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Duluth Metals Limited Inc.

Publié le 11 décembre 2009

Receives NI 43-101 Report and Updated Resource Estimate for the Nokomis Deposit

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Mots clés associés :   Canada | Cobalt | Copper | Nickel | Palladium |

Re:        News Releases - Friday, December 11, 2009
Title:     Duluth Metals Receives NI 43-101 Report and Updated Resource Estimate for the Nokomis Deposit

TORONTO, Ontario, December 11, 2009 -- Duluth Metals Limited ("Duluth") (TSX: DM) (TSX:DM.U) today announces the receipt of an independent NI 43-101 compliant report completed by Scott Wilson Roscoe Postle Associates Inc. (Scott Wilson RPA) entitled "Technical Report on the Resource Estimate for the Nokomis Deposit on the Nokomis Property, Minnesota, USA". The report, which has been filed on SEDAR (www.sedar.com), updates the previous NI 43-101 compliant resource estimate and defines six higher-grade areas within this expanded resource. These higher-grade areas will be the focus of future mine planning, including any potential early sequencing that could improve the payback of the capital investment.

The six higher-grade areas are all contained within the current mineral resource. The three highest grade areas (Western, Eastern and Central) have a cumulative total of 92 million tonnes of Indicated Resources at an average grade of 1.80 CuEq%(copper equivalent grade) using a 1.0% CuEq cut-off grade. In addition, these three areas contain a combined 22 million tonnes of Inferred Resources at an average grade of 1.81 CuEq%, also using a 1.0% CuEq cut-off grade. The other higher grade areas (A, B and C) have a combined total of approximately 48 million tonnes of Indicated Resources at an average grade of 1.75% CuEq using a 1.0% CuEq cutoff grade and an additional 12 million tonnes of Inferred Resources at an average grade of 1.68% CuEq using a 1.0% CuEq cutoff grade. Together, the six higher-grade areas total approximately140 million tonnes of Indicated Resources and an additional 34 million tonnes of Inferred Resources. These totals are significant in relation to the projected 14 million tonnes per year (40,000 tonnes per day) of annual throughput contemplated in the Scott Wilson RPA NI 43-101 Preliminary Assessment dated January 2009.

The six higher-grade areas are shown in the Figure below which can also be viewed at www.duluthmetals.com by navigating to this press release.



Christopher Moreton, Ph.D., P.Geo. and Richard Routledge M.Sc., P.Geo, both of Scott Wilson RPA, Toronto Canada, are the Independent Qualified Persons who prepared the report which is available on both SEDAR and on the Company website (www.duluthmetals.com). A previous press release (October 26, 2009) also summarised these results.

"This new Resource Report prepared by Scott Wilson RPA confirms Nokomis as one of the largest valuable mineral assets in the world" stated Henry J. Sandri, President and CEO. "We look forward to entering 2010 with a strong program to move this deposit forward towards production. We will certainly be focusing on the potential expansion and mine sequencing of the higher grade zones which will be studied carefully during pre-feasibility in order to enhance and optimize cash flow in the initial years of operation"

The Scott Wilson RPA report states that the updated 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 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 further in this press release for an explanation of the copper equivalent formula).

The Scott Wilson RPA report provides a detailed summary of the Resource Estimate, at various cut-off grades, as follows:

Duluth Metals Limited  Nokomis Deposit,  Minnesota

 

Indicated Resources1-11

Cut-off

Tonnes

Cu

Ni

Co

Au

Pt

Pd

TPM

CuEq

Grade

(000's)

%

%

%

g/t

g/t

g/t

g/t

%

1.0% CuEq

550,038

0.639

0.200

0.010

0.092

0.176

0.392

0.660

1.51

0.5% Cu

482,438

0.666

0.206

0.010

0.098

0.188

0.420

0.706

1.57

0.6% Cu

327,847

0.719

0.216

0.011

0.110

0.216

0.482

0.808

1.69

0.7% Cu

157,803

0.797

0.231

0.011

0.127

0.256

0.567

0.950

1.87

0.8% Cu

59,958

0.886

0.242

0.011

0.149

0.307

0.676

1.132

2.07

 

Inferred Resources1-11

Cut-off

Tonnes

Cu

Ni

Co

Au

Pt

Pd

TPM

CuEq

Grade

(000's)

%

%

%

g/t

g/t

g/t

g/t

%

1.0% CuEq

273,835

0.632

0.207

0.010

0.091

0.185

0.409

0.685

1.53

0.5% Cu

252,000

0.648

0.210

0.010

0.094

0.192

0.424

0.710

1.57

0.6% Cu

158,651

0.700

0.218

0.010

0.109

0.227

0.499

0.835

1.69

0.7% Cu

63,846

0.785

0.229

0.010

0.131

0.278

0.601

1.010

1.88

0.8% Cu

20,275

0.865

0.239

0.010

0.134

0.307

0.657

1.098

2.03


  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/m3.
  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 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.

CONTAINED METALS IN EXPANDED NOKOMIS RESOURCE*:

METAL

INDICATED RESOURCE

INFERRED RESOURCE

Copper

7.75 Billion lbs.

3.82 Billion lbs.

Nickel

2.43 Billion lbs.

1.25 Billion lbs.

Cobalt

121.26 Million lbs.

60.37 Million lbs.

Platinum

3.11 Million ozs.

1.63 Million ozs.

Palladium

6.93 Million ozs.

3.60 Million ozs.

Gold

1.63 Million ozs.

0.80 Million ozs.

Silver

37.42 Million ozs.

18.10 Million ozs.

*Based on resource estimated at 1.0% copper equivalent cut-off

The proposed 2010 program will focus on moving the property towards production and will include additional definition and step-out drilling, metallurgical tests, mine planning, pre-feasibility studies and continued environmental baseline studies.

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 Vancouver. Samples were 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.

David Oliver, P. Geo. is the Qualified Person and Project Manager for Duluth, 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 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: 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. The Minnesota corporate office is telephone (651)-389-9990.


Web Page: www.duluthmetals.com

Copyright � 2009 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 ..
Message sent on Fri Dec 11, 2009 at 8:50:54 AM Pacific Time
Données et statistiques pour les pays mentionnés : Canada | Tous
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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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