Canadian press is reporting frenzied interest in Duluth Metals after an updated estimate of higher grade areas the company hopes to mine in Northeastern Minnesota suggested greater payback of capital investment.
With company officials touting the Nokomis property in Northeastern Minnesota as “one of the largest valuable mineral assets in the world,” its stock shot up nearly 70 percent on Friday on the Toronto Stock Exchange, the Winnipeg Free Press reported.
Shares trading was described as frenzied with nearly 7,900,000 shares trading hands, and Duluth Metals stock closing at $1.79, up 73 cents, the Free Press reported.
Duluth Metal is seeking to develop an underground mine near Ely to harvest mineral deposits of copper, nickel, palladium and other precious metals. Company officials have said test drilling has indicated the deposits are more than 20 percent greater than previously thought.