TORONTO, May 23, 2013 /PRNewswire/ -- Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX: DM.U) is pleased to announce assay results for the next 23 holes, MSW-0021 to MSW-0044, in the northern portion of the Maturi Southwest Exploration Target area within the Twin Metals Minnesota Project ("TMM") in northeastern Minnesota. Assay results from the relatively shallow drilling highlight thick mineralized intersections which include:
"The completion of this drilling program will allow TMM to evaluate the area for potential additional resources that may enhance early production rates. The results of the drilling have been excellent and these latest holes continue to confirm the presence of mineralization at shallow depths between the Maturi Deposit and the Birch Lake Deposit." stated Vern Baker, President of Duluth Metals. "Currently different mining and production scenarios are being evaluated by TMM within the pre-feasibility study."
[1]Full independent NI 43-101 Technical Report completed by AMEC E&C Services Inc. (AMEC) by 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 15 September 2012 is filed on SEDAR (www.sedar.com).
Figure 1 is a map illustrating the location of 23 drill holes reported in this press release which can be found on the Company website under this press release at www.duluthmetals.com.
A more detailed summary of the assay results for MSW-0021 to MSW-0044 can be found in Tables 1 and 2 below. True thickness is estimated at about 90% of core length:
Table 1: Maturi Southwest Results Summary
| HOLE | Zone | From | To | Length | Cu | Ni | TPM | ||
| (ft) | (ft) | (ft) | (%) | (%) | (g/t) | ||||
| MSW-0021 | @0.3% Cu cut-off | 681 | 756 | 75 | 0.35 | 0.14 | 0.179 | ||
| MSW-0022 | @0.3% Cu cut-off | 406 | 674 | 268 | 0.53 | 0.18 | 0.349 | ||
| including | @0.5% Cu cut-off | 406 | 524 | 118 | 0.70 | 0.23 | 0.529 | ||
| MSW-0023 | @0.3% Cu cut-off | 18 | 114 | 96 | 0.42 | 0.13 | 0.179 | ||
| MSW-0024 | @0.3% Cu cut-off | 781 | 977 | 196 | 0.57 | 0.19 | 0.390 | ||
| including | @0.5% Cu cut-off | 781 | 837 | 56 | 0.70 | 0.25 | 0.488 | ||
| MSW-0025 | @0.3% Cu cut-off | 8.5 | 192 | 183.5 | 0.62 | 0.22 | 0.644 | ||
| including | @0.5% Cu cut-off | 22 | 92 | 70 | 0.83 | 0.28 | 0.876 | ||
| MSW-0026 | @0.3% Cu cut-off | 798 | 873 | 75 | 0.39 | 0.12 | 0.273 | ||
| including | @0.3% Cu cut-off | 963 | 998 | 35 | 0.66 | 0.20 | 0.435 | ||
| MSW-0027 | @0.3% Cu cut-off | 728 | 806 | 78 | 0.37 | 0.14 | 0.320 | ||
| MSW-0028 | @0.3% Cu cut-off | 195 | 353 | 158 | 0.42 | 0.16 | 0.308 | ||
| including | @0.3% Cu cut-off | 378 | 423 | 45 | 0.43 | 0.15 | 0.242 | ||
| MSW-0029 | @0.3% Cu cut-off | 288 | 538 | 250 | 0.47 | 0.14 | 0.252 | ||
| including | @0.5% Cu cut-off | 293 | 353 | 60 | 0.59 | 0.19 | 0.436 | ||
| MSW-0031 | @0.3% Cu cut-off | 831.5 | 1107 | 275.5 | 0.57 | 0.19 | 0.338 | ||
| including | @0.5% Cu cut-off | 831.5 | 882 | 50.5 | 0.82 | 0.25 | 0.490 | ||
| MSW-0032 | @0.3% Cu cut-off | 376 | 537 | 161 | 0.58 | 0.20 | 0.445 | ||
| including | @0.5% Cu cut-off | 376 | 422 | 46 | 0.69 | 0.23 | 0.561 | ||
| MSW-0033 | @0.3% Cu cut-off | 69 | 209 | 140 | 0.44 | 0.15 | 0.295 | ||
| MSW-0034 | @0.3% Cu cut-off | 911.1 | 1013 | 101.9 | 0.59 | 0.20 | 0.486 | ||
| MSW-0035 | @0.3% Cu cut-off | 935 | 1135 | 200 | 0.38 | 0.12 | 0.283 | ||
| including | @0.5% Cu cut-off | 940 | 975 | 35 | 0.60 | 0.19 | 0.512 | ||
| MSW-0036 | @0.3% Cu cut-off | 8 | 118 | 110 | 0.39 | 0.14 | 0.219 | ||
| MSW-0037 | @0.3% Cu cut-off | 422 | 692 | 270 | 0.47 | 0.15 | 0.305 | ||
| MSW-0038* | @0.3% Cu cut-off | 1032 | 1147 | 115 | 0.67 | 0.21 | 0.493 | ||
| MSW-0039 | @0.3% Cu cut-off | 43 | 123 | 80 | 0.43 | 0.18 | 0.220 | ||
| MSW-0040 | @0.3% Cu cut-off | 290 | 490 | 200 | 0.43 | 0.14 | 0.247 | ||
| MSW-0041 | @0.3% Cu cut-off | 218 | 428 | 210 | 0.40 | 0.12 | 0.166 | ||
| MSW-0042 | @0.3% Cu cut-off | 373 | 478 | 105 | 0.48 | 0.13 | 0.254 | ||
| MSW-0043 | @0.3% Cu cut-off | 199.5 | 403 | 203.5 | 0.41 | 0.14 | 0.295 | ||
| MSW-0044* | @0.3% Cu cut-off | 972.5 | 1093 | 120.5 | 0.56 | 0.16 | 0.370 |
*Drill hole ends in mineralization
(TPM = Platinum+Palladium+Gold)
Table 2: Complete platinum, palladium, gold, cobalt and silver assays.
| HOLE | Zone | From | To | Length | Pt | Pd | Au | Co | Ag | ||||
| (ft) | (ft) | (ft) | (g/t) | (g/t) | (g/t) | (%) | (g/t) | ||||||
| MSW-0021 | @0.3% Cu cut-off | 681 | 756 | 75 | 0.047 | 0.105 | 0.028 | 0.01 | 1.4 | ||||
| MSW-0022 | @0.3% Cu cut-off | 406 | 674 | 268 | 0.093 | 0.209 | 0.047 | 0.01 | 1.8 | ||||
| including | @0.5% Cu cut-off | 406 | 524 | 118 | 0.138 | 0.325 | 0.066 | 0.01 | 2.6 | ||||
| MSW-0023 | @0.3% Cu cut-off | 18 | 114 | 96 | 0.049 | 0.101 | 0.028 | 0.01 | 1.5 | ||||
| MSW-0024 | @0.3% Cu cut-off | 781 | 977 | 196 | 0.089 | 0.232 | 0.069 | 0.01 | 2.0 | ||||
| including | @0.5% Cu cut-off | 781 | 837 | 56 | 0.121 | 0.282 | 0.084 | 0.01 | 2.4 | ||||
| MSW-0025 | @0.3% Cu cut-off | 8.5 | 192 | 183.5 | 0.171 | 0.361 | 0.113 | 0.01 | 2.3 | ||||
| including | @0.5% Cu cut-off | 22 | 92 | 70 | 0.241 | 0.537 | 0.098 | 0.01 | 3.0 | ||||
| MSW-0026 | @0.3% Cu cut-off | 798 | 873 | 75 | 0.075 | 0.160 | 0.038 | 0.01 | 1.2 | ||||
| including | @0.3% Cu cut-off | 963 | 998 | 35 | 0.106 | 0.262 | 0.067 | 0.01 | 2.4 | ||||
| MSW-0027 | @0.3% Cu cut-off | 728 | 806 | 78 | 0.093 | 0.182 | 0.045 | 0.01 | 0.9 | ||||
| MSW-0028 | @0.3% Cu cut-off | 195 | 353 | 158 | 0.072 | 0.176 | 0.060 | 0.01 | 1.2 | ||||
| including | @0.3% Cu cut-off | 378 | 423 | 45 | 0.067 | 0.134 | 0.042 | 0.01 | 1.3 | ||||
| MSW-0029 | @0.3% Cu cut-off | 288 | 538 | 250 | 0.062 | 0.144 | 0.046 | 0.01 | 1.6 | ||||
| including | @0.5% Cu cut-off | 293 | 353 | 60 | 0.105 | 0.240 | 0.091 | 0.01 | 2.0 | ||||
| MSW-0031 | @0.3% Cu cut-off | 831.5 | 1107 | 275.5 | 0.087 | 0.196 | 0.055 | 0.01 | 2.0 | ||||
| including | @0.5% Cu cut-off | 831.5 | 882 | 50.5 | 0.122 | 0.300 | 0.068 | 0.01 | 3.0 | ||||
| MSW-0032 | @0.3% Cu cut-off | 376 | 537 | 161 | 0.123 | 0.263 | 0.059 | 0.01 | 2.0 | ||||
| including | @0.5% Cu cut-off | 376 | 422 | 46 | 0.147 | 0.340 | 0.074 | 0.01 | 2.6 | ||||
| MSW-0033 | @0.3% Cu cut-off | 69 | 209 | 140 | 0.082 | 0.169 | 0.044 | 0.01 | 1.2 | ||||
| MSW-0034 | @0.3% Cu cut-off | 911.1 | 1013 | 101.9 | 0.102 | 0.313 | 0.070 | 0.01 | 1.7 | ||||
| MSW-0035 | @0.3% Cu cut-off | 935 | 1135 | 200 | 0.066 | 0.174 | 0.044 | 0.01 | 1.1 | ||||
| including | @0.5% Cu cut-off | 940 | 975 | 35 | 0.115 | 0.327 | 0.070 | 0.01 | 2.0 | ||||
| MSW-0036 | @0.3% Cu cut-off | 8 | 118 | 110 | 0.060 | 0.125 | 0.034 | 0.01 | 1.1 | ||||
| MSW-0037 | @0.3% Cu cut-off | 422 | 692 | 270 | 0.077 | 0.182 | 0.047 | 0.01 | 1.6 | ||||
| MSW-0038* | @0.3% Cu cut-off | 1032 | 1147 | 115 | 0.157 | 0.265 | 0.071 | 0.01 | 2.5 | ||||
| MSW-0039 | @0.3% Cu cut-off | 43 | 123 | 80 | 0.054 | 0.133 | 0.033 | 0.01 | 1.2 | ||||
| MSW-0040 | @0.3% Cu cut-off | 290 | 490 | 200 | 0.065 | 0.145 | 0.038 | 0.01 | 1.3 | ||||
| MSW-0041 | @0.3% Cu cut-off | 218 | 428 | 210 | 0.039 | 0.099 | 0.028 | 0.01 | 1.4 | ||||
| MSW-0042 | @0.3% Cu cut-off | 373 | 478 | 105 | 0.061 | 0.151 | 0.042 | 0.01 | 1.6 | ||||
| MSW-0043 | @0.3% Cu cut-off | 199.5 | 403 | 203.5 | 0.077 | 0.171 | 0.047 | 0.01 | 1.3 | ||||
| MSW-0044* | @0.3% Cu cut-off | 972.5 | 1093 | 120.5 | 0.092 | 0.199 | 0.079 | 0.01 | 2.3 |
The Twin Metals Minnesota Project covers over 32,000 acres of land/mineral interests and consolidates the largest base and precious metal land position in Minnesota. This extensive land position provides Twin Metals with the platform to plan and develop one the world's largest copper-nickel-PGM deposits within a new emerging mining belt in Minnesota, USA.
For the 2013 Drill Program, half core samples are being prepared at ALS Minerals laboratories in Thunder Bay and then shipped to its analytical facilities in Vancouver. Samples are being analyzed for Au, Pt, and Pd using a 30g standard fire assay with an ICP-AES finish and for 33 other elements using a four acid (near total) digestion and a combination of ICP-MS and ICP-AES. ICP over-limits for copper and nickel are re-analyzed using dissolution four acid (near total) digestion followed by ICP-MS. The remaining half core samples are being stored in Minnesota.
Phillip Larson, P. Geo. is the Qualified Person for Duluth Metals and Senior Geologist for Duluth Metals, in accordance with NI 43-101 of the Canadian Securities Administrators, and is responsible for Duluth Metals technical content of this press release and quality assurance of the exploration data and analytical results.
About Duluth Metals Limited
Duluth Metals Limited is committed to acquiring, exploring and developing copper, nickel and platinum group metal (PGM) deposits. Duluth Metals has a joint venture with Antofagasta plc on the Twin Metals Minnesota Project, located within the rapidly emerging Duluth Complex mining camp in north-eastern Minnesota. The Duluth Complex hosts one of the world's largest undeveloped repositories of copper, nickel and PGMs, including the world's third largest accumulation of nickel sulphides, and one of the world's largest accumulations of polymetallic copper and platinum group metals. Aside from the joint venture, Duluth Metals retains a 100% position on approximately 40,000 acres of mineral interests on exploration properties adjacent to and nearby the Twin Metals Minnesota LLC joint venture.
About Twin Metals Minnesota LLC
Twin Metals Minnesota, LLC, is a joint venture company, 60 percent owned by Duluth Metals Limited and 40 percent by Antofagasta plc. Twin Metals was formed in 2010 to pursue the development and operation of a copper, nickel and platinum group metals (strategic metals) underground mining project within the Duluth Complex in northeastern Minnesota. Twin Metals holds mineral and land assets of approximately 32,000 acres of leased and permitted land, including mineral resources prepared in compliance with the requirements of NI 43-101.
This press release contains forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other things, the results of drilling operations of Duluth Metals and exploration and mine development. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Duluth Metals has relied on a number of assumptions and estimates in making such forward-looking statements, including, without limitation, the prices of copper, nickel and platinum group metals (PGMs) and the costs associated with continuing exploration and mining development. Such assumptions and estimates are made in light of the trends and conditions that are considered to be relevant and reasonable based on information available and the circumstances existing at this time. A number of risk factors may cause actual results, level of activity, performance or outcomes of such exploration and/or mine development to be materially different from those expressed or implied by such forward-looking statements including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the possibility of changes to project parameters as plans continue to be refined, the ability to execute planned exploration and future drilling programs, possible variations of copper, nickel and PGM grade or recovery rates, the need for additional funding to continue exploration efforts, changes in general economic, market and business conditions, and those other risks set forth in Duluth Metals' most recent annual information form under the heading "Risk Factors" and in its other public filings. Statements related to "reserves" and "resources" are deemed forward-looking statements as they involve the implied assessment, based on realistically assumed and justifiable technical and economic conditions, that an inventory of mineralization will become economically extractable. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Duluth Metals. Although Duluth Metals has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof. Duluth Metals disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws. The forward-looking statements contained herein are expressly qualified by this disclaimer.
Image with caption: "Figure 1 (CNW Group/Duluth Metals Limited)". Image available at: http://photos.newswire.ca/images/download/20130522_C8806_PHOTO_EN_26969.jpg
For further information:
Mara Strazdins
Vice President Investor Relations and Corporate
Communications
Telephone: +1-(416) 369-1500 ext. 222
Email: mstrazdins@duluthmetals.com
Webpage: www.duluthmetals.com
Vern Baker
President
Telephone: +1-(651) 389-9990
Email: vbaker@duluthmetals.com
