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Duluth Metals Limited Inc.

Publié le 17 mai 2010

Hits 2.6% Copper Equivalent Over 125 Feet at Nokomis

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

Re:        News Release - Monday, May 17, 2010
Title:     Duluth Metals Hits 2.6% Copper Equivalent Over 125 Feet at Nokomis


TORONTO, Ontario, May 17, 2010 -- Duluth Metals Limited ("Duluth Metals") (TSX: DM) (TSX:DM.U) today announced results for six holes drilled in the 2010 Drilling Program on the Nokomis Deposit, Ely Minnesota. All holes intersected significant intersections with MEX-167 returning 125 feet of 1.037% copper, 0.311% nickel, 3.6 g/t silver and 1.501 grams per tonne (g/t) Total Precious Metals (TPM = Platinum+Palladium+Gold) (Cu Equivalent* of 2.586%) including a 55 foot section of 1.273% copper, 0.401% nickel, 4.6 g/t silver and 2.140 g/t TPM (Cu Equivalent* of 3.362%).

Drill hole MEX-167 is located within the Central Area Higher Grade Zone which was highlighted in the most recent NI 43-101 Resource Estimate dated December 2009. Two additional drill holes, MEX-165 and 168 are located in the northern vicinity of the Central Area Higher Grade Zone. Previously reported higher grade holes in close proximity to MEX-167 include MEX-142-W2 (see press release Dec. 4, 2008) which intersected 24.5 feet of 1.084% copper, 0.296% nickel and 1.715 g/t TPM (Cu Equivalent* of 2.664%) within a 157.5 foot section of 0.740% copper, 0.219% nickel, and 1.114 g/t TPM (Cu Equivalent* of 1.856%); and MEX-109 (see press release July 10, 2008) which intersected 40.0 feet of 0.955% copper, 0.278% nickel, 1.527 g/t TPM and 3.9 g/t silver (Cu Equivalent* of 2.40%) within a 155.0 foot section of 0.828% copper, 0.247% nickel, 1.089 g/t TPM and 3.2 g/t silver (Cu Equivalent* of 2.00%).

In addition, assay results from MEX-166, located approximately 250 feet east of the current NI 43-101 outline of the Eastern Area Higher Grade Zone, indicate the potential extension of this zone to the east. Mex-166 returned 30 feet of 1.239% copper, 0.291% nickel, 4.8 g/t Ag and 1.577 g/t TPM (Cu Equivalent of 2.703%) within a 170 foot section of 0.853% copper, 0.229% nickel, 3.3 g/t Ag and 1.028 g/t TPM (Cu Equivalent* of 1.936%).

A map illustrating the location of these six drill holes can be found on the Company website under this press release at www.duluthmetals.com.

View PDF or Click to Enlarge

A more detailed summary of the assay results for MEX-162, 163, 165, 166, 167 and 168 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) CU-EQ* (%)
                 
MEX-162 @0.3% Cu cut-off 2778 2843 65 0.678 0.188 0.806 1.568
  @0.5% Cu cut-off 2778 2828 50 0.764 0.215 0.929 1.782
  including 2778 2793 15 1.100 0.296 1.419 2.531
  @0.3% Cu cut-off 2878 2903 25 0.379 0.086 0.374 0.789
                 
MEX-163 @0.3% Cu cut-off 2187 2372 185 0.633 0.176 0.608 1.406
  @0.5% Cu cut-off 2187 2347 160 0.665 0.186 0.632 1.477
  including 2262 2272 10 1.109 0.249 1.099 2.310
  @0.3% Cu cut-off 2402 2472 70 0.433 0.103 0.382 0.894
  @0.3% Cu cut-off 2502 2522 20 0.440 0.139 0.531 1.084
                 
MEX-165 @0.5% Cu cut-off 3372 3412 40 0.733 0.218 1.287 1.904
                 
MEX-166 @0.3% Cu cut-off 3868 4038 170 0.853 0.229 1.028 1.936
  @0.5% Cu cut-off 3868 4028 160 0.881 0.237 1.062 1.999
  including 3903 3933 30 1.239 0.291 1.577 2.703
                 
MEX-167 @0.3% Cu cut-off 3733 3858 125 1.037 0.311 1.501 2.586
  @0.5% Cu cut-off 3733 3853 120 1.064 0.320 1.547 2.657
  including 3733 3788 55 1.273 0.401 2.140 3.362
  and 3828 3848 20 1.197 0.359 1.416 2.856
                 
MEX-168 @0.3% Cu cut-off 3283 3423 140 0.643 0.170 0.652 1.413
  @0.5% Cu cut-off 3288 3398 110 0.685 0.184 0.689 1.509
  including 3313 3323 10 1.110 0.283 1.101 2.394
  @0.5% Cu cut-off 3488 3493 5 0.969 0.592 1.398 3.259
  @0.5% Cu cut-off 3533 3538 5 1.810 0.145 0.956 2.556

Complete gold, platinum, palladium and silver assays for MEX-162, 163, 165, 166, 167 and 168 are as follows:

HOLE ZONE FROM (feet) TO (feet) LENGTH (feet) GOLD (g/t) PLATINUM (g/t) PALLADIUM (g/t) SILVER (g/t)
                 
MEX-162 @0.3% Cu cut-off 2778 2843 65 0.143 0.212 0.451 2.1
  @0.5% Cu cut-off 2778 2828 50 0.168 0.244 0.517 2.4
  including 2778 2793 15 0.349 0.320 0.751 3.6
  @0.3% Cu cut-off 2878 2903 25 0.065 0.098 0.211 1.5
                 
MEX-163 @0.3% Cu cut-off 2187 2372 185 0.091 0.158 0.360 2.1
  @0.5% Cu cut-off 2187 2347 160 0.095 0.165 0.373 2.3
  including 2262 2272 10 0.219 0.317 0.564 3.6
  @0.3% Cu cut-off 2402 2472 70 0.056 0.093 0.233 1.7
  @0.3% Cu cut-off 2502 2522 20 0.117 0.161 0.252 1.6
                 
MEX-165 @0.5% Cu cut-off 3372 3412 40 0.148 0.360 0.779 3.0
                 
MEX-166 @0.3% Cu cut-off 3868 4038 170 0.135 0.245 0.648 3.3
  @0.5% Cu cut-off 3868 4028 160 0.139 0.253 0.670 3.4
  including 3903 3933 30 0.303 0.345 0.929 4.8
                 
MEX-167 @0.3% Cu cut-off 3733 3858 125 0.160 0.441 0.901 3.6
  @0.5% Cu cut-off 3733 3853 120 0.164 0.454 0.929 3.7
  including 3733 3788 55 0.202 0.656 1.282 4.6
  and 3828 3848 20 0.141 0.420 0.855 4.3
                 
MEX-168 @0.3% Cu cut-off 3283 3423 140 0.081 0.166 0.405 2.2
  @0.5% Cu cut-off 3288 3398 110 0.084 0.174 0.431 2.4
  including 3313 3323 10 0.145 0.283 0.674 3.5
  @0.5% Cu cut-off 3488 3493 5 0.029 0.294 1.075 1.3
  @0.5% Cu cut-off 3533 3538 5 0.134 0.124 0.698 1.8

"The focus of the current program is infill drilling as well as drill testing the possible extension of the Eastern Area Higher Grade Zone. Mex-167 is an outstanding hole and helps to shape one of our main higher grade zones, known as the Central Area Higher Grade Zone in the south-central portion of Nokomis", stated Dr. Henry J. Sandri, President and CEO of Duluth Metals. "In addition, Mex-166 certainly will build high value tonnage in the Eastern Area Higher Grade Zone as the assay results indicate the possible expansion of this area."

For the 2010 Drill Program, half core samples are being 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.

*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.

Duluth Metals is continuing to work on completing the definitive shareholders agreement with Antofagasta plc which is expected to be signed by the end of June. In addition both companies are progressing with organizational issues relating to the joint venture which was announced on January 14, 2010.

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. On January 14, 2010, Duluth announced the signing of a binding heads of agreement with Antofagasta plc on a joint venture development of the Nokomis Deposit. 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

View News Release in PDF Format:
http://www.duluthmetals.com/i/pdf/2010-05-17_NR.pdf
88 KB in size, approx. 17 seconds to download at 56.6Kbps

Copyright � 2010 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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TORONTO (DM.TO)FRANKFURT (AZK.F)
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