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| | March 12, 2009
Duluth Metals Receives Additional Higher Grade Assays On The Nokomis Base And Precious Metal Deposit
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| | TORONTO, Ontario, March 12, 2009 -- Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX:DM.U) today announced significant new assays for 2 holes drilled in the northwest part of the Nokomis Deposit in Minnesota. Of particular interest, Hole MEX-153, has intersected 5.0 feet of 3.280% copper, 0.542% nickel, 23.6 g/t silver and 4.178 grams per tonne (g/t) Total Precious Metals (TPM = Platinum+Palladium+Gold) (Cu Equivalent* of 7.05%) within a 140.0 foot section of 0.669% copper, 0.188% nickel, and 0.615 g/t TPM (Cu Equivalent* of 1.50%). In addition, Hole MEX-154, intersected 15.0 feet of 1.020% copper, 0.289% nickel, 3.8 g/t silver and 0.790 g/t TPM (Cu Equivalent* of 2.20%) within a 310.0 foot section of 0.609% copper, 0.179% nickel, and 0.443 g/t TPM (Cu Equivalent* of 1.33%).
The Nokomis Deposit has a combined base and precious metal resource with significantly higher grade copper, nickel, platinum, palladium, gold and silver zones in portions of the deposit. One of the main objectives of the Company is to quantify these higher grade zones and appraise the potentially positive impact on future mining scenarios.
As noted in our press release dated October 27, 2008, there are 21 drill holes in our Eastern High Grade Area that had Total Precious Metals (gold-platinum-palladium=TPM) ranging from 0.867 to 3.795 g/t TPM on certain intersections, and copper equivalents* ranging from 1.551% to 7.062% copper on many intersections. Mineralized sections range from approximately 30 to 250 feet which include higher grade intervals. The Eastern High Grade Area currently extends over approximately 0.40 square miles (1.035 sq. kilometres) and yields significant above-average grades of mineralization than the global property mineralized resource.
The results from MEX-153 and MEX-154 reported above are from the northwestern aspect of the Nokomis Deposit, and present as another emerging area of higher TPM grades. The northwestern area is dominated by thicker mineralized intersections, and these higher grade TPM zones lie within this thick mineralized package.
Duluth Metals is presently completing the last two holes in the current 2008-2009 winter drilling program. After completion of the program, Duluth Metals intends to commission a full new NI 43-101 resource estimate report to incorporate the 48 holes that have been press released but not included in the most recent NI 43-101 resource estimate report, dated July 21, 2008, and the two new holes being drilled. The new report will utilize all 156 drill holes, plus 63 wedges, and will also focus on identifying and defining contiguous, large tonnage -- high grade zones that will be important in the evaluation of future mining scenarios.
Duluth Metals has a cash position of approximately Cdn.$11 Million in the treasury (as of December 31, 2008) and is proceeding to advance the Nokomis Deposit, while preserving the Company's cash position. The Company is continuing to focus on the long term development of the combined base and precious metal Nokomis Deposit, including geological analysis, mine planning, metallurgical studies, infrastructure analysis, project optimization, and environmental baseline studies required for future permitting.
A more detailed summary of the assay results for holes MEX-153 and 154 can be found in the table below. True width is estimated at about 90% of core length.
HOLE |
ZONE |
FROM
(feet) |
TO
(feet) |
LENGTH
(feet) |
COPPER
(%) |
NICKEL
(%) |
TPM*
(g/t) |
|
MEX-153 |
@0.3% Cu cut-off |
1797 |
1937 |
140 |
0.669 |
0.188 |
0.615 |
|
|
@0.5% Cu cut-off |
1817 |
1917 |
100 |
0.751 |
0.206 |
0.716 |
|
|
including |
1897 |
1902 |
5 |
3.280 |
0.542 |
4.178 |
|
|
@0.3% Cu cut-off |
1972 |
2037 |
65 |
0.463 |
0.151 |
0.296 |
|
|
@0.5% Cu cut-off |
1977 |
1997 |
20 |
0.633 |
0.198 |
0.428 |
|
|
|
|
|
|
|
|
|
|
MEX-154 |
@0.3% Cu cut-off |
1627 |
1937 |
310 |
0.609 |
0.179 |
0.443 |
|
|
@0.5% Cu cut-off |
1627 |
1797 |
170 |
0.690 |
0.196 |
0.490 |
|
|
including |
1667 |
1682 |
15 |
1.020 |
0.289 |
0.790 |
|
|
@0.5% Cu cut-off |
1882 |
1937 |
55 |
0.582 |
0.166 |
0.460 |
|
|
|
|
|
|
|
|
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|
Complete gold, platinum, and palladium assays for MEX-153 and 154 are as follows:
HOLE |
ZONE |
FROM
(feet) |
TO
(feet) |
LENGTH
(feet) |
GOLD
(g/t) |
PLATINUM
(g/t) |
PALLADIUM
(g/t) |
MEX - 153 |
@0.3% Cu cut-off |
1797 |
1937 |
140 |
0.078 |
0.197 |
0.339 |
|
|
@0.5% Cu cut-off |
1817 |
1917 |
100 |
0.090 |
0.240 |
0.386 |
|
|
including |
1897 |
1902 |
5 |
0.363 |
2.110 |
1.705 |
|
|
@0.3% Cu cut-off |
1972 |
2037 |
65 |
0.036 |
0.077 |
0.183 |
|
|
@0.5% Cu cut-off |
1977 |
1997 |
20 |
0.050 |
0.122 |
0.256 |
|
|
|
|
|
|
|
|
|
|
MEX-154 |
@0.3% Cu cut-off |
1627 |
1937 |
310 |
0.065 |
0.117 |
0.260 |
|
|
@0.5% Cu cut-off |
1627 |
1797 |
170 |
0.073 |
0.129 |
0.287 |
|
|
including |
1667 |
1682 |
15 |
0.156 |
0.188 |
0.446 |
|
|
@0.5% Cu cut-off |
1882 |
1937 |
55 |
0.072 |
0.120 |
0.268 |
|
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|
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"With the completion of the winter drilling program, we have entered a new phase of analysis and development for Nokomis -- the transition from the discovery of an exceptional, world class deposit into a viable base and precious metal production opportunity", stated Dr. Henry J. Sandri, President and CEO of Duluth Metals. "As shown in our January 12, 2009, Nokomis Deposit Preliminary Assessment (Scoping Study), which uses the current lower metal prices, Nokomis projects positive economic returns (16.2% IRR) and has the potential to be combined low cost mining operation and a diversified commodity play."
A "MEX-153 and 154 Drill Hole Location Map" highlighting these holes as well as other holes discussed in this release can be found on our Company website at www.duluthmetals.com.
For the 2008/2009 drill program, half core samples have been prepared at ALS Chemex Ltd. laboratories in Thunder Bay and then shipped to its analytical facilities in Vancouver. Samples are being 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.
*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.
David Oliver, P. Geo. and Duluth Project Manager is the Qualified Person, 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.
In addition, the Company wishes to report the resignation of Mr. Mark Cowan from the Board of Directors but is pleased to announce that Mr. Cowan wants to maintain and continue his association with Duluth Metals and has agreed to serve as a member of the Advisory Board.
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 Nokomis Deposit 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.
For further information: please contact Mara Strazdins, Director of Corporate Communications, at mstrazdins@duluthmetals.com or at (416) 369-1500 or Henry Sandri, President and CEO, at hsandri@duluthmetals.com. Minnesota corporate office: telephone 651-389-9990.
Web Page: www.duluthmetals.com |
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