advanced stage mineral exploration
Bulk-mineable underground copper-nickel-PGM deposit - Nokomis Deposit, Minnesota
Duluth Metals Limited, Toronto, Ontario; Oakdale, Minnesota; TSX:DM, is a Canadian Corporation committed to the exploration and development of copper, nickel and platinum group metal (PGM) deposits within the rapidly emerging Duluth Complex mining camp in northeastern Minnesota, USA.
DML is an advanced stage mineral exploration company which has completed a preliminary economic assessment on a large, bulk-mineable underground copper-nickel-PGM deposit located in the Duluth Complex in northeastern Minnesota, USA. The Company’s principal exploration properties are called the Maturi Extension Properties which includes the Company’s prime asset the Nokomis Deposit.
The Nokomis Deposit situated within approximately 3,000 acres of the Maturi Extension Properties.
Duluth Metals has received an updated interim NI 43-101 compliant Resource Estimate for the Nokomis Deposit which contains 449 million tonnes of the higher classification resource category of Indicated Resources grading 0.624% copper, 0.199% nickel, 0.600 grams per tonne of total precious metals (TPM = Platinum+Palladium+Gold), and an additional 284 million tonnes of Inferred Resources grading 0.627% copper, 0.194% nickel, 0.718 grams per tonne of TPM.
Duluth Metals has received a NI 43-101 Scoping Study on the Nokomis Deposit in 2008. At the same time, the Company plans to explore the eastern, north-eastern and southern exploration areas to extend the known copper, nickel and PGM mineralization.
In the current economic climate the Company is well positioned with $14.7 million cash and term deposits and minimal fixed long term commitments. Given the large size of the already defined resource and in order to preserve cash, the Company has shifted its focus from extensive exploratory drilling to geological analysis and interpretation, environmental work and metallurgical studies.
The Company is managed by a select group of dedicated professionals with extensive combined experience in copper and nickel exploration, development and mining, and business management and finance.
Duluth Metals strategy is to systematically explore and develop the Maturi Extension copper-nickel-PGM Properties.
The current focus of the Company is to expand the measured and indicated mineral resource of the Nokomis Deposit which will be moved through scoping study, pre-feasibility, feasibility and bankable feasibility study stages of evaluation.
The long term goal of the Company is to develop one or more profitable operating mines in the Duluth Complex