NEW YORK Duluth Metals Ltd. has increased the resource estimates for its Twin Metals copper-nickel-platinum group metals (PGM) project in Minnesota.
A recent study indicates resources of 8 billion pounds of copper and 2.5 billion pounds of nickel, as well as 7.2 million ounces of palladium, 3.2 million ounces of platinum and 1.7 million ounces of gold, according to a company statement.
"This is a monster deposit," chairman and chief executive officer Christopher Dundas said during a conference call Wednesday to discuss the studys findings.
Previous estimates indicated the project held 7.75 billion pounds of copper, 2.43 billion pounds of nickel, 6.93 million ounces of palladium, 3.11 million ounces of platinum and 1.63 million ounces of gold, as well as 121.3 million pounds of cobalt. A cobalt estimate was not included in the most recent study because the metals economic impact was deemed negligible by the company carrying out the study, a spokesman for Toronto-based Duluth told AMM.
A prefeasibility study on Twin Metals, a joint venture with London-based copper miner Antofagasta Plc, is expected to be completed in mid-2013 (AMM, May 23).