Dunav Resources Ltd. (TSX VENTURE:DNV) (the "Company" or "Dunav") is pleased to
announce the initial resource estimate for the Kiseljak project area, part of
its Tulare Copper-Gold Porphyry Project located in Southern Serbia.
The Kiseljak mineral resource, prepared by AMC Consultants Limited (UK) ("AMC"),
an independent mining consulting firm, has been estimated at 300,500,000 tonnes
grading an average of 0.27% copper and 0.26g/t gold in the inferred resource
category for 1.8 billion pounds of copper and 2.5 million ounces of gold, using
a 0.25% copper equivalent cut-off.
A summary of the Kiseljak Inferred mineral resource estimate using various
cut-offs is tabulated below:
----------------------------------------------------------------------------
Cut Off Million Cu Cu Au Au S Cu_eq Au_eq
(Cu_eq %) Tonnes (%)(Bn lbs) (g/t) (Moz) (%) (%) (g/t)
----------------------------------------------------------------------------
0.15 443.9 0.23 2.25 0.21 3.01 1.85 0.35 0.58
0.20 370.0 0.25 2.04 0.23 2.74 1.74 0.39 0.64
0.25 300.5 0.27 1.79 0.26 2.52 1.67 0.43 0.71
0.30 240.5 0.30 1.59 0.28 2.17 1.62 0.47 0.77
0.35 188.1 0.32 1.33 0.31 1.88 1.59 0.51 0.84
0.40 141.6 0.35 1.09 0.34 1.55 1.58 0.55 0.91
0.45 100.2 0.38 0.85 0.37 1.21 1.59 0.60 0.99
0.50 73.4 0.41 0.66 0.40 0.95 1.59 0.65 1.07
----------------------------------------------------------------------------
1. The effective date of the mineral resource estimate is November 22,
2012.
2. The copper price used in this estimate is the mean of monthly average
London Metal Exchange copper spot prices for 2010, 2011 and 2012 and is
$3.60/lb. The gold price used in this estimate is the mean of the
monthly average spot gold prices for 2010, 2011 and 2012 and is
US$1,500/oz.
3. The copper and gold equivalent cut offs, used by Dunav, are based on the
in situ grades, using the following formulas:
-- (Using a gold price of US$48.23/gramme and a copper price of
US$79.356/per cent)
-- Cu_eq = ((Au(i)48.23)+(Cu(i)79.356))/79.356
-- Au_eq = ((Au(i)48.23)+(Cu(i)79.356))/48.23
4. Second phase, extensive metallurgical test work is nearing completion
and, based on information to date, along with possible projected
throughput rates for the Copper-Gold Tulare Porphyry Project, typical
mining costs and a range of processing costs and indicative ranges of
processing recoveries it is, at this stage, believed by Dunav that
possible cut off grades lie in the range of 0.15% CuEq to 0.25% CuEq.
5. Mineral resources, which are not mineral reserves, do not have
demonstrated economic viability. The estimate of mineral resources may
be materially affected by environmental, permitting, legal, title,
taxation, sociopolitical, marketing, or other relevant issues.
6. The quantity and grade of reported inferred resources in this estimation
are uncertain in nature and there has been insufficient exploration to
define these inferred resources as indicated or measured mineral
resources.
7. Totals and average grades are subject to rounding to the appropriate
precision.
The Tulare Copper-Gold Porphyry Project comprises several porphyry copper-gold
targets including Kiseljak, Yellow Creek, Trlica and Calovica vis South and also
includes the Bakrenjaca carbonate-base metal epithermal vein system; all target
areas are located within 3,000 meters of the Kiseljak deposit. Dunav controls
100% of this newly identified porphyry cluster, located within the Lece Volcanic
Complex.
G Mining Services Inc. (Montreal) have been contracted to manage the Preliminary
Economic Assessment (PEA) of the Tulare Copper-Gold Porphyry Project.
1. ADDITIONAL INFORMATION
Drilling and Sampling
-- The Kiseljak resource estimate is based on 71 diamond drill holes, as at
25th October 2012. Details of the drilling and sampling program, at the
time of the database handover, are summarised in the table below.
----------------------------------------------------------------------------
Item DD Total
----------------------------------------------------------------------------
HOLES 71 71
METERS DRILLED 29,734.7 29,734.7
SAMPLES 29,836 29,836
AVERAGE RECOVERY 94% 94%
ASSAYS (Cu) 29,836
ASSAYS (Au) 29,836
ASSAYS (S) 29,505
BULK DENSITIES 3,929
----------------------------------------------------------------------------
-- Figure 1 shows the location of the Kiseljak deposit within the Tulare
Copper-Gold Porphyry Project, whilst Figure 2 displays the drilling
carried out to date (23rd November 2012) at Kiseljak. Figure 3 shows a
typical cross section through the Kiseljak deposit.
-- Diamond drilling has been carried out such that drill holes are always
started using PQ core and then reduced to HQ triple tube (HQ3) once
competent rock has been intersected. The diamond drill core size is kept
as HQ or HQ3 for as long as possible. Drill core is carefully packed for
transport to the sample processing facility in Tulare. Once the diamond
core has been processed (including photography, geotechnical and
geological logging, magnetic susceptibility measurement etc.) it is then
transported to SGS Bor for sample preparation and analysis.
-- The average core recovery is 94% in total.
-- Drill hole collars were surveyed by differential GPS (DGPS) by staff
surveyors (registered independent surveyors regularly audit Dunav's
survey control and procedures). All drill hole collar locations were
surveyed by DGPS.
-- The diamond drill holes were down hole surveyed, on average, every 30
meters using electronic survey equipment.
-- Kiseljak has been drilled on a nominal 80 meter by 80 meter grid
spacing.
-- Diamond core sampling has been carried out using Dunav's detailed
protocols throughout the entire drilling program.
Density Measurements
-- Density measurements are routinely taken every three meters down hole
from diamond drill core. The bulk density of the drill core segments is
measured at the SGS managed laboratory at Bor using the industry
standard wax-seal immersion method. The table below summarises the large
number of density measurements for each rock type in the Kiseljak drill
hole data set that have been collected and measured to date. The density
data has been used for variographic analysis and ordinary kriging
estimation in order to estimate the tonnage factors in the block model.
----------------------------------------------------------------------------
Mean Density
Lithology (tonnes/M3) Total
----------------------------------------------------------------------------
Pre-mineral porphyry (PO1) 2.57 2,058
Intra-mineral porphyry (PO2, PO3) 2.51 647
Late-mineral porphyry (P04) 2.58 18
Metamorphic basement (MMB) 2.59 1,361
Other (hydrothermal breccia,
magmatic breccia, fault gouge etc) 2.53 365
Total 2.56 4,449
----------------------------------------------------------------------------
Assaying
-- All Kiseljak drilling has been routinely assayed for copper (Cu), gold
(Au), silver (Ag), molybdenum (Mo) and sulphur (S).
-- The table below summarizes the primary and referee assaying that
comprises the Kiseljak resource estimation database, at the time of the
database 'close off' and handover to AMC (25th October 2012), along with
the assay methods that have been used.
----------------------------------------------------------------------------
Item Au Cu S
----------------------------------------------------------------------------
ASSAY METHOD 50g Fire assay/AAS Aqua regia/AAS Eltra furnace
PRIMARY ASSAYS 29,836 29,836 29,835
REFEREE GENALYSIS 1,933 1,932 1,888
REFEREE ALS VANCOUVER 2,030 2,030 2,030
----------------------------------------------------------------------------
-- An appropriate amount of quality control sampling and analysis has been
completed, as part of Dunav's standard QAQC procedures, which is
summarized below for copper and gold data.
----------------------------------------------------------------------------
Item DD Total
----------------------------------------------------------------------------
LAB DUPLICATES 1,408 1,408
LAB REPEATS 5,705 5,705
LAB SPLITS 1,631 1,631
REFEREE GENALYSIS (Cu) 1,932
REFEREE GENALYSIS (Au) 1,933
REFEREE GENALYSIS (S) 1,888
REFEREE ALS VANCOUVER (Cu) 2,030
REFEREE ALS VANCOUVER (Au) 2,030
REFEREE ALS VANCOUVER (S) 2,030
BLANKS 602
INTERNATIONAL STANDARDS 2,235
----------------------------------------------------------------------------
Variography
-- Detailed variography has been carried out for the Cu, Au, S and bulk
density data grade for use in the ordinary kriging estimations. Separate
variograms models have been constructed for the defined mineralized
zones, subdivided by oxidation state; completely oxidized (COX),
partially oxidized (POX) and unoxidized (FRS).
-- The table below summarises the modelled grade variography.
----------------------------------------------------------------------------
Nugget Structure 1 Structure 2 Structure 3
Zone Oxidn. Element Value Sill Value Sill Value Sill Value
----------------------------------------------------------------------------
North COX Cu 0.14 0.26 0.60
Au 0.10 0.32 0.58
S 0.24 0.16 0.59
----------------------------------------------------------------------------
North POX Cu 0.10 0.30 0.40
Au 0.05 0.31 0.64
S 0.21 0.22 0.58
----------------------------------------------------------------------------
PO1N FRS Cu 0.10 0.16 0.28 0.46
Au 0.08 0.32 0.36 0.24
S 0.13 0.17 0.71
----------------------------------------------------------------------------
PO1S FRS Cu 0.08 0.40 0.52
Au 0.06 0.49 0.45
S 0.15 0.19 0.67
----------------------------------------------------------------------------
PO2N FRS Cu 0.06 0.12 0.82
Au 0.06 0.10 0.84
S 0.12 0.13 0.76
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Structure 1 Structure 2 Structure 3
Zone Range (m) Range (m) Range (m)
X Y Z X Y Z X Y Z
----------------------------------------------------------------------------
North 118 118 118 330 330 330
6 6 6 175 175 175
97 97 97 595 595 595
----------------------------------------------------------------------------
North 9 9 9 88 88 88
30 30 30 98 98 98
94 94 94 771 771 771
----------------------------------------------------------------------------
PO1N 39 39 39 90 90 90 305 305 305
59 59 59 152 152 152 342 342 342
18 18 18 302 302 302
----------------------------------------------------------------------------
PO1S 86 86 86 191 191 191
56 56 56 102 102 102
26 26 26 354 354 354
----------------------------------------------------------------------------
PO2N 11 11 11 444 444 444
16 16 16 897 897 897
28 28 28 299 299 299
----------------------------------------------------------------------------
-- Variographic analysis was also applied to the density database. The two
main mineralized zones, PO1N and PO1S, were used for variographic
analysis and the parameters determined are listed in the following
table. The variogram parameters were applied to the mineralized zones as
follows:
-- PO1N parameters were applied to the PO2N and PO3N domains.
-- PO1S parameters were applied to the PO2S domain.
----------------------------------------------------------------------------
Nugget Structure 1 Structure 2 Structure 3
Zone Oxidn. Value Sill Value Sill Value Sill Value
----------------------------------------------------------------------------
PO1N FRS 0.19 0.24 0.30 0.26
PO1S FRS 0.45 0.09 0.14 0.32
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Structure 1 Structure 2 Structure 3
Zone Range (m) Range (m) Range (m)
X Y Z X Y Z X Y Z
----------------------------------------------------------------------------
PO1N 11 11 11 123 123 123 585 585 585
PO1S 40 40 40 100 100 100 252 252 252
----------------------------------------------------------------------------
Resource and Grade Modelling
-- Detailed interpretation of the geological and grade data has resulted in
the modelling of 5 main zones of copper-gold mineralization.
-- One-meter composites were used to define lithological boundaries,
geological boundaries and the mineralized zone outlines. Five-meter down
hole composites were used for statistical analysis, variography and
grade estimation. The table below summarizes the number of five-meter
composites within the various domains.
----------------------------------------------------------------------------
Mineralized Zone Weathering Zone Number
----------------------------------------------------------------------------
PO1N COX 127
POX 517
FRS 3,402
----------------------------------------------------------------------------
PO1S COX 107
POX 87
FRS 763
----------------------------------------------------------------------------
PO2N COX 25
POX 30
FRS 763
----------------------------------------------------------------------------
PO2S COX 3
POX 2
FRS 81
----------------------------------------------------------------------------
PO3N FRS 18
----------------------------------------------------------------------------
OTHER 10
----------------------------------------------------------------------------
TOTAL 5,935
----------------------------------------------------------------------------
-- Block model preparation and resource estimation has been completed using
Datamine and various GSLIB program libraries. One-meter composites (the
standard Dunav sampling unit) were used to define geological boundaries
and mineralized wireframes, whilst five-meter down hole composites were
used for statistical analysis, variography and resource estimation. The
table below summarizes the block model parameters.
----------------------------------------------------------------------------
Item EAST NORTH RL
----------------------------------------------------------------------------
LENGTH (METERS) 2,300 2,500 1,140
PARENT CELL (METERS) 20 20 20
----------------------------------------------------------------------------
-- The following table summarizes the sub-blocking used to build additional
detail into the block model
----------------------------------------------------------------------------
Item EAST NORTH RL
----------------------------------------------------------------------------
Topography 10 10 5
Mineralization 10 10 10
Oxidation 10 10 5
Structures 10 5 10
Constraining Boundary 10 10 10
----------------------------------------------------------------------------
-- The block model closely matches the volumes of the mineralized zone
wireframes as shown in the table below.
----------------------------------------------------------------------------
Wireframe Volume Block Model Volume
(million cubic (million cubic
Mineralized Zone meters) meters) Per cent Difference
----------------------------------------------------------------------------
PO1N 571.89 570.57 -0.2
PO1S 352.62 352.60 0.0
PO2N 46.46 46.42 -0.1
PO2S 1.97 1.97 0.0
PO3N 2.18 2.16 -0.6
TOTAL 975.13 973.72 -0.1
----------------------------------------------------------------------------
-- Resource estimation has been completed using the geostatistical
estimation technique, Ordinary Kriging ("OK"). Bulk density has been
estimated into the block model using ordinary kriging. Five main
mineralized zones were defined, hosted within mineralized porphyries and
mineralized basement rocks. Following statistical assessment, no upper
cuts were applied.
-- The search parameters used during Cu, Au and S grade estimation are
summarised in the following table. A three-pass estimation approach was
used in order to populate the mineralized zones with grade and density
estimates, wherein the search ranges were steadily increased until the
mineralized wireframes were filled with grade estimates. The minimum
number of composites per hole was restricted to 6 composites, such that
a minimum of two holes was required for a block estimate.
----------------------------------------------------------------------------
Long Axis Orientation No of Samples
Zone Dip Direction Min Max
----------------------------------------------------------------------------
COX 90 0 12 36
POX 90 0 12 36
FRS -60 N040E 12 36
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Search Ranges (m)
1st Search 2nd Search 3rd Search
Zone Volume Volume Volume
X Y Z X Y Z X Y Z
----------------------------------------------------------------------------
COX 60 120 60 120 240 120 180 360 180
POX 60 120 60 120 240 120 180 360 180
FRS 60 120 60 120 240 120 180 360 180
----------------------------------------------------------------------------
-- The search parameters used for the density data are summarized below.
----------------------------------------------------------------------------
Long Axis Orientation No of Samples
Zone Dip Direction Min Max
----------------------------------------------------------------------------
COX 90 0 12 36
POX 90 0 12 36
FRS -60 N040E 12 36
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Search Ranges (m)
1st Search 2nd Search 3rd Search
Zone Volume Volume Volume
X Y Z X Y Z X Y Z
----------------------------------------------------------------------------
COX 100 200 100 200 400 200 300 600 300
POX 100 200 100 200 400 200 300 600 300
FRS 100 200 100 200 400 200 300 600 300
----------------------------------------------------------------------------
-- The table below summarizes the proportion of blocks that were estimated
on each estimation pass.
----------------------------------------------------------------------------
Search Volume Estimation Pass Percentage of Blocks Estimated
----------------------------------------------------------------------------
Pass 1 - 1st Search Volume 41
Pass 2 - 2nd Search Volume 47
Pass 3 - 3rd Search Volume 10
Not estimated 2
----------------------------------------------------------------------------
Grade-Tonnage Reporting
-- The Kiseljak mineral resource was estimated using the Canadian Institute
of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral
Resources and Reserves, Definitions and Guidelines prepared by the CIM
Standing Committee on Reserve Definitions and adopted by CIM Council.
The in-situ resource estimate is within the defined mineralized
wireframes and is reported at a range of lower cut off grades. A
comprehensive, second phase of metallurgical test work, to follow up on
the work carried out in 2008, is being completed and will be used with
the PEA to define the appropriate cut-off grade for the Tulare Copper-
Gold Porphyry Project (Kiseljak). The PEA has been initiated and is
being managed by G Mining Services Inc. of Montreal.
-- The Kiseljak resource model has been categorized as Inferred Resources
using the CIM Standards on Mineral Resources and Reserves, Definitions
and Guidelines (November 2010). Follow up, targeted drilling will be
planned to confirm the current geological interpretation, along with
collection of additional assay data, in order to facilitate the
elevation of the resource category from Inferred to Indicated.
-- In the table below the reported tonnes, grade and contained gold have
been rounded to the appropriate level of precision for the reporting of
an Inferred Resource, and the numbers may not correlate exactly due to
rounding errors.
Kiseljak Inferred Resources - Grade-tonnage report
----------------------------------------------------------------------------
Cut Off Million Cu Cu Au Au S Cu_eq Au_eq
(Cu_eq %) Tonnes (%) (Bn lbs) (g/t) (Moz) (%) (%) g/t)
----------------------------------------------------------------------------
0.15 443.9 0.23 2.25 0.21 3.01 1.85 0.35 0.58
0.20 370.0 0.25 2.04 0.23 2.74 1.74 0.39 0.64
0.25 300.5 0.27 1.79 0.26 2.52 1.67 0.43 0.71
0.30 240.5 0.30 1.59 0.28 2.17 1.62 0.47 0.77
0.35 188.1 0.32 1.33 0.31 1.88 1.59 0.51 0.84
0.40 141.6 0.35 1.09 0.34 1.55 1.58 0.55 0.91
0.45 100.2 0.38 0.85 0.37 1.21 1.59 0.60 0.99
0.50 73.4 0.41 0.66 0.40 0.95 1.59 0.65 1.07
----------------------------------------------------------------------------
1. See notes on page 1.
Preliminary metallurgical test work on diamond drill core samples from Kiseljak,
carried out in 2008 at SGS Lakefield in Toronto, Canada, has indicated that very
high copper and gold recoveries are potentially achievable using typical grind
sizes. Excellent flotation recovery characteristics were exhibited for both
copper and gold, and a copper-gold concentrate with no deleterious elements was
produced. A portion of the gold mineralization is recoverable by standard
gravity methods, potentially enhancing the overall gold recovery. Preliminary
grinding test work showed a medium to soft mineralization type with a bond work
index of approximately 11kWhr/t. Further metallurgical test work is underway and
an extensive program of additional metallurgical testwork is nearing completion.
Please see the following link to view all Kiseljak and Yellow Creek drill holes
located spatially in three dimensions:
http://www.corebox.net/properties/tulare-porphyry-project
2. SAMPLING AND ANALYSIS
The majority of soil samples have been assayed at the ALS Chemex laboratory,
Perth, Australia. More recent soil sampling programs have been assayed at the
SGS managed laboratory at Chelopech in Bulgaria using a combination of ICP-OES
and ICP-MS, whereas gold has been assayed by low level detection fire assay
method (50 gram sample charge) with an AAS finish. Trench samples were prepared
at the laboratory facility at SGS Bor and the samples have been assayed at the
SGS managed laboratory at Chelopech in Bulgaria or the SGS managed laboratory
facility at Bor. Diamond drill core has been prepared at the laboratory facility
at Bor and assayed at either the SGS managed laboratory at Chelopech in Bulgaria
or the SGS managed laboratory at Bor. Trench and diamond drill samples have been
assayed for gold by 50 gram fire assay with an AAS finish whilst copper, silver
and molybdenum have been analysed using an aqua regia digest with an AAS finish.
A one metre sampling interval has been used where possible for the Tulare
Copper-Gold Porphyry Project diamond drilling program. Half core is routinely
submitted to the laboratory for analysis. Following Dunav standard quality
assurance procedures, a full suite of field and laboratory duplicates and
replicates along with internationally accredited standards and blanks, have been
submitted with each batch of samples.
Trench sampling was carried out as channels in the wall just above the trench
floor on 2 meter intervals. Except where extensive soil cover is encountered,
trenches were sampled in their entirety. The samples were routinely weighed
prior to final bagging to maintain an even sample size and to avoid sampling
bias in harder rock types. An average channel sample weight was maintained at 3
kilograms per meter, which produces a consistent sample weight approximating
half HQ core samples. Field duplicate samples were taken every 20 samples and
known standards were inserted into the sample stream after every 20th sample. A
geological and structural log was completed as for diamond drilling. All data
collected in the field was routinely entered into geology and structural geology
spread sheets using Field Marshal software for subsequent entry to an acQuire
database and validation.
3. QUALIFIED PERSONS
The Kiseljak resource estimate was undertaken by independent qualified person
Chris Arnold MAusIMM CP(Geo) of AMC. Mr. Arnold of AMC has reviewed and approved
the contents of this press release insofar as the Kiseljak mineral resource
estimate is concerned.
AMC is completing a technical report for the mineral resource estimate in
compliance with NI 43-101 to be filed on SEDAR within 45 days of this press
release.
The other technical information contained in this press release was prepared and
approved by Dr Julian F. H. Barnes, FAusIMM, MAIG, a special consultant to the
Company. Dr. Barnes is a 'qualified person' within the meaning of that term
under NI 43-101.
Previously released data refers to data included in the "Tulare Project, Serbia
National Instrument 43-101 Technical Report" by Paul Mazzoni dated November 22,
2010 (the "Technical Report"), filed on SEDAR at www.sedar.com. Further
information in respect of results, investigations, interpretations, quality
assurance and quality control measures, along with geology, mineralogy,
sampling, and analytical procedures is included in the Technical Report.
About Dunav Resources Ltd.: Dunav Resources is a mineral exploration company
focussed on the acquisition, exploration and development of mineral properties
in Serbia. Additional information about the Company is available on SEDAR at
www.sedar.com and at www.dunavresources.com.
Dunav had approximately $4.2 million in its treasury at September 30, 2012,
which it plans to use for the exploration and development of its mineral
projects in Serbia. Dunav's issued and outstanding share capital totals
119,242,942 common shares, of which approximately 47.3% is held by Dundee
Precious Metals Inc.
Cautionary Statement
This press release contains 'forward-looking information' within the meaning of
applicable Canadian securities legislation. Forward looking information in this
news release includes information with respect to the mineral resource estimate
and its potential expansion and upgrade to a higher level of confidence, the
Company's plans to complete a preliminary economic assessment, the geological
and economic potential of the Tulare Project, the results and interpretation of
exploration activities and studies including results of preliminary
metallurgical test work, and the timing and location of future work programs.
"Inferred Resources" have a great amount of uncertainty as to their existence,
and as to their economic and legal feasibility. Investors are cautioned not to
assume that all or any part of an inferred mineral resource reported in this
news release will ever be upgraded to a higher category or to reserves.
Although the Company believes in light of the experience of its officers and
directors, current conditions and expected future developments and other factors
that have been considered appropriate that the expectations reflected in this
forward-looking information are reasonable, undue reliance should not be placed
on them because the Company can give no assurance that they will prove to be
correct. Forward-looking information is subject to known and unknown risks and
uncertainties, and depends on assumptions and other factors, all of which may
cause actual results or events to differ materially from those anticipated or
estimated in such forward-looking information. The forward-looking statements
contained in this press release are made as of the date hereof and the Company
undertakes no obligations to update publicly or revise any forward-looking
statements or information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws.
Figures 1 to 3 are available at the following address:
http://media3.marketwire.com/docs/Dunav_maps.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
Dunav Resources Ltd.
James Crombie
President and Chief Executive Officer
+1.450.640.0810
info@dunavresources.com
www.dunavresources.com
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