Duluth Metals revealed today (30th October) that the Nokomis Deposit boasts 11.67 million indicated ounces of contained platinum, palladium and gold.

The company conducted a new resource estimate on the site - which is located in Minnesota - and found that the total was 2.99 million ounces higher than in June 2008.

In addition, tests showed that inferred resources of the three precious metals now stand at 6.03 million ounces, representing a decline of 0.54 million ounces.

"The overall contained precious metals increase confirms that Duluth Metals has a significant stake in precious metals as well as base metals," said Chairman Christopher Dundas.

"[It] should be viewed in the context of having only explored approximately 60 per cent of the Nokomis Property."

Mr Dundas added that his company has the potential to "separate and monetise" the precious metal revenue stream from its base metal counterpart by using Platsol, which is a hydromet process.

A closer look at the indicated resources figures shows that palladium played a significant role in the improvement, having increased to 6.93 million ounces from the June 2008 figure of 5.17 million ounces.

Platinum resources were up from 2.30 million ounces to 3.11 million ounces, while gold resources were recorded as rising from 1.21 million ounces to 1.63 million ounces.

In terms of the inferred resources, palladium also made the biggest contribution to the overall trend, with the earlier total of 3.94 million ounces falling to 3.6 million ounces.

For platinum, resources declined from 1.75 million ounces to 1.63 million ounces, while gold witnessed the smallest change, dropping from 0.88 million ounces to 0.8 million ounces.

Duluth Metals believes that the Nokomis Property offers potential for the Canadian firm to become one of the world's lowest-cost copper-nickel producers.

Source:

Duluth Metals confirms 12 million Indicated ounces and 6 million Inferred ounces of contained palladium, platinum and gold (30/10/09)

Impressive new platinum group resource figures from Duluth (30/10/09)

© Adfero Ltd