2008-08-14 06:30:00
TORONTO, Aug. 14 /EMWNews/ - Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX:DM.U) today announced significant new assays for seven infill holes drilled on the Nokomis Deposit located near Ely, Minnesota. Hole MEX-126 returned an impressive 5 foot section grading 4.40% copper and 2.627 grams per tonne (g/t) of Total Precious Metals (TPM = Platinum+Palladium+Gold) (Cu Equivalent* of 6.87%) within 29.5 feet of 1.192% copper, 0.148% nickel and 0.880 g/t TPM (Cu Equivalent* of 2.04%). Other highlights include hole MEX-121 which intersected 230.9 feet of 0.669% copper, 0.223% nickel, 0.446 g/t TPM and 2.3 g/t silver (Cu Equivalent* of 1.52%), which included 34.4 feet of 0.871% copper, 0.314% nickel, 0.671 g/t TPM and 3.0 g/t silver (Cu Equivalent* of 2.08%). In addition to the above, the infill drilling intersected mineralized sections ranging from approximately 15.0 to 398.6 feet as per the detailed table further in this press release and includes the following additional significant intersections:
- MEX-118 intersected 14.6 feet of 0.859% copper, 0.299% nickel and 0.912 g/t TPM (Cu Equivalent* of 2.11%). - MEX-120 intersected 132.9 feet of 0.633% copper, 0.180% nickel and 0.915 g/t TPM (Cu Equivalent* of 1.55%), including 24.6 feet of 0.855% copper, 0.226% nickel and 1.197 g/t TPM (Cu Equivalent* of 2.03%). - MEX-123 intersected 15.0 feet of 1.143% copper, 0.420% nickel and 0.935 g/t TPM (Cu Equivalent* of 2.77%). - MEX-125 intersected 398.6 feet of 0.511% copper, 0.170% nickel and 0.399 g/t TPM (Cu Equivalent* of 1.18%), including 88.6 feet of 0.663% copper, 0.233% nickel and 0.642 g/t TPM (Cu Equivalent* of 1.61%) as well as 44.2 feet of 0.706% copper, 0.222% nickel and 0.519 g/t TPM (Cu Equivalent* of 1.59%). - MEX-126 intersected 39.3 feet of 0.970% copper, 0.121% nickel and 0.735 g/t TPM (Cu Equivalent* of 1.67%). *Note to Reader: 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 - $350/0z 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 January 22, 2008, NI 43-101Scoping Study produced by Scott Wilson Roscoe Postle Associates. "This latest infill drilling confirms continued mineralization throughout the Nokomis Deposit as well as shorter higher grade intervals within our wide zones of mineralization. We are moving into the pre-feasibility and mine planning stage of the Nokomis Deposit and the infill drilling program results will be continuously incorporated into the upcoming studies." stated Dr. Henry J. Sandri, President and CEO of Duluth. A more detailed summary of the assay results for holes MEX-118 to 126 can be found in the table below. True width is estimated at about 90% of core length. HOLE ZONE FROM TO LENGTH COPPER NICKEL TPM* (feet) (feet) (feet) (%) (%) * (g/t) MEX-118 Total Mineralized 2613.6 2805.4 191.8 0.336 0.106 0.313 Interval @0.5% Cu cut-off 2613.6 2628.2 14.6 0.859 0.299 0.912 @0.3% Cu cut-off 2647.9 2692.3 44.4 0.472 0.143 0.438 @0.5% Cu cut-off 2652.9 2677.4 24.5 0.539 0.165 0.496 @0.3% Cu cut-off 2721.8 2751.3 29.5 0.419 0.172 0.367 @0.3% Cu cut-off 2790.7 2805.4 14.7 0.524 0.073 0.482 MEX-119 Total Mineralized 2603 2793 190 0.364 0.124 0.468 Interval @0.5% Cu cut-off 2698 2768 70 0.555 0.182 0.826 @0.5% Cu cut-off 2848 2868 20 0.562 0.031 0.081 MEX-120 @0.3% Cu cut-off 3271.8 3508 236.2 0.544 0.155 0.770 @0.5% Cu cut-off 3286.5 3419.4 132.9 0.633 0.180 0.915 including 3345.6 3370.2 24.6 0.855 0.226 1.197 MEX-121 @0.3% Cu cut-off 1162.1 1393 230.9 0.669 0.223 0.446 @0.5% Cu cut-off 1162.1 1378 215.9 0.690 0.228 0.464 including 1226.1 1260.5 34.4 0.871 0.314 0.671 @0.5% Cu cut-off 1595 1614.9 19.9 0.843 0.272 0.567 MEX-123 Total Mineralized 2493 2803 310 0.384 0.150 0.334 Interval @0.3% Cu cut-off 2493 2578 85 0.400 0.110 0.320 @0.3% Cu cut-off 2613 2803 190 0.423 0.185 0.380 including 2718 2733 15 1.143 0.420 0.935 MEX-125 @0.3% Cu cut-off 1122.7 1521.3 398.6 0.511 0.170 0.399 @0.5% Cu cut-off 1122.7 1211.3 88.6 0.663 0.233 0.642 @0.5% Cu cut-off 1314.7 1349 34.3 0.550 0.172 0.384 @0.5% Cu cut-off 1383.6 1427.8 44.2 0.706 0.222 0.519 MEX-126 @0.3% Cu cut-off 3356.4 3376.1 19.7 0.617 0.157 0.643 @0.5% Cu cut-off 3356.4 3371.2 14.8 0.709 0.184 0.740 @0.3% Cu cut-off 3572.9 3641.8 68.9 0.476 0.120 0.510 @0.5% Cu cut-off 3587.7 3622.1 34.4 0.592 0.155 0.667 @0.3% Cu cut-off 3740.2 3779.5 39.3 0.970 0.121 0.735 @0.5% Cu cut-off 3740.2 3769.7 29.5 1.192 0.148 0.880 including 3759.8 3764.8 5 4.400 0.366 2.627 *Total Precious Metals = Platinum+Palladium+Gold Complete gold, platinum, and palladium assays for MEX-118, 119, 120, 121, 123, 125, and 126 are as follows: PALLA- HOLE ZONE FROM TO LENGTH GOLD PLATINUM DIUM (feet) (feet) (feet) (g/t) (g/t) (g/t) MEX-118 Total Mineralized 2613.6 2805.4 191.8 0.043 0.078 0.191 Interval @0.5% Cu cut-off 2613.6 2628.2 14.6 0.073 0.230 0.610 @0.3% Cu cut-off 2647.9 2692.3 44.4 0.072 0.100 0.266 @0.5% Cu cut-off 2652.9 2677.4 24.5 0.083 0.109 0.304 @0.3% Cu cut-off 2721.8 2751.3 29.5 0.053 0.100 0.214 @0.3% Cu cut-off 2790.7 2805.4 14.7 0.086 0.117 0.279 MEX-119 Total Mineralized 2603 2793 190 0.060 0.125 0.283 Interval @0.5% Cu cut-off 2698 2768 70 0.103 0.222 0.500 @0.5% Cu cut-off 2848 2868 20 0.015 0.015 0.052 MEX-120 @0.3% Cu cut-off 3271.8 3508 236.2 0.102 0.222 0.446 @0.5% Cu cut-off 3286.5 3419.4 132.9 0.109 0.272 0.533 including 3345.6 3370.2 24.6 0.174 0.355 0.668 MEX-121 @0.3% Cu cut-off 1162.1 1393 230.9 0.071 0.111 0.263 @0.5% Cu cut-off 1162.1 1378 215.9 0.074 0.116 0.275 including 1226.1 1260.5 34.4 0.092 0.156 0.423 @0.5% Cu cut-off 1595 1614.9 19.9 0.095 0.135 0.338 MEX-123 Total Mineralized 2493 2803 310 0.043 0.083 0.208 Interval @0.3% Cu cut-off 2493 2578 85 0.056 0.077 0.187 @0.3% Cu cut-off 2613 2803 190 0.041 0.096 0.243 including 2718 2733 15 0.101 0.223 0.610 MEX-125 @0.3% Cu cut-off 1122.7 1521.3 398.6 0.080 0.096 0.223 @0.5% Cu cut-off 1122.7 1211.3 88.6 0.170 0.138 0.334 @0.5% Cu cut-off 1314.7 1349 34.3 0.062 0.101 0.222 @0.5% Cu cut-off 1383.6 1427.8 44.2 0.078 0.141 0.300 MEX-126 @0.3% Cu cut-off 3356.4 3376.1 19.7 0.071 0.168 0.404 @0.5% Cu cut-off 3356.4 3371.2 14.8 0.072 0.199 0.469 @0.3% Cu cut-off 3572.9 3641.8 68.9 0.073 0.135 0.302 @0.5% Cu cut-off 3587.7 3622.1 34.4 0.099 0.171 0.397 @0.3% Cu cut-off 3740.2 3779.5 39.3 0.121 0.278 0.335 @0.5% Cu cut-off 3740.2 3769.7 29.5 0.146 0.340 0.394 including 3759.8 3764.8 5 0.448 1.340 0.839 All assay data is rounded to the nearest significant digit. A "MEX 118-126 Location Map" highlighting these holes as well as other holes discussed in this release can be found on our Company website at http://www.duluthmetals.com. For the 2008 drill program, half core samples have been prepared at ALS Chemex Ltd. laboratories in Thunder Bay and then shipped to its analytical facilities in Vancouver. Samples are being analyzed for Au, Pt, and Pd using a standard fire assay with an ICP finish and for 27 other elements using a four acid (near total) digestion and a combination of ICPMS and ICPAES. ICP over limits were re-analyzed using sodium peroxide fusion, acid dissolution followed by ICPAES. The remaining half core samples are being stored in Minnesota. Currently four drills are turning on the property and the Company is anticipating commencement of the Pre-feasibility Study in the near future. David Oliver, P. Geo. and Duluth Project Manager is the Qualified Person, 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 Nokomis Deposit 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.
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