Dundee Precious Metals Inc.
(TSX: DPM)(TSX: DPM.WT)(TSX: DPM.WT.A) (the "Company" or "DPM")
announced that, as part of a limited program recently undertaken to
delineate several key anomalies, drilling on the western margin of
the Timok Magmatic Complex in northeastern Serbia has confirmed two
gold discoveries with bulk tonnage potential.
HIGHLIGHTS
- COKA RAKITA GOLD PORPHYRY PROSPECT
--Exploration has defined a 1km by 500m strong gold in soil
anomaly, in which trenching outlined encouraging gold grades
throughout the extent of the anomaly.
-- Initial "scout" RC drilling and follow up diamond drilling of
the Coka Rakita gold porphyry prospect has returned wide,
consistent intersections of gold mineralization.
-- Three RC drill holes were completed late in 2008 with the
following results:
-- RARC001: 10m at 0.64g/t Au from 32m.
-- RARC002: 57m at 1.47g/t Au from 73m to end of hole.
-- RARC003: 49m at 0.77g/t Au from 105m to end of hole.
-- Three successful diamond drill holes have been completed to
date in 2009 (three were abandoned at the same dill pad due to
drilling difficulties) with the following results:
--- RADD001: 47m at 2.15g/t Au from 85m (RADD001 is a 'twin' of
RARC002)
--- RADD004: 14m at 1.19g/t Au from 57m
---RADD006: 116m at 1.15g/t Au from 57m - including 48m at
1.85g/t Au from 87m)
-- The gold mineralization style is typified by disseminated
zones hosted in strongly silica-carbonate-pyrite altered
intermediate intrusives.
-- Less than 10% of the gold soil anomaly has been tested by
drilling to date.
- KRAKU PESTER SEDIMENT HOSTED ('CARLIN STYLE') PROSPECT
-- Exploration of the greater than 25km long West Timok sediment
hosted ('Carlin style') mineralized province has outlined numerous
prospects in which wide zones of gold mineralization were
intersected by trench sampling.
-- Gold mineralization is associated with deformed and
silicified limestones, marble and skarns, sediments and tuffs,
intruded by andesites and monzonites.
-- One of the higher ranking targets, Kraku Pester, is
characterized by a +1km long soil anomaly with a typical 'Carlin'
geochemical signature and trenching has returned consistent
mineralized widths in excess of 50m.
-- The first diamond drill hole at Kraku Pester has intersected
the following:
--- PEDD001: 63.5m at 1.5g/t Au from 2.5m, including 28.3m at
2.35g/t Au from 11.7m.
-- A follow-up drill hole is being set up in order to confirm
the dip of the mineralization and tenor some 80m away from PEDD001,
down dip.
BACKGROUND
DPM has been undertaking a multi-disciplinary exploration
program in the Timok Magmatic Complex and its Western margin since
2006. Several styles of mineralization have been identified,
including the following:
- Porphyry Cu-Au-Ag-Mo.
- High sulphidation Au-Cu-Ag.
- Epithermal Au-Ag.
- Porphyry Au
- Sediment hosted ('Carlin' style) Au
The first three mineralization styles have been well documented
in the Timok because they comprise the giant Bor and Madjanpek
deposits. The latter two styles above were unknown until DPM
commenced exploration in the Timok.
The multi-disciplinary exploration approach has involved the
intensive collection and interpretation of data including aerial
and ground geophysics and 3D modeling, soil sampling, geochemical
data manipulation, geological mapping, compilation of 3D regional
geological models, petrology and metallurgy, trench sampling and
drilling. As a result of the exploration program, two new styles of
gold mineralization were found to exist in the Timok Magmatic
Complex and adjacent to it.
A drilling program initiated in July 2009, was designed to test
the first porphyry Au target, Coka Rakita, and a high ranking
sediment hosted target, Kraku Pester. The location of these
prospects within DPM licenses is shown in Figure 1.
At Coka Rakita the northernmost part of the 1km by 500m soil
anomaly has been chosen for an initial drill test, primarily to
confirm the mineralization style and gold grades, determine the
geometry of the mineralization and obtain material for preliminary
metallurgical testing (an inherent part of the DPM standard
exploration procedures).
At Kraku Pester, a two hole program has been designed to obtain
the same information as at Coka Rakita, and in particular to
determine the dip of the mineralization.
RESULTS
COKA RAKITA
Figure 2 shows the Coka Rakita gold soil anomaly and the
location of the initial RC and diamond drill testing. It should be
noted that the area is characterized by very poor exposure and deep
soil cover. Throughout the soil anomaly, where trenches have been
able to penetrate to bedrock, encouraging gold intersections have
been returned. Mineralization is hosted in andesites and monzonites
and is located close to the eastern boundary of the polyphase Potaj
Cuka monzonite intrusion. Figure 3 shows the northern sector of the
Coka Rakita gold anomaly and the interpreted NW trending zone that
is the subject of the initial drill testing. Tables 1 and 2
summarize drill intercepts to date at a 1.0g/t Au and 0.4g/t Au cut
off, respectively, and Table 3 shows the collar coordinates.
Table 1: Coka Rakita drill assays at a 1.0 g/t cut off with a minimum
interval of 5m and a maximum dilution of 5m.
----------------------------------------------------------------------------
Hole From (m) To (m) Interval (m) Au g/t Gram Metres Ag g/t
----------------------------------------------------------------------------
RADD001 91 131 40 2.45 98 1.2
----------------------------------------------------------------------------
RADD004 44 53.7 9.7 1.46 14 0.4
----------------------------------------------------------------------------
RADD006 87 135 48 1.85 89 1
----------------------------------------------------------------------------
RADD006 144 150 6 1.74 10 0.5
----------------------------------------------------------------------------
RADD006 164 173 9 1.06 9 0.6
----------------------------------------------------------------------------
RARC002 106 128 22 2.91 64 1.3
----------------------------------------------------------------------------
RARC003 132 146 14 1.63 22 1.1
----------------------------------------------------------------------------
Note: RARC denotes a reverse circulation drill hole and RADD denotes a
diamond drill hole
Table 2: Coka Rakita drill assays at a 0.4 g/t cut off with a minimum
interval of 5m and a maximum dilution of 5m.
----------------------------------------------------------------------------
Hole From (m) To (m) Interval (m) Au g/t Gram Metres Ag g/t
----------------------------------------------------------------------------
RADD001 72 77 5 0.86 4 0.5
----------------------------------------------------------------------------
RADD001 85 132 47 2.15 101 1.1
----------------------------------------------------------------------------
RADD001 210 215 5 0.64 3 0.7
----------------------------------------------------------------------------
RADD004 43 57 14 1.19 16 0.8
----------------------------------------------------------------------------
RADD006 57 173 116 1.15 134 0.9
----------------------------------------------------------------------------
RARC001 2 7 5 0.41 2 1.4
----------------------------------------------------------------------------
RARC001 32 42 10 0.63 6 0.5
----------------------------------------------------------------------------
RARC002 73 130 57 1.47 84 0.9
----------------------------------------------------------------------------
RARC003 3 8 5 0.57 2 0.7
----------------------------------------------------------------------------
RARC003 106 126 20 0.44 8 1.3
----------------------------------------------------------------------------
RARC003 132 153 21 1.27 26 0.9
----------------------------------------------------------------------------
Table 3: Collar co-ordinates for Coka Rakita drilling
----------------------------------------------------------------------------
Hole Grid EAST NORTH RL Dip DEPTH
----------------------------------------------------------------------------
RARC001 UTM(WGS84)34N 572845.22 4895918.52 885.81 -60 46
----------------------------------------------------------------------------
RARC002 UTM(WGS84)34N 572783.92 4896004.84 889.12 -60 130
----------------------------------------------------------------------------
RARC003 UTM(WGS84)34N 572849.82 4896027.77 902.20 -60 154
----------------------------------------------------------------------------
RADD001 UTM(WGS84)34N 572780.00 4896007.00 889.12 -60 246.2
----------------------------------------------------------------------------
RADD004 UTM(WGS84)34N 572814.00 4895890.00 867.00 -60 145.8
----------------------------------------------------------------------------
RADD006 UTM(WGS84)34N 572902.00 4896034.00 900.80 -50 250
----------------------------------------------------------------------------
The drilling to date at Coka Rakita is considered very
encouraging, as the style of mineralization and the extent of the
gold soil anomaly highlights the potential for a large tonnage,
porphyry-gold style mineralized deposit.
Trench highlights include:
- RATR002: 63m at 0.64g/t Au
- RATR007: 50m at 0.39g/t Au
- RATR008: 38m at 0.49g/t Au
- RATR016: 24m at 1.92g/t Au
KRAKU PESTER
Figure 4 shows the location of the Kraku Pester prospect in the
West Timok, sediment hosted gold province and shows a detail of the
Carlin-geochemical scoring image. Figure 5 shows details of the
geology, trench sampling and the location of diamond drill hole
PEDD001.
Tables 4 and 5 summarize the intersection for diamond drill hole
PEDD001 and Table 6 the collar coordinates. Assays are pending from
66m to the bottom of hole, which is dominated by the Potaj Cuka
composite intrusive. Ag assays from the first 66m are also
pending.
Table 4: Kraku Pester drill assays at a 1.0 g/t cut off with a minimum
interval of 5m and a maximum dilution of 5m.
-------------------------------------------------------------
Hole From (m) To (m) Interval (m) Au g/t Gram Metres
-------------------------------------------------------------
PEDD001 11.7 40 28.3 2.35 66
-------------------------------------------------------------
PEDD001 60 66 6 1.18 7
-------------------------------------------------------------
Table 5: Kraku Pester drill assays at a 0.4 g/t cut off with a minimum
interval of 5m and a maximum dilution of 5m
-------------------------------------------------------------
Hole From (m) To (m) Interval (m) Au g/t Gram Metres
-------------------------------------------------------------
PEDD001 2.5 66 63.5 1.53 97
-------------------------------------------------------------
Table 6: Collar co-ordinates for Kraku Pester drill hole PEDD001
------------------------------------------------------------------------
Hole Grid EAST NORTH RL DIP DEPTH
------------------------------------------------------------------------
PEDD001 UTM(WGS84)34N 569997 4894490 556.6 -60 143.6
------------------------------------------------------------------------
The next planned hole at Kraku Pester is underway and is
designed to intersect the mineralization 80m down dip from PEDD001
in order to determine the dip, provide further information on the
tenor of mineralization and to provide additional core for
preliminary metallurgical testing.
The Kraku Pester drilling is considered extremely encouraging,
as it is one of many targets within the Western Timok sediment
hosted gold province. In addition, recently completed stream
sediment sampling has indicated that soil sampling to date has
tested less than 30% of the overall 'footprint' of anomalous stream
sediment samples, which extend significantly to the west and which
define the geochemical signature of the sediment hosted gold
province. Follow-up soil sampling is underway, along with
first-phase detailed geological mapping.
Trench highlights include:
- PETR001: 60m at 0.41g/t Au and 23m at 0.7g/t Au
- PETR002: 18m at 1.81g/t Au and 28m at 3.03g/t Au
- PETR028: 54m at 0.40g/t Au
- PETR033: 50m at 1.10g/t Au
- PETR035: 58m at 1.57g/t Au
Sampling and Analysis
For the majority of the trench sampling program a two metre
sample interval has been used and the samples have been prepared at
the SGS managed laboratory facility at Bor, eastern Serbia and have
been assayed at the SGS managed laboratory at Chelopech in
Bulgaria. Following DPM Exploration standard procedures, a full
suite of field and laboratory duplicates and replicates along with
internationally accredited standards have been submitted with each
batch of samples. Diamond drill core has been prepared and assayed
at the SGS managed laboratory at Chelopech in Bulgaria. A one metre
sampling interval has been used where possible for the Kraku Pester
and Coka Rakita diamond drilling program. RC drill assay samples
were prepared in the SGS managed laboratory facility at Bor and
assayed at the SGS managed laboratory at Chelopech in Bulgaria.
Sampling was undertaken on a one metre basis using strict DPM
procedures to ensure the highest possible sample quality.
Dr. Julian F. H. Barnes, a qualified person under National
Instrument 43-101 and Executive Vice President of DPM, has
supervised the preparation of the technical data included in this
press release.
Dundee Precious Metals Inc. is a Canadian based, international
mining company engaged in the acquisition, exploration, development
and mining of precious metals. DPM owns the Chelopech Mine, a
producing gold/copper mine, and the Krumovgrad Gold Project, a
mining development project, both located in Bulgaria, as well as a
95% interest in the Kapan Mine in Armenia. In addition, it is
engaged in mineral exploration activities in Serbia.
FORWARD LOOKING STATEMENTS
This news release may contain certain information that
constitutes forward-looking statements. Forward-looking statements
are frequently characterized by words such as "plan," "expect,"
"project," "intend," "believe," "anticipate" and other similar
words, or statements that certain events or conditions "may" or
"will" occur. Forward-looking statements are based on the opinions
and estimates of management at the date the statements are made,
and are subject to a variety of risks and uncertainties and other
factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
These factors include the inherent risks involved in the
exploration and development of mineral properties, the
uncertainties involved in interpreting drilling results and other
geological data, fluctuating metal prices and other factors
described above and in the Company's most recent annual information
form under the heading "Risk Factors" which has been filed
electronically by means of the Canadian Securities Administrators'
website located at www.sedar.com. The Company disclaims any
obligation to update or revise any forward-looking statements if
circumstances or management's estimates or opinions should change.
The reader is cautioned not to place undue reliance on
forward-looking statements.
To view the Appendices, please visit the following link:
http://media3.marketwire.com/docs/AppendicesNRSerbia.pdf
Contacts: Dundee Precious Metals Inc. Jonathan Goodman President
& Chief Executive Officer (416) 365-2408
jgoodman@dundeeprecious.com Dundee Precious Metals Inc. Lori Beak
Vice President Investor Relations & Secretary (416) 365-5165
lbeak@dundeeprecious.com
Dundee Precious Metals (TSX:DPM)
Historical Stock Chart
From Jul 2024 to Jul 2024
Dundee Precious Metals (TSX:DPM)
Historical Stock Chart
From Jul 2023 to Jul 2024
