Duluth Metals acquires additional strategic lands in the Duluth Complex

 

 

TORONTO, ON - Duluth Metals Limited reported the successful acquisition of 5,142 acres of prospective mineral leases within the Duluth Complex; 2,528 acres were acquired from State of Minnesota and the remaining 2,614 acres are leased private mineral rights. All acres are located in Lake or St. Louis Counties, Minnesota. These strategic lands were acquired for future exploration for copper, nickel, and precious metal mineralization and/or for strategic planning and infrastructure purposes.

The State lands consist of seven leases. Four are located within or straddling the South Kawishiwi Intrusion, the same formation that hosts the Nokomis Deposit. The Nokomis Deposit has a NI 43-101 compliant Indicated Resource of 449 million tonnes grading 0.624% copper, 0.199% nickel, 0.600 grams per tonne of TPM (TPM = Platinum+Palladium+Gold), as well as 284 million tonnes of Inferred Resources grading 0.627% copper, 0.194% nickel, 0.718 grams per tonne of TPM. (For reference, the Nokomis Property totals 3,001 acres.)

Two northern leases in Lake County, totaling 816 acres, are located along the eastern margin of the South Kawishiwi Intrusion. Two southern leases, consisting of 553 acres, lie immediately east of Teck American's Mesaba copper-nickel deposit and overlie the contact of the Partridge River and South Kawishiwi Intrusions. The only drilling on these lands is one hole on the southern leases. The hole is mineralized with copper, nickel and PGMs, with Mesaba style mineralization extending over 2,500 feet (non-continuous sampling), including 10 feet grading 0.970% copper, 0.062% nickel, 0.610 grams per tonne of TPM. The hole was drilled in 1968 by Humble Oil (now part of Exxon-Mobil) and was re-sampled by the Minnesota Department of Natural Resources in 1989 and the Natural Resource Research Institute in 1994. The rest of the area has not been drilled.

The remaining three State leases, totaling 1,160 acres, are located along the western margin of the Partridge River Intrusion in areas of known mineralization. The southernmost lease of 440 acres is situated immediately south of the Waterhen copper-nickel deposit and the northern two leases consist of 720 acres situated down dip from the Wyman Creek copper-nickel deposit.

Duluth Metals has also acquired private mineral rights totaling approximately 2,614 acres. These lands compliment and in many cases are contiguous to existing state leases previously acquired by Duluth Metals. The lands are all situated within the relatively unexplored Bald Eagle Intrusion, and will be incorporated into our exploration plans over time.

These new land acquisitions bring the current mineral holdings of Duluth Metals to approximately 15,283 acres and 10,890 acres of surface rights. Duluth Metals also has pending State and Federal lease applications, which if awarded, would more than double the current holdings.

The company’s address is 80 Richmond St West, Suite 1500, Toronto, ON M5H 2A4, 416-369-1500, fax: 416-369-1501.