Updated Resource Estimate for the Nokomis Deposit
TORONTO, ON - Duluth Metals Limited reported 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". The report 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.
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