advanced stage mineral exploration
Bulk-mineable underground copper-nickel-PGM deposit - Nokomis Deposit, Minnesota
Message: Impressive new platinum group resource figures / Mineweb
Impressive new platinum group resource figures from Duluth
The Duluth complex in Minnesota, U.S. hosts one of the world's great polymetallic metals deposits and one of the key players is Canadian junior, Duluth Metals, which has just announced updated precious metals resource figures.
Author: Lawrence Williams
Posted: Friday , 30 Oct 2009
Posted: Friday , 30 Oct 2009
LONDON -
One of the most interesting prospective mining areas in the USA is in the Nokomis area of Minnesota on the Duluth Complex - where there are as many as four major mines in prospect. PolyMet is the most advanced of these and leading the way, but neighbouring Duluth Metals has what appears to be the biggest of the deposits in the area and has just announced some impressive updated precious metals resource figures supporting this premise. The Duluth Complex is reckoned to host 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.
The latest announcement confirms an indicated resource estimate of 12 million contained ounces of platinum, palladium and gold (PGE3 or TPM), and a further 6 million ounces inferred. (The breakdown of the indicated resource is 6.93 million ounces of palladium, 3.11 million ounces of platinum and 1.63 million ounces of gold.) This interim resource estimate has been prepared by independent consultants, Scott Wilson Roscoe Postle Associates, of Toronto.
"The overall contained precious metals increase over previous estimates confirms that Duluth Metals has a significant stake in precious metals as well as base metals and should be viewed in the context of having only explored approximately 60% of the Nokomis Property" says Christopher Dundas, Chairman of Duluth Metals. "We have the potential to separate and monetize the precious metal revenue stream from our substantial base metal revenue stream. This potential for separation is enhanced by the proposed utilization of Platsol (TM) or other similar hydromet processes which separate the precious metal concentrate prior to marketing to precious metal refineries."
What is even more impressive is that these precious metals are, in effect, a byproduct of a huge polymetallic mineral deposit which also contains significant copper, nickel and cobalt. See: Nokomis copper/nickel/pgm mine - surely not if but when? Indeed any mine would effectively be a copper project with precious metals byproducts rather than a precious metals one with base metals byproducts.
The company notes that the significant increase in the total precious metals content of the deposit from the latest estimate have stemmed from a 2008-2009 infill drilling programme expanding on multiple higher grade zones within the deposit. These three higher grade zones are now assessed to have a cumulative total of 92 million Indicated tonnes of 1.023 g/t TPM (total precious metals) and an overall grade making 1.8% copper equivalent at a 1% copper equivalent cutoff - and a further Inferred tonnage of 22 million tonnes at 1.005 g/t TPM (1.81% copper equivalent% at a 1% CuEq cut-off grade).
Cumulatively, these three higher grade areas exhibit 55% higher TPM grades in the Indicated Resource category compared to the global Indicated Resource TPM grades, and 47% higher TPM grades in the Inferred Resource category compared to the global Inferred Resource TPM grades.
In addition, there are three other higher grade areas that have been identified to date. The combined resource for these additional areas totals 48 million tonnes of 0.802 g/t TPM (1.75% CuEq at a 1.0% CuEq cutoff grade) and an additional 12 million tonnes of 0.972 g/t TPM (1.68% CuEq at a 1.0% CuEq cutoff grade).
What is particularly significant about these higher grade areas is that they are important for future mine planning and initial operations in order to enhance rapid payback of capital investment once a mining decision is made.
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