Duluth Metals announces SEDAR filing of AMEC Technical report on the Twin Metals project
Tuesday, Jan 22, 2013
TORONTO, Jan. 21, 2013 /PRNewswire/ - Duluth Metals Limited ("Duluth" or "Duluth Metals") (TSX: DM) (TSX:DM.U) today announces that the 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 has now been filed on SEDAR (www.sedar.com). This final study utilizes 867 drill holes and 308 wedge offsets to confirm the Twin Metals Minnesota LLC ("TMM" or "Twin Metals") project to be one of the largest base and precious metal deposits of this type in the world. The report also highlights the significance of the higher grade S3 subunit for potential early mine sequencing. In addition, the PGM resource estimate confirms the project to be one of the largest palladium and platinum resources outside of South Africa.
The S3 Subunit Provides Potential Earlier Economic Mining Opportunities
The current Maturi Deposit resource estimate is based on a refined geological model. One geological subunit within the Maturi Deposit, known as the S3, hosts a higher-grade area that is a subset of the base case mineral resource estimate that may have potential as an early start-up area. AMEC estimated that the S3 Subunit in the Maturi Deposit, using a 0.5% Cu cut-off, contains 622 million tons grading 0.69% Cu, 0.22% Ni and 0.76 ppm TPM of Indicated Mineral Resources and 198 million tons grading 0.65% Cu, 0.21% Ni and 0.82 ppm TPM in the Inferred category. This material is a higher grade sub-set of the global resources estimated for Maturi. Within the Maturi Deposit, the bulk of mineralization is hosted by two subunits of the Basal Mineralized Zone (BMZ). The S2 and S3 subunits are stratiform, with the S3 subunit overlying the S2 subunit. Both subunits are laterally extensive, and are present over the vast majority of the deposit footprint. Within the Indicated Mineral Resource areal footprint, the S3 subunit ranges in vertical thickness from 0 to 355 feet, averaging 108 feet thick (0 to 276 feet, average 91 feet true thickness) and within the Indicated Mineral Resource areal footprint, the S2 subunit ranges in vertical thickness from 0 to 423 feet, averaging 72 feet thick (0 to 329 feet, averaging 59 feet true thickness). Table 1 shows tabulation range of sensitivity cases at different copper cut-off grades for the S3 Subunit of the Maturi Deposit. The base case subset estimate at a 0.3% Cu cut-off grade for the unit is shown in bold, and the 0.5% Cu cut-off grade sensitivity case subset is indicated in italics.
About the Resource Estimates
The figures for resources presented herein, including the anticipated tonnages and grades that may be achieved or the indicated level of recovery that may be realized, are estimates, and no assurances can be given that they will be realized during production. Such estimates are, in large part, based on interpretations of geological data obtained from drill holes and other sampling techniques. Actual mineralization or favourable host rock units may be different from those predicted. It may also take many years from the initial phase of drilling before production is possible, and during that time the economic feasibility of exploiting a deposit may change.
The Company's business of mineral exploration has a high level of inherent risk. Although the Company is optimistic about the potential of many of its projects, there is no guarantee that any mineral deposits will be economically feasible and that these deposits will be put into production. The Company's exploration and development activities may also be affected by a number of risks, including environmental, metallurgical, financing, permitting, approval, legislative and other government risks which are normal to the industry and are referenced in greater detail in the Company's Annual Information Form.
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 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.
SOURCE Duluth Metals Limited