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Duluth Metals Limited Inc.

Publié le 04 décembre 2008

continues to receive wide significant mineralized intersections on Nokomis Deposit drilling

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Mots clés associés :   Cobalt | Copper | Nickel | Palladium | Precious Metals |

Re:        News Release - Thursday, December 04, 2008
Title:     Duluth Metals Continues To Receive Wide Significant Mineralized Intersections On Nokomis Deposit Drilling

TORONTO, Ontario, December 4, 2008 -- Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX:DM.U) today announced significant new assays for 15 holes drilled in the Nokomis Deposit located near Ely, Minnesota. Of particular interest, Hole MEX-141, has expanded the Eastern High Grade Corridor (see October 27, 2008 press release) to the south-west, intersecting a 35.0 foot section of 1.201% copper, 0.436% nickel, and 1.468 grams per tonne (g/t) Total Precious Metals (TPM = Platinum+Palladium+Gold) (Cu Equivalent* of 3.074%) within 170 feet of 0.779% copper, 0.246% nickel and 1.146 g/t TPM (Cu Equivalent* of 1.968%).

In addition, results from seven holes, MEX-130, 134, 139, 142, 147, 151 and 152 has extended the central part of the Nokomis Deposit down dip. Hole MEX-147 intersected 110.0 feet of 1.060% copper, 0.315% nickel, and 1.100 g/t TPM (Cu Equivalent* of 2.440%) within 125 feet of 1.012% copper, 0.293% nickel and 1.030 g/t TPM (Cu Equivalent* of 2.301%). MEX-142-W2 intersected 157.5 feet of 0.740% copper, 0.219% nickel, and 1.114 g/t TPM (Cu Equivalent* of 1.856%), including a 24.5 foot section of 1.084% copper, 0.296% nickel and 1.715 g/t TPM (Cu Equivalent* of 2.664%). MEX-130 intersected 29.6 feet of 0.760% copper, 0.181% nickel and 0.910 g/t TPM (Cu Equivalent* of 1.670%), including 9.9 feet of 1.242% copper, 0.272% nickel and 1.410 g/t TPM (Cu Equivalent* of 2.629%).

Seven other in-fill holes, MEX-132, 140, 143, 146, 148, 149, and 150, drilled in the north-west sector of the Nokomis Deposit continue to intersect wide mineralized sections averaging about 350 feet in thickness, amenable to underground bulk tonnage mining methods. Highlights from the drilling include: MEX-132 intersected 185.0 feet of 0.727% copper, 0.230% nickel and 0.635 g/t TPM (Cu Equivalent* of 1.706%), including 35.0 feet of 1.129% copper, 0.347% nickel and 1.119 g/t TPM (Cu Equivalent* of 2.781%); MEX-140 intersected 424.1 feet of 0.656% copper, 0.187% nickel and 0.432 g/t TPM (Cu Equivalent* of 1.359%), including 63.9 feet of 1.045% copper, 0.280% nickel and 0.703 g/t TPM (Cu Equivalent* of 2.166%); MEX-146 intersected 340.5 feet of 0.536% copper, 0.182% nickel and 0.384 g/t TPM (Cu Equivalent* of 1.244%), including 44.3 feet of 0.775% copper, 0.248% nickel and 0.536 g/t TPM (Cu Equivalent* of 1.735%); MEX-148 intersected 354.2 feet of 0.610% copper, 0.191% nickel and 0.462 g/t TPM (Cu Equivalent* of 1.374%), including 181.9 feet of 0.739% copper, 0.234% nickel and 0.584 g/t TPM (Cu Equivalent* of 1.680%) and 14.6 feet of 1.165% copper, 0.343% nickel and 0.865 g/t TPM (Cu Equivalent* of 2.546%); MEX-149 intersected 369.9 feet of 0.546% copper, 0.159% nickel and 0.338 g/t TPM (Cu Equivalent* of 1.165%), including 50.2 feet of 0.900% copper, 0.248% nickel and 0.607 g/t TPM (Cu Equivalent* of 1.884%).

*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.

A complete assay table of all drill holes is provided further in this press release.

The final two holes in the 2008 drilling program are currently awaiting assay results and are expected by year-end. Duluth Metals completed its 2008 drilling program last month and released its last rig in November.

"We continue to intersect wide consistent mineralized sections with our infill drilling, extend our deposit down dip to the south, and expand our Eastern High Grade Corridor. We have a strong cash position and will continue to move the project forward in a reasonable manner while prudently managing our cash", stated Dr. Henry J. Sandri, President and CEO of Duluth Metals. "Even in these times of market turbulence, our new Nokomis Deposit Scoping Study, (see press release dated November 25, 2008) indicates that the Nokomis Project model, which uses current metal market pricing, projects positive economic returns in today's difficult metal price environment."

A more detailed summary of the assay results for holes MEX-130 to 152 inclusive can be found in the table below. True width is estimated at about 90% of core length.

HOLE

ZONE

FROM (feet)

TO (feet)

LENGTH (feet)

COPPER (%)

NICKEL (%)

TPM* (g/t)

MEX-130

Total Min. Interval

3759.8

3882.9

123.1

0.448

0.103

0.483


@0.3% Cu cut-off

3759.8

3843.6

83.8

0.533

0.122

0.572


@0.5% Cu cut-off

3759.8

3789.4

29.6

0.760

0.181

0.910


including

3779.5

3789.4

9.9

1.242

0.272

1.410









MEX-132

@0.3% Cu cut-off

2253

2438

185

0.727

0.230

0.635


@0.5% Cu cut-off

2258

2343

85

0.923

0.295

0.814


including

2268

2303

35

1.129

0.347

1.119


@0.5% Cu cut-off

2383

2433

50

0.713

0.223

0.637









MEX-134-W1

@0.3% Cu cut-off

3902.6

4035.4

132.8

0.459

0.112

0.463









MEX-139-W1

@0.3% Cu cut-off

3813

3963

150

0.623

0.180

0.683


including

3848

3853

5

1.255

0.386

1.658


@0.5% Cu cut-off

3868

3963

95

0.652

0.188

0.693









MEX-140

@0.3% Cu cut-off

816.7

1240.8

424.1

0.656

0.187

0.432


@0.5% Cu cut-off

816.7

1023.4

206.7

0.835

0.238

0.577


including

959.5

1023.4

63.9

1.045

0.280

0.703


@0.5% Cu cut-off

1103

1132.6

29.6

0.629

0.161

0.367









MEX-141

@0.3% Cu cut-off

4032

4202

170

0.779

0.246

1.146


@0.5% Cu cut-off

4032

4192

160

0.809

0.251

1.192


including

4147

4182

35

1.201

0.436

1.468









MEX-142-W2

@0.3% Cu cut-off

3517.8

3675.3

157.5

0.740

0.219

1.114


@0.5% Cu cut-off

3517.8

3626.1

108.3

0.793

0.224

1.208


including

3532.7

3557.2

24.5

1.084

0.296

1.715


@0.5% Cu cut-off

3655.6

3675.3

19.7

0.929

0.331

1.353









MEX-143

Total Min. Interval

619.9

1098.2

478.3

0.422

0.120

0.225


@0.3% Cu cut-off

619.9

847.2

227.3

0.509

0.142

0.275


@0.5% Cu cut-off

624.9

718.3

93.4

0.637

0.175

0.348


@0.3% Cu cut-off

984.9

1078.6

93.7

0.476

0.141

0.259









MEX-146

@0.3% Cu cut-off

1111.9

1452.4

340.5

0.536

0.182

0.384


@0.5% Cu cut-off

1111.9

1156.2

44.3

0.775

0.248

0.536


@0.5% Cu cut-off

1200.5

1254.6

54.1

0.555

0.186

0.429


@0.5% Cu cut-off

1388.4

1447.4

59

0.649

0.202

0.411









MEX-147

@0.3% Cu cut-off

3937

4107

170

0.856

0.246

0.862


@0.5% Cu cut-off

3937

4062

125

1.012

0.293

1.030


including

3937

4047

110

1.060

0.315

1.100









MEX-148

@0.3% Cu cut-off

1314.7

1668.9

354.2

0.610

0.191

0.462


@0.5% Cu cut-off

1314.7

1496.6

181.9

0.739

0.234

0.584


@0.5% Cu cut-off

1531.2

1545.8

14.6

1.165

0.343

0.865









MEX-149

Total Min. Interval

1166.1

1536

369.9

0.546

0.159

0.338


@0.3% Cu cut-off

1166.1

1408.1

242

0.582

0.171

0.348


@0.5% Cu cut-off

1166.1

1285.2

119.1

0.761

0.210

0.467


including

1166.1

1216.3

50.2

0.900

0.248

0.607


@0.5% Cu cut-off

1309.7

1344.2

34.5

0.648

0.231

0.385


@0.3% Cu cut-off

1437.6

1501.6

64

0.719

0.208

0.441


@0.5% Cu cut-off

1442.6

1501.6

59

0.749

0.216

0.460









MEX-150

@0.3% Cu cut-off

1083.4

1422.9

339.5

0.494

0.154

0.334


@0.5% Cu cut-off

1181.8

1265.5

83.7

0.672

0.194

0.483









MEX-151

@0.5% Cu cut-off

4148

4193

45

0.597

0.134

1.050









MEX-152

@0.5% Cu cut-off

4263

4268

5

0.960

0.087

1.237


@0.3% Cu cut-off

4293

4343

50

0.368

0.083

0.674

*Total Precious Metals = Platinum+Palladium+Gold

Complete gold, platinum, and palladium assays for MEX- MEX-130 to 152 inclusive are as follows:

HOLE

ZONE

FROM (feet)

TO (feet)

LENGTH (feet)

GOLD (g/t)

PLATINUM (g/t)

PALLADIUM (g/t)

MEX-130

Total Min. Interval

3759.8

3882.9

123.1

0.063

0.129

0.291


@0.3% Cu cut-off

3759.8

3843.6

83.8

0.075

0.155

0.342


@0.5% Cu cut-off

3759.8

3789.4

29.6

0.118

0.248

0.544


including

3779.5

3789.4

9.9

0.153

0.404

0.852









MEX-132

@0.3% Cu cut-off

2253

2438

185

0.075

0.229

0.331


@0.5% Cu cut-off

2258

2343

85

0.089

0.348

0.377


including

2268

2303

35

0.095

0.617

0.407


@0.5% Cu cut-off

2383

2433

50

0.076

0.175

0.386









MEX-134-W1

@0.3% Cu cut-off

3902.6

4035.4

132.8

0.064

0.128

0.271









MEX-139-W1

@0.3% Cu cut-off

3813

3963

150

0.110

0.164

0.408


including

3848

3853

5

0.492

0.253

0.913


@0.5% Cu cut-off

3868

3963

95

0.111

0.174

0.408









MEX-140

@0.3% Cu cut-off

816.7

1240.8

424.1

0.066

0.112

0.254


@0.5% Cu cut-off

816.7

1023.4

206.7

0.088

0.140

0.348


including

959.5

1023.4

63.9

0.096

0.178

0.429


@0.5% Cu cut-off

1103

1132.6

29.6

0.049

0.114

0.204









MEX-141

@0.3% Cu cut-off

4032

4202

170

0.131

0.296

0.718


@0.5% Cu cut-off

4032

4192

160

0.136

0.309

0.747


including

4147

4182

35

0.158

0.352

0.957









MEX-142-W2

@0.3% Cu cut-off

3517.8

3675.3

157.5

0.125

0.325

0.664


@0.5% Cu cut-off

3517.8

3626.1

108.3

0.134

0.345

0.730


including

3532.7

3557.2

24.5

0.188

0.492

1.036


@0.5% Cu cut-off

3655.6

3675.3

19.7

0.113

0.478

0.762









MEX-143

Total Min. Interval

619.9

1098.2

478.3

0.036

0.057

0.132


@0.3% Cu cut-off

619.9

847.2

227.3

0.042

0.071

0.163


@0.5% Cu cut-off

624.9

718.3

93.4

0.051

0.089

0.207


@0.3% Cu cut-off

984.9

1078.6

93.7

0.045

0.063

0.151









MEX-146

@0.3% Cu cut-off

1111.9

1452.4

340.5

0.064

0.106

0.215


@0.5% Cu cut-off

1111.9

1156.2

44.3

0.093

0.131

0.311


@0.5% Cu cut-off

1200.5

1254.6

54.1

0.071

0.118

0.240


@0.5% Cu cut-off

1388.4

1447.4

59

0.074

0.109

0.229









MEX-147

@0.3% Cu cut-off

3937

4107

170

0.114

0.224

0.524


@0.5% Cu cut-off

3937

4062

125

0.137

0.265

0.628


including

3937

4047

110

0.145

0.284

0.671









MEX-148

@0.3% Cu cut-off

1314.7

1668.9

354.2

0.075

0.122

0.266


@0.5% Cu cut-off

1314.7

1496.6

181.9

0.094

0.154

0.335


@0.5% Cu cut-off

1531.2

1545.8

14.6

0.138

0.232

0.494









MEX-149

Total Min. Interval

1166.1

1536

369.9

0.053

0.087

0.198


@0.3% Cu cut-off

1166.1

1408.1

242

0.058

0.089

0.201


@0.5% Cu cut-off

1166.1

1285.2

119.1

0.079

0.119

0.269


including

1166.1

1216.3

50.2

0.106

0.144

0.357


@0.5% Cu cut-off

1309.7

1344.2

34.5

0.062

0.093

0.230


@0.3% Cu cut-off

1437.6

1501.6

64

0.063

0.114

0.264


@0.5% Cu cut-off

1442.6

1501.6

59

0.066

0.119

0.275









MEX-150

@0.3% Cu cut-off

1083.4

1422.9

339.5

0.054

0.083

0.197


@0.5% Cu cut-off

1181.8

1265.5

83.7

0.082

0.118

0.283









MEX-151

@0.5% Cu cut-off

4148

4193

45

0.145

0.248

0.656









MEX-152

@0.5% Cu cut-off

4263

4268

5

0.396

0.284

0.557


@0.3% Cu cut-off

4293

4343

50

0.087

0.174

0.413


A "MEX-130 to 152 inclusive Drill Hole Map" highlighting these holes as well as other holes discussed in this release can be found on our Company website at 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.

Duluth Metals is debt free with a strong cash position at approximately $14.7 Million as of September 30, 2008. The Company is continuing to focus on the long term development of the Nokomis Deposit which includes geological analysis, mine planning, project optimization and environmental baseline studies required for future permitting.

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.

For further information: please 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. Minnesota corporate office: telephone 651-389-9990.

Web Page: www.duluthmetals.com

Copyright � 2008 DULUTH METALS LIMITED (DM) All rights reserved. For more information visit our website at http://www.duluthmetals.com/ or send email to info@duluthmetals.com ..

Duluth Metals Limited Inc.

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Duluth Metals est une société d’exploration minière de nickel et de palladium basée au Canada.

Duluth Metals est en développement de projets de nickel, de palladium, de cobalt, de cuivre, d'or, de platine et de plomb en USA, et détient divers projets d'exploration au Canada.

Son principal projet en développement est BIRCH LAKE en USA et son principal projet en exploration est NOKOMIS au Canada.

Duluth Metals est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 63,1 millions CA$ (50,9 millions US$, 44,8 millions €).

La valeur de son action a atteint son plus haut niveau récent le 31 décembre 2007 à 4,07 CA$, et son plus bas niveau récent le 31 octobre 2014 à 0,06 CA$.

Duluth Metals possède 141 880 000 actions en circulation.

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Communiqués de Presse de Duluth Metals Limited Inc.
16/12/2014commences mailout of management information circular for arr...
03/12/2014Granted Interim Order For Arrangement
10/11/2014completes initial tranche of private placement with Antofaga...
03/10/2014(Minnesota Project)Files NI 43-101 Pre-feasibility Study Technical Report on th...
02/06/2014Annual General Meeting to be Held at 10:00 AM EDT June 9th a...
26/02/2014Announces Increased Tonnage, Metal Content and an Upgraded M...
04/09/2013Announces High Grade Nickel Intercepts Indicative of New Con...
06/08/2013Announces Discovery Immediately Southeast of Teck's Mesaba P...
18/06/2013Announces 2013 Annual Shareholders' Meeting Voting Results
07/06/2013Annual General Meeting to be Held at 10:00 AM EDT June 13th ...
10/04/2013Announces Closing of CDN $30 Million Convertible Debenture F...
16/10/2012Announces Mobilization of a Third Drill Rig on Exploration ...
01/10/2012announces closing of US$10 million loan financing with A...
13/06/2012Announces New AMEC NI 43-101 Technical Report Confirming Sig...
14/05/2012(Minnesota Project)Highlights 116.5 feet of 1.32 g/t Total Precious Metals and ...
23/04/2012Announces 30 feet of 2.11 g/t Total Precious Metals and 94 f...
21/03/2012Announces Twin Metals Frame-of-Reference for Bechtel Led Pre...
17/01/2012Announces 40 feet of 2.67 g/t Total Precious Metals on Lates...
31/08/2011Completes Transfer of Franconia Minerals Assets into Twin ...
18/08/2011Information Bulletin Re Dividend of Special Warrants to its ...
02/08/2011Commences Drilling Program on Platinum Targets on the Land ...
28/07/2011Announces Dividend of Special Warrants of Duluth Exploration...
09/06/2011Announces 34.5 feet at 2.82% CuEq from Twin Metals New Drill...
07/06/2011Annual and Special Meeting to be Held June 15th at One King ...
03/03/2011Franconia Minerals Shareholders Approve Arrangement with Dul...
09/08/2010Last Week's Events
08/06/2010Annual And Special Meeting To Be Held At The Toronto Board O...
18/11/2009Nominated for Mining Journal's Exploration Award
30/10/2009Confirms 12 Million Indicated Ounces And 6 Million Inferred ...
18/08/2009Hole Hits Mineralization 900 Meters Southwest Of Defined Bou...
16/06/2009expands exploration land holdings in the Duluth Complex
10/09/2008Progress Report On The Nokomis Deposit
14/08/2008Continues Infill Drilling On The Nokomis Deposit
21/05/2008Announces Early Warrant Exercise
25/03/2008 Presents At John Tumazos Very Independent Research, Llc Met...
04/03/2008 Hits Higher Grade Mineralization In Eastern Area
19/02/2008options key infrastructure land parcel
05/09/2007new drill results confirm increased mineralization to Nokomi...
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