Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or
“the Company”) is pleased to provide an interim update to the
Mineral Resource and Mineral Reserve estimate and life of mine
(“LOM”) plan for its Chelopech mine in Bulgaria. In 2023, DPM
advanced its annual update for Mineral Reserves and Mineral
Resources in order to better align with the Company’s planning and
budgeting cycle.
Highlights
-
Mine life extended to 2032: Proven and Probable
Mineral Reserves of 1.6 million ounces (“Moz.”) of gold and 305
million pounds (“Mlbs.”) of copper supports a mine life that now
extends to 2032. DPM successfully added 1% to contained ounces of
gold with contained pounds of copper decreasing by 2% relative to
the previous Mineral Reserve estimate.
-
Updated LOM plan with improved grades and
recoveries: The updated LOM plan adds approximately
128,000 ounces of recovered gold and 9 Mlbs. of recovered copper
between 2024 and 2032. During this period, average LOM gold grade
and copper grades increased by 5% and 3% respectively, and
recoveries for gold increased by approximately 5%.
-
Updated Measured and Indicated and Inferred Mineral
Resource: Total Measured and Indicated Mineral Resources,
exclusive of Mineral Reserves, of 1.2 Moz. of gold and 265 Mlbs. of
copper add further potential to extend mine life. Additional
Inferred Mineral Resource of 0.274 Moz. of gold and 67 Mlbs. of
copper.
-
Upside potential with in-mine and brownfield
exploration: DPM continues to focus on extending
Chelopech’s mine life through its successful in-mine exploration
program and an aggressive brownfield exploration program. Positive
results from drilling at the Sharlo Dere West and Sharlo Dere
prospects, located within the mine concession and proximal to
existing Chelopech underground development, highlight potential for
further mine life extensions. Highlights from drilling include 37.5
metres at 7.34 g/t AuEq, 5.69 g/t Au and 0.98% Cu from 184.5 metres
depth (including 27 metres at 9.70 g/t AuEq, 7.58 g/t Au and 1.26%
Cu from 193.5 metres) on EXT_555_04.1 DPM has completed its initial
phase of infill drilling with the objective of including a Mineral
Resource estimate for Sharlo Dere within its next Mineral Resource
update for the Chelopech mine.
“I am pleased to report that we have continued
our consistent track record of extending mine life at Chelopech,”
said David Rae, President and Chief Executive Officer of Dundee
Precious Metals.
“Next month will mark the 20-year anniversary of
DPM’s acquisition of the Chelopech mine. Over this period, we have
transformed the mine into a modern and highly efficient operation,
developed a strong local team and established strong relationships
with local stakeholders.
“Chelopech today has a mine life that extends to
2032 based on Mineral Reserves, a strong Mineral Resource base,
compelling exploration prospects and significant opportunities to
continue our strong track record of mine life extensions.”
Updated Mineral Reserve and Resource
Estimate
The 2023 Mineral Reserve and Mineral Resource
estimate reflects the results of in-mine drilling and production
depletion as at May 31, 2023.
The updated Proven and Probable Mineral Reserve
estimate for Chelopech of 1.6 Moz. of gold and 305 Mlbs. of copper
support a nine-year mine life that extends to 2032, not including
potential for further conversions of existing Mineral Resources and
potential additional exploration success. Proven and Probable
Mineral Reserves decreased by 0.6 Mt of ore with contained gold
increasing by 22,000 ounces and contained copper decreasing by 6.3
Mlbs. relative to the previous 2022 Mineral Reserve estimate.
The updated Mineral Reserves estimate is shown
below:
Chelopech Proven and Probable Mineral Reserve
Estimate(As at May 31, 2023) |
Classification |
Tonnes(kt) |
Grades |
Metal Content |
Au (g/t) |
Ag (g/t) |
Cu (%) |
Au (Koz.) |
Ag (Koz.) |
Cu (Mlbs.) |
Proven |
Stopes |
6,346 |
2.78 |
7.50 |
0.83 |
567 |
1,531 |
115.7 |
Broken stocks |
48 |
3.45 |
8.53 |
0.83 |
5 |
13 |
0.9 |
Stockpiles |
17 |
3.33 |
6.79 |
0.78 |
2 |
4 |
0.3 |
Total Proven |
6,412 |
2.79 |
7.51 |
0.83 |
575 |
1,548 |
116.9 |
Probable |
Stopes |
10,146 |
2.76 |
9.34 |
0.76 |
902 |
3,048 |
169.0 |
Development |
1,082 |
2.78 |
8.63 |
0.81 |
97 |
300 |
19.4 |
Total Probable |
11,228 |
2.77 |
9.28 |
0.76 |
998 |
3,348 |
188.4 |
Total Proven and Probable |
17,639 |
2.77 |
8.63 |
0.79 |
1,573 |
4,896 |
305.3 |
- The Mineral
Reserves disclosed herein have been estimated in accordance with
the CIM Definition Standards for Mineral Resources and Mineral
Reserves (the “CIM Definition Standards”, adopted by CIM Council on
May 10, 2014).
- Mineral Reserves
have been depleted for mining as of May 31, 2023.
- The Inferred
Mineral Resources do not contribute to the financial performance of
the project and are treated in the same way as waste.
- The reference point
at which the Mineral Reserves are defined is where the ore is
delivered to the crusher.
- Long term metal
prices assumed for the evaluation of the Mineral Reserves are
$1,500/oz. for gold, $17.00/oz. for silver, and $3.25/lb. for
copper.
- Mineral Reserves
are based on a net smelter return-less-costs cut-off value of $0/t.
The total cost applied was $55/t which is a sum of operational
costs of approximately $50/t and sustaining capital of $5/t.
- All blocks include
a complex NSR formula that differs for the three ore types within
the Mineral Reserve and Mineral Resource. The NSR formula utilizes
long-term metal prices, metallurgical recoveries, payability terms,
treatment charges, refining charges, penalty charges (deleterious
arsenic), concentrate transport costs, and royalties. For clarity
of understanding of ore value, a simplified formula is presented
here that correlates to the complex formula for the average head
grade. The simplified formula for general ore which comprises 97%
of the Mineral Reserve is NSR $/t = 26.091 x Cu% + 0.196 x Ag_g//t
+ 30.773 x Au_g/t.
- Mineral Reserves
account for unplanned mining dilution and ore loss that varies by
orebody dimension and experience per mining block area, which on
average were 6.9% for unplanned ore loss and 7.4% for unplanned
dilution.
- Mineral Reserves
account for planned mining dilution and mining recovery through
stope optimization and stope design. The stopes are optimized to
maximize net cash flow within the constraints of dilution and
orebody extractable geometry. The planned dilution and recovery
depend on geotechnical, mineralization continuity controls and ore
zone dimensions.
- All stopes have
been verified that they are profitable after considering the cost
of capital development.
- There is no known
likely value of mining, metallurgical, infrastructure, permitting
or other relevant factors that could materially affect the
estimate. The final two and a half years of operation occurs after
the expiry of the mining concession contract. It is the opinion of
DPM that the mining permit will be extended.
- Sum of individual
table values may not equal due to rounding.
Measured and Indicated Mineral Resources, exclusive of Mineral
Reserves, decreased by 1.0 million tonnes (“Mt”), 120,000 ounces of
gold and 16 Mlbs. of copper relative to the 2022 Mineral Resource
estimate. The decrease was largely a result of conversion to
Mineral Reserves, partially offset by new extensions to Mineral
Resources achieved from in-mine drilling as well as a review of
estimation parameters during the update.
The Mineral Resource estimate is shown below and
is effective as at May 31, 2023:
Chelopech Mineral Resource Estimate, exclusive of Mineral
Reserves(As at May 31, 2023) |
Classification |
Tonnes |
Gold |
Silver |
Copper |
|
(Mt) |
Grade (g/t) |
Moz. |
Grade (g/t) |
Moz. |
Grade (%) |
Mlbs. |
Measured |
8.1 |
2.49 |
0.649 |
8.76 |
2.283 |
0.85 |
152 |
Indicated |
7.3 |
2.28 |
0.537 |
10.14 |
2.387 |
0.70 |
113 |
Total Measured & Indicated |
15.4 |
2.39 |
1.185 |
9.41 |
4.669 |
0.78 |
265 |
Inferred |
4.3 |
2.00 |
0.274 |
8.90 |
1.219 |
0.71 |
67 |
- The Mineral Resources disclosed herein have been estimated in
accordance with the CIM Definition Standards for Mineral Resources
and Mineral Reserves (CIM, 2014).
- Tonnages are rounded to the nearest 0.1 million tonnes to
reflect that this is an estimate.
- Metal content is rounded to the nearest 1 thousand ounces or 1
million pounds to reflect that this is an estimate.
- The Mineral Resources are reported exclusive of Mineral
Reserves.
- Metal prices assumed for the evaluation of the Mineral
Resources are $1,700/oz. for gold, $17.00/oz. for silver, and
$3.75/lb. for copper.
- Mineral Resources are based on a NSR less costs cut-off value
of US$0/t in support of reasonable prospects of eventual economic
extraction. The total cost applied was approximately $55/t which is
a sum of operational costs of approximately $50/t and sustaining
capital of approximately $5/t.
- All blocks include a complex NSR (Net Smelter Return) formula.
The NSR formula utilises long term metal price, metallurgical
recoveries, payability terms. Treatment charges, refining charges,
penalty charges, concentrate transport costs, and royalties. For
clarity of understanding of value, a simplified formula is
presented here for the Measured and Indicated Resource where NSR
US$/t = 33.870 x Cu % + 0.171 x Ag g/t + 37.937 x Au g/t.
Life of Mine Plan
The table below shows the updated LOM plan,
reflecting the updated Mineral Reserve estimate. Annual throughput
rates have been optimized over the LOM, taking into account recent
development rates as mining extends into areas of the mine located
further from existing infrastructure, as well as the grade profile
to maximize value.
Between 2024 and 2032, the updated LOM plan adds
approximately 128,000 ounces of additional gold production and 9
Mlbs of copper, with the average LOM gold and copper grades
increasing by 5% and 3%, respectively, relative to the previous LOM
plan outlined in the news release “Dundee Precious Metals Provides
Updated Mineral Resource and Mineral Reserve Estimates for the
Chelopech Mine in Bulgaria” dated March 30, 2023.
The improved average grade is expected to be
achieved by mining the crown pillars from Blocks 103 and 151 from
2025 onwards. During this period, gold recoveries increased by 5%
relative to the previous mine plan as a result of an improved ore
blend over the LOM and updated recovery regression models based on
recent plant performance. This is partially offset by a reduction
to the mining rate in order to maintain development rates at 7,500
metres per annum and to optimize sustaining capital required. In
2026, the mining rate is planned to be reduced to 2 million tonnes
per annum (“Mtpa”) and to 1.8 Mtpa from 2027 onwards.
Current Life of Mine Plan |
|
Unit |
2024 |
2025 |
2026 |
2027 |
2028 |
2029 |
2030 |
2031 |
2032 |
Total / Average |
Total Ore Processed |
Mt |
2.2 |
2.2 |
2.0 |
1.8 |
1.8 |
1.8 |
1.8 |
1.8 |
0.8 |
16.2 |
Grade |
|
|
|
|
|
|
|
|
|
|
|
Au |
g/t |
2.90 |
2.92 |
2.92 |
3.07 |
2.56 |
2.75 |
2.54 |
2.54 |
2.02 |
2.75 |
Cu |
% |
0.77 |
0.85 |
0.93 |
0.77 |
0.76 |
0.81 |
0.69 |
0.71 |
0.74 |
0.79 |
Recoveries |
|
|
|
|
|
|
|
|
|
|
|
Copper Concentrate |
|
|
|
|
|
|
|
|
|
|
|
Au |
% |
54.3 |
58.3 |
53.7 |
54.1 |
57.1 |
62.0 |
61.3 |
56.2 |
56.1 |
56.9 |
Cu |
% |
83.7 |
84.8 |
83.1 |
83.1 |
84.3 |
85.8 |
85.6 |
84.8 |
85.0 |
84.4 |
Pyrite concentrate |
|
|
|
|
|
|
|
|
|
|
|
Au |
% |
25.8 |
24.6 |
24.7 |
27.9 |
24.1 |
21.7 |
23.3 |
27.1 |
22.5 |
24.9 |
Production |
|
|
|
|
|
|
|
|
|
|
|
Total Au |
K oz. |
164 |
172 |
148 |
146 |
121 |
134 |
125 |
123 |
38 |
1,170 |
Total Cu1 |
Mlbs. |
31 |
35 |
34 |
26 |
26 |
28 |
23 |
24 |
10 |
238 |
Note: Totals in the table above do not include
2023 production and therefore do not add to the Mineral Reserve
estimate, which reflects from May 2023 onward.
1. Total copper production reflects copper
recovered from copper concentrate only. Copper recovered from
pyrite concentrate is not payable.
Previous Life of Mine Plan |
|
Unit |
2024 |
2025 |
2026 |
2027 |
2028 |
2029 |
2030 |
2031 |
|
Total / Average |
Total Ore Processed |
Mt |
2.2 |
2.2 |
2.2 |
2.2 |
2.2 |
2.2 |
2.2 |
0.6 |
|
16.0 |
Grade |
|
|
|
|
|
|
|
|
|
|
|
Au |
g/t |
2.93 |
2.99 |
2.76 |
2.52 |
2.27 |
2.89 |
2.16 |
1.91 |
|
2.62 |
Cu |
% |
0.72 |
0.80 |
0.69 |
0.84 |
0.75 |
0.82 |
0.74 |
0.75 |
|
0.77 |
Recoveries |
|
|
|
|
|
|
|
|
|
|
|
Copper Concentrate |
|
|
|
|
|
|
|
|
|
|
|
Au |
% |
56.2 |
55.6 |
54.4 |
41.5 |
55.5 |
49.5 |
52.3 |
48.2 |
|
52.1 |
Cu |
% |
83.4 |
83.6 |
85.3 |
84.2 |
86.0 |
84.2 |
86.6 |
78.2 |
|
84.5 |
Pyrite concentrate |
|
|
|
|
|
|
|
|
|
|
|
Au |
% |
24.2 |
24.4 |
24.8 |
25.8 |
25.8 |
24.7 |
26.1 |
24.8 |
|
25.0 |
Production |
|
|
|
|
|
|
|
|
|
|
|
Total Au |
K oz. |
167 |
169 |
155 |
120 |
131 |
152 |
120 |
28 |
|
1,041 |
Total Cu1 |
Mlbs. |
29 |
32 |
29 |
34 |
32 |
33 |
31 |
8 |
|
229 |
1. Total copper production reflects copper
recovered from copper concentrate only. Copper recovered from
pyrite concentrate is not payable.
Several Optimization Activities Planned for
2024
DPM has several initiatives underway aimed at further optimizing
Chelopech’s estimated Mineral Reserves and Resources, and the life
of mine plan, including:
- Recontouring
the block model at a lower gold equivalent cut-off grade to align
with the latest NSR cut-off value assumptions, providing further
potential to convert Mineral Resource into Mineral Reserves;
- Enhancing
development rates to improve productivity as the mine plan
progresses into areas in the mine located further from
infrastructure; and
- Evaluating ore
sorting technologies to unlock orebodies currently below existing
NSR cut-off values and minimize ore dilution from structurally
controlled orebodies.
Three-Year Outlook
The updated LOM plan is in-line with the
Company’s previously issued 2023 guidance and three-year outlook
for Chelopech, as shown below.
|
2022 Results |
2023 Guidance |
2024 Outlook |
2025 Outlook |
Metals contained in concentrate produced |
|
|
|
|
Gold (K oz.) Copper (Mlbs.) |
17931 |
150 – 17030 – 35 |
160 – 18029 – 34 |
160 – 18529 – 34 |
Cost of sales per tonne of ore processed(1)($/t) |
63 |
N/A |
N/A |
N/A |
Cash cost per tonne of ore processed(1)($/t) |
50 |
53 – 58 |
N/A |
N/A |
Sustaining capital expenditures($ millions) |
$24 |
20 – 24 |
14 – 18 |
12 – 15 |
- Cost of
sales per tonne of ore processed represents Chelopech cost of sales
divided by the volume of ore processed. Cash cost per tonne of ore
processed is a non-GAAP ratio and has no standardized meaning under
International Financial Reporting Standards (“IFRS”) and may not be
comparable to similar measures presented by other companies. Refer
to the “Non-GAAP Financial Measures” section contained in the
Company’s Management’s Discussion and Analysis (the “MD&A”) for
the period ended September 30, 2023, which is available on the
Company’s website at www.dundeeprecious.com and on SEDAR+ at
www.sedarplus.ca, for a detailed description and reconciliation of
this measure to the most directly comparable measure under
IFRS.
For more information regarding the Company’s
2023 guidance and three-year outlook, including key assumptions,
qualifications and risks associated thereto, refer to the MD&A
for the three and nine months ended September 30, 2023, issued on
November 7, 2023, available on the Company’s website at
www.dundeeprecious.com and on SEDAR+ at www.sedarplus.ca.
Further extending mine life through
additional in-mine and brownfield exploration
DPM continues to focus on extending Chelopech’s
mine life through its successful in-mine exploration program and an
aggressive brownfield exploration program. Priority initiatives
include:
- In-mine
drilling for Mineral Resource development;
- Infill
drilling at the Sharlo Dere prospect within the mine concession to
support a Mineral Resource estimate;
-
Converting the Sveta Petka exploration licence to a Commercial
Discovery, after which DPM intends to apply for concession rights
in 2024 for the area, which is now designated as Chelopech North;
and
-
Completion of an intensive drilling program at the Brevene
exploration licence and application for a Geological
Discovery.
In-mine exploration: DPM
continues to advance in-mine exploration activities focused on
extending Chelopech’s mine life. Priority targets within the
Company’s near-term plans include:
- The
Target North zone, which is located on the northern flank of the
Chelopech mine concession and is manifested as an isolated,
structurally and lithologically controlled intervals of
high-sulphidation type of mineralization. Several extensional
drilling programs are planned for the target, including testing the
northern area of Block 19 for high-grade structurally controlled
orebodies between levels 450 to 500, and drilling to the west of
Block 147 to explore for similar bodies at a depth of levels 200 to
500.
-
Extensional drilling south-east from Block 700 is planned to better
assess the economic significance of the Quartz-Barite-Gold-Sulphide
(QBGS) zone. This program is a continuation of previous successful
drilling campaigns and will focus on identifying an extension of
the mineralized system to the south-east and at depth.
Sharlo Dere: At the Sharlo Dere
prospect, which is located approximately 500 metres northeast of
the eastern-most orebodies of the Chelopech mine and approximately
400 metres from current underground infrastructure, DPM completed
8,407 metres of infill drilling at a 50-metre by 50-metre spacing
which was designed to evaluate the continuity of the mineralized
zones. The prospect comprises the main Sharlo Dere zone (SD), as
well as the lateral extensions termed the Sharlo Dere East (SDE)
and the Sharlo Dere West-Target 11 zones (SDW).
Results from recent drilling highlight the
prospect’s potential for copper-gold mineralization along the
northeastern flank of the mine concession as a continuation of the
Chelopech high-sulphidation system (see Figure 2 and Appendix table
1).
Recent (2022 until present) significant intercepts from the
Sharlo Dere prospects include:
-
EX_SD_40 – 11 metres at 3.07 g/t AuEq, 1.85 g/t Au and 0.73% Cu
from 303 metres depth and 6 metres at 4.18 g/t AuEq, 3.56 g/t Au
and 0.37 % Cu from 327 metres depth
-
EX_SD_51 – 14 metres at 3.76 g/t AuEq, 2.59 g/t Au and 0.70% Cu
from 250 metres depth
-
EX_SD_53 – 8 metres at 14.15 g/t AuEq, 9.34 g/t Au and 2.87% Cu
from 610 metres depth
-
EX_SDW_02 – 14 metres at 3.07 g/t AuEq, 1.61 g/t Au and 0.87% Cu
from 573 metres depth
-
EX_SD_51 – 14 metres at 3.76 g/t AuEq, 2.59 g/t Au and 0.70% Cu
from 250 metres depth
-
EXT11_555_03 – 6.2 metres at 7.54 g/t AuEq, 6.70 g/t Au and 0.50%
Cu from 165 metres depth
-
EXT11_555_04 – 37.5 metres at 7.34 g/t AuEq, 5.69 g/t Au and 0.98%
Cu from 184.5 metres depth (including 27 metres at 9.70 g/t AuEq,
7.58 g/t Au and 1.26% Cu from 193.5 metres)
See Appendix Table 1 on pages 14 to 18 for full
results from drilling.
The Sharlo Dere, Sharlo Dere East and Sharlo
Dere West prospects share the same geological environment and show
many similarities with the high-sulphidation style Chelopech
copper-gold mineralization. Mineralization is constrained by
east-northeast and west-northwest striking deep structural feeders
and highly permeable sub-vertical phreatomagmatic breccia contacts
within the sedimentary Turonian Unit, that was intruded by a
multi-phase dioritic intrusive complex. The distal and upper part
of the phreatomagmatic breccia pipes are represented by
strata-bound hydro-magmatic injections and surge flow deposits
accompanied with sub-horizontal mineralized lenses/layers, which
were subsequently tilted according to the synformal basin
architecture. A particular characteristic of the Sharlo Dere area
is the better preservation of the shallow syn-sedimentary
exhalative sulphide mineralization and subsequent reworked
mineralized clasts in syn- to post-mineral debris flow deposits
(see Figure 3).
DPM has completed its initial phase of infill
drilling with the objective of including a Mineral Resource
estimate for Sharlo Dere within the next Mineral Resource estimate
update for the Chelopech mine, with the longer-term goal to
potentially convert these Mineral Resources into Mineral
Reserves.
Sveta Petka: In March 2023, the
Company filed a Commercial Discovery application with the Bulgarian
authorities for the Sveta Petka exploration licence, which includes
the Wedge, West Shaft, Krasta and Petrovden prospects, to allow the
Company to apply for concession rights in 2024 for the area which
is now designated as Chelopech North.
Brevene: On the Brevene
exploration licence surrounding the Chelopech mine concession,
target delineation and scout drill testing has been completed. The
evaluation of Mineral Resource potential is ongoing, and the data
collected will be used to support an application for a Geological
Discovery, which is expected to be submitted before the end of the
year.
Figure 1: Plan view of the
Chelopech mining concession, Chelopech North Commercial Discovery
and Brevene exploration licences, indicating target zones for DPM’s
2024 in-mine and brownfield exploration program as well as the
section line (A-A’) shown in Figure 2.
Available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/8d6c1c05-6037-43b1-beef-f4255d0e6ffb
Figure 2. Long-section (A-A’)
through Sharlo Dere looking northwest, displaying drilling
intercepts, interpreted geology, and exploration targets.
Available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/06f61c97-f111-484f-8f98-153705d1c216
Figure 3. Photographs of
representative high-grade copper-gold mineralized drill core from
hole EX_SD_27 at the Sharlo Dere zone.
Available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/e0ece51b-d6da-4a94-9f5d-4346f786f531
The above picture highlights:
a) Core interval from 437.90 meters to
445.10 meters downhole: Pervasive advanced argillic
altered surge flow deposit with fluidal and angular magmatic
sourced clasts, and lithic clasts presented by fragments of
sediments and tuffisite material within a fine-grained matrix (HQ
size drill core).
b) Close-up view of cut core at 444.10
metres downhole: primary altered, mineralized and leached
clasts of diorite within fine-grained matrix, replaced by secondary
clay minerals, sulfides and minor sulphosalts (pyrite,
enargite/tennantite) which formed rims and halos around the clasts
and filled gaps, cavities, and cracks.
c) and d) Close-up view of cut
core at 443 metres downhole: clasts of
magmatic rocks with differing levels of alteration intensity:
strong phyllic to advanced argillic with sulfide and sulphosalt
mineralization (pyrite, enargite/ luzonite,
tennantite/tetrahedrite) around clasts and in the matrix.
Technical Information
The Mineral Resource and Mineral Reserve
estimates for the Chelopech mine and other scientific and technical
information which supports this news release was prepared by DPM
with review and guidance at various stages provided Environmental
Resources Management (“ERM”), trading as CSA Global. The Qualified
Persons (“QP”) are satisfied as to the appropriateness and quality
of the technical work completed and accept responsibility for the
disclosure, in accordance with Canadian regulatory requirements set
out in National Instrument 43-101 Standards of Disclosure for
Mineral Projects (“NI 43-101”). The QP for the Mineral Resource
estimate is Maria O’Connor, BSc, MAIG, Technical Director, ERM, and
the QP for the Mineral Reserve estimate is Garth Liukko, B.Eng.
(Mining), P.Eng. (Ontario), Principal Mining Engineer of ERM
Consultants Canada Ltd. Both Maria O’Connor and Garth Liukko are
Qualified Persons as defined under NI 43-101 and are independent of
the Company.
Ross Overall, Corporate Mineral Resource
Manager, of the Company, who is a QP, as defined under NI 43-101,
has reviewed and approved the contents of this news release.
Refer to annual information form dated March 30,
2023, and the technical report entitled “NI 43-101 Technical Report
– Mineral Resource and Mineral Reserve Update, Chelopech Mine,
Chelopech, Bulgaria” (the “Chelopech Technical Report”) dated and
effective March 31, 2022, and filed on SEDAR+ for additional
information related to Chelopech, including, without limitations,
risks and uncertainties that may impact the estimates and other
information presented herein.
Sampling, Analysis and QAQC of
Exploration Drill Core Samples
Most surface exploration diamond drill holes are
collared with PQ size, continued with HQ, and are rarely 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, 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 submissions.
Drill core samples are shipped to the Company’s
own exploration laboratory in Bor, Serbia, which is managed by SGS
Minerals (“SGS”). 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 quality assurance and quality control
(“QAQC”) monitoring data are reviewed 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 about 80% passing 4 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. Pulverizing
specifications are 90% passing 75 microns. Gold analyses are done
using a conventional 50-gram fire assay and atomic absorption
spectrometry (“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 and Zn are re-analyzed using
high grade methods with AAS.
All underground diamond drilling is completed by
Chelopech Technical Services. Drill cores are sampled in intervals
up to a maximum of three metres, with 1.5 metre sample intervals
being the common length within mineralized zones. Following DPM
exploration standard procedures and internationally accredited
standards, a full suite of certified reference materials, blanks
and field duplicates are submitted to the laboratory with each
batch of samples. The overall quality control sample insertion rate
is approximately 5% for reference materials, 2% for blanks, and 5%
for field duplicates. Samples are assayed at the SGS Minerals
managed laboratory at Chelopech in Bulgaria, which is independent
of the Company. Samples are routinely assayed for copper, gold,
silver, sulphur and arsenic. Gold analyses are done using a 25-gram
fire assay and AAS finish. Assay values over 20 ppm gold are
re-analyzed using gravimetric finish. Copper, silver and arsenic
analyses are completed using a two -acid digestion and AAS finish.
Samples returning over 100 ppm for silver and 3% for copper are
re-analyzed using high-grade methods with AAS finish.
Both laboratories operate to SGS Global and
international standards under SGS’s international accreditation.
All methods and procedures are implemented together with
international quality control protocols.
The QP has verified the technical data within
this disclosure. Verification by the qualified person included
review of QAQC performance, analytical results, geologic
interpretations, and logging data.
About Dundee Precious Metals Inc.
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
growth 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; the estimation
of Mineral Reserves and Mineral Resources and the realization of
such mineral estimates; mine life; the LOM plan; production,
processing and recoveries forecasts; expected financial, cost and
other metrics, including those set out in the three-year outlook
provided by the Company; success of exploration activities, the
price of gold, copper, and silver, and other commodities;
expectation with respect to potential for an initial Mineral
Resource estimate for Sharlo Dere; proposed optimization activities
and proposed exploration activities; and successful registration of
the Sveta Petka exploration licence as a Commercial Discovery.
Forward Looking Statements are based on certain key assumptions and
the opinions and estimates of management and the QPs, 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, risks relating to the
Company’s business, including possible variations in ore grade and
recovery rates; uncertainties inherent to the conclusions of
economic evaluations and economic studies; uncertainties inherent
to mine plans; changes in project parameters, including schedule
and budget, as plans continue to be refined; uncertainties inherent
to the estimation of Mineral Reserves and Mineral Resources, which
may not be fully realized; 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; the impact of the conflict in the
Ukraine and post COVID-19 economic recovery, including resulting
changes to the Company’s supply chain and costs of supplies;
product shortages; delivery and shipping issues; closures and/or
failure of plant, equipment or processes to operate as anticipated;
risks associated with the recurrence of COVID-19 or future
pandemics; labour force shortages; fluctuations in metal and acid
prices, toll rates and foreign exchange rates; limitation 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 optimization activities not being
realized; actual results of current and planned reclamation
activities; opposition by social and non-government organizations
to mining projects and smelting operations; unanticipated title
disputes; claims or litigation; cyber attacks and other
cybersecurity risks; as well as those risk factors discussed or
referred to in any other documents (including without limitation
the Chelopech Technical Report and 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.
Cautionary Note to United States
Investors Concerning Estimates of Mineral Reserves and Mineral
Resources
The Mineral Reserve and Mineral Resource
estimates presented in this news release have been prepared in
accordance with the requirements of Canadian securities laws, which
differ from the requirements of United States securities laws.
Canadian reporting requirements for disclosure of mineral
properties are governed by NI 43-101.
The United States Securities and Exchange
Commission (“SEC”) adopted amendments to its disclosure rules to
modernize the mineral property disclosure requirements for issuers
whose securities are registered with the SEC under the Securities
Exchange Act of 1934, as amended. These amendments became effective
February 25, 2019 (the “SEC Modernization Rules”) with compliance
required for the first fiscal year beginning on or after January 1,
2021. The SEC Modernization Rules replace the historical disclosure
requirements for mining issuers that were included in SEC Industry
Guide 7. As a result of the adoption of the SEC Modernization
Rules, the SEC now recognizes estimates of “measured mineral
resources”, “indicated mineral resources” and “inferred mineral
resources”. In addition, the SEC has amended its definitions of
“proven mineral reserves” and “probable mineral reserves” to be
“substantially similar” to the corresponding Canadian Institute of
Mining, Metallurgy and Petroleum (“CIM”) – Definition Standards
adopted by CIM Council on May 10, 2014 (the “CIM Definition
Standards”), incorporated by reference in NI 43-101.
Readers are cautioned that while the above terms
are “substantially similar” to the corresponding CIM Definition
Standards, there are differences in the definitions under the SEC
Modernization Rules and the CIM Definition Standards. Accordingly,
there is no assurance any Mineral Reserves or Mineral Resources
that the Company may report as “proven mineral reserves”, “probable
mineral reserves”, “measured mineral resources”, “indicated mineral
resources” and “inferred mineral resources” under NI 43-101 would
be the same had the Company prepared the reserve or resource
estimates under the standards adopted under the SEC Modernization
Rules.
Readers are also cautioned that while the SEC
will now recognize “measured mineral resources”, “indicated mineral
resources” and “inferred mineral resources”, it should not be
assumed that any part or all of the mineralization in these
categories will ever be converted into a higher category of Mineral
Resources or into Mineral Reserves. Mineralization described using
these terms has a greater amount of uncertainty as to their
existence and feasibility than mineralization that has been
characterized as reserves. Accordingly, readers are cautioned not
to assume that any “measured mineral resources”, “indicated mineral
resources” or “inferred mineral resources” that the Company reports
are or will be economically or legally mineable. Further, “inferred
mineral resources” have a greater amount of uncertainty as to their
existence and as to whether they can be mined legally or
economically. Therefore, readers are also cautioned not to assume
that all or any part of the “inferred mineral resources” exist. In
accordance with Canadian securities laws, estimates of “inferred
mineral resources” cannot form the basis of feasibility or other
economic studies, except in limited circumstances where permitted
under NI 43-101.
For the above reasons, information contained in
this news release containing descriptions of the Company’s mineral
deposits may not be comparable to similar information made public
by United States companies subject to the reporting and disclosure
requirements under the United States federal securities laws and
the rules and regulations thereunder.
APPENDIX
Table 1: Significant new drill intercepts (2022
to 2023) at the Sharlo Dere prospect.
Sharlo Dere Mineralized Zone (SD)
HOLEID |
EAST |
NORTH |
RL |
AZ |
DIP |
FROM |
TO |
LENGTH |
TRUE WIDTH |
AuEq |
Au |
Ag |
Cu |
|
|
|
|
|
|
(m) |
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
(g/t) |
(%) |
EX_SD_25 |
7090 |
30711 |
789 |
250 |
-63 |
284 |
294 |
10 |
10 |
1.53 |
1.22 |
1.08 |
0.18 |
and |
|
|
|
|
|
422 |
439 |
17 |
17 |
2.19 |
1.40 |
2.77 |
0.47 |
including |
|
|
|
|
|
422 |
434 |
12 |
12 |
2.61 |
1.65 |
3.15 |
0.57 |
and |
|
|
|
|
|
451 |
498 |
47 |
46 |
1.99 |
1.33 |
5.12 |
0.39 |
including |
|
|
|
|
|
469 |
485 |
16 |
16 |
3.32 |
2.07 |
7.23 |
0.74 |
EX_SD_26 |
7091 |
30712 |
788 |
230 |
-70 |
290 |
326 |
36 |
36 |
3.03 |
2.02 |
8.59 |
0.60 |
including |
|
|
|
|
|
293 |
326 |
33 |
33 |
3.20 |
2.11 |
9.10 |
0.65 |
and |
|
|
|
|
|
354 |
411 |
57 |
57 |
3.66 |
2.23 |
7.32 |
0.86 |
including |
|
|
|
|
|
376 |
406 |
30 |
30 |
5.49 |
3.30 |
10.30 |
1.30 |
EX_SD_27 |
7038 |
30611 |
788 |
280 |
-64 |
427 |
450 |
23 |
23 |
1.88 |
0.99 |
2.87 |
0.53 |
including |
|
|
|
|
|
440 |
446 |
6 |
6 |
5.31 |
2.65 |
7.61 |
1.59 |
and |
|
|
|
|
|
456 |
464 |
8 |
8 |
2.20 |
1.46 |
6.06 |
0.44 |
and |
|
|
|
|
|
471 |
499 |
28 |
28 |
3.33 |
2.18 |
8.69 |
0.68 |
including |
|
|
|
|
|
478 |
490 |
12 |
12 |
6.64 |
4.33 |
16.30 |
1.37 |
EX_SD_28 |
7091 |
30715 |
789 |
203 |
-68 |
completed / no significant intervals |
EX_SD_29 |
7040 |
30611 |
787 |
260 |
-60 |
completed / no significant intervals |
EX_SD_30 |
7091 |
30714 |
789 |
238 |
-65 |
223 |
229 |
6 |
6 |
1.26 |
0.91 |
2.26 |
0.20 |
and |
|
|
|
|
|
417 |
428 |
11 |
11 |
3.08 |
1.62 |
4.37 |
0.87 |
including |
|
|
|
|
|
418 |
427 |
9 |
9 |
3.32 |
1.74 |
4.70 |
0.94 |
EX_SD_31 |
6949 |
30907 |
865 |
187 |
-66 |
completed / no significant intervals |
EX_SD_32 |
7040 |
30609 |
788 |
212 |
-58 |
646 |
651 |
5 |
4 |
11.87 |
9.85 |
1.70 |
1.20 |
EX_SD_33 |
6949 |
30910 |
865 |
172 |
-62 |
completed / no significant intervals |
EX_SD_34 |
6886 |
30600 |
865 |
192 |
-63 |
completed / no significant intervals |
EX_SD_35 |
6948 |
30908 |
865 |
200 |
-65 |
561 |
568 |
7 |
6 |
3.25 |
2.01 |
6.10 |
0.74 |
and |
|
|
|
|
|
575 |
582 |
7 |
6 |
7.45 |
4.48 |
14.87 |
1.76 |
EX_SD_36 |
6888 |
30601 |
865 |
310 |
-78 |
548 |
553 |
5 |
4 |
1.26 |
0.90 |
3.30 |
0.21 |
EX_SD_37 |
6831 |
30676 |
898 |
200 |
-52 |
completed / no significant intervals |
EX_SD_38 |
6644 |
30506 |
893 |
79 |
-67 |
427 |
436 |
9 |
8 |
1.07 |
0.85 |
1.80 |
0.13 |
EX_SD_39 |
6626 |
30764 |
945 |
158 |
-65 |
completed / no significant intervals |
EX_SD_40 |
6645 |
30507 |
895 |
130 |
-45 |
301 |
315 |
14 |
14 |
2.72 |
1.66 |
3.53 |
0.63 |
including |
|
|
|
|
|
303 |
314 |
11 |
11 |
3.07 |
1.85 |
4.10 |
0.73 |
and |
|
|
|
|
|
325 |
357 |
32 |
31 |
1.91 |
1.54 |
10.40 |
0.22 |
including |
|
|
|
|
|
327 |
333 |
6 |
6 |
4.18 |
3.56 |
16.22 |
0.37 |
EX_SD_41 |
6627 |
30764 |
946 |
150 |
-58 |
completed / no significant intervals |
EX_SD_42 |
6643 |
30507 |
893 |
|
|
completed / no significant intervals |
EX_SD_43 |
6627 |
30764 |
945 |
135 |
-67 |
578 |
611 |
33 |
30 |
1.70 |
1.24 |
3.61 |
0.27 |
EX_SD_44 |
6740 |
30370 |
845 |
156 |
-65 |
177 |
194 |
17 |
15 |
1.84 |
1.19 |
4.57 |
0.39 |
including |
|
|
|
|
|
182 |
190 |
8 |
7 |
2.70 |
1.70 |
7.45 |
0.60 |
EX_SD_45 |
7113 |
30823 |
822 |
188 |
-66 |
completed / no significant intervals |
EX_SD_46 |
6832 |
30676 |
898 |
144 |
-69 |
completed / no significant intervals |
EX_SD_47 |
6975 |
30938 |
885 |
164 |
-57 |
completed / no significant intervals |
HOLEID |
EAST |
NORTH |
RL |
AZ |
DIP |
FROM |
TO |
LENGTH |
TRUE WIDTH |
AuEq |
Au |
Ag |
Cu |
|
|
|
|
|
|
(m) |
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
(g/t) |
(%) |
EX_SD_48 |
6797 |
30821 |
923 |
193 |
-47 |
completed / no significant intervals |
EX_SD_50 |
6975 |
30938 |
885 |
164 |
-54 |
completed / no significant intervals |
EX_SD_51 |
6797 |
30821 |
923 |
198 |
-55 |
249 |
266 |
17 |
15 |
3.32 |
2.28 |
3.57 |
0.62 |
including |
|
|
|
|
|
250 |
264 |
14 |
12 |
3.76 |
2.59 |
4.02 |
0.70 |
and |
|
|
|
|
|
280 |
305 |
25 |
22 |
1.29 |
0.90 |
2.12 |
0.23 |
and |
|
|
|
|
|
323 |
364 |
41 |
36 |
1.47 |
1.08 |
2.33 |
0.24 |
EX_SD_52 |
6973 |
30940 |
885 |
195 |
-60 |
completed / no significant intervals |
EX_SD_53 |
6905 |
30944 |
875 |
197 |
-59 |
609 |
624 |
15 |
14 |
8.12 |
5.33 |
15.93 |
1.66 |
including |
|
|
|
|
|
610 |
618 |
8 |
7 |
14.15 |
9.34 |
26.13 |
2.87 |
EX_SD_54 |
6807 |
30527 |
843 |
165 |
-57 |
230 |
248 |
18 |
16 |
1.08 |
0.81 |
1.30 |
0.16 |
EX_SD_55 |
6865 |
30777 |
893 |
196 |
-61 |
475 |
494 |
19 |
18 |
1.68 |
1.26 |
3.61 |
0.25 |
EX_SD_56 |
6806 |
30525 |
843 |
182 |
-59 |
248 |
257 |
9 |
8 |
1.66 |
1.19 |
0.28 |
4.61 |
EX_SD_57 |
6863 |
30775 |
894 |
173 |
-67 |
completed / no significant intervals |
EX_SD_58 |
6807 |
30524 |
843 |
146 |
-67 |
completed / no significant intervals |
EX_SD_59 |
6906 |
30944 |
875 |
191 |
-65 |
completed / no significant intervals |
EX_SD_60 |
6972 |
30938 |
885 |
178 |
-48 |
completed / no significant intervals |
EX_SD_61 |
6906 |
30944 |
875 |
192 |
-55 |
completed / no significant intervals |
Sharlo Dere East / Krasta (SDE)
HOLEID |
EAST |
NORTH |
RL |
AZ |
DIP |
FROM |
TO |
LENGTH |
TRUE WIDTH |
AuEq |
Au |
Ag |
Cu |
|
|
|
|
|
|
(m) |
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
(g/t) |
(%) |
EX_SD_24 |
7093 |
30711 |
789 |
288 |
-70 |
419 |
425 |
6 |
5 |
1.75 |
1.38 |
2.26 |
0.22 |
EX_SD_49 |
6797 |
30822 |
922 |
193 |
-64 |
370 |
386 |
16 |
13 |
1.36 |
1.11 |
1.96 |
0.15 |
and |
|
|
|
|
|
392 |
399 |
7 |
6 |
1.93 |
1.43 |
2.99 |
0.30 |
EX_SD_51 |
6797 |
30821 |
923 |
198 |
-55 |
249 |
266 |
17 |
15 |
3.32 |
2.28 |
3.57 |
0.62 |
including |
|
|
|
|
|
250 |
264 |
14 |
12 |
3.76 |
2.59 |
4.02 |
0.70 |
and |
|
|
|
|
|
280 |
305 |
25 |
22 |
1.29 |
0.90 |
2.12 |
0.23 |
and |
|
|
|
|
|
323 |
364 |
41 |
36 |
1.47 |
1.08 |
2.33 |
0.24 |
Sharlo Dere West / Target 11 (SDW)
HOLEID |
EAST |
NORTH |
RL |
AZ |
DIP |
FROM |
TO |
LENGTH |
TRUE WIDTH |
AuEq |
Au |
Ag |
Cu |
|
|
|
|
|
|
(m) |
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
(g/t) |
(%) |
EX_SDW_01 |
6600 |
30375 |
836 |
170 |
-65 |
446 |
464 |
18 |
18 |
3.38 |
2.73 |
39.46 |
0.39 |
*EX_SDW_02 |
|
|
|
|
|
555 |
566 |
11 |
11 |
2.00 |
1.26 |
3.77 |
0.44 |
and |
|
|
|
|
|
572 |
587 |
15 |
15 |
3.02 |
1.59 |
4.28 |
0.85 |
including |
|
|
|
|
|
573 |
587 |
14 |
14 |
3.07 |
1.61 |
4.32 |
0.87 |
and |
|
|
|
|
|
612 |
632 |
20 |
20 |
2.06 |
1.78 |
4.05 |
0.17 |
and |
|
|
|
|
|
648 |
655 |
7 |
7 |
7.74 |
4.39 |
8.70 |
2.00 |
*EX_SDW_03 |
|
|
|
|
|
473 |
500 |
27 |
27 |
2.19 |
1.79 |
10.19 |
0.23 |
including |
|
|
|
|
|
473 |
492 |
19 |
19 |
2.65 |
2.11 |
13.03 |
0.32 |
and |
|
|
|
|
|
510.8 |
519 |
8.2 |
8 |
1.91 |
1.25 |
8.82 |
0.40 |
and |
|
|
|
|
|
535 |
540 |
5 |
5 |
1.80 |
1.29 |
3.71 |
0.30 |
EX_SDW_04 |
6643 |
30506 |
893 |
169 |
-55 |
completed / no significant intervals |
EX_SDW_05 |
6643 |
30507 |
893 |
168 |
-63 |
completed / no significant intervals |
EX_SDW_06 |
6739 |
30368 |
845 |
196 |
-52 |
completed / no significant intervals |
EXT11_505_07 |
6349 |
29901 |
510 |
54 |
-28 |
321 |
333 |
12 |
10 |
1.79 |
1.21 |
6.11 |
0.35 |
EXT11_505_08 |
6349 |
29901 |
511 |
36 |
-11 |
358.5 |
403.5 |
45 |
35 |
1.44 |
1.21 |
23.53 |
0.14 |
EXT11_555_01 |
6638 |
30084 |
558 |
32 |
-80 |
213 |
225.7 |
12.7 |
10 |
3.11 |
1.78 |
8.56 |
0.79 |
EXT11_555_02 |
6638 |
30084 |
558 |
35 |
-79 |
211.5 |
219.7 |
8.2 |
7 |
3.22 |
2.62 |
7.77 |
0.36 |
EXT11_555_03 |
6638 |
30085 |
558 |
354 |
-61 |
165 |
171.2 |
6.2 |
6 |
7.54 |
6.70 |
12.93 |
0.50 |
EXT11_555_04 |
6639 |
30084 |
558 |
30 |
-30 |
184.5 |
222 |
37.5 |
28 |
7.34 |
5.69 |
9.12 |
0.98 |
including |
|
|
|
|
|
193.5 |
220.5 |
27 |
20 |
9.70 |
7.58 |
10.67 |
1.26 |
EXT11_555_05 |
6639 |
30084 |
558 |
39 |
-45 |
441 |
447 |
6 |
6 |
4.09 |
3.58 |
1.90 |
0.31 |
EXT11_555_06 |
6642 |
30029 |
557 |
66 |
-72 |
completed / no significant intervals |
EXT11_555_07 |
6642 |
30031 |
557 |
353 |
-84 |
completed / no significant intervals |
EXT11_555_08 |
6641 |
30031 |
557 |
353 |
-84 |
completed / no significant intervals |
1) AuEq calculation is based on the following
formula: Au g/t + 1.68 x Cu %, based on a gold price of $1,600 per
ounce and a copper price of $4.00 per pound and long- term average
metallurgical recoveries of 89% for gold and 87% for copper from
the Chelopech mine.
2) Significant intercepts are reported using a
minimum downhole width of 5 metres, a maximum dilution of 5 metres
at a 1 g/t AuEq, including 2.5 g/t AuEq cutoff. No upper cuts
applied.
3) Coordinates are in Chelopech mine-grid.
4) *Directional drilled (‘daughter’) holes.
5) Drillholes with the prefix ‘EXT’ in the hole ID
were drilled from underground by Chelopech technical services with
assaying completed at the SGS Minerals Chelopech Laboratory, all
other holes were completed from Surface by the Chelopech
exploration department with assaying completed at the SGS Minerals
Bor Laboratory.
Table 2: Significant previously reported and selected
(2015-2020) drill intercepts at the Sharlo Dere
prospect.
The previously disclosed intercepts from Sharlo
Dere prospect and the northeastern area of the Chelopech deposit
drilled prior to 2022, have been re-reported using the significant
intercepts criteria outlined in the footnotes of the table below.
These updated results are presented in Table 2, along with other
significant intercepts from pre-2022 drilling at the Sharlo Dere
prospect.
HOLEID |
EAST |
NORTH |
RL |
AZ |
DIP |
FROM |
TO |
LENGTH |
TRUE WIDTH |
AuEq |
Au |
Ag |
Cu |
|
|
|
|
|
|
(m) |
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
(g/t) |
(%) |
SVP004 |
6555 |
30784 |
980 |
145 |
-55 |
577 |
585 |
8 |
8 |
2.14 |
1.71 |
1.44 |
0.26 |
SVP005 |
6554 |
30784 |
980 |
133 |
-58 |
616 |
638 |
22 |
21 |
2.29 |
1.61 |
3.66 |
0.40 |
including |
|
|
|
|
|
621 |
638 |
17 |
16 |
2.47 |
1.77 |
4.00 |
0.42 |
EX_NE10_01 |
6640 |
30029 |
557 |
44 |
-44 |
216 |
223 |
7 |
N/A |
2.22 |
2.11 |
6.30 |
0.07 |
EX_NE10_02 |
6637 |
30029 |
557 |
340 |
-45 |
174 |
181 |
7 |
7 |
3.60 |
2.29 |
13.79 |
0.78 |
and |
|
|
|
|
|
197 |
209 |
12 |
12 |
2.13 |
1.64 |
9.55 |
0.29 |
EX_KR_04 |
7020 |
30885 |
856 |
305 |
-45 |
141 |
147 |
6 |
5 |
1.08 |
0.82 |
1.14 |
0.16 |
EX_KR_05 |
7020 |
30882 |
856 |
265 |
-50 |
181.2 |
191 |
9.8 |
8 |
1.21 |
0.77 |
1.39 |
0.26 |
and |
|
|
|
|
|
206 |
214 |
8 |
7 |
1.01 |
0.57 |
0.99 |
0.26 |
EX_KR_16 |
7223 |
30779 |
782 |
290 |
-44 |
357 |
371 |
14 |
13 |
2.62 |
2.1 |
2.53 |
0.31 |
including |
|
|
|
|
|
358 |
364 |
6 |
6 |
3.81 |
3.02 |
2.71 |
0.47 |
and |
|
|
|
|
|
397 |
415 |
18 |
17 |
2.14 |
0.88 |
1.48 |
0.75 |
including |
|
|
|
|
|
406 |
415 |
9 |
8 |
3.29 |
1.34 |
2.26 |
1.16 |
EX_KR_23 |
7134 |
30721 |
782 |
310 |
-41 |
346.7 |
373 |
26.3 |
25 |
2.42 |
1.47 |
1.71 |
0.57 |
including |
|
|
|
|
|
349 |
358 |
9 |
9 |
4.63 |
2.81 |
2.76 |
1.08 |
EX_KR_28 |
7111 |
30823 |
822 |
310 |
-40 |
272.3 |
292 |
19.7 |
19 |
1.95 |
0.96 |
1.56 |
0.59 |
including |
|
|
|
|
|
287 |
292 |
5 |
5 |
3.08 |
1.29 |
1.55 |
1.07 |
EX_KR_39 |
7111 |
30822 |
822 |
307 |
-32 |
260 |
270 |
10 |
10 |
2.11 |
1.15 |
1.98 |
0.58 |
including |
|
|
|
|
|
265 |
270 |
5 |
5 |
2.92 |
1.48 |
2.91 |
0.86 |
EX_SD_05 |
6810 |
30528 |
844 |
143 |
-53 |
254 |
263 |
9 |
9 |
1.06 |
0.80 |
7.45 |
0.16 |
EX_SD_06 |
6948 |
30674 |
851 |
290 |
-60 |
315 |
320 |
5 |
4 |
1.70 |
1.05 |
2.01 |
0.39 |
and |
|
|
|
|
|
340 |
351 |
11 |
10 |
1.90 |
1.15 |
1.82 |
0.45 |
EX_SD_09 |
7092 |
30711 |
789 |
295 |
-57 |
375 |
407 |
32 |
29 |
1.11 |
0.84 |
1.86 |
0.16 |
and |
|
|
|
|
|
414 |
421 |
7 |
6 |
3.07 |
1.98 |
2.64 |
0.65 |
EX_SD_10 |
6534 |
30487 |
855 |
185 |
-50 |
473 |
479 |
6 |
N/A |
4.93 |
4.01 |
66.17 |
0.55 |
and |
|
|
|
|
|
585 |
623 |
38 |
N/A |
8.34 |
5.55 |
7.97 |
1.66 |
including |
|
|
|
|
|
604 |
618 |
14 |
N/A |
14.18 |
8.17 |
13.37 |
3.58 |
including |
|
|
|
|
|
607 |
612 |
5 |
N/A |
35.37 |
19.41 |
34.48 |
9.50 |
and |
|
|
|
|
|
731 |
736 |
5 |
N/A |
3.94 |
2.14 |
7.36 |
1.07 |
EX_SD_13 |
6887 |
30602 |
865 |
288 |
-58 |
271 |
288 |
17 |
15 |
1.29 |
0.87 |
2.11 |
0.25 |
EX_SD_14 |
7093 |
30712 |
789 |
305 |
-45 |
370 |
379 |
9 |
9 |
1.46 |
1.12 |
1.52 |
0.20 |
and |
|
|
|
|
|
411 |
424 |
13 |
12 |
3.43 |
1.38 |
57.94 |
1.22 |
including |
|
|
|
|
|
412 |
423.1 |
11.1 |
11 |
3.78 |
1.47 |
64.16 |
1.38 |
and |
|
|
|
|
|
440 |
445 |
5 |
5 |
2.64 |
1.81 |
3.03 |
0.49 |
EX_SD_18 |
7039 |
30611 |
788 |
310 |
-42 |
364 |
384 |
20 |
20 |
1.00 |
0.74 |
1.11 |
0.15 |
EX_SD_19 |
6885 |
30601 |
864 |
6 |
-47 |
416 |
448 |
32 |
31 |
1.70 |
1.09 |
1.04 |
0.37 |
including |
|
|
|
|
|
427 |
432 |
5 |
5 |
3.97 |
2.48 |
1.45 |
0.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
HOLEID |
EAST |
NORTH |
RL |
AZ |
DIP |
FROM |
TO |
LENGTH |
TRUE WIDTH |
AuEq |
Au |
Ag |
Cu |
|
|
|
|
|
|
(m) |
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
(g/t) |
(%) |
EXT10_555_17 |
6625 |
30030 |
558 |
359 |
-57 |
169.7 |
206.3 |
36.6 |
36 |
5.44 |
5.28 |
6.30 |
0.10 |
including |
|
|
|
|
|
185.1 |
199.6 |
14.5 |
14 |
13.44 |
13.11 |
14.65 |
0.20 |
EXT10_555_28 |
6635 |
30077 |
558 |
257 |
-80 |
159 |
186 |
27 |
22 |
1.89 |
1.12 |
6.32 |
0.46 |
including |
|
|
|
|
|
159 |
172.5 |
13.5 |
11 |
2.49 |
1.59 |
9.93 |
0.54 |
EXT10_555_37 |
6634 |
30076 |
558 |
330 |
-70 |
150.9 |
172.85 |
21.95 |
20 |
3.07 |
2.25 |
14.77 |
0.49 |
EXT10_555_39 |
5376 |
29215 |
396 |
16 |
-8 |
148.2 |
159 |
10.8 |
10 |
2.32 |
1.11 |
3.53 |
0.72 |
and |
|
|
|
|
|
192 |
197.7 |
5.7 |
5 |
1.50 |
0.94 |
4.58 |
0.33 |
EXT10_555_40 |
6535 |
30078 |
558 |
273 |
-69 |
153 |
165 |
12 |
11 |
1.55 |
0.93 |
4.15 |
0.37 |
and |
|
|
|
|
|
196.85 |
207 |
10.15 |
9 |
1.29 |
0.79 |
4.55 |
0.30 |
1) AuEq calculation is based on the following
formula: Au g/t + 1.68 x Cu %, based on a gold price of $1,600 per
ounce and a copper price of $4.00 per pound and long- term average
metallurgical recoveries of 89% for gold and 87% for copper from
the Chelopech mine.
2) Significant intercepts are reported using a
minimum downhole width of 5 metres, a maximum dilution of 5 metres
at a 1 g/t AuEq, including 2.5 g/t AuEq cutoff. No upper cuts
applied.
3) Coordinates are in Chelopech mine-grid.
4) True widths not reported are shown as N/A for
certain drillholes. Further drilling is required to determine the
true widths of these intervals.
5) Drillholes with the prefix ‘EXT’ in the hole ID
were drilled from underground by Chelopech technical services with
assaying completed at the SGS Minerals Chelopech Laboratory, all
other holes were completed from Surface by the Chelopech
exploration department with assaying completed at the SGS Minerals
Bor Laboratory.
1 Refer to the Appendix on pages 16 to 20 of this news release
for the full results from drilling at the Sharlo Dere and Sharlo
Dere West prospects.
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