Toronto - CNW-AsiaNet/ - Duluth Metals Limited ("Duluth") (TSX: DM) (TSX:DM.U) today announced a 30 percent increase to 449 million tonnes for the Indicated Resource and a 162 percent increase to 284 million tonnes for the Inferred Resource categories of the NI 43-101 Nokomis Deposit Resource Estimate Update as prepared by Scott Wilson Roscoe Postle Associates Inc. (Scott Wilson RPA). Of particular note is the significant increase in tonnes at the higher grade Cu cut-offs. The Updated Resource Estimate includes two recently discovered high grade areas containing, at a 0.7% Cu cut-off, 17 M Tonnes of Indicated Resource grading 0.823% Copper, 0.25% Nickel, and 1.11g/t TPM (TPM (equal sign) Platinum+Palladium+Gold) and 20 M Tonnes of Inferred Resource grading 0.833% Copper, 0.22% Nickel, and 1.25g/t TPM. The Updated Nokomis Resource is based on drilling completed to April 2008. Since drilling began, Duluth Metals has drill tested about 50% of the Maturi Extension Properties land position in northeastern Minnesota.
The Updated Nokomis Resource Estimate defines 449 million tonnes Indicated Resources grading 0.624% copper, 0.199% nickel, 0.600 grams per tonne TPM (copper equivalent grade of 1.46%), plus an additional 284 million tonnes of Inferred Resources grading 0.627% copper, 0.194% nickel, 0.718 grams per tonne TPM (copper equivalent grade of 1.50%). (Note - Copper Equivalent is based on US metal prices of: Copper - $1.75/lb, Nickel - $7.00/lb, Cobalt - $10.00/lb, Gold - $600/oz, Platinum - $1,100/oz, Palladium - $350/oz and Silver - $8.50/oz, and the methodology with metallurgical recoveries, refining costs and other charges being considered for all metals in accordance with the Net Smelter Return Factors contained in the January 22, 2008, NI 43-101 Scoping Study produced by Scott Wilson RPA.)
The Scoping Study recommends optimizing grade in order to positively impact the project's robust economics. Our press releases of Dec. 10, 2007 and May 22, 2008, and the results of this Updated Resource Estimate confirm significant resource blocks containing higher grade mineralization. A graphic showing the two new higher grade zones and the composite solid is shown on the Company website at www.duluthmetals.com.
The increased Resource Estimate Update at a 1% copper equivalent cut-off and various copper cut-off grades is shown below. Based on Scott Wilson RPA's review of metal prices, process recoveries, refining costs and underground mine operating costs likely to apply at the Nokomis deposit site, the 1.0% copper equivalent cut-off grade is reasonable for the statement of Indicated and Inferred Resources at this time.
"Nokomis has already established itself as one of the world's largest copper, nickel and PGM deposits, and the Updated Resource Estimate is confirming that it is continuing to grow. To date about 97 percent of the holes have intersected mineralization that would be included in the Updated Resource Estimate. The Nokomis Deposit only encompasses about fifty percent of the Maturi Extension Properties, and we fully expect that our continued aggressive drill program, with 5 rigs working on the property, will expand the deposit further", stated Henry J. Sandri, President and CEO of Duluth Metals.
Richard E. Routledge, M.Sc., P.Geo., of Scott Wilson RPA, Toronto, Canada, is the Independent Qualified Person who prepared the Interim Resource Estimate and reviewed this press release. A NI 43-101 compliant Technical Report will be delivered by Scott Wilson RPA and filed on SEDAR within 45 days from today's date.
For the 2007-2008 winter drill program, half core samples were prepared at ALS Chemex Ltd. Laboratories in Thunder Bay and then shipped to its analytical facilities in Vancouver.
Samples were analyzed for Au, Pt, and Pd using a standard fire assay with an ICP finish and for 27 other elements using a four acid (near total) digestion and a combination of ICPMS and ICPAES. ICP over limits were re-analyzed using sodium peroxide fusion, acid dissolution followed by ICPAES. The remaining half core samples are being stored in Minnesota.
David Oliver, P. Geo. is the Qualified Person and Project Manager for Duluth, in accordance with NI 43-101 of the Canadian Securities Administrators, and is responsible for the technical content of this press release and quality assurance of the exploration data and analytical results.
About Duluth Metals
Duluth is committed to acquiring, exploring and developing copper, nickel and platinum group metal (PGM) deposits.
Duluth's principal property is the Maturi Extension Property located within the rapidly emerging Duluth Complex mining camp in northeastern 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.
This document may contain forward-looking statements (including "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to Duluth's operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Duluth's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Duluth 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.
SOURCE Duluth Metals Limited
CONTACT: Mara Strazdins,
Director of Corporate Communications,
at mstrazdins@duluthmetals.com or at +1 (416) 369-1500; or
Henry Sandri,
President and CEO,
at hsandri@duluthmetals.com.
The Minnesota corporate office is telephone +1(651) 389-9990,
Web Page: www.duluthmetals.com
(DM. DM.U.)
The Updated Nokomis Resource Estimate defines 449 million tonnes Indicated Resources grading 0.624% copper, 0.199% nickel, 0.600 grams per tonne TPM (copper equivalent grade of 1.46%), plus an additional 284 million tonnes of Inferred Resources grading 0.627% copper, 0.194% nickel, 0.718 grams per tonne TPM (copper equivalent grade of 1.50%). (Note - Copper Equivalent is based on US metal prices of: Copper - $1.75/lb, Nickel - $7.00/lb, Cobalt - $10.00/lb, Gold - $600/oz, Platinum - $1,100/oz, Palladium - $350/oz and Silver - $8.50/oz, and the methodology with metallurgical recoveries, refining costs and other charges being considered for all metals in accordance with the Net Smelter Return Factors contained in the January 22, 2008, NI 43-101 Scoping Study produced by Scott Wilson RPA.)
The Scoping Study recommends optimizing grade in order to positively impact the project's robust economics. Our press releases of Dec. 10, 2007 and May 22, 2008, and the results of this Updated Resource Estimate confirm significant resource blocks containing higher grade mineralization. A graphic showing the two new higher grade zones and the composite solid is shown on the Company website at www.duluthmetals.com.
The increased Resource Estimate Update at a 1% copper equivalent cut-off and various copper cut-off grades is shown below. Based on Scott Wilson RPA's review of metal prices, process recoveries, refining costs and underground mine operating costs likely to apply at the Nokomis deposit site, the 1.0% copper equivalent cut-off grade is reasonable for the statement of Indicated and Inferred Resources at this time.
"Nokomis has already established itself as one of the world's largest copper, nickel and PGM deposits, and the Updated Resource Estimate is confirming that it is continuing to grow. To date about 97 percent of the holes have intersected mineralization that would be included in the Updated Resource Estimate. The Nokomis Deposit only encompasses about fifty percent of the Maturi Extension Properties, and we fully expect that our continued aggressive drill program, with 5 rigs working on the property, will expand the deposit further", stated Henry J. Sandri, President and CEO of Duluth Metals.
Richard E. Routledge, M.Sc., P.Geo., of Scott Wilson RPA, Toronto, Canada, is the Independent Qualified Person who prepared the Interim Resource Estimate and reviewed this press release. A NI 43-101 compliant Technical Report will be delivered by Scott Wilson RPA and filed on SEDAR within 45 days from today's date.
For the 2007-2008 winter drill program, half core samples were prepared at ALS Chemex Ltd. Laboratories in Thunder Bay and then shipped to its analytical facilities in Vancouver.
Samples were analyzed for Au, Pt, and Pd using a standard fire assay with an ICP finish and for 27 other elements using a four acid (near total) digestion and a combination of ICPMS and ICPAES. ICP over limits were re-analyzed using sodium peroxide fusion, acid dissolution followed by ICPAES. The remaining half core samples are being stored in Minnesota.
David Oliver, P. Geo. is the Qualified Person and Project Manager for Duluth, in accordance with NI 43-101 of the Canadian Securities Administrators, and is responsible for the technical content of this press release and quality assurance of the exploration data and analytical results.
About Duluth Metals
Duluth is committed to acquiring, exploring and developing copper, nickel and platinum group metal (PGM) deposits.
Duluth's principal property is the Maturi Extension Property located within the rapidly emerging Duluth Complex mining camp in northeastern 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.
This document may contain forward-looking statements (including "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to Duluth's operations or to the environment in which it operates. Such statements are based on operations, estimates, forecasts and projections. They are not guarantees of future performance and involve risks and uncertainties that are difficult to predict and may be beyond Duluth's control. A number of important factors could cause actual outcomes and results to differ materially from those expressed in forward-looking statements, including those set forth in other public filings. In addition, such statements relate to the date on which they are made. Consequently, undue reliance should not be placed on such forward-looking statements. Duluth 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.
SOURCE Duluth Metals Limited
CONTACT: Mara Strazdins,
Director of Corporate Communications,
at mstrazdins@duluthmetals.com or at +1 (416) 369-1500; or
Henry Sandri,
President and CEO,
at hsandri@duluthmetals.com.
The Minnesota corporate office is telephone +1(651) 389-9990,
Web Page: www.duluthmetals.com
(DM. DM.U.)
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