Dundee Precious Metals Announces Updated Mineral Resource and Mineral Reserve Estimate for the Ada Tepe Gold Mine

    Published on October 16th, 2020

    ORONTO, Oct. 16, 2020 (GLOBE NEWSWIRE) — Dundee Precious MetalsInc. (TSX: DPM) (“DPM” or “the Company”) is pleased to announce an updated Mineral Resource and Mineral Reserve Estimate and improved life of mine (“LOM”) plan for its Ada Tepe gold mine in Bulgaria.

    Highlights

    • Total Proven and Probable Mineral Reserves of 4.26 million tonnes (“Mt”) at 4.8 grams per tonne (“g/t”) of gold and 3.0 g/t of silver for 658 thousand ounces of gold and 414 thousand ounces (“K oz.”) of silver, respectively;
    • Optimized LOM plan with a higher grade and recovered gold ounce profile, compared to the original 2014 LOM plan;
    • Improved estimate based on detailed reconciliation data; and
    • Supports previously issued 2020 guidance and three-year outlook for Ada Tepe.

    “We are very pleased with the updated Mineral Reserves and the optimized mine plan for Ada Tepe,” said David Rae, President and CEO. “We are proud of our operating team at Ada Tepe, which has continued to exceed our expectations since the start of operations last year. The optimized mine plan further supports Ada Tepe’s potential to drive strong operating results within our portfolio.”

    Updated Mineral Resource and Mineral Reserves Estimate

    The Mineral Resource and Mineral Reserve update for the Ada Tepe mine was initiated to account for detailed reconciliation studies conducted since the start-up of operations, grade control drilling, and mining depletion to July 31, 2020.


    Exploration

    On the Ada Tepe mine concession, approximately 8,000 metres of drilling are planned at the Surnak prospect and two other satellite deposits for the fourth quarter of 2020, with the goal of establishing Mineral Resources and extending Ada Tepe’s mine life.

    Additional exploration activities in 2020 have focused on target delineation and resource definition drilling of epithermal veins on the Chiirite license, located approximately 25 kilometres north-east of Ada Tepe, with approximately 6,000 metres of drilling completed this year.

    For 2021, DPM is planning approximately 32,000 metres of drilling at Ada Tepe, with a focus on delineation of additional resources within the mine license and advancing other prospective targets on regional licences.

    Technical Information

    The Mineral Resource and Mineral Reserve estimates for Ada Tepe and other scientific and technical information which supports this news release was prepared by CSA Global (UK) Ltd. (“CSA Global”), in accordance with Canadian regulatory requirements set out in National Instrument 43-101 Standards of Disclosure for Mineral Projects, as relates to Mineral Resources, Maria O’Connor, BSc, MAusIMM, MAIG, Manager Resources – EMEA of CSA Global and as relates to Mineral Reserves, under the supervision of Karl van Olden, BSc (Eng), GDE, MBA, FAusIMM, Mining Manager of CSA Global. Both are Qualified Persons (“QP”), as defined under NI 43-101. Maria O’Connor and Karl van Olden are independent of the Company.

    Read full Announcement

    SOURCE: Dundee Precious Metals
    DATE: 16 October, 2020

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