Duluth Metals Reported $8 Million Drilling and Work Program
TORONTO, ON - Duluth Metals Limited reported an aggressive spring/summer exploration and drilling program on the Company's 100% owned exploration properties. The Duluth Metals' land position in the Duluth Complex provides an opportunity for future growth outside of the joint venture, while the Twin Metals Project is being advanced by Twin Metals Minnesota LLC. The exploration program is fully financed by the Company which had $38 million in the treasury as of March 28, 2011.
The spring/summer program on the exploration properties includes: Follow-up and evaluation of a 7,053 line kilometre airborne VTEM-Magnetic survey over a 649 square kilometre area within the Duluth Complex which identified high priority targets for follow-up; Evaluation of 2D and 3D models of magnetic susceptibility, gravity anomalies, and conductivity over the region; Interpretation of the VTEM-Magnetic survey has been completed by Condor Consulting Inc., a world leader in airborne geophysical analysis; A budgeted $6 Million (10,000 meter) drilling program, with drilling on the first target area commencing in June; A regional glacial till geochemistry and mineralogy program to detect and delineate unexposed mineralization; Additional geological mapping coordinated with geophysics and geochemistry and expansion of the exploration team to 12 people in order to conduct a comprehensive summer field program. Duluth Metals holds 31,000 acres of high value, grassroots exploration interests in the Duluth Complex. These properties were acquired on the basis of Duluth Metals' expertise on the mineral potential of mafic intrusions in general and the Duluth Complex in particular. This expertise led to the discovery of the world-class Nokomis Deposit, which based on the qualified resource contains over 7.75 billion pounds of Indicated copper and 3.82 billion pounds of Inferred copper; 2.43 billion pounds of Indicated nickel and 1.25 billion pounds of Inferred nickel; and, 11.67 million ounces of Indicated precious metals (platinum+palladium+gold) and 6.03 million ounces of Inferred precious metals. The Company's strategy is to explore close to our known deposits and leverage its exploration team's knowledge of the Duluth Complex mineralizing system in new and innovative ways. The primary focus is exploration for high-value mafic intrusion-hosted copper-nickel-platinum group metals deposits, including magma conduit-hosted nickel-rich massive sulphides, stratiform platinum-palladium reef style mineralization, as well as Nokomis-style copper-nickel-platinum group metals-rich disseminated sulphides. A budget of $8 Million is allotted for the full 2011 exploration program. While drilling will commence on selected state and private lands in early June, the Company still awaits the issuance of several pending Federal Prospecting Permits. Duluth Metals Limited is committed to acquiring, exploring and developing copper, nickel and platinum group metal (PGM) deposits. Duluth Metals has a joint venture with Antofagasta plc on the Twin Metals Project, located within the rapidly emerging Duluth Complex mining camp in north-eastern 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. Aside from the joint venture, Duluth Metals retains a 100% position on approximately 31,000 acres of mineral interests on exploration properties adjacent to and nearby the Twin Metals Minnesota LLC joint venture. The company's address is 80 Richmond St. West, Suite 1500, Toronto, ON M5H 2A4, 416-369-1500, fax: 416-369-1501, email: [email protected].