A proposed exploration project in Minnesota could yield sizeable pgm resources, it was confirmed yesterday (4th August).

The Nokomis Deposit plan, which is valued at between $1.5 billion and $2 billion, forms part of the Twin Metals Minnesota joint venture between Duluth Metals and Antofagasta PLC.

Estimates suggest the site has indicated resources of 3.11 million ounces of platinum, 6.93 million ounces of palladium and 1.63 million ounces of gold.

In addition, it is believed to offer 2.43 billion lb of nickel and 7.75 billion lb of copper, meaning it could become one of the largest copper-nickel-pgm mines in the world.

Minnesota Governor Tim Pawlenty has expressed his excitement at the project, although he emphasised that it "needs to be done in accordance with our environmental laws, regulations and expectations".

Nokomis, which could create thousands of jobs in the region for years to come, has a potential initial 22-year mine life and 40 per cent of the site is yet to be explored.

Antofagasta, which will provide $130 million funding to the project to begin with, has an option to acquire an extra 25 per cent stake in the joint venture when the bankable feasibility study is completed.

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Minnesota Gov. 'excited' about huge Nokomis copper-nickel-pgm project (04/08/10)

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