Duluth Metals announces mobilization of a fourth drill rig on
exploration properties
TORONTO,
Nov. 26, 2012 /PRNewswire/ -
Duluth Metals Limited ("Duluth Metals", "Company") (TSX: DM)
(TSX:DM.U) is pleased to announce that a fourth drill rig has
been mobilized on Duluth Metals 100% owned exploration properties
in the Duluth Complex, north-east Minnesota. This fourth drill rig is
currently positioned on the northern part of the East Shore
property.
"Having several good targets south of the Nickel
Lake Macrodike, we have decided to mobilize a fourth rig allowing
us to target two drills on the south-east side of the contact."
commented Vern Baker, President of
Duluth Metals. "Our geological team is aggressively working on the
exploration properties with four rigs."
The primary exploration focus on the Nor'East
and East Shore Properties is for copper-nickel-PGM mineralization,
similar to other known deposits in the Duluth Complex, (e.g., the
Maturi Deposit and the deep portions of the Mesaba Deposit). The
Nor'East property is situated at the junction of the Nickel Lake
Macrodike and the South Kawishiwi Intrusion and represents a prime
target area for Duluth Metals. Geological modeling indicates that
the property has the potential to host a "Voisey's Bay" type
massive sulfide target. The three initial drilling target areas
are:
- Target Area 1 - The Nickel Lake Macrodike area
- Target Area 2 - Two miles south of the Nickel Lake
Macrodike
- Target Area 3 - The Harris
Lake/Heart Lake area approximately four miles S of the
Nickel Lake Macrodike.
A map showing the drill rig locations (Figure 1)
can be found on the Company website at www.duluthmetals.com under
this press release.
The primary exploration focus on the Nor'East
and East Shore Properties is for copper-nickel-PGM mineralization,
similar to other known deposits in the Duluth Complex, (e.g., the
Maturi Deposit). The Nor'East property is situated at
the junction of the Nickel Lake Macrodike and the South Kawishiwi
Intrusion and is a prime target area for Duluth Metals.
Geological modeling indicates that the property has the potential
to host "Voisey's Bay"-type Ni-Cu-PGM massive sulfide
mineralization.
About Duluth Metals Limited
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 40,000 acres of mineral interests on exploration
properties adjacent to and nearby the Twin Metals Minnesota LLC
joint venture.
This press release contains forward-looking
statements (including "forward-looking information" within the
meaning of applicable Canadian securities legislation and
"forward-looking statements" within the meaning of the US Private
Securities Litigation Reform Act of 1995) relating to, among other
things, the results of drilling operations of Duluth Metals and
exploration and mine development. Generally, forward-looking
statements can be identified by the use of words such as "plans",
"expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or statements that certain actions, events or results
"may", "could", "would", "might" or "will be taken", "occur" or "be
achieved". Duluth Metals has relied on a number of
assumptions and estimates in making such forward-looking
statements, including, without limitation, the prices of copper,
nickel and platinum group metals (PGMs) and the costs associated
with continuing exploration and mining development. Such
assumptions and estimates are made in light of the trends and
conditions that are considered to be relevant and reasonable based
on information available and the circumstances existing at this
time. A number of risk factors may cause actual results, level of
activity, performance or outcomes of such exploration and/or mine
development to be materially different from those expressed or
implied by such forward-looking statements including, without
limitation, whether such discoveries will result in commercially
viable quantities of such mineralized materials, the possibility of
changes to project parameters as plans continue to be refined, the
ability to execute planned exploration and future drilling
programs, possible variations of copper, nickel and PGM grade or
recovery rates, the need for additional funding to continue
exploration efforts, changes in general economic, market and
business conditions, and those other risks set forth in Duluth
Metals' most recent annual information form under the heading "Risk
Factors" and in its other public filings. Statements related
to "reserves" and "resources" are deemed forward-looking statements
as they involve the implied assessment, based on realistically
assumed and justifiable technical and economic conditions, that an
inventory of mineralization will become economically
extractable. Forward-looking statements are not guarantees of
future performance and such information is inherently subject to
known and unknown risks, uncertainties and other factors that are
difficult to predict and may be beyond the control of Duluth Metals. Although Duluth Metals
has attempted to identify important risks and factors that could
cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other
factors and risks that cause actions, events or results not to be
as anticipated, estimated or intended. Consequently, undue
reliance should not be placed on such forward-looking statements.
In addition, all forward-looking statements in this press release
are given as of the date hereof. Duluth Metals 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. The forward-looking statements contained
herein are expressly qualified by this disclaimer.
SOURCE Duluth Metals Limited
Image with caption: "Figure 1: Drill Rig Locations (CNW
Group/Duluth Metals Limited)". Image available at:
http://photos.newswire.ca/images/download/20121126_C3334_PHOTO_EN_21161.jpg