Dundee Precious Metals Inc. (TSX: DPM) (“DPM” or
“the Company”) is pleased to report the 2022 diamond drilling
results on the Tierras Coloradas concessions, located in the Loja
province of Ecuador. The drilling program was designed to test a
series of low sulphidation epithermal veins, previously identified
by field work and scout drilling in 2020.
Highlights
- Drilling confirms presence of well-mineralized vein
system. Representative drill intercepts from 2022 drilling
program include:
- Aparecida vein system:
- TCDD013 – 6 metres at 2.92 g/t Au from 156 metres depth
- TCDD014 – 17.3 metres at 46.09 g/t Au from 101 metres depth,
which includes a higher-grade interval of 79.54 g/t Au over 7.72
metres
- TCDD015 – 3.6 metres at 39.4 g/t Au from 154 metres depth
- La Tuna vein system:
- TCDD016 – 4 metres at 2.51 g/t Au from 153 metres depth
- TCDD017 – 2.83 metres at 30.12 g/t Au from 53 metres depth
- TCDD018 – 4.1 metres at 7.7 g/t Au and 394.32 g/t Ag from 80.42
metres depth
- Large footprint with additional exploration
potential: Over eight kilometres of vein strike length has
been delineated, largely accounted for by the Aparecida and La Tuna
vein systems. The Aparecida vein system has been traced over a
length of 1.5 kilometres whilst the La Tuna veins have been traced
for approximately 2 kilometres. Both targets remain open in
multiple directions.
“We are pleased to announce these encouraging
exploration drill results from the Tierras Coloradas exploration
prospect in Ecuador. Results from our 2022 drill program confirms
the presence of a well mineralized vein system,” said David Rae,
President and Chief Executive Office of Dundee Precious Metals.
“Both the Aparecida and La Tuna veins systems remain open in
multiple directions, and we are planning further work in 2023 to
follow-up on these results.”
Tierras Coloradas Project
Overview
The Tierras Coloradas concessions consist of
four exploration licenses totalling 6,955 hectares (70km2) (Figure
1). These concessions are in the Province of Loja in southern
Ecuador, near the border of Peru. The concessions host a low
sulphidation epithermal vein system, discovered in 2009, which has
been traced in at least five epithermal vein zones over an extent
of an approximately 3 kilometre by 3.5 kilometre area.
Exploration Drilling
Results
A diamond drilling program of 2,739 metres,
comprising of nine holes, was undertaken in 2022 to test four low
sulphidation epithermal vein zones with the objective of confirming
lateral and down-dip geologic and grade continuity. Three drill
holes were designed to follow-up on positive results returned from
holes drilled in 2020 on the Aparecida veins system, and another
four holes were dedicated to testing the new La Tuna vein systems.
Additionally, one hole was completed on the Quemada and San Vicente
vein systems.
The results indicate good vertical continuity
within the Aparecida veins, which remain open at depth and to the
east (Figure 3). The La Tuna vein system, while showing more
complexity and lower levels of continuity, remains open in multiple
directions. The drillhole TCDD020, targeting the San Vicente Vein
System, failed to intersect mineralization due to drilling design
limitations caused by the steep terrain, which meant that the hole
drifted to an orientation parallel to the target vein zone. A
single hole was drilled on the Quemada vein system which did not
return significant mineralization at depth from the main Quemada
vein but did intersect elevated grades from a splay vein at shallow
depths.
Table 1: Significant drill intercepts
from 2022 drilling on the Tierras Coloradas License
HOLEID |
FROM |
TO |
LENGTH |
Au |
Ag |
(m) |
(m) |
(m) |
(g/t) |
(g/t) |
Aparecida Vein System |
|
|
|
|
|
TCDD013 |
156 |
162 |
6 |
2.92 |
14.73 |
TCDD014 |
101 |
118.3 |
17.3 |
46.09 |
97.46 |
including |
101 |
108.72 |
7.72 |
79.54 |
105.04 |
TCDD015 |
154 |
157.6 |
3.6 |
39.40 |
23.09 |
La Tuna Vein System |
|
|
|
|
|
TCDD016 |
153 |
157 |
4 |
2.51 |
31.2 |
TCDD017 |
53 |
55.83 |
2.83 |
30.12 |
162.96 |
TCDD018 |
80.42 |
84.52 |
4.1 |
7.70 |
394.32 |
TCDD019 |
149.67 |
155 |
5.33 |
0.86 |
2.57 |
San Vicente Vein System |
|
|
|
|
|
TCDD020 |
No significant intercepts |
Quemada Vein System |
|
|
|
|
|
TCDD021 |
68.46 |
70.66 |
2.2 |
5.49 |
40.02 |
1) No upper cuts have been applied. |
2) Based on the current understanding of the geometry of the
veins, true widths are considered to be 70% of the reported
downhole interval for Aparecida veins, and uncertain for the
others. |
3) Intervals are reported at a cut-off grade of 0.5 g/t Au
using 2 metres minimum length and 2 metres maximum consecutive
internal dilution and checked ensure correspondence to the
boundaries of veins/vein breccias. Higher grade ‘Including’
intervals are reported at a cut-off grade of 5 g/t Au using 5
metres minimum length and 2 metres maximum consecutive internal
dilution. |
Tierras Coloradas project
geology
The veins on the property are dominantly
oriented east-west, steeply dipping and have observed thicknesses
between 0.2 to 7 metres (Figure 2). Vein textures range from
massive to colloform-crustiform banded quartz, often presented with
hydrothermal mineralized breccia in the surrounding wall rock.
The La Tuna veins system, discovered in 2018,
are differentiated from the Aparecida traits in that they possess a
north-south orientation and contain markedly higher silver content.
Mineralization displays a distinct zonation, in that central
portion of the vein systems and on higher elevations, the veins are
generally enriched in gold-silver. Whilst on lower and more distant
portions of the veins, a more polymetallic assemblage
(gold-silver-copper-lead-zinc) is present.
Analysis of surface geochemistry and geophysics
indicates a zoned hydrothermal alteration system on the Tierras
Coloradas licence, with low-sulphidation epithermal veins located
on the periphery of a large-scale fertile porphyry system, centred
to the east and within the license boundary. Additionally, boulders
with possible sinter have been recognized to the south-west of the
current mapped veins, which suggests a high-level epithermal system
is present, with good levels of preservation.
2023 Exploration Plans
Based on the 2022 drilling results, additional
drilling is planned to further delineate the shape, size and
extents of the Aparecida and La Tuna vein systems. Furthermore, DPM
plans follow-up scout drilling for the un-tested portions of the
veins and soil-geochemistry anomalies. Approximately 3,000 metres
of drilling is planned and expected to commence during the second
half of 2023.
Near-term efforts will be focused on integration
and technical analysis of the results from drilling, surface
geochemistry, field mapping and geophysics to identify vectors
towards new exploration targets. Detailed surface mapping in
conjunction with soil and rock chip-channel sampling will continue,
to determine the footprint and identify additional targets.
The change in status of the Tierras Coloradas
project from early to advanced stage exploration is in progress,
and all regulations and authorizations required from the different
Ecuadorian authorities are expected to be received by early
2024.
Figure 1. Tierras Coloradas Concessions:
Location and Geology
Figure 2. Tierras Coloradas Concessions 2022
drill hole locations
Figure 3. A cross section through the Aparecida
Vein System showing results from TCDD014 and TCDD0015 as well as
interpreted geology.
Sampling, Analysis and QAQC of
Exploration Drill Core Samples
All diamond drill holes are collared at a HQ
size (63.5 millimetres) until termination of the hole. 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 1 metre, the weights range from 3.1 to 4.2 kilograms
(“kg”), with 97.6% of core recovery.
Drill core samples were sent to Bureau Veritas,
(ISO 9002:2022) certified laboratory with a preparation facility
located in Quito (Ecuador) and assaying facilities in Lima (Peru).
Quality control samples, comprising certified reference materials,
blanks, and field duplicates, are inserted into each batch of
samples and locations for crushed duplicates are specified. 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.
Drill core samples are dried over 105°C and then
jaw crushed to 70% passing 2mm. A split of 500 grams is pulverized
to 85% passing 75 microns. Gold analyses are done using a
conventional 50-gram fire assay with AAS finish. Grades over 10 g/t
Au are re-assayed using a 50g fire assay with gravimetric finish.
Multi-element analyses for 59 elements, including Ag, Cu, Mo, As,
Bi, Pb, Sb, and Zn, is undertaken using four-acid digestion and an
ICP-ES/MS finish. Samples returning results over the detection
limit are re-analyzed using high-grade methods with AAS finish.
Total sulphur and Hg are analyzed using a LECO Induction furnace
and Cold Vapor Atomic Absorption respectively.
The Company’s QP has verified that all results
reported in this disclosure have passed QAQC protocols, including
review of the performance of certified reference materials, blanks,
and field duplicates.
Ross Overall, Corporate Mineral Resource Manager
of the Company, who is a Qualified Person as defined under NI
43-101, and Franklin Vega, Exploration Manager in Ecuador, 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 Tierras Coloradas; the geology and
metallurgy at Tierras Coloradas; the price of commodities;
metallurgical recoveries; 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.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/4ed83906-4338-4abb-a8f4-8e2f0179f865
https://www.globenewswire.com/NewsRoom/AttachmentNg/da2c3630-76c7-4c6b-88ee-b97b270d0588
https://www.globenewswire.com/NewsRoom/AttachmentNg/a6797c4d-6f9d-40a9-aaf9-abcdf606f491
Dundee Precious Metals (TSX:DPM)
Historical Stock Chart
From May 2024 to Jun 2024
Dundee Precious Metals (TSX:DPM)
Historical Stock Chart
From Jun 2023 to Jun 2024