DPM Exploration Confirms Two New Gold Discoveries in the Timok Magmatic Complex and Along Its Western Margin in Serbia
September 10 2009 - 7:17PM
Marketwired Canada
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
Dundee Precious Metals (TSX:DPM)
Historical Stock Chart
From Jun 2024 to Jul 2024
Dundee Precious Metals (TSX:DPM)
Historical Stock Chart
From Jul 2023 to Jul 2024
