Duluth Metals (DM-T) has found that the resource at its Maturi Extension copper-nickel property in northeastern Minnesota is larger than the company had expected.
A calculation by consulting firm Scott Wilson Roscoe Postle showed an indicated resource of 347 million tonnes grading 0.62% copper, 0.2% nickel, 0.01% cobalt, 0.31 gram palladium, 0.14 gram platinum and 0.08 gram gold per tonne. Additional inferred resources clocked in at 108 million tonnes, with average grades of 0.65% copper, 0.18% nickel, 0.01% cobalt, 0.41 gram palladium, 0.19 gram platinum and 0.1 gram gold per tonne.
The estimate was based on a cutoff grade equivalent to 0.8% copper, based on copper prices at US$4,400 per tonne (US$2 per lb.), nickel prices at US$13,200 per tonne (US$6 per lb.), cobalt prices at US$10 per lb., US$950 per oz. for platinum, US$350 per oz. for palladium, and US$600 per oz. for gold.
A preliminary economic study is to start and the company plans a full feasibility study in 2008.
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