Poly Met Mining, Inc., a wholly-owned subsidiary of PolyMet
Mining Corp. (together “PolyMet” or the “company”) TSX: POM; NYSE
American: PLM, today announced updated Mineral Resources and
Reserves for the NorthMet deposit based on results of its 2018-19
drilling program. Highlights include:
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20191119005602/en/
Figure 1. Location of drill holes from
the 2018 and 2019 drilling program (Graphic: PolyMet Mining)
- Proven and Probable Reserves increased by 14% to 290 million
tons;
- Measured and Indicated Resources increased by 22% to 795
million tons.
“We are pleased with the improvements the drilling program
delivered to our mineral resource, with an additional 177 million
pounds of copper, 53 million pounds of nickel and 322,000 ounces of
precious metals added to the Proven and Probable Reserve category,”
said Jon Cherry, president and CEO.
“The drilling program outcomes are indicative of our tremendous
NorthMet asset and the progress we continue to make with the
project,” Cherry said. “With a fully permitted project, we remain
in ongoing discussions with potential lenders about financing while
we also continue to identify opportunities to optimize and deliver
the project in the most economic way possible.”
The results of drilling that commenced in the fourth quarter of
2018 and concluded in 2019 were used to convert material from the
Inferred category into the Measured and Indicated Resource
classifications. Subsequently, the Reserve was updated under NI
43-101 guidelines.
Updated NorthMet Mineral Resources and
Mineral Reserves
Mineral reserves
The 2018-19 drilling program increased the Proven and Probable
Mineral Reserve by 35.7 million tons, or 14%. The January 2018 and
September 2019 reserve statements are shown in Table 1. Metal
prices used for the reserve calculations are shown in Table 2.
Table 1. Mineral Reserves Statement – January 2018 and
September 2019
Class
Tonnage
2018 Grades (Diluted)
(x 1,000)
Copper
Nickel
Platinum
Palladium
Gold
Cobalt
Silver
NSR
(%)
(%)
(ppb)
(ppb)
(ppb)
(ppm)
(ppm)
$/t
Proven
121,849
0.308
0.087
82
282
41
74.81
1.11
19.87
Probable
132,820
0.281
0.081
78
256
37
74.06
1.02
18.02
Total
254,669
0.294
0.084
80
268
39
74.42
1.06
18.90
Contained Metal
1.497 Blb
427 Mlb
0.59 Moz
2.00 Moz
0.29 Moz
37.9 Mlb
7.91 Moz
Class
Tonnage
2019 Grades (Diluted)
(x 1,000)
Copper
Nickel
Platinum
Palladium
Gold
Cobalt
Silver
NSR
(%)
(%)
(ppb)
(ppb)
(ppb)
(ppm)
(ppm)
$/t
Proven
173,495
0.288
0.083
75
270
39
74.21
1.05
19.84
Probable
116,904
0.288
0.081
76
256
37
73.56
1.08
19.60
Total
290,399
0.288
0.083
75
264
39
73.95
1.06
19.74
Contained Metal
1.674 Blb
480 Mlb
0.64 Moz
2.24 Moz
0.33 Moz
42.9 Mlb
8.96 Moz
Notes:
(1) Mineral Reserves tonnage and contained metal are rounded to
reflect the accuracy of the estimate; numbers may not add due to
rounding.
(2) The 2019 Mineral Reserves estimate is effective as of
September 2019. The QP for the estimate is Herb Welhener, RM-SME,
of Independent Mining Consultants, Inc. The mineral reserves
statement for January 2018 is extracted from the company’s March
26, 2018 technical report titled “NorthMet Project” (the
“NorthMet Technical Report”).
(3) All reserves are stated above a $7.98 Net Smelter Return
(NSR) cutoff and bound within the final pit design.
(4) Net Smelter Return includes payable metal values less
concentrate transportation and smelting and refining costs.
(5) January 2018 pit; average waste: ore ratio = 1.47. September
2019 pit; average waste: ore ratio = 1.43
(6) Tonnage and grade estimates are in Imperial units.
Estimation methodology has not changed from the NorthMet Technical
Report.
(7) The risks that could materially affect the development of
the NorthMet asset are set out under the heading “Risk Factors” in
the company’s Annual Information Form dated March 28, 2019.
Table 2. Reserve metal prices from 2018 and 2019
All Metal Prices
Copper
Nickel
Platinum
Palladium
Gold
Cobalt
Silver
In US Dollars
per lb
per lb
per oz
per oz
per oz
per lb
per oz
2018
2.93
6.50
1286
734
1263
13.28
19.06
2019
2.91
5.54
889
1058
1274
28.82
16.19
Mineral resources
Mineral Resources statements from 2018 and 2019 are shown in
Table 3. The additional drilling increased Measured and Indicated
Mineral Resources by 146 million tons while decreasing the Inferred
Mineral Resources by 51 million tons. The 2019 Mineral Resources
prices are based on a 15% increase from the prices used in the 2019
Mineral Reserves estimates. Metal price assumptions are shown in
Table 4.
Table 3. Measured, Indicated and Inferred Mineral Resources
from 2018 and 2019
2018 Grades
(Undiluted)
Class
Tonnage (X1000)
Copper (%)
Nickel (%)
Platinum (ppt)
Palladium (ppt)
Gold (ppt)
Cobalt (ppm)
Silver (ppm)
NSR (US$/t)
Measured
237,200
0.270
0.080
69
241
35
72
0.97
19.67
Indicated
412,200
0.230
0.070
63
210
32
70
0.87
16.95
M+I
649,400
0.245
0.074
65
221
33
71
0.91
17.94
Inferred
508,900
0.240
0.070
72
234
37
66
0.93
17.66
2019 Grades
(Undiluted)
Class
Tonnage (X1000)
Copper (%)
Nickel (%)
Platinum (ppt)
Palladium (ppt)
Gold (ppt)
Cobalt (ppm)
Silver (ppm)
NSR (US$/t)
Measured
351,500
0.240
0.073
64
222
33
71
0.88
19.01
Indicated
443,700
0.230
0.069
61
207
30
68
0.87
17.91
M+I
795,200
0.234
0.071
62
214
31
69
0.87
18.40
Inferred
457,700
0.236
0.067
63
225
32
56
0.87
18.07
Notes:
(1) Mineral Resources tonnage and grades are rounded to reflect
the accuracy of the estimate, and numbers may not add due to
rounding.
(2) The 2019 Mineral Resources estimate is effective as of July
2019. The QP for the estimate is Zachary J. Black, RM-SME, of Hard
Rock Consulting, LLC. The mineral resources statement for 2018 is
extracted from the NorthMet Technical Report
(3) Mineral Resources are not Mineral Reserves and do not have
demonstrated economic viability.
(4) Mineral Resources are reported inclusive of Mineral Reserves
at $6.34 Net Smelter Return (NSR) cut-off. The Mineral Resources
are considered amenable to open pit mining and are reported within
an optimized pit shell. Pit optimization is based on total ore
costs of $5.49/ton processed, mining costs of $1.15/ton at surface
and increasing $0.02/ton for every 50 feet of depth, and pit slope
angles of 48 degrees. Tonnages are reported in short tons
(2000lbs)
(5) The Mineral Resources estimation methodology has not changed
from the NorthMet Technical Report.
(6) The risks that could materially affect the development of
the NorthMet asset are set out under the heading “Risk Factors” in
the company’s Annual Information Form dated March 28, 2019.
Table 4. Resource metal prices from 2018 and 2019
All Metal Prices
Copper
Nickel
Platinum
Palladium
Gold
Cobalt
Silver
In US Dollars
per lb
per lb
per oz
per oz
per oz
per lb
per oz
2018
3.30
8.50
1286
734
1263
13.28
19.06
2019
3.34
6.37
1023
1216
1465
33.14
18.62
Drill hole locations
Drill hole locations from the 2018 and 2019 drilling program in
the east and west pit, are shown in Figure 1. Table 5 contains a
summary of all 2018 and 2019 drilling assay results. Table 6
contains the drill hole locations.
Table 5. 2018 and 2019 drilling results
Hole
From ft
To Ft
Interval ft
True Width
Rec Cu Eq %
Cu Eq %
Cu %
Ni %
Co ppm
Pd ppb
Pt ppb
Au ppb
Ag ppm
Unit
East Pit Metallurgical Drilling
18-001
6.0
300.0
294.0
Down dip
0.77
1.02
0.43
0.12
86
371
82
43
1.47
Unit 1
18-002
0.0
62.0
62.0
41
0.49
0.66
0.27
0.08
66
238
46
20
0.88
Unit 1
18-002
87.0
232.0
145.0
96
0.54
0.73
0.21
0.07
89
196
35
21
0.96
Unit 1
18-003
0.0
129.0
129.0
129
0.66
0.88
0.35
0.10
87
345
79
34
1.06
Unit 1
18-004
13.0
173.0
160.0
Down dip
0.88
1.15
0.46
0.13
82
483
110
67
1.39
Unit 1
18-004
188.0
300.0
112.0
Down dip
0.74
1.01
0.42
0.14
130
281
68
35
1.28
Unit 1
18-005
0.0
174.0
174.0
117
0.58
0.78
0.32
0.10
79
274
71
25
1.04
Unit 1
18-005
209.0
294.0
85.0
57
0.55
0.75
0.33
0.10
107
155
43
19
1.19
Unit 1
18-006
10.0
85.0
75.0
75
0.44
0.60
0.23
0.07
68
223
45
24
0.79
Unit 1
18-006
135.0
160.0
25.0
25
0.34
0.47
0.14
0.05
65
225
84
16
0.38
Unit 1
18-017
7.0
342.0
335.0
Down dip
0.65
0.88
0.35
0.11
89
318
76
36
1.19
Unit 1
18-017
352.0
407.0
55.0
Down dip
0.42
0.57
0.21
0.06
69
253
50
21
0.60
Unit 1
18-018
0.0
281.0
281.0
Down dip
0.72
0.97
0.40
0.12
103
277
71
36
1.32
Unit 1
18-018
291.0
456.0
165.0
Down dip
0.59
0.80
0.31
0.10
96
280
65
34
0.93
Unit 1
18-018
471.0
500.0
29.0
Down dip
0.72
0.95
0.41
0.11
98
344
73
34
1.05
Unit 1
West Pit Metallurgical Drilling
18-013
27.0
159.0
132.0
123
0.73
0.98
0.38
0.10
91
348
123
94
2.36
Magenta
18-013
209.0
249.0
40.0
37
0.57
0.75
0.29
0.07
66
322
120
38
1.12
Unit 1/3
18-013
264.0
324.0
60.0
56
0.53
0.52
0.11
0.04
56
110
32
19
0.80
Unit 1/3
18-013
334.0
494.0
160.0
150
0.43
0.60
0.19
0.08
83
215
66
31
0.48
Unit 1/3
18-013
519.0
639.0
120.0
112
1.39
1.82
0.65
0.16
90
994
168
229
3.23
Unit 1/3
18-014
24.0
99.0
75.0
75
0.75
1.00
0.35
0.10
83
367
142
81
1.07
Magenta
18-014
109.0
134.0
25.0
25
0.54
0.73
0.29
0.07
72
247
86
76
1.16
Magenta
18-014
319.0
404.0
85.0
85
0.73
0.99
0.34
0.10
97
453
132
71
1.03
Unit 1/3
18-014
409.0
489.0
80.0
80
0.44
0.61
0.20
0.07
82
246
57
44
0.88
Unit 1/3
18-014
504.0
554.0
50.0
50
0.46
0.67
0.18
0.10
115
226
63
50
0.45
Unit 1/3
18-014
569.0
594.0
25.0
25
0.79
1.06
0.37
0.11
93
444
196
58
1.08
Unit 1/3
18-014
679.0
704.0
25.0
25
0.28
0.39
0.16
0.04
62
113
27
16
0.37
Unit 1/3
18-014
724.0
769.0
45.0
45
0.36
0.49
0.42
0.11
136
135
43
24
1.31
Unit 1/3
18-015
12.0
61.0
49.0
49
0.86
1.14
0.42
0.11
82
570
173
80
1.46
Magenta
18-015
101.0
131.0
30.0
30
0.38
0.52
0.17
0.05
64
252
92
37
0.42
Magenta
18-015
316.0
550.0
234.0
234
0.59
0.81
0.30
0.10
97
297
80
35
1.10
Unit 1/3
18-016
16.0
134.0
118.0
118
0.42
0.57
0.20
0.06
64
225
82
35
0.52
Magenta
18-016
314.0
474.0
160.0
160
0.65
0.88
0.31
0.11
95
343
102
45
1.06
Unit 1/3
18-016
484.0
550.0
66.0
66
0.32
0.46
0.18
0.07
84
79
31
15
0.63
Unit 1/3
West Pit Infilll Drilling
19-001
120.0
175.0
55.0
53
0.50
0.68
0.20
0.07
67
365
118
47
0.54
Magenta
19-001
600.0
625.0
25.0
23
0.63
0.88
0.17
0.06
76
555
175
214
0.88
Unit 1/3
19-001
675.0
820.0
145.0
103
0.76
1.01
0.40
0.12
94
371
103
50
1.48
Unit 1/3
19-002
164.0
254.0
90.0
90
0.65
0.87
0.26
0.07
67
509
167
71
1.08
Magenta
19-002
329.0
394.0
65.0
63
0.33
0.46
0.15
0.05
63
190
60
36
0.65
Unit 1/3
19-002
464.0
494.0
30.0
29
0.43
0.61
0.25
0.08
128
119
27
19
0.82
Unit 1/3
19-002
509.0
579.0
70.0
68
0.27
0.43
0.14
0.07
125
36
9
12
0.43
Unit 1/3
19-002
704.0
839.0
135.0
130
0.74
0.99
0.37
0.12
89
401
106
55
1.24
Unit 1/3
Hole
From ft
To Ft
Interval ft
True Width
Rec Cu Eq%
Cu Eq%
Cu %
Ni %
Co ppm
Pd ppb
Pt ppb
Au ppb
Ag ppm
Unit
19-003
117.0
282.0
165.0
160
0.63
0.84
0.30
0.08
66
396
120
79
1.36
Magenta
19-003
312.0
377.0
65.0
62
0.40
0.56
0.19
0.05
63
177
69
102
0.52
Unit 1/3
19-003
392.0
417.0
25.0
24
0.52
0.70
0.26
0.06
85
305
143
34
0.59
Unit 1/3
19-003
522.0
552.0
30.0
28
0.77
1.11
0.42
0.19
211
164
53
21
0.58
Unit 1/3
19-003
562.0
612.0
50.0
47
0.56
0.79
0.27
0.12
136
184
82
33
0.53
Unit 1/3
19-003
637.0
900.0
263.0
249
0.63
0.85
0.33
0.10
97
302
80
48
1.18
Unit 1/3
19-004
113.0
148.0
35.0
35
0.39
0.54
0.16
0.06
63
245
115
37
0.84
Magenta
19-004
313.0
343.0
30.0
30
0.32
0.46
0.14
0.05
87
135
42
21
0.38
Unit 1/3
19-004
578.0
843.0
265.0
265
0.63
0.86
0.33
0.11
99
298
82
40
1.23
Unit 1/3
19-004
858.0
888.0
30.0
30
2.35
2.94
1.41
0.21
108
1,543
84
141
8.65
Unit 1/3
19-005
15.0
125.0
110.0
110
0.54
0.73
0.26
0.08
76
287
116
51
0.96
Magenta
19-005
145.0
210.0
65.0
65
0.46
0.62
0.24
0.06
64
222
88
50
0.94
Magenta
19-005
220.0
250.0
30.0
29
0.42
0.57
0.26
0.07
66
129
43
36
1.08
Unit1/3
19-005
315.0
405.0
90.0
88
0.42
0.57
0.24
0.06
71
177
73
37
1.01
Unit1/3
19-005
455.0
575.0
120.0
117
0.89
1.19
0.37
0.11
71
401
115
60
1.61
Unit1/3
19-006
44.0
74.0
30.0
24
0.21
0.26
0.09
0.05
75
72
36
22
0.26
Magenta
19-006
89.0
164.0
75.0
61
0.54
0.72
0.28
0.08
80
272
99
43
1.03
Magenta
19-006
174.0
284.0
110.0
89
0.47
0.64
0.24
0.07
69
230
87
48
1.09
Magenta
19-006
664.0
809.0
145.0
145
0.89
1.53
0.47
0.14
104
438
126
58
1.68
Unit1/3
19-007
80.0
220.0
140.0
119
0.63
0.84
0.33
0.08
74
321
123
60
1.28
Magenta
19-007
230.0
255.0
25.0
21
0.40
0.54
0.21
0.05
71
189
78
31
0.93
Magenta
19-007
270.0
300.0
30.0
26
0.57
0.77
0.29
0.07
83
313
117
58
0.97
Magenta
19-007
555.0
650.0
95.0
81
0.50
0.68
0.22
0.07
75
339
95
46
0.69
Unit 1/3
19-007
660.0
685.0
25.0
21
0.43
0.61
0.18
0.07
79
268
83
30
0.78
Unit 1/3
19-007
785.0
815.0
30.0
26
0.38
0.45
0.20
0.06
74
167
50
24
0.81
Unit 1/3
19-008
65.0
120.0
55.0
55
0.57
0.77
0.26
0.08
68
393
151
78
0.78
Magenta
19-008
540.0
710.0
170.0
120
1.44
1.88
0.75
0.19
120
862
202
119
2.60
Unit 1/3
19-008
770.0
825.0
55.0
39
0.73
1.04
0.22
0.07
105
129
33
21
0.72
Unit 1/3
19-009
19.0
54.0
35.0
33
0.38
0.54
0.19
0.05
93
184
69
45
0.34
Magenta
19-009
69.0
154.0
85.0
81
0.54
0.73
0.23
0.08
74
357
123
46
0.75
Magenta
19-009
449.0
504.0
55.0
27
0.32
0.50
0.16
0.08
140
55
16
16
0.27
Unit 1/3
19-009
704.0
1054.0
350.0
175
0.65
0.88
0.35
0.11
90
314
84
42
0.99
Unit 1/3
East Pit Infill
19-010
14.0
124.0
110.0
77
1.04
1.34
0.55
0.16
88
535
125
62
1.64
Unit 1
19-010
134.0
239.0
105.0
73
0.52
0.73
0.25
0.10
105
234
71
32
0.70
Unit 1
19-010
249.0
289.0
40.0
28
0.50
0.72
0.27
0.11
138
104
39
27
0.74
Unit 1
19-010
369.0
394.0
25.0
17
0.36
0.51
0.19
0.07
90
121
45
21
0.30
Unit 1
19-010
419.0
489.0
70.0
49
0.59
0.80
0.36
0.11
100
188
47
23
0.98
Unit 1
19-011
44.0
79.0
35.0
35
0.33
0.47
0.15
0.05
71
190
52
16
0.46
Unit 1
19-011
109.0
169.0
60.0
60
0.30
0.43
0.17
0.06
82
96
25
12
0.54
Unit 1
19-012
46.0
76.0
30.0
30
0.30
0.42
0.15
0.05
64
149
35
19
0.62
Unit 1
19-013
43.0
98.0
55.0
55
0.61
0.83
0.30
0.10
100
325
66
35
1.13
Unit 1
19-014
74.0
99.0
25.0
25
0.35
0.50
0.19
0.07
92
107
34
18
0.45
Unit 1
Condemnation
18-007
No intervals >25ft with Cu Eq
Rec > 0.2%
18-008
No intervals >25ft with Cu Eq
Rec > 0.2%
18-009
No intervals >25ft with Cu Eq
Rec > 0.2%
18-010
No intervals >25ft with Cu Eq
Rec > 0.2%
18-011
248.5
289.0
40.5
40
0.81
1.09
0.23
0.07
64
921
230
80
0.91
Discordant
18-012
No intervals >25ft with Cu Eq
Rec > 0.2%
Notes:
(1) Copper Equivalents (Rec Cu Eq % and Cu Eq %) based on the
2019 Reserve Prices from Table 2.
(2) Recovered Copper Equivalent (Rec Cu Eq %) = ((Cu head grade
x recovery x Cu Price) + (Ni head grade x recovery x Ni Price) +
(Pt head grade x recovery x Pt Price) + (Pd head grade x recovery x
Pd Price) + (Au head grade x recovery x Au Price) x (Co head grade
x recovery x Co Price) = (Ag head grade x Ag recovery x Ag Price))
/ (Cu recovery x Cu Price).
(3) Reported intervals are > 25ft (drilled width) and
>0.2% Rec Cu Eq. May include single 5 foot intervals <0.2%
Rec Cu Eq % within the reported intercept.
(4) Results report grade intercepts within Unit 1/3 and the
Magenta Zone mineralized domains. True widths account for drill
traces intersecting geological unit boundaries at angles other than
90 degrees. Four Metallurgical holes were drilled down dip to
collect sample material.
Table 6. Drill hole information
HOLE-ID
MN State Plane Ft
LOCATION X
MN State Plane Ft
LOCATION Y
Feet Above Sea Level
LOCATION Z
LENGTH ft
DIP Degrees
AZIMUTH Degrees
CORE_RC
HOLE_SIZE
Purpose
18-001
2906738.4
740324.4
1618.9
300
52
140
core
HQ
Metallurgy
18-002
2906739.6
740326.3
1618.9
300
90
223
core
HQ
Metallurgy
18-003
2906737.1
740328.3
1618.7
275
44
319
core
HQ
Metallurgy
18-004
2906999.1
740432.2
1618.2
300
49
147
core
HQ
Metallurgy
18-005
2906997.0
740435.0
1618.3
300
89
275
core
HQ
Metallurgy
18-006
2906992.6
740438.7
1618.3
250
47
313
core
HQ
Metallurgy
18-007
2904230.3
736459.8
1606.1
309
89
2
core
HQ
Condemnation
18-008
2904232.2
736462.6
1606.2
408
44
323
core
HQ
Condemnation
18-009
2904037.2
736369.9
1607.8
300
89
325
core
HQ
Condemnation
18-010
2904035.2
736373.9
1606.4
400
45
312
core
HQ
Condemnation
18-011
2904402.9
736549.5
1601.3
309
88
338
core
HQ
Condemnation
18-012
2904398.4
736552.4
1601.5
468
45
301
core
HQ
Condemnation
18-013
2898134.8
734111.0
1610.1
700
52
331
core
HQ
Metallurgy
18-014
2898209.0
734212.6
1612.1
774
51
319
core
HQ
Metallurgy
18-015
2898787.5
734492.6
1605.8
550
54
322
core
HQ
Metallurgy
18-016
2898681.8
734455.7
1610.1
550
54
323
core
HQ
Metallurgy
18-017
2906737.6
740322.6
1619.1
450
71
139
core
HQ
Metallurgy
18-018
2906990.3
740435.9
1618.4
500
58
155
core
HQ
Metallurgy
19-001
2898830.0
734050.9
1591.3
820
90
0
core
NQ
Infill
19-002
2898632.6
733757.7
1590.0
859
73
326
core
NQ
Infill
19-003
2898328.9
733845.8
1604.3
900
82
326
core
NQ
Infill
19-004
2898710.8
733991.2
1603.3
908
70
326
core
NQ
Infill
19-005
2897864.4
733811.7
1607.8
657
57
326
core
NQ
Infill
19-006
2897936.2
733706.0
1608.8
809
84
326
core
NQ
Infill
19-007
2898073.3
733863.1
1608.8
850
85
326
core
NQ
Infill
19-008
2898778.0
734249.3
1606.4
830
90
326
core
NQ
Infill
19-009
2898836.0
734190.0
1590.8
1100
77
146
core
NQ
Infill
19-010
2905726.7
739949.4
1605.8
519
90
326
core
NQ
Infill
19-011
2905867.9
740191.6
1603.2
259
80
326
core
NQ
Infill Pit edge def'n
19-012
2906092.8
740216.2
1603.8
220
60
326
core
NQ
Infill Pit edge def'n
19-013
2906317.3
740248.0
1599.4
200
60
326
core
NQ
Infill Pit edge def'n
19-014
2905647.4
740163.9
1604.1
259
55
326
core
NQ
Infill Pit edge def'n
Technical information and quality control notes
Drilling results contained in this news release have been
prepared in accordance with National Instrument 43-101 Standards of
Disclosure for Mineral Projects.
The updated Reserve Statement was prepared by Herb Welhener, SME
Registered Member No. 3434330 of Independent Mining Consultants,
Inc. The updated Resource Statement was prepared by Zachary Black,
SME Registered Member No. 4156858 of Hard Rock Consulting, LLC.
Both Messrs. Black and Welhener were the “Qualified Persons” for
the previously reported resources and reserves in the March 2018 NI
43.101 Technical Report.
The Qualified Person responsible for the supervision of the
preparation of the drilling, sampling and assay program is Andrew
Ware, SME Registered Member No. 4195069, chief geologist for
PolyMet Mining Co. Mr. Ware is considered a "Qualified Person" for
the purposes of National Instrument 43-101 with respect to the
technical information being reported on. The technical information
has been included herein with the consent and prior review of the
above noted Qualified Person. The Qualified Person has verified the
data disclosed, and data underlying the information or opinions
contained herein. The Qualified Person designed and managed field,
logging, sampling activities and the QA/QC verification for the
drilling program.
Sampling and assay data from the drill core is monitored through
the PolyMet quality assurance - quality control program designed to
follow industry best practice. Drill core (NQ and HQ size) samples
are selected by PolyMet geologists after re-orientating the core
for geotechnical logging. The sample line is drawn independently of
mineralization and core is sawn in half (and quarters for
duplicates) with a diamond saw at the project site. Half of the
core is retained at the site for reference purposes. Sample
intervals may vary due to the presence of both geological and
mineralizing contacts though generally sample length is five
feet.
PolyMet inserts silica blanks, internal (and commercial)
certified reference standards in addition to one-quarter core
duplicates in the sample stream for quality control. The program
meets or exceeds industry standards.
Samples are transported in sealed bags within sealed crates to
ALS Geochemistry (“ALS”) located in Thunder Bay, Ontario, via a
dedicated carrier service.
The entire sample is coarse crushed to -2mm to 90% passing. A
500g split is then pulverized to 106 microns with >95% passing.
Routine analysis consists of a 33-element scan though an ICP-AES
Package after a four-acid digest. Pt, Pd and Au are by fire assay
with an ICP-AES finish on a 30g nominal sample weight. A whole rock
ICP fusion plus LOI is run for a 13-element major element suite.
Over-limit base metal results are managed though Assay Grade
Four-acid digest ICP. For PGMs greater than 10 ppm, High grade Pt
Pd and Au are by fire assay ICP-AES with an upper detection limit
of 100ppm.
ALS Canada Ltd, Thunder Bay, is the Prep lab. All subsamples for
assay are shipped to and assayed in ALS Canada Ltd. facilities in
Vancouver.
About PolyMet
PolyMet Mining Corp. (www.polymetmining.com) is a publicly
traded mine development company that owns 100% of Poly Met Mining,
Inc., a Minnesota corporation that controls 100% of the NorthMet
copper-nickel-precious metals ore body through a long-term lease,
and owns 100% of the former LTV Steel Mining Company processing
facility, located approximately seven rail miles from the ore body
in the established mining district of the Mesabi Iron Range in
northeastern Minnesota. Poly Met Mining, Inc. has completed its
Definitive Feasibility Study and received all permits necessary to
construct and operate the NorthMet Project. NorthMet is expected to
require approximately two million hours of construction labor,
create approximately 360 long-term jobs directly, and generate a
level of activity that will have a significant multiplier effect in
the local economy.
PolyMet Disclosures
This news release contains certain forward-looking statements
concerning anticipated developments in PolyMet’s operations in the
future. Forward-looking statements are frequently, but not always,
identified by words such as “expects,” “anticipates,” “believes,”
“intends,” “estimates,” “potential,” “possible,” “projects,”
“plans,” and similar expressions, or statements that events,
conditions or results “will,” “may,” “could,” or “should” occur or
be achieved or their negatives or other comparable words. These
forward-looking statements may include statements regarding the
ability to receive environmental and operating permits, job
creation, and the effect on the local economy, or other statements
that are not a statement of fact. Forward-looking statements
address future events and conditions and therefore involve inherent
known and unknown risks and uncertainties. Actual results may
differ materially from those in the forward-looking statements due
to risks facing PolyMet or due to actual facts differing from the
assumptions underlying its predictions.
PolyMet’s forward-looking statements are based on the beliefs,
expectations and opinions of management on the date the statements
are made, and PolyMet does not assume any obligation to update
forward-looking statements if circumstances or management’s
beliefs, expectations and opinions should change.
Specific reference is made to risk factors and other
considerations underlying forward-looking statements discussed in
PolyMet’s most recent Annual Report on Form 40-F for the fiscal
year ended December 31, 2018, and in our other filings with
Canadian securities authorities and the U.S. Securities and
Exchange Commission.
The Annual Report on Form 40-F also contains the company’s
mineral resource and other data as required under National
Instrument 43-101.
The TSX has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.
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version on businesswire.com: https://www.businesswire.com/news/home/20191119005602/en/
Media Bruce Richardson, Corporate Communications Tel: +1
(651) 389-4111 brichardson@polymetmining.com
Investor Relations Tony Gikas, Investor Relations Tel: +1
(651) 389-4110 investorrelations@polymetmining.com
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