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Duluth Metals Announces Increased Tonnage, Metal Content And An Upgraded Measured Classification In New Updated AMEC Resource Study On The Twin Metals Project

TORONTO, February 26, 2014 /PRNewswire/ --
  • Using a base case 0.3% Cu cut-off, AMEC estimated a Measured Mineral Resource of 295 million tons, an Indicated Mineral Resource of 977 million tons [ 1 ], and an Inferred Mineral Resource of 1.313 billion tons on four deposits (Maturi, Maturi Southwest, Birch Lake and Spruce Road) occurring on approximately 13% of the footprint of the prospective portion of the Twin Metals Minnesota (TMM) property block.
  • The AMEC update confirms an increase in contained metal for all products: copper, nickel, palladium, platinum and gold.
  • Exceptional continuity and correlation in the closely spaced Maturi Deposit fence drilling results enabled AMEC to upgrade a portion of the Maturi deposit to the Measured classification.
  • The AMEC updated mineral resource estimate highlights a growing Platinum Group Metal (PGM) and gold resource of 5.0 million ozs Measured, 17.2 million ozs Indicated and 13.4 million ozs Inferred in the Maturi, Maturi Southwest and Birch Lake deposits. The TMM project has one of the world's largest palladium and platinum resources outside of South Africa.

Duluth Metals Limited (" Duluth", "Duluth Metals") (TSX: DM) (TSX:DM.U) today announced that it has received an updated draft NI 43-101 Technical Report on the consolidated mineral resources for the Twin Metals Minnesota Project in Northeastern Minnesota prepared by an AMEC E&C Services Inc. (AMEC) team led by Dr. Harry Parker, RM, SME. This updated study utilizes 916 drill holes and 312 wedge offsets, and reports a significant portion of the Maturi deposit upgraded to the Measured Resource category. A full report will be filed in 45 days on http://www.SEDAR.com.

The majority of the increase in total contained metals in the 2014 resource estimates reflects the addition of the Maturi Southwest Deposit. The change in category for a significant portion of the Indicated Resource to Measured Resource reflects the excellent continuity of the resource demonstrated by the close spaced fence drilling completed at Maturi. The new classification by category is shown in the following table:

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