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Babbit, Minn. (AP)

Iron Range metals deposit could be one of world's largest

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A metals deposit found near here might be one of the world's largest unexploited resources of its kind, Franconia Minerals Corp. officials said.

The company's drilling program at Birch Lake found the copper-nickel and platinum group resource and tested it to determine the thickness and grade of the metals, officials said in a news release.

The company estimated the deposits at Birch Lake, at nearby Maturi and at the company's resource at Spruce Road contain 307 million tons of inferred mineral resources.

A preliminary economic assessment shows that over 26 years, mines at Birch Lake and Maturi could yield 74 million pounds of copper, 19 million pounds of nickel and 2.9 million pounds of cobalt, 68,000 ounces of palladium, 33,000 ounces of platinum, and 7,400 ounces of gold, the company said.

The Spokane, Wash.-based company hopes to develop a group metals mine and processing facility at the site.

Exploratory drilling at Birch Lake will be complete in January, and the company will then start drilling at the Maturi property, said Franconia President and CEO Brian Gavin.