deposit- S3 Subunit
            Indicated Mineral Resource
    Cu%     Million Cu   Ni   Pt   Pd   Au   TPM
    cut-off Tons    %    %    ppm  ppm  ppm  ppm
    0.2     643     0.68 0.22 0.20 0.45 0.11 0.75
    0.3     643     0.68 0.22 0.20 0.45 0.11 0.75
    0.4     641     0.68 0.22 0.20 0.45 0.11 0.75
    0.5     622     0.69 0.22 0.20 0.45 0.11 0.76
    0.6     500     0.72 0.23 0.21 0.47 0.11 0.78
    0.7     265     0.78 0.25 0.22 0.51 0.12 0.85
            Inferred Mineral Resource
    Cu%     Million Cu   Ni   Pt   Pd   Au   TPM
    cut-off Tons    %    %    ppm  ppm  ppm  ppm
    0.2     234     0.62 0.20 0.21 0.46 0.10 0.77
    0.3     232     0.62 0.20 0.21 0.47 0.10 0.78
    0.4     225     0.63 0.20 0.21 0.47 0.10 0.78
    0.5     198     0.65 0.21 0.22 0.50 0.11 0.82
    0.6     129     0.70 0.22 0.25 0.55 0.12 0.92
    0.7     53      0.78 0.24 0.28 0.64 0.14 1.06

Contained metals in the new resources are shown in Table 2 below.  The updated AMEC resource statement highlights a growing platinum group metals (PGM) and gold resource of 21.4 million ozs. Indicated TPM and 12.8 million ozs. Inferred TPM, which is one of the world's largest palladium and platinum resources outside of South Africa.

Table 2 - CONTAINED METALS IN THE TMM RESOURCE*

    METAL     INDICATED RESOURCE INFERRED RESOURCE
    Copper    13.6 Billion lbs.  11.9 Billion lbs.
    Nickel    4.4 Billion lbs.   4.1 Billion lbs.
 
    Platinum  5.6 Million ozs.   3.5 Million ozs.**
    Palladium 12.7 Million ozs.  7.6 Million ozs.**
    Gold      3.1 Million ozs.   1.7 Million ozs.**
 

* Note    - Based on mineral resources estimated at base case 0.3% copper cut-off grade. ** Note    - Contained ounces of platinum, palladium, and gold in the Inferred category do not include the  Spruce Road  deposit.

Updated Mineral Resources

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