Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or
“the Company”) today reported new assay results from its ongoing
infill drilling program at the Čoka Rakita prospect in eastern
Serbia, which continued to confirm the continuity of the
mineralization and locally extended the footprint of the deposit to
the west and south-west. Additionally, the Company provided an
update on its scout drilling program on the Čoka Rakita licence,
highlighting additional potential for manto-like copper-gold skarn
mineralization at the Frasen, Dumitru Potok and Rakita North
targets.
Highlights
- Exceptional new high-grade
intercepts from infill drilling, including:
- RIDT025 –
36 metres at 2.59 g/t Au from 377 metres downhole and 73 metres at
43.36 g/t Au and 0.12% Cu from 420 metres downhole (including 41
metres at 76.08 g/t Au and 0.16% Cu from 446 metres downhole)
- RIDT026 –
30 metres at 7.44 g/t Au from 439 metres downhole and 38 metres at
14.94 g/t Au from 477 metres downhole
- RIDT028 –
91 metres at 15.09 g/t Au and 0.11% Cu from 404 metres downhole
(including 28 metres at 13.14 g/t Au from 437 metres downhole) and
11 metres at 83.29 g/t Au and 0.12% Cu from 480 metres
downhole
- RIDD030 –
47 metres at 6.47 g/t Au from 470 metres downhole
- RIDD031 –
38 metres at 18.47 g/t Au from 562 metres downhole and 24 metres at
4.54 g/t Au and 0.12% Cu from 506 metres downhole
- RIDT005 –
45 metres at 3.17 g/t Au and 0.21% Cu from 353 metres downhole
(including 7 metres at 10.25 g/t Au and 0.17% Cu from 357 metres
downhole)
- RIDD036 –
23 metres at 6.95 g/t Au from 441 metres (including 11 metres at
12.85 g/t Au from 453 metres downhole)
- RIDD029 –
43 metres at 3.23 g/t Au from 602 metres downhole
- RIDD037 –
26 metres at 3.71 g/t Au and 0.12% Cu from 456 metres downhole
(including 8 metres at 7.59 g/t Au from 461 metres downhole)
- Results
confirm and locally extend the high-grade core of
mineralization: Results from RIDT025, RIDT026 and RIDT028
confirm the high-grade nature of the mineralized body and provide
additional confidence in the continuity of the mineralization (see
Figure 1). High-grade intercepts from holes RIDT025 and RIDT028
extend the high-grade core by 80 metres to the south and 70 metres
to the east-northeast, respectively, of hole RADDMET001 (which
included the previously announced intercept of 40 metres at 63.43
g/t Au and 0.11% Cu from 517 metres depth).1
- Results
extend the deposit to the southwest and northeast: Holes
RIDD036 and RIDT005 extend the mineralization to the southwest and
demonstrate that prospective exo-skarns are developed further than
originally interpreted, while holes RIDD029 and RIDD037 demonstrate
that the system is still open to the northeast at these locations.
Follow-up extensional drilling is planned to better define the
limits of mineralization.
- Scout
drilling outlines further extensional potential of the deposit with
multiple targets currently being tested: Drilling
intercepted skarn-altered sandstones and conglomerates on the
northeast flank of the system and also intercepted a significant
(more than 160 meters thick in RADD044 drillhole) package of
skarn-altered marbles hosting copper-gold mineralization at depth
(see Figure 2).
- New
exploration licences provide further upside potential:
Includes the Potaj Čuka exploration licence, which is located to
the north of Čoka Rakita and contains the Timok gold project, and
the Pešter Jug exploration licence, located to the south of Čoka
Rakita (see Figure 3). DPM is planning a 25,000-metre drilling
campaign to test favourable stratigraphy for carbonate replacement
and skarn deposits on both new licences.
- Next
steps: DPM expects to complete a maiden Mineral Resource
estimate for Čoka Rakita in December 2023 and continues to advance
activities aimed at accelerating the project, including initiating
geotechnical and hydrogeological drilling, the next phase of the
metallurgical testwork program, evaluation of locations for
potential site infrastructure, and stakeholder engagement
activities. The Company is also aggressively pursuing additional
potential skarn targets through its scout drilling campaigns within
the Čoka Rakita licence, on the new Potaj Čuka and Pešter Jug
licences, and the 10,000-metre scout drilling program on the Umka
licence.
-
Interactive VRIFY 3D Model: Visit
https://vrify.com/decks/14641 to view an
interactive 3D model highlighting these results.
“We are excited to announce these exceptional
results from our ongoing drilling program at the high-quality Čoka
Rakita prospect in Serbia, including the best intercept to date
with 73 metres at 43 grams per tonne gold and 0.12% copper,” said
David Rae, President and Chief Executive Officer of Dundee Precious
Metals.
“We are on track to complete a maiden Mineral
Resource estimate by the end of 2023, and we are continuing to
advance activities aimed at accelerating this high-quality growth
prospect. We are also aggressively drilling to further grow the
deposit and test other prospective targets on the nearby Umka,
Potaj Čuka and Pešter Jug exploration licences.”
Čoka Rakita Infill Drilling Program Results
The Company is continuing its accelerated
drilling program at Čoka Rakita, with an additional 21,250 metres
drilled and 44 infill holes completed since the previous update on
July 11, 2023, with another 5 drill holes currently in
progress.
The infill drilling program continues to
demonstrate gold grade continuity, particularly in the central
areas of the mineralization. Multiple holes (RIDD030, RIDD031,
RIDD035, RIDT025, RIDT026 and RIDT028) have confirmed the presence
of intensively mineralized skarn within the core of the deposit,
having returned consistent and wide intercepts of high-grade gold
mineralization, frequently associated with visible gold.
In addition to confirming the exploration
targeting model for Čoka Rakita, the drilling program has extended
the footprint of the high-grade core of the deposit by
approximately 55 metres to the south and 30 metres to the east (see
Figure 1). While the overall extents of the deposit remain
consistent with the dimensions previously reported in July 2023
(650 metres long, up to 350 metres wide, and with variable
thickness from less than 20 metres in the margins to more than 100
metres in the core of the mineralized zone),2 drilling has improved
confidence in working interpretations and locally extended the
outer limits of the mineralization to the southwest by 30 metres
(RIDT005 and RIDD036), and to the northeast by 60 metres (RIDD029
and RIDD037). Further delineation drilling is planned for these
areas as the drill program progresses.
Results from the 40 new holes of the infill
program are disclosed in the following table, while for 4 completed
holes the assays are pending.
Table 1: New drill intercepts from the Čoka Rakita
infill drilling
HOLEID |
EAST |
NORTH |
RL |
AZ |
DIP |
FROM |
TO |
LENGTH |
AuEq |
Au |
Cu |
|
|
|
|
|
|
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
(%) |
RIDD027 |
572970 |
4896087 |
903 |
295 |
-67 |
completed / no significant intervals |
RIDD028 |
573133 |
4896331 |
830 |
231 |
-47 |
534 |
549 |
15 |
1.02 |
1.02 |
- |
RIDD029 |
573251 |
4895881 |
926 |
271 |
-60 |
602 |
645 |
43 |
3.23 |
3.23 |
- |
RIDD030 |
573041 |
4895848 |
919 |
263 |
-68 |
407 |
421 |
14 |
1.28 |
1.28 |
- |
and |
|
|
|
|
|
470 |
517 |
47 |
6.47 |
6.47 |
- |
including |
|
|
|
|
|
472 |
477 |
5 |
35.1 |
35.1 |
- |
including |
|
|
|
|
|
507 |
516 |
9 |
6.83 |
6.44 |
0.29 |
RIDD031 |
573201 |
4895769 |
940 |
281 |
-59 |
506 |
530 |
24 |
4.70 |
4.54 |
0.12 |
and |
|
|
|
|
|
562 |
600 |
38 |
18.47 |
18.47 |
- |
including |
|
|
|
|
|
564 |
575 |
11 |
13.87 |
13.87 |
- |
RIDD032 |
572990 |
4896006 |
917 |
268 |
-62 |
completed / no significant intervals |
RIDD033 |
573176 |
4896100 |
866 |
260 |
-56 |
aborted for technical reasons |
RIDD034 |
573217 |
4895694 |
938 |
259 |
-55 |
completed / no significant intervals |
RIDD034A |
572978 |
4895652 |
632 |
267 |
-55 |
200 |
205 |
5 |
7.95 |
7.95 |
- |
RIDD035 |
573024 |
4895687 |
928 |
286 |
-67 |
475 |
490 |
15 |
17.91 |
17.91 |
- |
including |
|
|
|
|
|
479 |
489 |
10 |
25.02 |
25.02 |
- |
and |
|
|
|
|
|
499 |
504 |
5 |
1.78 |
1.54 |
0.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOLEID |
EAST |
NORTH |
RL |
AZ |
DIP |
FROM |
TO |
LENGTH |
AuEq |
Au |
Cu |
|
|
|
|
|
|
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
(%) |
RIDD036 |
572995 |
4895774 |
913 |
256 |
-64 |
441 |
464 |
23 |
6.95 |
6.95 |
- |
including |
|
|
|
|
|
453 |
464 |
11 |
12.85 |
12.85 |
- |
RIDD037 |
573176 |
4895953 |
907 |
276 |
-62 |
456 |
482 |
26 |
3.87 |
3.71 |
0.12 |
including |
|
|
|
|
|
461 |
469 |
8 |
7.59 |
7.59 |
- |
RIDD038 |
573173 |
4896094 |
865 |
260 |
-57 |
aborted for technical reasons |
RIDD039 |
573249 |
4895881 |
927 |
269 |
-64 |
completed / no significant intervals |
RIDD040 |
573196 |
4895771 |
940 |
266 |
-63 |
528 |
574 |
46 |
1.99 |
1.99 |
- |
RIDD041 |
573245 |
4895884 |
927 |
278 |
-63 |
completed / no significant intervals |
RIDD042 |
572952 |
4895849 |
901 |
264 |
-65 |
350 |
374 |
24 |
1.38 |
1.38 |
- |
and |
|
|
|
|
|
385 |
399 |
14 |
1.34 |
1.10 |
0.18 |
RIDD043 |
573247 |
4895884 |
927 |
264 |
-62 |
609.9 |
619 |
9.1 |
1.28 |
1.28 |
- |
and |
|
|
|
|
|
627 |
633 |
6 |
2.00 |
2.00 |
- |
RIDD044 |
573174 |
4895946 |
907 |
268 |
-61 |
aborted for technical reasons |
RIDD045* |
572971 |
4896086 |
903 |
283 |
-70 |
451 |
460 |
9 |
2.87 |
2.87 |
- |
and |
|
|
|
|
|
481 |
495 |
14 |
8.63 |
8.63 |
- |
RIDD046 |
572911 |
4895983 |
910 |
239 |
-81 |
completed / awaiting results |
RIDD047 |
573134 |
4895670 |
932 |
265 |
-65 |
in progress |
RIDD048 |
573225 |
4895701 |
945 |
268 |
-63 |
in progress |
RIDT003 |
572851 |
4896117 |
900 |
259 |
-80 |
aborted for technical reasons |
RIDT004 |
572952 |
4895846 |
901 |
251 |
-66 |
345 |
356 |
11 |
1.39 |
1.20 |
0.14 |
and |
|
|
|
|
|
374 |
387 |
13 |
1.21 |
1.21 |
- |
and |
|
|
|
|
|
398 |
436 |
38 |
4.26 |
3.76 |
0.37 |
including |
|
|
|
|
|
405 |
416 |
11 |
8.85 |
8.25 |
0.45 |
RIDT005 |
572951 |
4895849 |
901 |
256 |
-61 |
353 |
398 |
45 |
3.45 |
3.17 |
0.21 |
including |
|
|
|
|
|
357 |
364 |
7 |
10.48 |
10.25 |
0.17 |
RIDT007 |
572910 |
4895984 |
910 |
240 |
-64 |
346 |
360 |
14 |
1.12 |
0.78 |
0.26 |
RIDT008 |
572908 |
4895984 |
910 |
241 |
-70 |
385 |
392 |
7 |
1.03 |
0.39 |
0.48 |
RIDT009 |
573143 |
4895674 |
943 |
281 |
-66 |
522 |
594 |
72 |
1.84 |
1.84 |
- |
RIDT010 |
573142 |
4895672 |
943 |
272 |
-70 |
completed / no significant intervals |
RIDT011 |
573141 |
4895671 |
943 |
272 |
-63 |
516 |
570 |
54 |
3.08 |
3.08 |
- |
RIDT015 |
573019 |
4895684 |
928 |
280 |
-66 |
completed / awaiting results |
RIDT016 |
573019 |
4895681 |
928 |
279 |
-73 |
469 |
479 |
10 |
3.02 |
3.02 |
- |
RIDT017 |
573087 |
4895786 |
931 |
258 |
-69 |
completed / awaiting results |
RIDT018* |
573090 |
4895788 |
931 |
258 |
-66 |
498 |
517 |
19 |
2.18 |
2.18 |
- |
RIDT019 |
573088 |
4895790 |
931 |
265 |
-63 |
511 |
523 |
12 |
10.25 |
10.25 |
- |
including |
|
|
|
|
|
512 |
518 |
6 |
18.68 |
18.68 |
- |
and |
|
|
|
|
|
529 |
548 |
19 |
1.34 |
1.13 |
0.16 |
RIDT020 |
573092 |
4895787 |
931 |
263 |
-63 |
497 |
513 |
16 |
12.04 |
12.04 |
- |
including |
|
|
|
|
|
501 |
507 |
6 |
28.40 |
28.40 |
- |
and |
|
|
|
|
|
535 |
540 |
5 |
1.51 |
1.36 |
0.11 |
RIDT021* |
573197 |
4895773 |
940 |
277 |
-65 |
619 |
632 |
13 |
2.00 |
2.00 |
- |
RIDT022 |
573196 |
4895771 |
940 |
271 |
-62 |
511 |
517 |
6 |
1.07 |
1.07 |
- |
and |
|
|
|
|
|
525 |
531 |
6 |
1.74 |
1.74 |
- |
and |
|
|
|
|
|
537 |
550 |
13 |
3.28 |
3.28 |
- |
and |
|
|
|
|
|
580 |
612 |
32 |
1.63 |
1.63 |
- |
and |
|
|
|
|
|
619 |
629 |
10 |
1.28 |
1.28 |
- |
HOLEID |
EAST |
NORTH |
RL |
AZ |
DIP |
FROM |
TO |
LENGTH |
AuEq |
Au |
Cu |
|
|
|
|
|
|
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
(%) |
RIDT023 |
572993 |
4895773 |
913 |
261 |
-65 |
416 |
439 |
23 |
1.32 |
1.32 |
- |
and |
|
|
|
|
|
453 |
470 |
17 |
8.11 |
8.11 |
- |
RIDT024* |
572991 |
4895775 |
913 |
265 |
-62 |
438 |
449 |
11 |
2.44 |
2.21 |
0.17 |
and |
|
|
|
|
|
461 |
475 |
15 |
4.09 |
3.73 |
0.27 |
RIDT025 |
572991 |
4895778 |
913 |
282 |
-66 |
377 |
413 |
36 |
2.59 |
2.59 |
- |
and |
|
|
|
|
|
420 |
493 |
73 |
43.52 |
43.36 |
0.12 |
including |
|
|
|
|
|
446 |
487 |
41 |
76.29 |
76.08 |
0.16 |
RIDT026 |
573041 |
4895854 |
919 |
275 |
-64 |
423 |
430 |
7 |
1.30 |
1.12 |
0.13 |
and |
|
|
|
|
|
439 |
469 |
30 |
7.44 |
7.44 |
- |
including |
|
|
|
|
|
442 |
457 |
15 |
13.19 |
13.19 |
- |
and |
|
|
|
|
|
477 |
515 |
38 |
14.94 |
14.94 |
- |
including |
|
|
|
|
|
483 |
488 |
5 |
6.65 |
6.65 |
- |
including |
|
|
|
|
|
498 |
505 |
7 |
20.54 |
20.54 |
- |
including |
|
|
|
|
|
509 |
515 |
6 |
12.76 |
12.61 |
0.11 |
RIDT027 |
572997 |
4895937 |
915 |
247 |
-65 |
completed / awaiting results |
RIDT028 |
572997 |
4895939 |
915 |
256 |
-73 |
404 |
495 |
91 |
15.23 |
15.09 |
0.11 |
including |
|
|
|
|
|
405 |
410 |
5 |
5.00 |
4.25 |
0.56 |
including |
|
|
|
|
|
437 |
465 |
28 |
13.14 |
13.14 |
- |
including |
|
|
|
|
|
480 |
491 |
11 |
83.45 |
83.29 |
0.12 |
RIDT030* |
572990 |
4896009 |
917 |
284 |
-68 |
432 |
456 |
24 |
1.21 |
0.78 |
0.33 |
and |
|
|
|
|
|
464 |
497 |
33 |
2.70 |
2.54 |
0.12 |
including |
|
|
|
|
|
488 |
493 |
5 |
6.98 |
6.84 |
0.10 |
and |
|
|
|
|
|
505 |
520 |
15 |
1.14 |
0.96 |
0.13 |
RIDT030A |
572888 |
4896042 |
630 |
264 |
-65 |
in progress |
RIDT031 |
572989 |
4896005 |
917 |
268 |
-70 |
405 |
412 |
7 |
1.77 |
1.12 |
0.48 |
and |
|
|
|
|
|
424 |
477 |
53 |
2.75 |
2.54 |
0.16 |
RIDT035 |
573089 |
4895922 |
920 |
248 |
-72 |
in progress |
RIDT042 |
573202 |
4895768 |
940 |
264 |
-62 |
in progress |
* Holes have been assayed using a 50 g Fire Assay method,
Screen Fire Assays (SFA) results pending.
1) Coordinates are in UTM Zone 34 North WGS84 datum.
2) Intervals are reported at a cut-off
grade of 1 g/t AuEq using 5 metres minimum length and 5 metres
maximum internal dilution. Higher grade ‘Including’ intervals are
reported at a cut-off grade of 5 g/t AuEq using 5 metres minimum
length and 3 metres maximum internal dilution.
3) The AuEq calculation is based on the
following formula: Au g/t + 1.35 x Cu %, based on a gold price of
$1,400/oz. and a copper price of $2.75/lb.; and assumes
metallurgical recoveries of 90% for gold and 90% for copper within
the equivalency calculation. These assumptions are based on
preliminary metallurgical results and expected similar behaviour of
copper and gold during flotation. Copper below 0.1% has not been
reported and is not included in the equivalency calculation.
4) No upper cuts have been applied.
5) Based on the current understanding of
the geometry of the mineralized body, true widths are considered to
be 90% or more of the reported downhole interval.
6) "DT" within the hole naming nomenclature
(e. g. RIDT005) indicates that the hole is a diamond tail of a
reverse circulation pre-collar drillhole.
7) Daughter holes identified with “A”
(e.g., RIDT030A) are navigational holes with collar coordinates
indicating the exit point from the parent hole.
Čoka Rakita Scout Drilling
The Company is accelerating its scout drilling
program on the Čoka Rakita exploration licence and has drilled over
9,000 metres to date, with eight drillholes completed and three
drillholes in progress. The objective of the drilling program is to
test for the continuation of sandstone skarn and
conglomerate-hosted mineralization under cover, as well as for
deeper-seated marble-hosted copper-gold targets.
To enhance its exploration targeting, the
Company completed a magnetotellurics (MT) survey covering two
square kilometres in the vicinity of the Čoka Rakita and Dumitru
Potok targets. The MT survey identified several deep-seated
distinct conductivity anomalies located on the flanks of the
Dumitru Potok porphyry system and extending towards the north flank
of the Čoka Rakita and Frasen prospect areas.
Scout holes drilled north of Čoka Rakita, toward
the Frasen and Dumitru Potok prospects, intercepted copper-gold
mineralization hosted by conglomerates and marbles. Notably, hole
RADD044 intercepted wide zones of copper-gold mineralization within
skarn-altered marbles and returned 50 metres at 0.54% Cu and 0.41
g/t Au from 1220 metres downhole and 42 metres at 0.72% Cu and 0.5
g/t Au from 1277 metres downhole. These results, when combined with
other intercepts from the hole, suggest a vertical extent of over
160 metres. Along with RADD043 and previously published intercepts
in RIDD001, RIDD002 and RIDD009, these intercepts outline the
potential for a significant marble hosted skarn copper-gold target
on the northern flank of Čoka Rakita at deeper levels.
At the Frasen prospect, located approximately
one kilometre north of Čoka Rakita, BIDD0221 returned 5 metres at
1.45% Cu and 0.64 g/t Au from 486 metres downhole. This copper-gold
mineralization is of a carbonate replacement type and hosted within
marbles. Additional drilling is underway to test the continuity of
this target.
At the Dumitru Potok prospect, located
approximately 1.5 kilometres northeast of Čoka Rakita, several
holes intercepted lower grade copper-gold porphyry mineralization
and, at shallower depths, showed potential for sandstone and
conglomerate hosted gold mineralization. From this program, DPDD010
reported 9 metres at 0.59% Cu and 0.33 g/t Au from 555 metres
downhole, while assays from the other holes are pending.
For details of the Čoka Rakita scout drilling
program, refer to Table 2 and Figure 2.
Table 2: New drill intercepts from scout
drilling campaign on the Čoka Rakita exploration
licence
HOLEID |
EAST |
NORTH |
RL |
AZ |
DIP |
FROM |
TO |
LENGTH |
AuEq |
Au |
Cu |
|
|
|
|
|
|
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
(%) |
RADD041 |
572449 |
4896563 |
897 |
189 |
-65 |
completed / no significant intervals |
RADD042 |
573216 |
4895402 |
896 |
265 |
-59 |
completed / no significant intervals |
RADD043 |
572945 |
4896595 |
791 |
235 |
-61 |
647 |
656 |
9 |
1.11 |
0.66 |
0.34 |
RADD044 |
573618 |
4896015 |
844 |
270 |
-60 |
1102 |
1119 |
17 |
1.03 |
0.41 |
0.46 |
and |
|
|
|
|
|
1193 |
1199 |
6 |
1.11 |
0.35 |
0.57 |
and |
|
|
|
|
|
1205 |
1214 |
9 |
1.13 |
0.36 |
0.57 |
and |
|
|
|
|
|
1220 |
1270 |
50 |
1.14 |
0.41 |
0.54 |
and |
|
|
|
|
|
1277 |
1319 |
42 |
1.46 |
0.50 |
0.72 |
RADD045 |
573085 |
4895452 |
909 |
259 |
-64 |
completed / awaiting results |
DPDD010 |
573262 |
4897012 |
713 |
265 |
-63 |
555 |
564 |
9 |
1.12 |
0.33 |
0.59 |
DPDD011 |
573665 |
4897081 |
698 |
240 |
-46 |
completed / awaiting results |
DPDD012 |
573866 |
4897480 |
690 |
238 |
-51 |
in progress |
DPDD013 |
573265 |
4897522 |
681 |
235 |
-50 |
in progress |
|
|
|
|
|
|
|
|
|
|
|
|
BIDD221 |
572228 |
4897176 |
922 |
242 |
-60 |
486 |
491 |
5 |
2.59 |
0.64 |
1.45 |
BIDD222 |
572420 |
4897035 |
890 |
249 |
-59 |
in progress |
1) Coordinates are in UTM Zone 34 North WGS84 datum.
2) Intervals are reported at a cut-off
grade of 1 g/t AuEq using 5 metres minimum length and 5 metres
maximum internal dilution.
3) The AuEq calculation is based on the
following formula: Au g/t + 1.35 x Cu %, based on a gold price of
$1,400/oz. and a copper price of $2.75/lb.; and assumes
metallurgical recoveries of 90% for gold and 90% for copper within
the equivalency calculation. These assumptions are based on
preliminary metallurgical results and expected similar behaviour of
copper and gold during flotation. Copper below 0.1% has not been
reported and is not included in the equivalency calculation.
4) No upper cuts have been applied.
5) Based on the limited understanding of
the geometry of the mineralized body, true widths are considered to
be 90% or more of the reported downhole interval, assuming
strata-bound control on the mineralization.
Metallurgical Testing
To confirm the favourable results of the
previously reported metallurgical testwork, a new comprehensive
metallurgical testing program was completed for Čoka Rakita. The
results confirmed the viability of a combined gravity concentration
and flotation circuit at different target grades.
Three representative 150 kg composite samples
were tested at Base Metallurgical Laboratories in Kamloops, British
Columbia. Extended gravity recoverable gold (“EGRG”) testing
demonstrated gravity recoverable gold ranging from 49% to 62% from
these samples. Rougher flotation tests on the gravity tails at a
P80 grind size of 53 µm achieved overall gold recoveries ranging
from 90% to 96% for the three composite samples. Adjusting for
cleaner flotation losses, the results indicate total achievable
gold recovery from a gravity and flotation circuit ranges from 88%
to 91%.
Comminution testing was also performed on these
samples and determined a Bond Ball Mill Work Index of 13.4 kW/t and
an Abrasion Index of 0.14. These results indicate that the material
is of average hardness and mildly abrasive.
Table 3: Metallurgical test results
|
METCRA23-01 |
METCRA23-02 |
METCRA23-03 |
Feed grade (g/t) |
3.12 |
5.3 |
10.4 |
EGRG recovery (%) |
55.6 |
49 |
61.8 |
Gravity + flotation recovery (%) |
87.5 |
88.5 |
91.2 |
Bond ball mill work index (kWh/t) |
13.4 |
13.2 |
13.3 |
Abrasion Index |
0.123 |
0.138 |
0.154 |
These encouraging results validate the
suitability of mineralized material at Čoka Rakita for gravity
concentration followed by conventional froth flotation, and this
flowsheet will be the basis for further optimization during
subsequent testwork phases.
Next Steps for Čoka Rakita
-
Maiden Mineral Resource estimate: DPM expects to
complete a maiden Mineral Resource estimate in December 2023. The
Mineral Resource estimate will incorporate results from drilling up
until the end of October 2023.
-
Ongoing activities to accelerate advancement of the
project: DPM continues to advance activities aimed at
accelerating the project, which includes initiating geotechnical
and hydrogeological drilling, the second phase of the metallurgical
testwork program, the evaluation of locations for potential site
infrastructure, and continuing stakeholder engagement
activities.
-
Scout drilling on the Čoka Rakita and Umka exploration
licences: The Company is aggressively pursuing additional
potential skarn targets through its scout drilling campaign within
the Čoka Rakita licence and is continuing its 10,000-metre scout
drilling program on the Umka licence.
-
25,000 metres of exploration drilling planned at the newly
granted Potaj Čuka and Pešter Jug exploration licences:
DPM is preparing an aggressive exploration program and plans to
test favourable stratigraphy for carbonate replacement and skarn
mineralization on the Potaj Čuka exploration licence, which hosts
the Timok gold project and is located to the north and west of Čoka
Rakita, and the Pešter Jug exploration licence, which is to the
south of Čoka Rakita. The program is expected to commence in early
2024, pending approval of the work plan and permitting procedures,
with approximately 25,000 metres of drilling planned for the first
year of exploration on these licences.
About Čoka Rakita
The Čoka Rakita prospect is located three
kilometres southeast of the Bigar Hill sediment-hosted gold deposit
(Timok gold project) and forms part of the of the Timok Magmatic
Complex (TMC) in eastern Serbia. The surface footprint of the
target was delineated by a combination of soil geochemistry,
alteration mapping and geophysical signatures. The drilling to-date
has defined a manto-like zone of shallow-dipping gold-rich skarn
mineralization located on the contact zone of a carbonate rich
sandstones and fertile diorite intrusive sills and dikes. At
shallower depths, scout drilling has defined additional potential
for conglomerate and marble hosted copper-gold mineralization.
Figure 1. Tilted slice along high-grade skarn
mineralization displaying new drilling intercepts and the ongoing
infill drilling at Čoka Rakita. View the interactive 3D model on
VRIFY, which will provide a more accurate representation of the
spatial position of the drillholes, available at:
https://vrify.com/decks/14641
Figure 2. Overview map of Čoka Rakita
exploration licence outlining the progress of the scout drilling
campaign, including ongoing holes is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/20f2b7e8-c59f-4e40-8166-456beb39d144
Figure 3. Overview map of the newly granted
Potaj Čuka and Pešter Jug exploration licences (bold outlines) with
exploration targets over the surface geology is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/62571bc9-9915-4e2f-81d9-be015680577d
Figure 4. Images showing coarse visible gold on
RIDT025 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/3447b2b6-e8e4-4db4-9341-9843ddb89a4c
The above pictures highlight:
a) Core trays with HQ size half-core from
469.2 to 480.4 metres downhole with gold grades and marked visible
gold aggregates (red circles). Red arrows indicate gold present on
the other side of the core.
b) View at a 10X magnification of an
individual gold aggregate.
c) Half core photo from 478.4 metres
downhole with red crayon marks highlighting visible gold.
d) Fine gold grains in association
with pyrite from around 478.6 metres downhole.
Sampling, Analysis and QAQC of Exploration Drill Core
Samples
Given the presence of coarse gold at Čoka
Rakita, a rigorous sampling and QAQC procedure has been selected
which includes the use of laboratory screen metallic assaying.
Most exploration diamond drill holes are
collared with PQ size, continued with HQ, and are sometimes
finished with NQ. Triple tube core barrels and short runs are used
whenever possible to improve recovery. All drill core is cut
lengthwise into two halves using a diamond saw: one half is sampled
for assaying and the other half is retained in core trays. The
common length for sample intervals within mineralized zones is one
metre. Weights of drill core samples range from three to eight
kilograms (“kg”), depending on the size of core, rock type, and
recovery. A numbered tag is placed into each sample bag, and the
samples are grouped into batches for laboratory submission.
Drill core samples are shipped to the Company’s
own exploration laboratory in Bor, Serbia, which is independently
managed by SGS. SGS methods and procedures are accredited at SGS
hub labs and independent internal lab QAQC check samples are sent
to an SGS accredited laboratory. The Bor lab also participate in
SGS monthly round robins, and other international Round Robins.
Quality control samples, comprising certified reference materials,
blanks, and field duplicates, are inserted into each batch of
samples and locations for crushed duplicates and pulp replicates
are specified. All drill core and quality control samples are
tabulated on sample submission forms that specify sample
preparation procedures and codes for analytical methods. For
internal quality control, the laboratory includes its own quality
control samples comprising certified reference materials, blanks
and pulp duplicates. All QAQC monitoring data are reviewed,
verified and signed off by an independent QAQC geologist. Chain of
custody records are maintained from sample shipments to the
laboratory until analyses are completed and remaining sample
materials are returned to the Company. The chain of custody is
transferred from the Company to SGS at the laboratory door.
At the SGS Bor laboratory, the submitted drill
core samples are dried at 105°C for a minimum of 12 hours, and then
jaw crushed to approximately 80% passing four millimetres. Sample
preparation duplicates are created by riffle splitting crushed
samples on a 1-in-20 basis. Larger samples are riffle split prior
to pulverizing, whereas smaller samples are pulverized entirely.
Pulverization specifications are 90% passing 75 microns. Gold
analyses are done using a conventional 50-gram fire assay and AAS
finish. Multi-element analyses for 49 elements, including Ag, Cu,
Mo, As, Bi, Pb, Sb, and Zn, are done using a four-acid digestion
and an ICP-MS finish. Samples returning over 10 ppm for Ag and 1%
for Cu, Pb or Zn are re-analyzed using high grade methods with AAS.
Sulphur is analyzed using an Eltra Analyzer equipped with an
induction furnace.
All fire assays performed at SGS Bor with
results exceeding 1 g/t gold grade are re-assayed by means of a
specifically designed gold screen fire assay program at the ALS
Global laboratory located in Romania. For re-analyses, 1 kg of 2 mm
sized coarse reject material is split, pulverized and screened at
106 microns to separate the sample into a coarse fraction (>106
µm) and a fine fraction (<106 µm). After screening, two 50-gram
aliquots of the fine fraction are analyzed using the traditional
fire assay method and AAS finish. The entire coarse fraction is
assayed to determine the contribution of the coarse gold using fire
assay and gravimetric finish. A “total” gold calculation for the 1
kg sample is based on the weighted average of the coarse and fine
fractions.
Ross Overall, Corporate Mineral Resource Manager
of the Company, who is a Qualified Person as defined under NI
43-101, and Paul Ivascanu, General Manager, Exploration of the
Company, have reviewed, and approved the scientific and technical
content of this news release. Mr. Overall has verified the
accuracy of the information presented in this disclosure.
About Dundee Precious Metals
Dundee Precious Metals Inc. is a Canadian-based
international gold mining company with operations and projects
located in Bulgaria, Namibia, Ecuador and Serbia. The Company’s
purpose is to unlock resources and generate value to thrive and
grow together. This overall purpose is supported by a foundation of
core values, which guides how the Company conducts its business and
informs a set of complementary strategic pillars and objectives
related to ESG, innovation, optimizing our existing portfolio, and
growth. The Company’s resources are allocated in-line with its
strategy to ensure that DPM delivers value for all of its
stakeholders. DPM’s shares are traded on the Toronto Stock Exchange
(symbol: DPM).
For further information please contact:
David RaePresident and Chief Executive OfficerTel:
(416) 365-5092drae@dundeeprecious.com |
Jennifer CameronDirector, Investor RelationsTel:
(416) 219-6177jcameron@dundeeprecious.com |
Cautionary Note Regarding Forward Looking
Statements
This news release contains “forward looking
statements” or “forward looking information” (collectively,
“Forward Looking Statements”) that involve a number of risks and
uncertainties. Forward Looking Statements are statements that are
not historical facts and are generally, but not always, identified
by the use of forward looking terminology such as “plans”,
“expects”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “outlook”, “intends”, “anticipates”, “believes”, or
variations of such words and phrases or that state that certain
actions, events or results “may”, “could”, “would”, “might” or
“will” be taken, occur or be achieved, or the negative of any of
these terms or similar expressions. The Forward Looking Statements
in this news release relate to, among other things: future
exploration potential at Čoka Rakita; the geology and metallurgy at
Čoka Rakita; the price of commodities; metallurgical recoveries;
the future estimation of Mineral Resources and the realization of
such mineral estimates; and success of exploration activities.
Forward Looking Statements are based on certain key assumptions and
the opinions and estimates of management and the Qualified Persons,
as of the date such statements are made, and they involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be
materially different from any other future results, performance or
achievements expressed or implied by the Forward Looking
Statements. In addition to factors already discussed in this news
release, such factors include, among others, fluctuations in
foreign exchange rates; risks arising from the current inflationary
environment and the impact on operating costs and other financial
metrics, including risks of recession; continuation or escalation
of the conflict in Ukraine or elsewhere in the world; risks
relating to the Company’s business generally and the impact of
global pandemics, including COVID-19, resulting in changes to the
Company’s supply chain, product shortages, delivery and shipping
issues; possible variations in ore grade and recovery rates;
inherent uncertainties in respect of conclusions of economic
evaluations, economic studies and mine plans; changes in project
parameters, including schedule and budget, as plans continue to be
refined; uncertainties with respect to actual results of current
exploration activities; uncertainties and risks inherent to
developing and commissioning new mines into production, which may
be subject to unforeseen delays; uncertainties inherent with
conducting business in foreign jurisdictions where corruption,
civil unrest, political instability and uncertainties with the rule
of law may impact the Company’s activities; limitations on
insurance coverage; accidents, labour disputes and other risks of
the mining industry; delays in obtaining governmental approvals or
financing or in the completion of development or construction
activities; actual results of current and planned reclamation
activities; opposition by social and non-governmental organizations
to mining projects and smelting operations; unanticipated title
disputes; claims or litigation; failure to achieve certain cost
savings or the potential benefits of any upgrades and/or expansion;
increased costs and physical risks, including extreme weather
events and resource shortages, related to climate change;
cyber-attacks and other cybersecurity risks; as well as those risk
factors discussed or referred to in any other documents (including
without limitation the Company’s most recent Annual Information
Form) filed from time to time with the securities regulatory
authorities in all provinces and territories of Canada and
available on SEDAR+ at www.sedarplus.ca. The reader has been
cautioned that the foregoing list is not exhaustive of all factors
which may have been used. Although the Company has attempted to
identify important factors that could cause actual actions, events
or results to differ materially from those described in Forward
Looking Statements, there may be other factors that cause actions,
events or results not to be anticipated, estimated or intended.
There can be no assurance that Forward Looking Statements will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. The
Company’s Forward Looking Statements reflect current expectations
regarding future events and speak only as of the date hereof.
Unless required by securities laws, the Company undertakes no
obligation to update Forward Looking Statements if circumstances or
management’s estimates or opinions should change. Accordingly,
readers are cautioned not to place undue reliance on Forward
Looking Statements.
1 For more information regarding previously disclosed results
from Čoka Rakita including RADDMET01, please refer to the news
releases dated January 16, 2023, April 10, 2023, and July 11, 2023,
all of which are available on our website at
www.dundeeprecious.com. 2 Refer to the refer to the news release
dated July 11, 2023, available on our website at
www.dundeeprecious.com.
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