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SOURCE Duluth Metals Limited
TORONTO, March 20, 2013 /PRNewswire/ --
Duluth Metals Limited ("Duluth") (TSX: DM) (TSX:DM.U) is pleased to present results from Phase 1 of the multi-phase exploration program currently underway on Duluth's 100% owned exploration properties in the Duluth Complex, northeast Minnesota. In addition to the two new areas of mineralization press released by the Company on February 5, 2013, and referred to as Areas 1 and 2, the Phase 1 program has found significant mineralization in two other new areas referred to Areas 3 and 4:
Furthermore, continued drilling in the Southwest portion of the NLM and previously reported as Area 2, continues to show mineralization along the north wall of the Macrodike. (see press release dated Feb 05, 2013, Duluth Metals Identifies Two New Mineralized Areas on Exploration Lands at http://www.duluthmetals.com for earlier results)
The Phase 1 portion of the exploration program has consisted of geologic mapping, geochemistry, geophysics, and initial drill testing of targets on the properties which cover 8,850 acres of favorable geology adjacent to Duluth's Twin Metals Project (Fig. 1). Phase 2 of the program will take advantage of the spring break-up to compile and interpret geological data and define future drill targets for the balance of 2013. Drilling will also target the deeper portions of the Nickel Lake Macrodike.
"The program has been successful identifying four areas of mineralization along the eastern edge of the SKI and the NLM that carry significant metal values and that demand additional work. This is a huge system, with the very large qualified Twin Metals Project resource identified in one area of the SKI, and the system has the potential to provide additional large areas of mineralization," commented Dean Peterson, Senior Vice President-Exploration of Duluth Metals.
Vern Baker, President of Duluth Metals commented, "We are continuing to explore this large parcel of land with a long term multi-phase drilling program. As the four identified areas of mineralization extend over a small region of the land package we will be continuing to compile drilling, geological and geophysical data for the land holdings and drill other strategic targets. Two of our main target areas are the deeper portions of the NLM and the "delta" area west of the mouth of the NLM as the Phase 1 drilling has been concentrated in the upper portions of the Macrodike."
Area Location Map
The new areas of mineralization, Areas 1, 2, 3 and 4, are shown in Figure 1.
NLM Drilling Overview
Drilling to date has confirmed that the NLM is a southwest-northeast striking complex of intrusives, dipping steeply toward the southeast. The southeastern flank of the NLM is occupied by relatively flat-lying, layered gabbroic and troctolitic intrusions, forming a keel-shaped body akin to the Great Dyke. The northwestern flank of the NLM was formed by multiple pulses of magma, including heterogeneous ultramafic and inclusion- and sulphide-bearing phases, intruded as vertical sheet-like bodies.
As previously reported, initial drilling in the NLM has confirmed the existence of sulphide-bearing magmas in the feeder conduit to the mineralized SKI. In addition, this drilling has provided important stratigraphic data critical to developing a robust geological and geophysical model for exploring for high grade Ni-rich sulphide mineralization in and near the mouth of the NLM.
Area 3 - Northeast NLM Mineralization
In Northeast NLM Area 3, drilling has intersected multiple zones of Cu-Ni-PGE sulfide mineralization. The three holes completed to date, 13-DM-37, 13-DM-40, and 13-DM-43, were all collared in mineralization. 13-DM-37 and 13-DM-40 were drilled to the north and vertically, respectively, and each intersected significant intersections of Cu-Ni-PGE mineralized material. Following up on these initial results, 13-DM-43 was drilled down-dip (-50° inclination) in the NLM, attempting to parallel the mineralized zone to depth. In addition to the near-surface mineralization, 13-DM-43 intersected two additional mineralized zones at depth. Following these encouraging results, 13-DM-48 is drilling a more steeply inclined hole (-75° inclination) in the same zone. In addition to the near-surface mineralization, 13-DM-48 the highest grade Cu-Ni-PGE mineralization identified thus far in the NLM.
Highlights of drilling include: (True thickness unknown.)
Full assay results are shown in the following Table 1: Drill From To Thickness Cu Ni Hole (ft) (ft) (ft) Cut-off % % @0.3% 13-DM-037 16.2 105.7 89.5 Cu 0.41 0.09 @0.3% 13-DM-040 6.5 193.7 187.2 Cu 0.44 0.10 @0.3% 13-DM-043 8 213.3 205.3 Cu 0.39 0.07 @0.5% including 194.7 213.3 18.6 Cu 0.57 0.11 @0.3% 13-DM-043 831.5 863.3 31.8 Cu 0.35 0.07 @0.3% 13-DM-043 1791.7 1895 103.3 Cu 0.34 0.07 @0.3% 13-DM-043 1935 1996.3 61.3 Cu 0.49 0.09 @0.5% including 1948.5 1982.5 34 Cu 0.60 0.11 @0.3% 13-DM-043 2047.8 2082.6 34.8 Cu 0.45 0.09 @0.3% 13-DM-048 23.7 228.6 204.9 Cu 0.37 0.08 @0.5% including 121 151 30 Cu 0.56 0.11 @0.5 13-DM-048 828.4 834.4 6 g/t TPM 0.79 0.18 @0.5 13-DM-048 853 858 5 g/t TPM 0.15 0.02 (Table continued) Drill Pt Pd Au TPM Hole g/t g/t g/t g/t 13-DM-037 0.038 0.075 0.030 0.142 13-DM-040 0.052 0.091 0.033 0.176 13-DM-043 0.046 0.079 0.035 0.161 including 0.134 0.241 0.094 0.468 13-DM-043 0.025 0.050 0.021 0.096 13-DM-043 0.024 0.066 0.024 0.113 13-DM-043 0.045 0.118 0.040 0.202 including 0.054 0.136 0.044 0.234 13-DM-043 0.037 0.100 0.038 0.175 13-DM-048 0.035 0.076 0.033 0.144 including 0.068 0.145 0.060 0.274 13-DM-048 0.543 1.080 0.436 2.059 13-DM-048 0.405 0.275 0.022 0.702 Note - 13-DM-048 is currently being drilled and additional assays are pending.
Area 4 - Bogberry Lake Mineralization along the eastern edge of the SKI
Drilling in Area 4 targeted a flat-lying conductive anomaly identified in an airborne geophysical survey. Drilling identified a flat-lying zone characterized by a graphitic layer overlying chalcopyrite mineralization. The zone has been intersected by all seven holes completed to date. The mineralization is hosted by anorthositic wallrock adjacent to the eastern margin of the SKI, and is characterized by a different tenor from most other mineralization seen thus far in the SKI. Mineralization corresponding to the main conductive body is extremely low in PGEs, however 13-DM-36 in the northern part of the area returned higher grade PGEs, and to the south drilling and rock sampling has found PGE-enriched zones. These results suggest mobilization and fractionation of sulphidic Cu-Ni-PGE bearing fluids into the anorthositic wallrock of the SKI, and highlight the potential for high grade PGE mineralization in the wallrock of the mineralized SKI.
Highlights of drilling include: (True thickness estimated at 65% of the cored interval.)
Full assay results are shown in Table 2: Drill From To Thickness Cu Ni Pt Pd Au TPM Hole (ft) (ft) (ft) Cut-off % % g/t g/t g/t g/t @0.2% 12-DM-019 726.4 786.0 59.6 Cu 0.23 0.05 0.004 0.005 0.006 0.015 @0.2% 12-DM-023 828.4 857.8 29.4 Cu 0.24 0.04 0.009 0.031 0.008 0.049 @0.3% 12-DM-027 689.7 734.1 44.4 Cu 0.35 0.08 0.014 0.014 0.017 0.045 @0.3% 12-DM-027 849.7 859.4 9.7 Cu 0.44 0.05 0.024 0.015 0.026 0.065 @0.2% 12-DM-028 637.5 660.7 23.2 Cu 0.23 0.05 0.003 0.009 0.007 0.018 @0.2% 13-DM-032 696.7 735.2 38.5 Cu 0.22 0.03 0.009 0.010 0.007 0.026 @0.2% 13-DM-032 797.7 882.3 84.6 Cu 0.21 0.05 0.011 0.010 0.010 0.030 @0.3% 13-DM-035 644.4 648.3 3.9 Cu 0.34 0.08 0.017 0.021 0.016 0.054 @0.3% 13-DM-036 717.5 721.1 3.6 Cu 0.65 0.04 0.321 0.333 0.157 0.811
Additional holes in Area 2 - Nickel Lake Macrodike Mineralization
Drilling in southwest NLM (Area 2) has been focused on following previously reported intercepts of Cu-Ni-PGE bearing sulphide mineralization previously reported in holes 12-DM-17 and 12-DM-18.
Significant widths of mineralization in the NLM area have been identified both in surface outcrop and two additional drill holes. Similar to the previously reported results, this material is characterized by a high Cu:Ni ratio, suggesting sulphide fractionation occurred in the NLM. Highlights from the latest drilling to date are as follows: (True thickness is estimated at about 95% of core length.)
The Cu-Ni-PGE mineralization intersected in four drill holes to date is flanked to the southeast by a second sulphide mineralized phase. This mineralization has been intersected in three drill holes, and while low in grade, has a distinctly higher Ni tenor than other sulphide mineralization identified in the NLM. This material, characterized by a low Cu:Ni, provides further evidence indicating the NLM was a dynamic magma conduit that saw multiple pulses of sulphide-bearing magma during the intrusion of the SKI.
Full assay results are shown in the following Table 3: Drill From To Int Cu Ni Pt Hole (ft) (ft) (ft) Cut-off % % g/t 12-DM-021 39.9 274.0 234.1 0.12 0.05 0.016 @0.3% 12-DM-022 125.0 365.0 240.0 Cu 0.31 0.06 0.048 12-DM-025 35.9 210.6 174.7 0.19 0.06 0.029 @0.3% 12-DM-025 243.8 463.3 219.5 Cu 0.33 0.06 0.050 13-DM-026 62.4 294.6 232.2 0.10 0.04 0.011 (table continued) Drill Pd Au TPM Hole g/t g/t g/t Notes Low Cu:Ni 12-DM-021 0.026 0.009 0.050 sulphide 12-DM-022 0.080 0.040 0.168 Low Cu:Ni 12-DM-025 0.061 0.027 0.117 sulphide 12-DM-025 0.085 0.047 0.182 Low Cu:Ni 13-DM-026 0.019 0.006 0.036 sulphide
Ongoing drilling efforts are aimed at demonstrating the continuity of this mineralization on strike and at depth, as well as following this mineralization to deeper sections of the NLM. Future drilling efforts within deeper sections of the NLM will focus on looking for higher grade mineralization analogous to that found in the Maturi Deposit and potential concentrations of Ni-rich massive sulphide. Drilling the most prospective area for potential concentrations of massive sulphide at the mouth of the NLM will require drier road building conditions in order to access that area.
Area 1 - East Shore PGE Mineralization
Exploration work is also continuing on the first new area of mineralization referred to as Area 1. PGE mineralization within this area along the eastern side of the SKI and within the adjacent anorthositic rocks on the East Shore Property was previously reported in the Company's February 5, 2013 press release. The near term focus is to compile and analyze the geological and assay data from both drilling as well as surface mapping and sampling in order to determine the nature and geometry of this mineralization, which is unusual in that it is highly enriched in PGEs relative to copper.
Ongoing Exploration Program
Duluth is continuing with an extensive exploration program for the remainder of 2013. The spring season will see a reduction in drilling activity as sites become difficult to access due to the spring melt. This press release can also be found on the Company website at http://www.duluthmetals.com.
About the Sampling
Duluth Metals adheres to a rigorous QA/QC program as a part of sampling procedures throughout the drill program. Duplicate, blank, and reference standards are inserted into the sample stream prior to submittal the laboratory. Half core samples are crushed and pulverized at ALS Minerals in Thunder Bay, Ontario, and then shipped to its analytical facilities in Vancouver, British Columbia. Samples are analyzed for Au, Pt, and Pd using a 30 gram fire assay with an ICP-AES finish, and for Cu, Ni, and other trace elements using a four acid (near total) digestion and a combination of ICP-MS and ICP-AES finishes. Overlimits are re-analyzed using sodium peroxide fusion, acid dissolution, followed by an ICP-MAES finish. The remaining half core samples are stored in Minnesota.
Phillip Larson, P. Geo. is the Qualified Person for Duluth Metals and Senior Geologist for Duluth Metals, in accordance with NI 43-101 of the Canadian Securities Administrators, and is responsible for Duluth Metal's technical content of this press release and quality assurance of the exploration data and analytical results.
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.
This press release contains forward-looking statements (including "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other things, the results of drilling operations of Duluth Metals and exploration and mine development. Generally, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Duluth Metals has relied on a number of assumptions and estimates in making such forward-looking statements, including, without limitation, the prices of copper, nickel and platinum group metals (PGMs) and the costs associated with continuing exploration and mining development. Such assumptions and estimates are made in light of the trends and conditions that are considered to be relevant and reasonable based on information available and the circumstances existing at this time. A number of risk factors may cause actual results, level of activity, performance or outcomes of such exploration and/or mine development to be materially different from those expressed or implied by such forward-looking statements including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the possibility of changes to project parameters as plans continue to be refined, the ability to execute planned exploration and future drilling programs, possible variations of copper, nickel and PGM grade or recovery rates, the need for additional funding to continue exploration efforts, changes in general economic, market and business conditions, and those other risks set forth in Duluth Metals' most recent annual information form under the heading "Risk Factors" and in its other public filings. Statements related to "reserves" and "resources" are deemed forward-looking statements as they involve the implied assessment, based on realistically assumed and justifiable technical and economic conditions, that an inventory of mineralization will become economically extractable. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Duluth Metals. Although Duluth Metals has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof. Duluth Metals 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. The forward-looking statements contained herein are expressly qualified by this disclaimer.
Cautionary Note to United States Investors Concerning Estimates of Indicated and Inferred Mineral Resources
This press release uses the terms "Indicated Mineral Resources" and "Inferred Mineral Resources" in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Definition Standards. While such terms are recognized under Canadian securities legislation, the United States Securities and Exchange Commission does not recognize these terms. The term "Inferred Mineral Resource" refers to a mineral resource for which quantity and grade or quality can be estimated on the basis of geological evidence and limited sampling and reasonably assumed, but not verified, geological and grade continuity. These estimates are based on limited information and it cannot be assumed that all or any part of an "Inferred Mineral Resource" will be upgraded to a higher classification resource, such as "Indicated" or "Measured", as a result of continued exploration. Accordingly, an estimate relating to an "Inferred Mineral Resource" is insufficient to allow meaningful application of technical and economic parameters or to enable an evaluation of economic viability. Under Canadian securities legislation, estimates of an "Inferred Mineral Resource" may not form the basis of feasibility or other economic studies. Investors are cautioned not to assume that all or any part of an "Inferred Mineral Resource" is economically or legally mineable. Investors are also cautioned not to assume that all or any part of "Indicated" will ever be converted into "Mineral Reserves" (being the economically mineable part of an "Indicated" or "Measured Mineral Resource").
Image with caption: "Figure 1 - Project Area Location, Bedrock Geology and Resources Map (CNW Group/Duluth Metals Limited)". Image available at: http://photos.newswire.ca/images/download/20130320_C6455_PHOTO_EN_24669.jpg
SOURCE: Duluth Metals Limited
For further information:
Vice President Investor Relations and Corporate Communications
Telephone: +1(416)369-1500 ext. 222
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