Dundee Precious Metals Inc. (DPM) provides an interim update to the Mineral Resource and Mineral Reserve estimate and life of mine 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.
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.