Dundee Precious Metals Inc. (TSX: DPM) has updated its mineral resource and mineral reserve estimate as well as its life of mine (LOM) plan for its Chelopech mine in Bulgaria. In 2023, Dundee advanced its annual update for mineral reserves and mineral resources to better align with the company’s planning and budgeting cycle.
“Next month will mark the 20-year anniversary of Dundee’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,” said Dundee CEO David Rae.
“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.”
The proven and probable mineral reserves include 1.6Moz of gold and 305Mlbs of copper, supporting a mine life that now extends to 2032. Dundee successfully added 1% to contained ounces of gold with contained pounds of copper decreasing by 2% relative to the previous estimate.
The updated LOM plan adds approximately 128,000oz of recovered gold and 9Mlbs of recovered copper between 2024 and 2032. During this period, average LOM gold and copper grades increased by 5% and 3% respectively, and recoveries for gold increased by approximately 5%.
Dundee continues to focus on extending Chelopech’s mine life through its successful in-mine exploration programme and an aggressive brownfield exploration programme. 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.
Drill highlights include 37.5m at 7.34g/t Au Eq, 5.69g/t Au, and 0.98% Cu from 184.5m depth (including 27m at 9.70g/t Au Eq, 7.58 g/t Au and 1.26% Cu from 193.5m) on EXT_555_04. Dundee 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.
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