Located in the Partridge River Intrusion of the Duluth Complex, the NorthMet deposit is a large disseminated sulfide deposit in heterogeneous troctolitic rocks associated with the 1.1 billion-year-old Mid-Continent Rift. It contains copper, nickel, cobalt, platinum, palladium, gold and silver. The majority of the metals are concentrated in, or associated with, four metallic minerals: chalcopyrite, cubanite, pentlandite and pyrrhotite.

Duluth Complex

The Duluth Complex is a massive geological formation near the eastern end of the Mesabi Iron Range which contains one of the world’s largest known undeveloped accumulations of copper, nickel and platinum group metals. Its southwestern-most extent is mapped just south of the City of Duluth, extends north toward Hoyt Lakes – our project site – and then strikes northeast toward Thunder Bay, Ontario. The NorthMet deposit and the bulk of the known copper-nickel-precious metals in the complex are found along the northern margin of the complex in a region running about 30 miles from Hoyt Lakes to seven miles east of Ely, Minnesota. The Duluth Complex northern contact cross cuts the Biwabik Iron Formation east of Babbitt. The Iron Range continues to be a major source of the domestic steel industry with continuous production dating back to the 1880s. See the Minnesota Department of Natural Resources map of the Duluth Complex here.

Our NorthMet ore body is near a number of former and current iron ore mines, including the operational Cliffs Natural Resources North Shore Mine immediately north of the site. The ore body comprises 275 million tons of Proven and Probable reserves grading 0.28 percent copper and 0.08 percent nickel with Measured and Indicated Mineral Resources of 694 million tons grading 0.27 percent copper and 0.08 percent nickel. [Please refer to the Technical Report (PDF) for assumptions and explanations; see “Cautionary note to U.S. investors” regarding disclosure on Measured and Indicated Mineral Resources here.]

 

NorthMet Resource

Short Tons
(millions)
Copper
(%)
Nickel
(%)
Cobalt
(%)
Platinum
(ppb)
Palladium
(ppb)
Gold
(ppb)
2008 Updated Resources
Measured
Indicated
M + I
Inferred
202.5
491.7
694.2
229.7
0.29
0.26
0.27
0.27
0.08
0.08
0.08
0.08
0.01
0.01
0.01
0.01
71
66
68
73
258
231
239
263
36
34
35
37

NorthMet Production

Life of mine 
Ore Mined
Average processing rate
Mine life
225
32,000
19.5
Million shorts tons
Short tons per day
Years
Average in first five years
Metal in concentrate-per year
Copper
Nickel
Precious Metals (excluding silver)
72
15
106
Million pounds
Million pounds
Thousand ounces
Notes
20 Year Mine Plan subject to permit applications

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