Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or
“the Company”) is pleased to announce the discovery of a high-grade
deposit at the Čoka Rakita exploration prospect in eastern Serbia
and report exceptional results from recent drilling. Čoka Rakita is
located three kilometres southeast of the Company’s Timok gold
project and is 100% owned by DPM (see Figure 1).
Highlights
- Exceptional new high-grade
intercepts, including:
- RADDMET01 – 40 metres at 63.46 g/t
Au and 0.11 % Cu from 517 metres depth (including one metre grading
2,140 g/t Au from 548 to 549 metres)
- RIDD001 – 71 metres at 3.46 g/t Au
and 0.16% Cu from 454 metres depth
- RIDD004 – 65 metres at 13.40 g/t Au
from 511 metres including 38 metres at 19.43 g/t Au from 537
metres depth
- Expands on
positive results from previously drilled holes, which
include:
- RADD013 – 36 metres at 4.41 g/t Au,
including 6 metres at 11.44 g/t Au and 5 metres at 10.66 g/t Au,
from 567 metres depth
- RADD020 – 26 metres at 7.52 g/t Au,
including 6 metres at 24.94 g/t Au, from 533 metres depth
- Large
defined footprint, deposit remains open: Shallow-dipping
tabular body between 250 and 450 metres below surface, drilled over
an area measuring 500 metres long, 250 metres wide and up to 80
metres thick, which remains open in multiple directions (see
Figures 2, 3 and 4).
- Significant
additional exploration potential: Approximately 40,000
metres of infill, extensional and target delineation drilling is
planned for 2023, with a focus on further evaluating the deposit
geometry, grade continuity and mineral resource potential.
- Encouraging
metallurgical results: Preliminary metallurgical test
results indicate that the mineralized material is amenable to
conventional flotation and produces a clean gold concentrate,
achieving total combined (flotation and tails leach) gold
recoveries of greater than 93%. Test work to potentially improve
overall gold recovery using a combined gravity and flotation
circuit is planned for 2023.
- Interactive
VRIFY 3D Model: Visit
https://vrify.com/decks/12554 to view an
interactive 3D model highlighting these results.
“We are excited to announce these exceptional
results from recent drilling completed at the Čoka Rakita prospect
in Serbia. Drilling has defined a large, high-grade footprint that
remains open in multiple directions, which we believe provides
additional upside potential,” said David Rae, President and Chief
Executive Office of Dundee Precious Metals.
“The discovery of a high-grade deposit in close
proximity to our Timok gold project is an exciting development for
the overall property package. Our activities in Serbia will now
focus on exploration at Čoka Rakita as we continue to assess the
mineral resource potential of this new discovery.”
Čoka Rakita Drilling
Program
As previously disclosed, exploration activities
at the Čoka Rakita prospect resumed in the fourth quarter of 2022
following receipt of a newly granted exploration licence. In this
most recent drill program, DPM drilled 8,750 metres and completed
ten holes, with five additional holes currently ongoing. This
program was designed to follow-up on positive results returned from
holes drilled prior to the expiry of the previous exploration
licence.1
Table 1: Significant new drill intercepts from the Čoka
Rakita prospect
HOLEID |
EAST |
NORTH |
RL |
AZ |
DIP |
FROM |
TO |
LENGTH |
AuEq |
Au |
Cu |
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
(%) |
RADD021 |
572994 |
4895775 |
913 |
275 |
-55 |
331 |
337 |
6 |
1.59 |
1.43 |
0.12 |
RADD027 |
573485 |
4895816 |
885 |
263 |
-70 |
1118 |
1123 |
5 |
2.66 |
0.86 |
1.33 |
RADDMET001 |
573174 |
4895948 |
907 |
260 |
-48 |
446 |
454 |
8 |
1.57 |
1.50 |
0.05 |
and |
|
|
|
|
|
492 |
498 |
6 |
1.46 |
1.18 |
0.21 |
and |
|
|
|
|
|
517 |
557 |
40 |
63.60 |
63.46 |
0.11 |
including |
|
|
|
|
|
521 |
551 |
30 |
84.20 |
84.05 |
0.11 |
and |
|
|
|
|
|
658 |
668 |
10 |
2.71 |
2.51 |
0.15 |
RADDMET002 |
572902 |
4896041 |
912 |
247 |
-50 |
70 |
75.3 |
5.3 |
2.14 |
2.08 |
0.04 |
and |
|
|
|
|
|
84 |
89 |
5 |
2.40 |
2.36 |
0.03 |
and |
|
|
|
|
|
101 |
117 |
16 |
2.36 |
2.34 |
0.02 |
and |
|
|
|
|
|
133 |
163 |
30 |
1.15 |
1.12 |
0.02 |
RIDD001 |
572989 |
4896010 |
915 |
292 |
-67 |
454 |
525 |
71 |
3.67 |
3.46 |
0.16 |
including |
|
|
|
|
|
455 |
462 |
7 |
6.05 |
5.61 |
0.33 |
RIDD002 |
572971 |
4896089 |
903 |
290 |
-54 |
715 |
728 |
13 |
1.84 |
0.42 |
1.89 |
RIDD003 |
573198 |
4895770 |
940 |
273 |
-59 |
577 |
588 |
11 |
2.26 |
2.04 |
0.17 |
RIDD004 |
573176 |
4895949 |
907 |
262 |
-54 |
423 |
428 |
5 |
2.27 |
2.24 |
0.02 |
and |
|
|
|
|
|
478 |
496 |
18 |
1.35 |
0.97 |
0.29 |
and |
|
|
|
|
|
511 |
576 |
65 |
13.50 |
13.40 |
0.05 |
including |
|
|
|
|
|
515 |
524 |
9 |
11.06 |
11.05 |
0.00 |
including |
|
|
|
|
|
537 |
575 |
38 |
19.54 |
19.43 |
0.08 |
1) Coordinates are in UTM Zone 34
North WGS84 datum.
2) Intervals are reported at a
cut-off grade of 1 g/t AuEq using 5 metres minimum length and 5
metres maximum internal dilution. Higher grade ‘Including’
intervals are reported at a cut-off grade of 5 g/t AuEq using 5
metres minimum length and 3 metres dilution.
3) The AuEq calculation is based on the
following formula: Au g/t + 1.35 x Cu %, based on a gold price of
$1,400/oz and a copper price of $2.75/lb; and assumes metallurgical
recoveries of 90% for gold and 90% for copper within the
equivalency calculation.
4) No upper cuts have been
applied.
5) Based on the current understanding
of the geometry of the mineralized body, true widths are considered
to be 90% or more of the reported downhole interval.
Some previously-disclosed intercepts, which were
drilled prior to 2022, have been updated following the receipt of
screen fire assay results. These updated results are presented in
Table 2, along with other significant intercepts from pre-2022
drilling at Čoka Rakita.
Table 2: Significant previously reported drill
intercepts from the Čoka Rakita prospect
HOLEID |
EAST |
NORTH |
RL |
AZ |
DIP |
FROM |
TO |
LENGTH |
AuEq |
Au |
Cu |
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
(%) |
RADD001 |
572785 |
4896010 |
889 |
134 |
-60 |
91 |
131 |
40 |
2.47 |
2.45 |
0.01 |
RADD004 |
572812 |
4895892 |
872 |
64 |
-60 |
44 |
51 |
7 |
1.90 |
1.89 |
0.00 |
RADD006 |
572901 |
4896033 |
916 |
244 |
-50 |
87 |
135 |
48 |
1.88 |
1.86 |
0.02 |
and |
|
|
|
|
|
144 |
150 |
6 |
1.75 |
1.74 |
0.00 |
and |
|
|
|
|
|
164 |
173 |
9 |
1.08 |
1.07 |
0.01 |
RADD010 |
573116 |
4895821 |
930 |
261 |
-57 |
196 |
202 |
6 |
2.48 |
2.46 |
0.01 |
and |
|
|
|
|
|
496 |
507 |
11 |
2.91 |
2.88 |
0.02 |
and |
|
|
|
|
|
514 |
535 |
21 |
2.61 |
2.48 |
0.10 |
and |
|
|
|
|
|
574 |
579 |
5 |
2.43 |
2.18 |
0.19 |
RADD012 |
572990 |
4896008 |
917 |
273 |
-56 |
417 |
433 |
16 |
1.21 |
0.59 |
0.47 |
RADD013 |
573199 |
4895771 |
940 |
255 |
-60 |
567 |
603 |
36 |
4.42 |
4.41 |
0.01 |
including |
|
|
|
|
|
569 |
575 |
6 |
11.46 |
11.44 |
0.02 |
including |
|
|
|
|
|
581 |
586 |
5 |
10.68 |
10.66 |
0.02 |
RADD014 |
573254 |
4895880 |
926 |
276 |
-54 |
508 |
525 |
17 |
1.24 |
1.18 |
0.04 |
and |
|
|
|
|
|
600 |
620 |
20 |
3.95 |
3.86 |
0.07 |
RADD015 |
572968 |
4896087 |
902 |
277 |
-55 |
455 |
464 |
9 |
1.03 |
0.34 |
0.51 |
RADD016 |
573042 |
4895851 |
918 |
275 |
-54 |
25 |
37 |
12 |
1.39 |
1.37 |
0.02 |
and |
|
|
|
|
|
393 |
418 |
25 |
3.07 |
2.95 |
0.10 |
and |
|
|
|
|
|
427 |
451 |
24 |
1.19 |
0.69 |
0.37 |
RADD020 |
573168 |
4895951 |
907 |
290 |
-53 |
533 |
559 |
26 |
7.63 |
7.52 |
0.08 |
including |
|
|
|
|
|
550 |
556 |
6 |
25.07 |
24.94 |
0.10 |
1) Coordinates are in UTM Zone 34 North
WGS84 datum.
2) Intervals are reported at a cut-off
grade of 1 g/t AuEq using 5 metres minimum length and 5 metres
maximum internal dilution. Higher grade ‘Including’ intervals are
reported at a cut-off grade of 5 g/t AuEq using 5 metres minimum
length and 3 metres dilution.
3) The AuEq calculation is based on
the following formula: Au g/t + 1.35 x Cu %, based on a gold price
of $1,400/oz and a copper price of $2.75/lb; and assumes
metallurgical recoveries of 90% for gold and 90% for copper within
the equivalency calculation.
4) No upper cuts have been
applied.
5) Based on the current understanding
of the geometry of the mineralized body, true widths are considered
to be 90% or more of the reported downhole interval.
Geology of Čoka Rakita
The Čoka Rakita prospect is located three
kilometres southeast of the Bigar Hill sediment-hosted deposit and
forms part of the of the Timok Magmatic Complex (TMC) in eastern
Serbia. The surface footprint of the target, which was delineated
by a combination of soil geochemistry, alteration mapping and
geophysical signatures, extends more than 1,000 metres by 500
metres (see Figure 1).
The latest phase of drilling has defined a
manto-like zone of shallow-dipping gold-rich skarn mineralization
located within the contact zone of a carbonaceous sedimentary
package and fertile diorite intrusives. The high-grade
mineralization starts at roughly 250 metres below surface and has
been drilled over an area measuring 500 metres long, 250 metres
wide and up to 80 metres thick, and remains open in multiple
directions (see Figures 2, 3 and 4).
Three principal mineralization environments have
been identified at Čoka Rakita:
- Porphyry
gold-copper mineralization:
- At
shallow levels: structurally controlled and hosted by epiclastic
rocks and volcanics; and
- At deeper
levels: disseminated in syn-mineral diorites, often overlapped with
endoskarn formation on the contacts.
-
High-grade manto-like retrograde exoskarn gold-copper
mineralization, hosted by carbonaceous sandstones and located on
the hanging wall of the mineralized porphyry. This is the most
prospective exploration target, providing the best exploration
results in terms of assay grades and geologic continuity.
-
Strata-bound conglomerate-hosted copper-gold-polymetallic
mineralization, located at depth and situated on the footwall of
the mineralized porphyry.
Metallurgical Test Work
Results
Metallurgical testing was completed on five
composite samples from the Čoka Rakita prospect. Three composites
were drawn from the retrograde exoskarn formation, while the other
composites represented the upper epiclastic-hosted porphyry
mineralization and the lower porphyry endoskarn mineralization. The
strata-bound conglomerate-hosted copper-gold-polymetallic formation
has not yet been tested.
Preliminary metallurgical test results indicate
that the retrograde skarn mineralization is amenable to
conventional flotation and has the potential to produce a clean
gold concentrate, achieving overall gold recoveries of greater than
93%.
Owing to the significant amount of coarse gold
present in the retrograde exoskarn, gravity concentration tests on
those three composites demonstrated gold recoveries ranging from
51% to 64%. Flotation and leach tests have not yet been performed
on the gravity tails.
Rougher/scavenger and cleaner flotation tests
for the same three composites showed gold recoveries ranging from
74% to 81% into the cleaner flotation concentrate. Cleaner
flotation tests indicated that a clean, saleable gold concentrate
could be produced from all the rougher concentrates. With leaching
of the flotation tails, total gold recoveries of 93% to 97% are
achievable from the retrograde exoskarn mineralization.
Whole ore leach testing of the three exoskarn
composites achieved gold recoveries ranging from 88% to 93%,
confirming the non-refractory nature of the mineralization.
Metallurgical test results from all five composites are summarized
in Table 3.
Further testing to study combined gravity,
flotation and leach recovery methods is planned for 2023.
Table 3. Summary of metallurgical test
program results
Mineralization Type |
Sample ID |
Head Assay(g/t Au) |
Recovery (%) |
Gravity Concentrate |
Whole Ore Leach |
Rougher Flotation |
Cleaner Flotation |
Flotation Tailings Leach |
Combined Flotation + Tails Leach |
Retrograde exoskarn |
Met Ra P01 |
2.68 |
50.73 |
88.27 |
75.13 |
73.71 |
73.15 |
92.94 |
Retrograde exoskarn |
Met Ra P03 |
3.91 |
57.18 |
88.70 |
75.84 |
73.52 |
74.77 |
93.32 |
Retrograde exoskarn |
Met Ra P05 |
18.54 |
63.63 |
93.01 |
82.28 |
81.26 |
82.32 |
96.69 |
Porphyry endoskarn |
Met Ra P02 |
0.55 |
40.45 |
87.97 |
79.53 |
77.21 |
76.68 |
94.69 |
Shallow epiclastic porphyry |
Met Ra P04 |
2.36 |
40.45 |
81.72 |
55.22 |
51.31 |
79.69 |
90.11 |
1) Metallurgical testing
performed by Wardell Armstrong International (WAI).
2) All
presented results based on samples with P80 particle size of 75
µm.
2023 Exploration Plans
Based on the results of a recent ground gravity
survey, additional drilling is planned to test the full extent of
the Čoka Rakita gold-rich skarn target, which continues to show
potential for growth. Plans include extending holes from the
current phase of drilling at depth to delineate the extents of
deeper strata-bound conglomerate-hosted copper-gold mineralization.
Approximately 40,000 metres of infill, extensional and target
delineation drilling is planned at Čoka Rakita in 2023, with the
primary focus of further assessing the overall deposit geometry,
grade continuity and mineral resource potential. This includes
infilling the current footprint on a 60m x 60m drilling grid over
the high-grade gold-rich skarn target zone, as well as closer
spaced drilling (20m x 20m) to assess the short-range continuity of
the mineralization.
Additionally, 10,000 metres of drilling is
planned at the adjacent Umka exploration licence, which is located
to the south of Čoka Rakita and shares a similar geological
environment. This work is intended to follow-up on ground gravity
surveys completed in 2022 and will involve integration of all other
available data in order to delineate additional undercover
high-grade skarn targets.
Timok Gold Project
As indicated in the third quarter of 2022, given
the potential of this new high-grade discovery on the advancement
of the overall property package, the Company now expects to focus
on further exploration at Čoka Rakita in 2023. As a result, the
Company is pausing further work on the Timok feasibility study.
As previously reported, the Timok gold project
has a Probable Mineral Reserve estimate of 662,000 ounces of gold
contained within 19.2 million tonnes at a grade of 1.07 g/t and an
additional Indicated Mineral Resource estimate of 1.3 million
ounces of gold contained within 32.3 million tonnes at a grade of
1.27 g/t.2 The above Mineral Reserve and Mineral Resource does not
incorporate any drilling at Čoka Rakita, which will be assessed as
a separate high-grade deposit.
Figure 1. Overview map with project
location.
Figure 2. Tilted slice looking down
along high-grade skarn mineralization.
1) Intercepts shown above for RADD023
and RIDD002 are not included in Tables 1 and 2, and start at 399
metres downhole and 493 metres downhole, respectively. They have
been included in Figure 2 to highlight how the high-grade exoskarn
pinches out near the margins of the lower grade endoskarn
mineralization.
2) No upper cuts have been
applied.Figure 3. Long-section through Čoka Rakita looking
east, displaying drilling intercepts, geology and exploration
targets.
Figure 4. Cross-section through Čoka
Rakita looking north, displaying drilling intercepts, geology and
exploration targets.
Figure 5. Photographs of representative
high-grade gold mineralized drill core from hole
RADDMET001.
The above picture highlights:
a) Core interval from 542 metres to
550 metres downhole: garnet-dominated prograde exoskarn
formed on the carbonaceous sandstone protolith and overprinted by
the gold-rich pyrite-pyrrhotite-quartz-epidote-chlorite-carbonate
retrograde phase (HQ size drill core).
b) Close-up view of full core at
548.8 metres downhole: visible gold grain aggregates
formed in the fractures and intragranular porosity of garnet skarn
as a result of replacement by late carbonates.
c) Close-up view of cut core at
548.4 metres downhole: visible gold grain aggregates
formed in secondary porosity generated by garnet formation by
the mineralized retrograde phase, comprised mainly of
carbonate-epidote-actinolite.
d) Close-up view of full core at
548.6 metres downhole: visible gold grain aggregates
formed in the intragranular porosity of garnets as a result of
replacement by the mineralized retrograde phase comprised mainly of
quartz-epidote.
Sampling, Analysis and QAQC of
Exploration Drill Core Samples
Given the presence of coarse gold at Čoka
Rakita, a rigorous sampling and QAQC procedure has been selected
which includes the use of laboratory screen metallic assaying.
Most exploration diamond drill holes are
collared with PQ size, continued with HQ, and are sometimes
finished with NQ. Triple tube core barrels and short runs are used
whenever possible to improve recovery. All drill core is cut
lengthwise into two halves using a diamond saw; one half is sampled
for assaying and the other half is retained in core trays. The
common length for sample intervals within mineralized zones is one
metre. Weights of drill core samples range from three to eight
kilograms (“kg”), depending on the size of core, rock type, and
recovery. A numbered tag is placed into each sample bag, and the
samples are grouped into batches for laboratory submissions.
Drill core samples are shipped to the Company’s
own exploration laboratory in Bor, Serbia, which is independently
managed by SGS. Quality control samples, comprising certified
reference materials, blanks, and field duplicates, are inserted
into each batch of samples and locations for crushed duplicates and
pulp replicates are specified. All drill core and quality control
samples are tabulated on sample submission forms that specify
sample preparation procedures and codes for analytical methods. For
internal quality control, the laboratory includes its own quality
control samples comprising certified reference materials, blanks
and pulp duplicates. All QAQC monitoring data are reviewed and
signed off by an independent QAQC geologist. Chain of custody
records are maintained from sample shipments to the laboratory
until analyses are completed and remaining sample materials are
returned to the Company. The chain of custody is transferred from
the Company to SGS at the laboratory door.
At the SGS Bor laboratory, the submitted drill
core samples are dried at 105°C for a minimum of 12 hours, and then
jaw crushed to about 80% passing 4 millimetres. Sample preparation
duplicates are created by riffle splitting crushed samples on a 1
in 20 basis. Larger samples are riffle split prior to pulverizing,
whereas smaller samples are pulverized entirely. Pulverizing
specifications are 90% passing 75 microns. Gold analyses are done
using a conventional 50-gram fire assay and AAS finish.
Multi-element analyses for 49 elements, including Ag, Cu, Mo, As,
Bi, Pb, Sb, and Zn, are done using a four-acid digestion and an
ICP-MS finish. Samples returning over 10 ppm for Ag and 1% for Cu,
Pb and Zn are re-analyzed using high grade methods with AAS.
Sulphur is analyzed using an Eltra Analyzer equipped with an
induction furnace.
All fire assay results received from SGS Bor
with results exceeding 1 g/t gold grade are re-assayed by means of
a specifically designed gold screen fire assay program at the ALS
Global laboratory located in Romania. For re-analyses, 1 kg of 2 mm
sized coarse reject material split, which is pulverized and
screened at 106 microns to separate the sample into a coarse
fraction (>106μm) and a fine fraction (<106μm). After
screening, two 50-gram aliquots of the fine fraction are analyzed
using the traditional fire assay method and AAS finish. The entire
coarse fraction is assayed to determine the contribution of the
coarse gold using fire assay and gravimetric finish. A “total” gold
calculation for the 1kg sample is based on the weighted average of
the coarse and fine fractions.
Metallurgical composites, consisting of quarter
and a half core samples, were bagged and shipped in plastic drums
to the Wardell Armstrong International (WAI) laboratory in the
United Kingdom. Each composite sample was crushed to 100% passing
2.0 mm and then split into representative sub-samples for
testing.
The gravity testwork was performed as a
two-stage gravity test in which an initial 10 kg sample of each
composite was ground to a particle size of 80% passing 212 µm and
subjected to gravity concentration using a Knelson KC-MD3
centrifugal gravity concentrator. The tailings from the first stage
were then filtered, dried, and reground to a particle size of 80%
passing 75 µm before being subjected to a second stage of gravity
concentration using the same Knelson concentrator. Both gravity
concentrates, along with a sub-sample of the final gravity tails,
were submitted for gold assay to determine the gravity recoverable
gold content of the composite.
The flotation testwork consisted of a series of
froth flotation tests on each of the composites at a range of grind
sizes. Four rougher flotation tests and two cleaner flotation tests
were conducted on each composite, with each test performed using a
1 kg representative sample. A single 48-hour leach test was
conducted on a sub-sample of flotation tailings for each
composite.
Two whole ore leach tests were conducted on each
composite, using a 1 kg representative sample for each test at a
48-hour leach duration, to investigate the amount of gold
recoverable by means of direct leaching without flotation.
Ross Overall, Corporate Mineral Resource Manager
of the Company, who is a Qualified Person as defined under NI
43-101, and Paul Ivascanu, Director Exploration of the Company,
have reviewed, and approved the scientific and technical content of
this news release.
About Dundee Precious
Metals
Dundee Precious Metals Inc. is a Canadian-based
international gold mining company with operations and projects
located in Bulgaria, Namibia, Ecuador and Serbia. The Company’s
purpose is to unlock resources and generate value to thrive and
grow together. This overall purpose is supported by a foundation of
core values, which guides how the Company conducts its business and
informs a set of complementary strategic pillars and objectives
related to ESG, innovation, optimizing our existing portfolio, and
growth. The Company’s resources are allocated in-line with its
strategy to ensure that DPM delivers value for all of its
stakeholders. DPM’s shares are traded on the Toronto Stock Exchange
(symbol: DPM).
For further information please contact:
David RaePresident and Chief Executive OfficerTel:
(416) 365-5092drae@dundeeprecious.com |
Jennifer CameronDirector, Investor RelationsTel:
(416) 219-6177jcameron@dundeeprecious.com |
Cautionary Note Regarding
Forward-Looking Statements
This news release contains “forward looking
statements” or “forward looking information” (collectively,
“Forward Looking Statements”) that involve a number of risks and
uncertainties. Forward Looking Statements are statements that are
not historical facts and are generally, but not always, identified
by the use of forward looking terminology such as “plans”,
“expects”, “is expected”, “budget”, “scheduled”, “estimates”,
“forecasts”, “outlook”, “intends”, “anticipates”, “believes”, or
variations of such words and phrases or that state that certain
actions, events or results “may”, “could”, “would”, “might” or
“will” be taken, occur or be achieved, or the negative of any of
these terms or similar expressions. The Forward Looking Statements
in this news release relate to, among other things: future
exploration potential at Čoka Rakita; the geology and metallurgy at
Čoka Rakita; the future of the Timok Gold Project; the price of
commodities; the estimation of Mineral Reserves and Mineral
Resources and the realization of such mineral estimates; and
success of exploration activities. Forward Looking Statements are
based on certain key assumptions and the opinions and estimates of
management and the Qualified Persons, as of the date such
statements are made, and they involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of the Company to be materially
different from any other future results, performance or
achievements expressed or implied by the Forward Looking
Statements. In addition to factors already discussed in this news
release, such factors include, among others, risks relating to the
Company’s business generally and the impact of COVID-19, including,
changes to the Company’s supply chain; product shortages; delivery
and shipping issues; closures and/or failure of plant, equipment or
processes to operate as anticipated; employees and contractors
becoming infected with COVID-19; lost work hours; labour force
shortages; fluctuations in metal and acid prices, toll rates and
foreign exchange rates; possible variations in ore grade and
recovery rates; uncertainties inherent to the conclusions of
economic evaluations and economic studies; changes in project
parameters, including schedule and budget, as plans continue to be
refined; uncertainties with respect to actual results of current
exploration activities; uncertainties and risks inherent to
developing and commissioning new mines into production, which may
be subject to unforeseen delays; uncertainties inherent with
conducting business in foreign jurisdictions where corruption,
civil unrest, political instability and uncertainties with the rule
of law may impact the Company’s activities; limitation on insurance
coverage; accidents, labour disputes and other risks of the mining
industry; delays in obtaining governmental approvals or financing
or in the completion of development or construction activities;
actual results of current and planned reclamation activities;
opposition by social and non-government organizations to mining
projects and smelting operations; unanticipated title disputes;
claims or litigation; cyber attacks and other cybersecurity risks;
as well as those risk factors discussed or referred to in any other
documents (including without limitation the Company’s most recent
Annual Information Form) filed from time to time with the
securities regulatory authorities in all provinces and territories
of Canada and available on SEDAR at www.sedar.com. The reader has
been cautioned that the foregoing list is not exhaustive of all
factors which may have been used. Although the Company has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in Forward Looking Statements, there may be other factors
that cause actions, events or results not to be anticipated,
estimated or intended. There can be no assurance that Forward
Looking Statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. The Company’s Forward Looking Statements reflect
current expectations regarding future events and speak only as of
the date hereof. Unless required by securities laws, the Company
undertakes no obligation to update Forward Looking Statements if
circumstances or management’s estimates or opinions should change.
Accordingly, readers are cautioned not to place undue reliance on
Forward Looking Statements.
________________________________________1 Refer
to the news release dated February 11, 2021, and the Management’s
Discussion and Analysis for the period ended March 31, 2021, both
of which are available on our website at www.dundeeprecious.com. 2
For more information regarding the Mineral Reserve and Mineral
Resource estimate for the Timok gold project, refer to the
technical report “NI 43-101 Timok Project Pre-Feasibility Study,
Zagubica, Serbia,” dated March 30, 2021, available on our website
at www.dundeeprecious.com and SEDAR at www.sedar.com.
Photos accompanying this announcement are
available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/bbb4b650-66b7-4b38-85dd-6ef60a35aa09
https://www.globenewswire.com/NewsRoom/AttachmentNg/be5039c4-9c76-4079-a9b2-872a0f2117bc
https://www.globenewswire.com/NewsRoom/AttachmentNg/94f0fb7e-40ce-40e3-be6f-2383da24e77a
https://www.globenewswire.com/NewsRoom/AttachmentNg/9061d9dc-ac83-49e4-9694-eba2fa155392
https://www.globenewswire.com/NewsRoom/AttachmentNg/bfbdbdad-8306-4810-a70b-54083f482385
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