TMM resources move a step closer to reserves
Duluth Metals Limited's, (DM) consultant AMEC has reported a resource upgrade for its world-class scale Twin Metals project in Minnesota (TMM). Of most significance in our view is the inclusion of a maiden 295Mt in the measured category from the Maturi deposit. This high-confidence resource category could therefore potentially aid early mining at the project. This resource upgrade is in line with Duluth’s stated release for this announcement back in January 2014, and supports its target date to release a PFS in mid-2014.
The AMEC resource upgrade contains a maiden 295Mt in the measured category at Maturi. This is largely due to the conversion of indicated resources, which now stand at 774Mt (a 27% decrease from 1,065Mt stated in the September 2012 estimate). Inferred category tonnages are now 562Mt (4% up from 542Mt stated in the old September 2012 estimate). AMEC has included a new resource called Maturi Southwest, with 103Mt of indicated and 32Mt of inferred that add to the total TMM resource. This complete resource has a footprint spanning only 13% of the prospective TMM property block, which, along with the high level of continuity between drill holes stated by Duluth, suggests further significant resource upgrades at the TMM project are likely. Although an increase in resource confidence by the inclusion of measured tonnages is arguably of most significance, metal contents have also increased at the TMM project. Contained copper, nickel and PGM+Au are 5.9% (at 12.3Mt), 6.0% (at 4.1Mt) and 4.7% (at 34.8Moz) higher respectively than that stated in the September 2012 resource estimate.
The resource estimates for Birch Lake and Spruce Road remain unchanged from those in September 2012.
To Read the Entire Report Please Click on the pdf File Below