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Aug 02, 2011
Duluth Metals Commences Drilling Program on Platinum Targets on the Land O’Dixie Property
TORONTO, Ontario, August 2, 2011 – Duluth Metals Limited (“Duluth Metals” and “Company”) (TSX: DM) (TSX: DM.U) is pleased to announce that a diamond drill program has commenced on the Land O’Dixie Property, one of the Company’s grassroots exploration properties within the Duluth Complex in Minnesota, U.S.A. The Company has planned a drilling program to test a large layered mafic intrusion identified on the property with potential for Platinum-rich Reef style targets. The Company has budgeted $8 Million for exploration on its 100% owned exploration interests in Northern Minnesota. Duluth Metals currently has 37,000 acres of 100% owned mineral/land interests in close proximity to Minnesota’s emerging copper-nickel-platinum group mining camp within the Duluth Complex.
“Our geologic expertise is based around our experience in the Duluth Complex. That expertise has already led to significant exploration success for Duluth Metals.” stated Vern Baker, President of Duluth Metals. “It makes sense for the Company to leverage that expertise by continuing with an aggressive exploration program on what we believe are some of the most prospective mafic rocks in the world.”
The exploration program is fully financed by the Company which had $36.5 million in the treasury as of June 6, 2011. Duluth Metals is utilizing information gained from a 7,053 line-kilometer airborne VTEM-Magnetic survey over a 649 square kilometer area within the Duluth Complex to help define potential drilling targets. In addition, a regional glacial till geochemistry and mineralogy program, along with geological mapping coordinated with the geophysics and geochemistry is underway to detect and delineate unexposed mineralization.
“We have assembled an outstanding geologic team of professionals whose goal is to discover additional ore deposits in new areas of the Duluth Complex” stated Dr. Dean Peterson, senior V.P. Exploration of Duluth Metals, and a pre-eminent authority on Duluth Complex mineralization. “The dedicated staff has been working extremely hard towards the goal and we all are excited to commence drilling on several stratiform Platinum-rich Reef style targets within the most mafic intrusion of the Duluth Complex.”
The Duluth Complex and associated intrusions of the Midcontinent Rift System in northeastern Minnesota constitute one of the largest, semi-continuous, mafic intrusive complexes in the world, second only to the Bushveld Complex of South Africa. These rocks cover an arcuate area of over 5,000 square kilometers and give rise to two strong gravity anomalies (+50 & +70 mgal) that imply intrusive roots to more than 13 km depth. The geometry of three large mafic intrusions within the Duluth Complex has been modeled by the integration of field mapping and drill hole data with maps of gravity and magnetic anomalies. These igneous bodies include the South Kawishiwi, Partridge River, and Bald Eagle intrusions that collectively outcrop on the western edge of an area of greater than 800 square kilometers. The South Kawishiwi intrusion (in the north) and Partridge River intrusion (in the south) host several billion tons (each) of low-to-medium grade Cu-Ni-PGE mineralization near their base, with the South Kawishiwi hosting the highest grade deposits in the Duluth Complex.
On July 28, 2011, Duluth Metals Limited announced that it proposes to distribute to its shareholders of record as of August 23, 2011 a special warrant dividend convertible to common shares of Duluth Exploration Limited (“DEL”). DEL through its subsidiary Duluth Exploration (USA) Inc. will enter into an earn-in agreement on the 37,000 acres of mineral interests held by the Company’s wholly-owned U.S. subsidiary including the mineral interests of the Land of Dixie, the subject of this press release.
Phillip Larson, P. Geo. is the Qualified Person for Duluth and Senior Geologist for Duluth, in accordance with NI 43-101 of the Canadian Securities Administrators, and is responsible for Duluth’s technical content of this press release and quality assurance of the exploration data and analytical results.