TORONTO, Sept. 24, 2018 (GLOBE NEWSWIRE) — Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or “the Company”) is pleased to announce the results of the updated Mineral Resource estimate for its Timok Gold Project (“Timok”) in Serbia.
Highlights
- Total Indicated Mineral Resources of 46.9 million tonnes at 1.32 g/t Au for 1.996 million ounces
- Includes oxide Indicated Mineral Resources of 21.8 million tonnes at 1.06 g/t Au for 742,000 ounces and transitional Indicated Mineral Resources of 9.2 million tonnes at 1.15 g/t Au for 338,000 ounces
- Column leach test results returned recoveries of up to 94% for oxide mineralization
- Includes a maiden Mineral Resource estimate for the Korkan West deposit of Timok, discovered by DPM in 2016
- Exploration drilling continues to intersect significant intervals of gold mineralization that are outside the new resource model
- Scoping study to be initiated in the fourth quarter of 2018, followed by a potential preliminary economic assessment (“PEA”)
DPM owns 100% of Timok, which is comprised of the Bigar Hill, Korkan, Korkan West, and Kraku Pester deposits. The addition of significant amounts of oxide and transitional mineralization in the Mineral Resource, coupled with encouraging metallurgical test work results, indicates potential to improve the economics of the project relative to the previous PEA released by Avala Resources Ltd. (“Avala”) in July, 2014 (the “2014 PEA”, filed on SEDAR at www.sedar.com), by applying lower cost processing options.
“This updated Mineral Resource is a significant step forward for our Timok gold project,” said Rick Howes, President and CEO. “We are excited to further advance this project within our organic growth pipeline.”
The estimate was prepared by CSA Global (UK) Ltd (“CSA Global”) and is effective as at May 15, 2018.
The increase in Indicated Mineral Resources compared to the year-end 2017 Mineral Resource estimate disclosed in DPM’s Annual Information Form dated March 28, 2018 (filed on SEDAR at www.sedar.com) is attributable to updated interpretations of the oxide and transitional weathering domains and new metallurgical inputs related to processing oxide and transitional mineralization. The inclusion of oxide and transitional mineralization within the conceptual pit optimisation study has lowered reporting cutoffs, which in turn has increased constrained Mineral Resources. Net changes in Indicated Mineral Resources compared to the 2017 Mineral Resource estimate show an increase of 12 million tonnes and 280,000 ounces of gold. Corresponding percentage increase are 35% in tonnes and 16% in contained ounces of gold.
SOURCE: DUNDEE PRECIOUS METALS
DATE: SEPTEMBER 24, 2018