A new resource estimate, reflecting infill drilling and the inclusion of deeper mineralized zones, increases the size of PolyMet Mining‘s (POM-T, PLM-X) NorthMet deposit, in the Duluth complex of northern Minnesota, by about 50%.
The new estimate shows a measured and indicated resource of 579 million tonnes grading 0.27% copper, 0.08% nickel, and 0.007% cobalt. Another 228 million tonnes is in inferred resources, at grades of 0.28% copper, 0.08% nickel and 0.006% cobalt.
PolyMet did not publish separate grades for platinum, palladium and gold but the estimate puts the total precious metal grade at 0.3 gram per tonne in both the indicated and inferred resources.
The previous measured and indicated resource figure, used in a final feasibility study for the deposit last October, was 383 million tonnes at about the same grades as the new resource; another 109 million tonnes was inferred, with grades of 0.25% copper, 0.07% nickel, and 0.007% cobalt. Both new and old estimates used an identical cutoff grade, a total of US$8.18 per tonne net metal, based on a copper price of US$1.25 per lb. (US$2,750 per tonne) and a nickel price of US$5.60 per lb. (US$12,320 per lb.).
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