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Bulk-mineable underground copper-nickel-PGM deposit - Nokomis Deposit, Minnesota

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Message: 155 feet of 0.917% Copper, 0.279% Nickel and 0.639 grams Total Precious Metals
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Duluth Metals Highlights 155 feet of 0.917% Copper, 0.279% Nickel and 0.639 grams Total Precious Metals at west Maturi in the Twin Metals Minnesota Project

Press Release: Duluth Metals Limited –RELATED QUOTES
SymbolPriceChange
DM.TO 2.39 0.00

Figure 1 is a map illustrating the location of 23 drill holes reported in this press release which can be found …

  • Drill results of the remaining 23 holes (MEX-409 to MEX 436) in the Maturi Deposit to be used in the final pre-feasibility AMEC resource report
  • Approximately 159 additional drill holes and 70 wedge offsets for the Maturi Deposit, including these 23 holes featured in this press release, will be factored into the final pre-feasibility AMEC resource numbers due later this month ( November 2012 )
  • The final pre-feasibility AMEC resource estimate report will confirm the extent and distribution of the higher grade portions of the deposit the presence of which is indicated by the current drill results

TORONTO , Nov. 15, 2012 /CNW/ - Duluth Metals Limited ("Duluth Metals") (DM.TO) (DM-U.TO) is pleased to announce assay results for 23 additional holes, MEX-409 to 436, on the Maturi Deposit within the Twin Metals Minnesota Project in northeastern Minnesota. Assay results highlight Area 1 (shallow west Maturi), where 16 of the 17 drill holes have significant length intercepts with average grades over 0.7% copper that meet a 0.5% Cu cut-off criteria. These holes, distributed across the Maturi Resource, continue to indicate the ability to define a higher grade sub-set of the resource for initial mine planning. These additional holes will be incorporated into the final resource estimate to be issued by AMEC later this month (November 2012).

"These holes continue to show the continuity, thickness, and grade that will provide us a strong resource estimate on which we can base the pre-feasibility mine planning." stated Vern Baker , President of Duluth Metals. "The additional holes being added to the resource estimate have been very encouraging and will provide for a very robust estimate. The pre-feasibility study is also focusing on evaluating the optimum scale, location, mining method, and metallurgical process for the Twin Metals Minnesota Project."

Drilling highlights in the western section of the Maturi Deposit include:

In Area 1 (shallow west Maturi):

  • Mex-422M returned a 155 foot intersection of 0.917% copper, 0.279% nickel, 4.1 g/t silver and 0.639 grams TPM (TPM = Platinum+Palladium+Gold) at a 0.5% Cu cut-off.
  • Mex-430M returned a 180 foot intersection of 0.896% copper, 0.256% nickel, 3.3 g/t silver and 0.689 grams TPM at a 0.5% Cu cut-off.
  • Mex-412 returned a 152 foot intersection of 0.896% copper, 0.262% nickel, 3.1 g/t silver and 0.692 grams TPM at a 0.5% Cu cut-off.
  • Mex-421M returned a 121.25 foot intersection of 0.889% copper, 0.250% nickel, 3.4 g/t silver and 0.617 grams TPM at a 0.5% Cu cut-off.

In Area 2 (deeper west Maturi):

  • Mex-409 returned a 137 foot intersection of 0.833% copper, 0.279% nickel, 2.7 g/t silver and 0.817 grams TPM at a 0.5% Cu cut-off.
  • Mex-436M returned a 168 foot intersection of 0.746% copper, 0.264% nickel, 2.4 g/t silver and 0.544 grams TPM at a 0.5% Cu cut-off.

A more detailed summary of the assay results for MEX- 409 to 436 as grouped by areas can be found in the table below. True thickness is estimated at about 90% of core length:

Area 1 (shallow west Maturi)
HOLE Zone From To Length Cu Ni TPM
(ft) (ft) (ft) (%) (%) (g/t)
MEX-0410 @0.5% Cu cut-off 1057 1243.5 186.5 0.820 0.247 0.564
MEX-0411 @0.5% Cu cut-off 1681 1831 150 0.753 0.254 0.541
MEX-0412 @0.5% Cu cut-off 1681 1833 152 0.896 0.262 0.692
Footwall 1857 1967 110 0.483 0.261 0.344
MEX-0413 @0.3% Cu cut-off 987.5 1223 235.5 0.735 0.215 0.502
@0.5% Cu cut-off 987.5 1158 170.5 0.830 0.241 0.580
MEX-0414M @0.5% Cu cut-off 770.5 996 225.5 0.856 0.277 0.678
MEX-0415M @0.3% Cu cut-off 1034 1299 265 0.624 0.190 0.357
@0.5% Cu cut-off 1054 1234 180 0.706 0.240 0.449
MEX-0416 @0.3% Cu cut-off 1508 1670 162 0.809 0.251 0.726
@0.5% Cu cut-off 1508 1657 149 0.833 0.258 0.667
MEX-0418M @0.3% Cu cut-off 591.8 893 301.2 0.759 0.229 0.591
@0.5% Cu cut-off 601.5 843 241.5 0.838 0.255 0.670
MEX-0420M @0.3% Cu cut-off 654 853 199 0.629 0.190 0.462
@0.5% Cu cut-off 654 773 119 0.709 0.218 0.541
MEX-0421M @0.5% Cu cut-off 466.75 588 121.25 0.889 0.250 0.617
Footwall 663 738 75 0.560 0.170 0.279
MEX-0422M @0.3% Cu cut-off 1440 1701 261 0.798 0.265 0.544
@0.5% Cu cut-off 1446 1601 155 0.917 0.279 0.639
MEX-0424M @0.3% Cu cut-off 593 918 325 0.690 0.192 0.512
@0.5% Cu cut-off 593 838 245 0.770 0.210 0.596
MEX-0425M @0.3% Cu cut-off 993.5 1278 284.5 0.671 0.207 0.470
@0.5% Cu cut-off 993.5 1153 159.5 0.852 0.254 0.616
Footwall 1283 1323 40 0.377 0.156 0.233
MEX-0430M @0.3% Cu cut-off 838 1103 265 0.753 0.215 0.557
@0.5% Cu cut-off 838 1018 180 0.896 0.256 0.689
MEX-0434M @0.5% Cu cut-off 1542 1730 188 0.860 0.286 0.624
MEX-0435M @0.5% Cu cut-off 1203.5 1303 99.5 0.882 0.278 0.670
Area 2 (deep west Maturi)
HOLE Zone From To Length Cu Ni TPM
(ft) (ft) (ft) (%) (%) (g/t)
MEX-0409 @0.5% Cu cut-off 2045 2182 137 0.833 0.279 0.817
MEX-0417M @0.5% Cu cut-off 2165 2322 157 0.694 0.237 0.552
MEX-0427 @0.3% Cu cut-off 2764.7 2842 77.3 0.584 0.224 0.646
@0.5% Cu cut-off 2767 2817 50 0.653 0.240 0.764
MEX-0428M @0.3% Cu cut-off 2150 2263 113 0.678 0.249 0.651
@0.5% Cu cut-off 2150 2238 88 0.741 0.273 0.734
MEX-0431M @0.3% Cu cut-off 2048 2178 130 0.574 0.214 0.423
@0.5% Cu cut-off 2048 2128 80 0.659 0.237 0.496
MEX-0433M @0.3% Cu cut-off 2457 2558 101 0.555 0.249 0.530
@0.5% Cu cut-off 2462 2517 55 0.599 0.236 0.661
Footwall 2558 2592 34 0.548 0.293 0.384
MEX-0436M @0.3% Cu cut-off 1844 2022 178 0.722 0.255 0.524
@0.5% Cu cut-off 1844 2012 168 0.746 0.264 0.544
(*TPM = Platinum+Palladium+Gold)

Complete gold, platinum, palladium, silver and cobalt assays for MEX-409 to 436 are as follows:

Area 1 (shallow west Maturi)
HOLE Zone From To Length Pt Pd Au Co Ag
(ft) (ft) (ft) (g/t) (g/t) (g/t) (%) (g/t)
MEX-0410 @0.5% Cu cut-off 1057 1243.5 186.5 0.143 0.342 0.080 0.012 3.1
MEX-0411 @0.5% Cu cut-off 1681 1831 150 0.150 0.316 0.074 0.014 2.9
MEX-0412 @0.5% Cu cut-off 1681 1833 152 0.162 0.437 0.093 0.012 3.1
Footwall 1857 1967 110 0.084 0.216 0.044 0.007 1.4
MEX-0413 @0.3% Cu cut-off 987.5 1223 235.5 0.125 0.304 0.072 0.011 2.8
@0.5% Cu cut-off 987.5 1158 170.5 0.146 0.351 0.083 0.012 3.1
MEX-0414M @0.5% Cu cut-off 770.5 996 225.5 0.171 0.404 0.103 0.014 2.8
MEX-0415M @0.3% Cu cut-off 1034 1299 265 0.085 0.215 0.057 0.011 2.0
@0.5% Cu cut-off 1054 1234 180 0.109 0.269 0.070 0.015 2.4
MEX-0416 @0.3% Cu cut-off 1508 1670 162 0.235 0.386 0.104 0.010 3.2
@0.5% Cu cut-off 1508 1657 149 0.162 0.396 0.109 0.011 3.3
MEX-0418M @0.3% Cu cut-off 591.8 893 301.2 0.152 0.351 0.089 0.012 2.5
@0.5% Cu cut-off 601.5 843 241.5 0.174 0.397 0.098 0.013 2.8
MEX-0420M @0.3% Cu cut-off 654 853 199 0.113 0.277 0.072 0.009 2.5
@0.5% Cu cut-off 654 773 119 0.134 0.320 0.087 0.010 2.7
MEX-0421M @0.5% Cu cut-off 466.75 588 121.25 0.131 0.362 0.123 0.011 3.4
@0.5% Cu cut-off 663 738 75 0.076 0.159 0.043 0.009 2.1
MEX-0422M @0.3% Cu cut-off 1440 1701 261 0.133 0.328 0.083 0.012 3.3
@0.5% Cu cut-off 1446 1601 155 0.159 0.382 0.099 0.012 4.1
MEX-0424M @0.3% Cu cut-off 593 918 325 0.125 0.318 0.069 0.011 2.8
@0.5% Cu cut-off 593 838 245 0.147 0.370 0.079 0.012 3.1
MEX-0425M @0.3% Cu cut-off 993.5 1278 284.5 0.120 0.278 0.072 0.010 2.3
@0.5% Cu cut-off 993.5 1153 159.5 0.171 0.361 0.084 0.011 3.0
Footwall 1283 1323 40 0.060 0.140 0.033 0.006 1.2
MEX-0430M @0.3% Cu cut-off 838 1103 265 0.142 0.320 0.094 0.011 2.7
@0.5% Cu cut-off 838 1018 180 0.177 0.395 0.118 0.012 3.3
MEX-0434M @0.5% Cu cut-off 1542 1730 188 0.151 0.363 0.110 0.013 3.1
MEX-0435M @0.5% Cu cut-off 1203.5 1303 99.5 0.167 0.406 0.096 0.012 2.9
Area 2 (deep west Maturi)
HOLE Zone From To Length Pt Pd Au Co Ag
(ft) (ft) (ft) (g/t) (g/t) (g/t) (%) (g/t)
MEX-0409 @0.5% Cu cut-off 2045 2182 137 0.219 0.447 0.151 0.012 2.7
MEX-0417M @0.5% Cu cut-off 2165 2322 157 0.166 0.311 0.075 0.010 2.1
MEX-0427 @0.3% Cu cut-off 2764.7 2842 77.3 0.143 0.359 0.144 0.009 2.0
@0.5% Cu cut-off 2767 2817 50 0.164 0.411 0.189 0.010 2.2
MEX-0428M @0.3% Cu cut-off 2150 2263 113 0.140 0.315 0.196 0.011 2.8
@0.5% Cu cut-off 2150 2238 88 0.150 0.347 0.236 0.013 3.1
MEX-0431M @0.3% Cu cut-off 2048 2178 130 0.121 0.246 0.055 0.011 2.3
@0.5% Cu cut-off 2048 2128 80 0.142 0.290 0.064 0.011 2.7
MEX-0433M @0.3% Cu cut-off 2457 2558 101 0.128 0.264 0.139 0.012 3.1
@0.5% Cu cut-off 2462 2517 55 0.144 0.309 0.209 0.012 1.8
Footwall 2558 2592 34 0.088 0.206 0.089 0.009 1.4

The Twin Metals Minnesota Project covers over 32,000 acres of land/mineral interests and consolidates the largest base and precious metal land position in Minnesota. This extensive land position provides Twin Metals with the platform to plan and develop one the world's largest copper-nickel-PGM deposits within a new emerging mining belt in Minnesota, USA.

For the 2011-2012 Drill Program, half core samples are being prepared at ALS Minerals laboratories in Thunder Bay and then shipped to its analytical facilities in Vancouver . Samples are being analyzed for Au, Pt, and Pd using a 30g standard fire assay with an ICP-AES finish and for 33 other elements using a four acid (near total) digestion and a combination of ICP-MS and ICP-AES. ICP over-limits for copper and nickel are re-analyzed using dissolution four acid (near total) digestion followed by ICP-AES or AAS. The remaining half core samples are being stored in Minnesota.

Phillip Larson , P. Geo. is the Qualified Person for Duluth Metals and Senior Geologist for Duluth Metals, in accordance with NI 43-101 of the Canadian Securities Administrators, and is responsible for Duluth Metals technical content of this press release and quality assurance of the exploration data and analytical results.

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 Minnesota 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.

About Twin Metals Minnesota LLC

Twin Metals Minnesota, LLC, is a joint venture company, 60 percent owned by Duluth Metals Limited and 40 percent by Antofagasta plc. Twin Metals was formed in 2010 to pursue the development and operation of a copper, nickel and platinum group metals (strategic metals) underground mining project within the Duluth Complex in northeastern Minnesota. Twin Metals holds mineral and land assets of approximately 32,000 acres of leased and permitted land, including mineral resources prepared in compliance with the requirements of NI 43-101.

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.

Image with caption: "Figure 1 is a map illustrating the location of 23 drill holes reported in this press release which can be found on the Company website under this press release at www.duluthmetals.com. (CNW Group/Duluth Metals Limited)". Image available at: http://photos.newswire.ca/images/download/20121115_C8286_PHOTO_EN_20703.jpg

SOURCE: Duluth Metals Limited

Contact:

Mara Strazdins
Director of Corporate Communications
Telephone: (416) 369-1500 ext. 222
Email: [email protected]

Vern Baker
President
Telephone: (651) 389-9990
Email: [email protected]


Webpage: www.duluthmetals.com

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