Duluth Metals expands Nokomis resource to 550 million indicated tonnes and
274 million inferred tonnes
The new Nokomis Resource Estimate now contains 550 million tonnes of Indicated Resources grading 0.639% copper, 0.200% nickel, 0.660 grams per tonne TPM (TPM = Pt + Pd + Au) for a copper equivalent (CuEq) grade of 1.51%, plus an additional 274 million tonnes of Inferred Resources grading 0.632% copper, 0.207% nickel, 0.685 grams per tonne TPM for a CuEq grade of 1.53% (see Table footnotes for an explanation of the copper equivalent formula).
This
Furthermore,
The updated Resource Estimate used a 1% copper equivalent cut-off grade to define the resource model. A table of the new tonnes and grades for various cut-offs is shown below. Based on
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Duluth Metals Limited Nokomis Deposit, Minnesota
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Indicated Resources(1-11)
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Cut-off Tonnes Cu Ni Co Au Pt Pd TPM CuEq
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Grade (000's) % % % g/t g/t g/t g/t %
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1.0% CuEq 550,038 0.639 0.200 0.010 0.092 0.176 0.392 0.660 1.51
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0.5% Cu 482,438 0.666 0.206 0.010 0.098 0.188 0.420 0.706 1.57
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0.6% Cu 327,847 0.719 0.216 0.011 0.110 0.216 0.482 0.808 1.69
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0.7% Cu 157,803 0.797 0.231 0.011 0.127 0.256 0.567 0.950 1.87
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0.8% Cu 59,958 0.886 0.242 0.011 0.149 0.307 0.676 1.132 2.07
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Inferred Resources(1-11)
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Cut-off Tonnes Cu Ni Co Au Pt Pd TPM CuEq
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Grade (000's) % % % g/t g/t g/t g/t %
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1.0% CuEq 273,835 0.632 0.207 0.010 0.091 0.185 0.409 0.685 1.53
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0.5% Cu 252,000 0.648 0.210 0.010 0.094 0.192 0.424 0.710 1.57
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0.6% Cu 158,651 0.700 0.218 0.010 0.109 0.227 0.499 0.835 1.69
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0.7% Cu 63,846 0.785 0.229 0.010 0.131 0.278 0.601 1.010 1.88
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0.8% Cu 20,275 0.865 0.239 0.010 0.134 0.307 0.657 1.098 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.
11. There is no information available on silver recoveries for the
Nokomis Deposit; these recoveries would be needed to include silver
in the CuEq determination.
On a contained metal basis, Duluth Metals currently holds one of the largest Copper-Nickel-PGM sulphide deposits in the world with the Nokomis Deposit. The seven contained metals in the expanded resource are as follows:
CONTAINED METALS IN EXPANDED NOKOMIS RESOURCE*
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METAL INDICATED RESOURCE INFERRED RESOURCE
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Copper 7.75 Billion lbs. 3.82 Billion lbs.
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Nickel 2.43 Billion lbs. 1.25 Billion lbs.
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Cobalt 121.26 Million lbs. 60.37 Million lbs.
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Platinum 3.11 Million ozs. 1.63 Million ozs.
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Palladium 6.93 Million ozs. 3.60 Million ozs.
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Gold 1.63 Million ozs. 0.80 Million ozs.
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Silver 37.42 Million ozs. 18.10 Million ozs.
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* Based on resources estimated at 1.0% copper equivalent
cut-off grade.
"This new Resource Estimate on Nokomis has significantly increased the grade, tonnage, and contained metal in the deposit. The infill and step-out drilling confirm the continuous nature of the mineralization within the deposit and there is definite potential for the mineralization to extend outside of the currently defined resource block", stated
A map showing the Indicated and Inferred resource regions for the third Nokomis Deposit Resource Estimate can be found on the Company website at www.duluthmetals.com under this press release.
The Resource Estimate contains all of Duluth Metals in-fill and step-out drill holes (155) as well as all (67) of its wedge holes from the 2006-2009 drill programs. Half core samples were prepared at ALS Chemex Ltd. Laboratories in Thunder Bay and then shipped to its analytical facilities in
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 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.
For further information: Mara Strazdins, Director of Corporate Communications, at [email protected] or at (416) 369-1500; or Henry Sandri, President and CEO, at [email protected]. The telephone number for the Minnesota corporate office is (651) 389-9990. Web Page: www.duluthmetals.com
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