REGIONAL - The magnitude of the ore deposits that Twin Metals Mining is developing near Ely just keeps growing. A new estimate, released this week by Toronto-based Duluth Metals Ltd. (Twin Metals’ parent company), increased earlier projections of the amount of copper, nickel, and platinum-group metals by an average of 19 percent.

The company has been exploring three primary deposits in recent years, running in a line from the Birch Lake unit, located about five miles east of Babbitt, to the Spruce Road deposit, located about ten miles southeast of Ely. In between is the Maturi deposit, the largest of the three, containing by far the bulk of the company’s indicated resources.

According to the new estimate, the site contains “indicated resources” of 13.7 billion pounds of copper, 4.4 billion pounds of nickel and 21.2 million ounces of palladium, platinum and gold. Company officials say they have high confidence in their indicated estimates because they’re based on samples from a large number of drill sites. The company also updated its estimate of inferred resources, which are based on fewer drill samples. Inferred resources include 11.8 billion pounds of copper, 4 billion pounds of nickel and 12.8 million ounces of precious metals.

The resource was already considered one of the largest in the world, based on earlier estimates prepared by independent analysts. In June, Duluth Metals CEO Christopher Dundas described it as a “monster deposit.”

The company will use the new information as it develops a detailed plan for its proposed Twin Metals mining operation, which it plans south of Ely. Twin Metals has called it a $2 billion project that would create hundreds of jobs, but the proposal still faces years of planning and environmental review before any mining could take place.

The company has begun work on a “prefeasibility study,” which will lay the groundwork for environmental review, permitting, and other planning and development steps. Company officials say they currently expect to complete the study sometime in the first half of 2014.

Twin Metals is a joint venture between Duluth Metals, which owns 60 percent, and Chilean mining company Antofagasta PLC, which owns 40 percent.