TORONTO, July 21 /PRNewswire-FirstCall/ - Duluth Metals Limited
("Duluth") (TSX: DM) (TSX:DM.U) today announces the receipt of the
independent NI 43-101 compliant report completed by Scott Wilson Roscoe
Postle Associates Inc. (Scott Wilson RPA) entitled "Technical Report on the
Resource Estimate for the Nokomis Deposit on the Maturi Extension
Properties, Minnesota, USA, prepared for Duluth Metals Limited". Richard E.
Routledge, M.Sc., P.Geo. of Scott Wilson RPA, Toronto Canada, is the
Independent Qualified Person who prepared the report which is available on
http://www.sedar.com or the Company website at http://www.duluthmetals.com.
"This update on our Resource prepared by Scott Wilson RPA confirms good
continuity, grade and the fact that we are delineating zones of higher
grade mineralization", stated Henry J. Sandri, President and CEO. "As the
Resource is estimated on approximately 50% of our Maturi Extension
Properties, we look forward to expanding the Nokomis Deposit and seeking
out high grade exploration opportunities."
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.)
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Duluth Metals Limited Nokomis Deposit, Maturi Extension Property,
Minnesota
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Indicated Resources
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CuEq
Cut-off Tonnes Cu Ni Co Au Pt Pd TPM (6,8)
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Grade (000's) % % % g/t g/t g/t g/t %
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1.0% 449,413 0.624 0.199 0.010 0.084 0.159 0.358 0.600 1.46
CuEq
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0.5% Cu 376,306 0.658 0.206 0.011 0.090 0.172 0.390 0.653 1.54
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0.6% Cu 247,149 0.714 0.216 0.011 0.103 0.199 0.452 0.753 1.66
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0.7% Cu 112,035 0.794 0.233 0.011 0.123 0.240 0.549 0.912 1.86
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0.8% Cu 41,078 0.883 0.255 0.011 0.152 0.293 0.679 1.124 2.09
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Inferred Resources
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CuEq
Cut-off Tonnes Cu Ni Co Au Pt Pd TPM (6,8)
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Grade (000's) % % % g/t g/t g/t g/t %
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1.0% 284,230 0.627 0.194 0.010 0.096 0.191 0.431 0.718 1.50
CuEq
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0.5% Cu 236,102 0.667 0.198 0.010 0.105 0.210 0.475 0.790 1.58
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0.6% Cu 155,743 0.725 0.201 0.010 0.120 0.239 0.542 0.902 1.69
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0.7% Cu 72,418 0.817 0.214 0.010 0.144 0.280 0.640 1.065 1.88
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0.8% Cu 33,292 0.900 0.215 0.010 0.173 0.320 0.739 1.231 2.03
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1. CIM definitions were followed for Mineral Resource estimation and
classification.
2. Mineral Resources are estimated at a zone definition (wireframe) cut-
off grade of approximately 1.0% Cu equivalent grade (CuEq).
3. The approximately 1.0% CuEq cut-off grade includes all material in
the wireframed zones.
4. Bulk density is 3.01 t/m(3)
5. Resources were estimated to a maximum depth of approximately 1,350 m.
6. Copper equivalent (CuEq%) is based on Net Smelter Return Factors as
determined for the Preliminary Economic Assessment by Scott Wilson
RPA dated January 18, 2008.
7. Metal Prices used were $1.75/lb copper, $7.00/lb nickel, $10.00/lb
Co, $600/oz Au, $1100/oz Pt and $350/oz Pd.
8. Copper equivalent (CuEq%) = Cu% + 3.03 x Ni% + 0.63 x Co%
+ 0.30 x Au g/t + 0.76 x Pt g/t + 0.24 x Pd g/t based on expected
metal prices and process recovery and refining charges.
9. TPM is Au g/t + Pt g/t + Pd g/t.
10. Co, Au, Pt, Pd grades, that are lacking in historic drill holes, have
been entered in the resource database based on regression of assay
grades from DML drill hole assays.
CONTAINED METALS IN EXPANDED NOKOMIS RESOURCE*:
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INDICATED RESOURCE INFERRED RESOURCE
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Copper 6.18 Billion lbs. 3.93 Billion lbs.
Nickel 1.97 Billion lbs. 1.21 Billion lbs.
Cobalt 103 Million lbs. 62.8 Million lbs.
Platinum 2.30 Million ozs. 1.75 Million ozs.
Palladium 5.17 Million ozs. 3.94 Million ozs.
Gold 1.21 Million ozs. 0.88 Million ozs.
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*Based on resource estimated at 1.0% copper
equivalent cut-off
In addition, Duluth Metals will be shortly commencing the
Pre-Feasibility Study on the Nokomis Deposit. This contract is soon to be
awarded and work should commence in August.
The current project schedule includes ongoing infill drilling within
the Nokomis Deposit and step out drilling; ongoing studies, including
metallurgical studies for optimization; bulk sampling for large scale
metallurgical testing; environmental studies and permitting assessments;
mining engineering and planning studies, the upcoming Pre-Feasibility Study
and a Full Updated Resource Estimate in early 2009.
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
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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. The Minnesota corporate office is
telephone (651) 389-9990. Web Page: http://www.duluthmetals.com
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