Dundee Precious Metals Announces High-Grade Underground Maiden Mineral Resource Estimate of 1.8 Million Inferred Gold Ounces at its Čoka Rakita Project in Serbia

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TORONTO, Dec. 11, 2023 (GLOBE NEWSWIRE) — Dundee Valuable Metals Inc. (TSX: DPM) (“DPM” or “the Firm”) is happy to announce a maiden Mineral Useful resource Estimate of 1.78 million ounces for its 100% owned Čoka Rakita gold mission in jap Serbia, the place DPM introduced a high-grade discovery in January 2023.

Highlights

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• Robust maiden Mineral Useful resource estimate: Inferred Mineral Useful resource estimate (“MRE”) of 9.79 million tonnes (“Mt”) at a grade of 5.67 grams per tonne (“g/t”) for 1.78 million ounces of gold. The maiden MRE was accomplished after just one full 12 months of drilling on the mission and is predicated on roughly 80,723 metres of drilling in 173 holes.
• Greater-grade core of mineralization: The MRE accommodates a good portion of gold ounces inside a steady high-grade core of mineralization that quantities to 2.81 Mt at a grade of 10.12 g/t Au for 0.914 million ounces of gold. As soon as enough drilling has been accomplished to improve the Mineral Useful resource confidence, this higher-grade core has the potential to drive sturdy economics by accessing larger than common grades in the course of the early years of a mine plan.
• Upside exploration potential: DPM is continuous its drilling program centered on extending the boundaries of Čoka Rakita, which stays open to the northeast and to southwest, and can be aggressively pursuing extra skarn targets on the Čoka Rakita licence in addition to on three extra licences to the north and the south.
• Advancing to a preliminary financial evaluation (“PEA”): Based mostly on the beneficial dimension and high quality of the MRE, DPM will proceed to speed up the mission and expects to finish a PEA on the mission within the second quarter of 2024, concentrating on a throughput price of 850,000 tonnes every year.
• Enticing natural progress alternative: Čoka Rakita advantages from good infrastructure, together with close by current roads and energy traces. The mission is positioned in shut regional proximity to DPM’s current operations in Bulgaria and is a robust match with the Firm’s underground mining and processing experience, with metallurgical check work demonstrating gold recoveries of roughly 90% by gravity focus and standard flotation.

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“The preliminary Mineral Useful resource estimate marks a big milestone for DPM’s future progress and confirms Čoka Rakita’s potential as a beautiful, high-quality gold mission,” mentioned David Rae, President and Chief Govt Officer of Dundee Valuable Metals.

“Since we introduced the preliminary discovery solely 11 months in the past, Čoka Rakita has quickly grown right into a 1.8 million ounce deposit, a exceptional achievement over such a brief time period, and we plan to proceed aggressively exploring at Čoka Rakita and the encircling licences to generate new discoveries.

“We’re persevering with to speed up the mission by means of our growth pipeline, together with advancing a PEA which is focused for completion within the second quarter of 2024. We’re excited by Čoka Rakita’s potential in a area the place we now have had a presence for a few years and the place we now have developed sturdy relationships with native stakeholders.”

Maiden Mineral Useful resource Estimate

The Inferred MRE is comprised of 1.78 million ounces of gold contained inside 9.79 million tonnes grading 5.67 g/t Au (Desk 1) and assumes an underground mining situation.

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Gold-rich skarn mineralization is hosted inside carbonate wealthy sandstones and conglomerates, positioned on the hanging wall of a sill-like physique and abutting a monzonite intrusive physique to the west. The mineralization varieties a shallow-dipping tabular mineralized physique positioned between 250 and 450 metres under floor, measuring 650 metres lengthy, as much as 350 metres extensive, and with variable thickness from lower than 20 metres within the margins to greater than 100 metres within the core of the mineralized zone. Coarse gold is usually noticed in areas of intense retrograde skarn alternation and is discovered primarily in proximity to syn-mineral diorites throughout the higher-grade core of the deposit. The present MRE has been carried out on the portion of the prospect the place gold-rich skarn mineralization happens.

The drillhole database was handed over as of November 16, 2023. A complete of 173 drill holes totalling 80,723 metres had been included within the estimation of the Mineral Useful resource. The present drillhole spacing throughout the mineralized domains is roughly 30 metres by 30 metres within the core of the system, with an as much as 60-metre by 60-metre grid on the periphery. Gold grades inside skarn domains have been decided systematically utilizing a display fireplace assaying approach, which is most well-liked for mineralization with coarse gold. Grade capping was utilized to composites to restrict the affect of anomalously high-grade values.

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Mineral useful resource domains had been created inside volumes of average to intense skarn alteration and guided by financial composites at a 1 g/t Au cut-off worth. Detailed lithology and structural fashions had been developed and used to constrain area extents, in addition to to include post-mineralization diorite sills which minimize throughout the mineralization. Block grade estimates have been undertaken for Au, Ag, Cu, S and As utilizing strange kriging at a 10mE x 10mN x 10mZ guardian block dimension with sub-celling to honour area volumes.

A break-even cut-off worth of two g/t Au and a minimal width constraint of 5 metres by 5 metres by 2.5 metres was used to outline optimized mineable shapes utilizing Datamine’s Mineable Form Optimiser (“MSO”). These shapes had been subsequently smoothed and used to constrain steady zones of mineralization for reporting the ultimate Mineral Useful resource assertion.

The applying of MSO shapes on the MRE stage gives a sturdy estimate for the needs of a PEA, and a better confidence within the potential for the conversion of Mineral Assets into mineable tonnes and grades for the needs of a mine plan for the PEA. Mineral Assets that aren’t Mineral Reserves wouldn’t have demonstrated financial viability. The MSO shapes have been used to make sure Mineral Assets reveal cheap prospects for eventual financial extraction.

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Materials throughout the reporting MSO constraints (smoothed) was categorized as Inferred Mineral Assets in line with Mineral Useful resource confidence classes outlined within the CIM Definition Requirements for Mineral Assets and Mineral Reserves. Information high quality and amount, geological and grade continuity, and confidence within the grade, density and cheap prospects for eventual financial extraction (“RPEEE”) standards had been thought of when classifying the MRE. Given the comparatively steady and stratified mineralization model at Čoka Rakita, the Firm has motive to count on that almost all of Inferred Mineral Assets might be upgraded to Indicated Mineral Assets with infill drilling.

Desk 1: Čoka Rakita Mineral Useful resource Estimate

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Greater-Grade Core of Mineralization

Throughout the core of the Čoka Rakita deposit is a zone of steady higher-grade mineralization hosted inside intense retrograde skarn alteration. By digitizing a top level view of spatially contiguous blocks throughout the Mineral Useful resource which have an estimated grade worth larger than roughly 5 g/t Au and together with inner dilution, the block mannequin reviews 2.81 Mt at a grade of 10.12 g/t Au for 0.914 million ounces of gold. As soon as enough drilling has been accomplished to improve the Mineral Useful resource confidence, this higher-grade core has the potential to drive sturdy economics by accessing larger than common grades in the course of the early years of a mine plan.

When reported throughout the smoothed MSO constraints used to report the MRE, the block mannequin sensitivity to cut-off grade is proven in Desk 2. This desk doesn’t represent a Mineral Useful resource assertion and is proven as an instance the grade and tonnage sensitivity to grade cut-off worth.

As a result of presence of coarse gold and the boldness stage of Inferred Mineral Assets, there’s inherent uncertainty within the stage of mining selectivity that may be achieved because the cut-off grade is elevated. Additional drilling, and probably bulk sampling, is required to evaluate the short-range grade continuity of the higher-grade mineralization.

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Desk 2: Čoka Rakita Mineral Useful resource Grade Tonnage Sensitivity Tabulation

Exploration Potential

DPM is planning an aggressive exploration program for 2024 together with:

• Roughly 30,000 metres of infill, hydrological and geotechnical drilling, with the purpose of re-classifying the present Mineral Useful resource to the Indicated Mineral Useful resource class. This additionally consists of infill drilling to check the extents of Čoka Rakita, which stays open to the northeast and to southwest; and
• 55,000 metres of extra exploration drilling at current skarn targets and to check for manto-like copper-gold skarn recognized throughout 4 licences held by DPM, together with Čoka Rakita, Potaj Čuka, Pešter Jug, and Umka.

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Exploration and analysis expenditures for the above drilling packages, PEA and associated technical work is anticipated to be US$30 to US$35 million in 2024, which can be up to date in early Q1 2024 as a part of the Firm’s detailed 2024 steering and up to date three-year outlook.

Enticing Natural Progress Alternative

With a sizeable maiden MRE and vital extra exploration potential, Čoka Rakita is a beautiful natural progress alternative that DPM can be prioritizing for development.

The mission is positioned roughly 35 kilometres from town of Bor in Serbia, is proximal to current roads and energy traces and is roughly 320 kilometres northwest of DPM’s Chelopech mine in Bulgaria which can enable quick access to current technical assist features. The mission is a robust match with the Firm’s underground mining and processing experience, with metallurgical testwork demonstrating gold recoveries of roughly 90% by gravity focus and standard flotation.

As beforehand reported on November 15, 2023, metallurgical testwork confirmed the viability of a mixed gravity focus and flotation circuit at completely different goal grades (Desk 3).

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Desk 3: Summarized Metallurgical Check Outcomes

Subsequent Steps

In parallel to its exploration and infill drilling actions, DPM has superior actions to speed up the mission, together with initiating geotechnical and hydrogeological drilling, the subsequent part of metallurgical testwork, evaluating areas for potential website infrastructure, in addition to stakeholder engagement and allowing actions.

The Firm has already commenced sure scoping stage actions and expects to finish a PEA on the mission within the second quarter of 2024, concentrating on a throughput price of 850,000 tonnes every year.

The subsequent part of metallurgical testwork will give attention to the variability at Čoka Rakita to establish the metallurgical and comminution efficiency of the completely different subtypes of mineralization current, together with testing on extra copper-rich areas of the prospect.

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Allowing preparation actions are underway, with good assist and engagement from key regional and nationwide authorities.

Stakeholder Engagement

In keeping with its method throughout all operations and tasks, DPM seeks to construct and preserve sturdy partnerships with native communities and governments. The Firm has had an area presence in Serbia since 2004 and has developed sturdy relationships within the area and can proceed to proactively interact with all stakeholders because the mission advances.

Planning for the mission can be extremely centered on guaranteeing accountable environmental administration and social growth in-line with business greatest practices. DPM is dedicated to working intently with native communities across the Čoka Rakita mission to grasp and assist native growth alternatives, with a give attention to maximizing advantages of the mission for Serbia.

Determine 1. Cross part by means of the block mannequin of Čoka Rakita, displaying blocks colored by Au g/t. Part line 4895859mN with 30 metre window clipping, wanting north.

Determine 2. Tilted slice alongside high-grade skarn mineralization displaying new drilling intercepts and the continuing infill drilling at Čoka Rakita.

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View the interactive 3D mannequin on VRIFY, which can present a extra correct illustration of the spatial place of the drillholes, out there at: https://vrify.com/decks/14641

Determine 3. Overview map of Čoka Rakita exploration licence outlining the progress of the scout drilling marketing campaign, together with ongoing holes.

Determine 4. Overview map of tenements and regional targets round Čoka Rakita.

Technical Data and Technical Report Submitting

The MRE for Čoka Rakita and different scientific and technical info which helps this information launch was ready by DPM with evaluate and steering at varied levels supplied by Maria O’Connor, MAIG (Membership ID: 5931), Technical Director Mineral Assets, Environmental Assets Administration (ERM, buying and selling as CSA World) in accordance with Canadian regulatory necessities set out in Nationwide Instrument 43-101 Requirements for Disclosure for Mineral Tasks (“NI 43-101”). Maria O’Connor is a Certified Individual (“QP”) for Mineral Assets as outlined underneath NI 43-101 and is impartial of the Firm.

Ross General, Director, Company Technical Providers, of the Firm, who’s a QP, as outlined underneath NI 43-101, and Paul Ivascanu, Common Supervisor, Exploration of the Firm, have reviewed and authorised the contents of this information launch.

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A technical report for the Čoka Rakita gold mission, ready in accordance with NI 43-101, can be filed underneath the Firm’s profile on SEDAR+ at www.sedarplus.ca inside 45 days of this information launch. Readers are inspired to learn the technical report in its entirety, together with all {qualifications}, assumptions, exclusions and dangers that relate to the Mineral Useful resource.

The MRE and associated info on this information launch will not be corresponding to related info made public by U.S. firms, topic to the reporting and disclosure necessities underneath america federal securities legal guidelines and the foundations and laws thereunder.

About Dundee Valuable Metals Inc.

Dundee Valuable Metals Inc. is a Canadian-based worldwide gold mining firm with operations and tasks positioned in Bulgaria, Namibia, Serbia and Ecuador. The Firm’s function is to unlock assets and generate worth to thrive and progress collectively. This total function is supported by a basis of core values, which guides how the Firm conducts its enterprise and informs a set of complementary strategic pillars and targets associated to ESG, innovation, optimizing our current portfolio, and progress. The Firm’s assets are allotted in-line with its technique to make sure that DPM delivers worth for all of its stakeholders. DPM’s shares are traded on the Toronto Inventory Trade (image: DPM).

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Cautionary Notice Relating to Ahead-Trying Statements

This information launch accommodates “ahead wanting statements” or “ahead wanting info” (collectively, “Ahead Trying Statements”) that contain various dangers and uncertainties. Ahead Trying Statements are statements that aren’t historic info and are typically, however not at all times, recognized by way of ahead wanting terminology similar to “plans”, “targets”, “expects”, “is anticipated”, “price range”, “scheduled”, “estimates”, “forecasts”, “outlook”, “intends”, “anticipates”, “believes”, or variations of such phrases and phrases or that state that sure actions, occasions or outcomes “could”, “may”, “would”, “would possibly” or “will” be taken, happen or be achieved, or the unfavorable of any of those phrases or related expressions. The Ahead Trying Statements on this information launch relate to, amongst different issues; the estimation of Mineral Assets and the belief of such mineral estimates; expectations with respect to updating the Inferred Mineral Assets to Indicated Mineral Assets with infill drilling; focused annual throughput for the PEA; timing for a PEA; deliberate drilling and exploration program and the timing and success of such actions, deliberate metallurgical check work; upside potential, alternatives for progress and anticipated subsequent steps; anticipated advantages of current infrastructure and DPM’s current underground experience; potential gold recoveries; and the worth of gold, copper, and silver, and different commodities. Ahead Trying Statements are primarily based on sure key assumptions and the opinions and estimates of administration and the QPs, as of the date such statements are made, they usually contain identified and unknown dangers, uncertainties and different elements which can trigger the precise outcomes, efficiency or achievements of the Firm to be materially completely different from some other future outcomes, efficiency or achievements expressed or implied by the Ahead Trying Statements. Along with elements already mentioned on this information launch, such elements embody, amongst others, dangers referring to the Firm’s enterprise, together with potential variations in ore grade and restoration charges; uncertainties inherent to the conclusions of financial evaluations and financial research; adjustments in mission parameters, together with schedule and price range, as plans proceed to be refined; uncertainties with respect to precise outcomes of present exploration actions; uncertainties inherent to the estimation of Mineral Assets, which will not be totally realized; uncertainties inherent with conducting enterprise in overseas jurisdictions the place corruption, civil unrest, political instability and uncertainties with the rule of legislation could affect the Firm’s actions; the affect of the battle within the Ukraine and well being emergencies, together with ensuing adjustments to the Firm’s provide chain and prices of provides; product shortages; supply and transport points; closures and/or failure of plant, tools or processes to function as anticipated; staff and contractors grow to be contaminated with pathogens or being affected by the struggle; misplaced work hours; labour drive shortages; fluctuations in metallic and acid costs, toll charges and overseas change charges; limitation on insurance coverage protection; accidents, labour disputes and different dangers of the mining business; delays in acquiring governmental approvals or financing or within the completion of growth or development actions; precise outcomes of present and deliberate reclamation actions; opposition by social and non-government organizations to mining tasks and smelting operations; unanticipated title disputes; claims or litigation; cyber assaults and different cybersecurity dangers; in addition to these threat elements mentioned or referred to in some other paperwork (together with with out limitation the Firm’s most up-to-date Annual Data Type) filed every so often with the securities regulatory authorities in all provinces and territories of Canada and out there on SEDAR+ at www.sedarplus.ca. The reader has been cautioned that the foregoing checklist just isn’t exhaustive of all elements which can have been used. Though the Firm has tried to determine essential elements that would trigger precise actions, occasions or outcomes to vary materially from these described in Ahead Trying Statements, there could also be different elements that trigger actions, occasions or outcomes to not be anticipated, estimated or supposed. There could be no assurance that Ahead Trying Statements will show to be correct, as precise outcomes and future occasions may differ materially from these anticipated in such statements. The Firm’s Ahead Trying Statements replicate present expectations concerning future occasions and converse solely as of the date hereof. Until required by securities legal guidelines, the Firm undertakes no obligation to replace Ahead Trying Statements if circumstances or administration’s estimates or opinions ought to change. Accordingly, readers are cautioned to not place undue reliance on Ahead Trying Statements.

Photographs accompanying this announcement can be found at

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