Dundee Precious Metals Inc.: Drilling Program In Chelopech Confirms 3.21 Million Ounces Of Gold And 374,000 Tonnes Of Copper.TORONTO -- Dundee Precious Metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. Inc. (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :DPM (Documents Per Minute) The number of paper documents that can be processed in one minute. ) ("Dundee Precious", "DPM" or "the Company") has finalized See finalization. its underground delineation drilling program at its Chelopech deposit in Bulgaria with the following results: - Combined Measured and Indicated resources of 24.93 Million tonnes (Mt) @ 6.9 grams per tonne tonne measure of weight or mass; 1 tonne=1000 kg. See also ton. (g/t) AuEq, 1.5% Cu, 4.0g/t Au, 10g/t Ag, 14.5% S, 0.4% As have been determined in compliance with National Instrument 43-101guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. , for 3.21 million ounces of gold and 374,000 tonnes of copper. DPM is now in a position to proceed with a long term mine plan and Feasibility Study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. for Phase II of its expansion. -Successful completion of this program enabled DPM to confirm that the Measured and Indicated resource estimate, as currently defined, will support a long life bulk mining operation considering the targeted mining rate of 1.5 Mt per annum Per annum Yearly. . - Further delineation drilling continues as part of the normal mining and exploration program at the mine and surrounding areas. "There are very few times a mining company can determine with such confidence, the mineral resources Noun 1. mineral resources - natural resources in the form of minerals natural resource, natural resources - resources (actual and potential) supplied by nature to support an extended mine life and allow the development of Phase II of the Chelopech expansion ", said Jonathan Goodman Goodman was a polite term of address, used where Mister (Mr.) would be used today. Compare Goodwife. Goodman refers to:
UPDATED RESOURCE ESTIMATE
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Table 1
Chelopech Copper/Gold Project
Grade Tonnage Report Grouped by Resource Category
Ordinary Kriged Estimate (Regressed As - Cu_ok), 20mN x 20mE x 10mRL
Accepted Model - Cut Cu, Au and Ag, Min-12 and Max-24 Composites
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Cutoff Million AuEq Cu Au Ag S As
(AuEq) Tonnes (g/t) (%) (g/t) (g/t) (%) (%)
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Measured Resource
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4 3.13 8.3 1.8 4.7 21 18.6 0.5
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Indicated Resource
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4 21.80 6.7 1.4 3.9 9 13.9 0.4
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Measured + Indicated Resource
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4 24.93 6.9 1.5 4.0 10 14.5 0.4
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Inferred Resource
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4 6.50 5.6 1.2 3.2 12 11.5 0.4
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Note: AuEq is calculated at (Au + 2 x Cu)
KEY ACHIEVEMENTS - Completion of 28,000m underground delineation diamond drilling Diamond Drilling is a highly specialized industry used for mineral exploration around the world. Most commonly using wireline and core bits with diamond encrusted matrix. To drill holes to max depths of twelve thousand feet, for the recovery of core used in verifying mineral program. - Establishment of 2309 measurement bulk density database. - Rigorous QAQC QAQC Quality Assurance/Quality Control QAQC Quality Assurance/Quality Checks (US DoD) program throughout the drilling program. - Complete upgrade of geological and mineralisation interpretation. - Production of a fully updated 3D geological model. - Completion of resource estimation estimation In mathematics, use of a function or formula to derive a solution or make a prediction. Unlike approximation, it has precise connotations. In statistics, for example, it connotes the careful selection and testing of a function called an estimator. using Ordinary Kriging. - Comparative resource estimation using other estimation methods, inverse (mathematics) inverse - Given a function, f : D -> C, a function g : C -> D is called a left inverse for f if for all d in D, g (f d) = d and a right inverse if, for all c in C, f (g c) = c and an inverse if both conditions hold. distance squared and nearest neighbour confirm robustness of the resource estimate. - Establishment of sufficient Measured and Indicated Resources for a major, long life mine. RSG RSG Revenue Support Grant (UK) RSG Recovery Storage Group (Microsoft Exchange) RSG Ready, Set, Go! RSG Regional Support Group RSG Research Study Group (NATO) Global Pty Ltd PTY LTD Propriety Limited (company structure in Australia) ., a Perth, Western Australia This article is about the metropolitan area of Perth, Western Australia. For the local government area, see City of Perth. Perth is the capital of the Australian state of Western Australia. based international consulting group, have compiled and produced an updated resource estimate for the Chelopech copper-gold deposit. The resource estimate has been based on the following exploration data: - Surface drill holes: 457 holes for 272,119 meters. - Underground drill holes: 844 holes for 84,093 meters. - Face samples: 16,771 samples. - Bulk density samples: 2,309 samples. GEOLOGICAL AND GRADE MODEL DEVELOPMENT A detailed 3D geological model was established, including the definition of wireframes of key mineralisation styles (massive/semi-massive sulphide sulphide: see sulfide. , strong stockwork sulphides, weak stockwork sulphides, disseminated disseminated /dis·sem·i·nat·ed/ (-sem´i-nat?ed) scattered; distributed over a considerable area. dis·sem·i·nat·ed adj. Spread over a large area of a body, a tissue, or an organ. sulphides, silicified si·lic·i·fy v. si·lic·i·fied, si·lic·i·fy·ing, si·lic·i·fies v.tr. To convert into or impregnate with silica. v.intr. To become converted into or impregnated with silica. and unsilicified). A block model was developed for the purposes of grade estimation, based on 20mE x 20mN x 10mRL size parent blocks with sub-blocking down to 2mE x2mN x2mRL. Previous mining zones and underground development were defined and extracted from the block model, prior to grade-tonnage reporting. Appropriate upper cuts were determined from statistical analysis. Grade estimation has been undertaken using ordinary kriging for the copper, gold, silver and sulphur Sulphur, city, United States Sulphur, city (1990 pop. 20,125), Calcasieu parish, SW La.; inc. 1914. It is a trade center for an area producing natural gas, oil, and timber as well as sorghum, soybeans, cattle, and crawfish. estimates, with regression of arsenic arsenic (är`sənĭk), a semimetallic chemical element; symbol As; at. no. 33; at. wt. 74.9216; m.p. 817°C; (at 28 atmospheres pressure); sublimation point 613°C;; sp. gr. (stable form) 5.73; valence −3, 0, +3, or +5. data against the copper estimate. In addition, grade estimates were also undertaken using inverse distance and nearest neighbour grade weighting algorithms, which demonstrate that a robust resource estimate has been compiled. RESOURCE CATEGORIZATION Categorisation of the preferred grade estimate was undertaken on the basis of the criteria laid out in the Canadian National Instrument 43-101 ("CNI (1) (Certified NetWare Instructor) See Novell certification. (2) (Coalition for Networked Information, Washington, DC, www.cni.org) A partnership of the Association of Research Libraries, CAUSE and EDUCOM, founded in 1990. 43"). Measured, Indicated and Inferred Resources are defined using the criteria determined during the validation See validate. validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. of the grade estimates, with detailed consideration of the CNI43 categorisation guidelines. The resource has been compiled by Ben Palich and Brett Gossage of RSG Global Pty Ltd., both of whom are considered Competent Persons under CNI43. The reported resources for the Chelopech project, subdivided by resource category and reported above a 4g/t gold equivalent grade (AuEq is calculated as (Au + 2 x Cu)), are displayed in Table 1, while Table 2 displays the resource estimate at a range of gold equivalent cut off grades.
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Table 2
Chelopech Copper/Gold Project
Grade Tonnage Report Grouped by Resource Category
Ordinary Kriged Estimate (Regressed As - Cu_ok), 20mN x 20mE x 10mRL
Accepted Model - Cut Cu, Au and Ag, Min-12 and Max-24 Composites
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Cutoff Million AuEq Cu Au Ag S As
(AuEq) Tonnes (g/t) (%) (g/t) (g/t) (%) (%)
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Measured Resource
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0 3.30 8.1 1.8 4.5 20 18.2 0.5
1 3.30 8.1 1.8 4.5 20 18.2 0.5
2 3.30 8.1 1.8 4.5 20 18.2 0.5
3 3.27 8.1 1.8 4.5 20 18.3 0.5
4 3.13 8.3 1.8 4.7 21 18.6 0.5
5 2.72 8.9 2.0 5.0 23 19.4 0.6
6 2.32 9.5 2.1 5.3 24 20.0 0.6
7 1.89 10.2 2.3 5.7 25 20.9 0.7
8 1.45 11.0 2.4 6.1 27 22.1 0.7
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Indicated Resource
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0 79.94 3.4 0.7 1.9 6 10.5 0.2
1 76.52 3.5 0.8 2.0 6 10.6 0.2
2 52.30 4.4 0.9 2.5 7 11.7 0.3
3 33.00 5.6 1.2 3.2 8 12.9 0.3
4 21.80 6.7 1.4 3.9 9 13.9 0.4
5 14.67 7.8 1.7 4.5 10 15.0 0.5
6 9.73 9.0 1.9 5.1 11 16.0 0.6
7 6.73 10.1 2.2 5.7 12 16.7 0.6
8 4.72 11.2 2.4 6.4 13 17.0 0.7
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Measured + Indicated Resource
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0 83.25 3.6 0.8 2.0 6 10.8 0.2
1 79.82 3.7 0.8 2.1 6 10.9 0.2
2 55.60 4.7 1.0 2.7 8 12.1 0.3
3 36.27 5.8 1.2 3.3 9 13.4 0.4
4 24.93 6.9 1.5 4.0 10 14.5 0.4
5 17.39 8.0 1.7 4.6 12 15.7 0.5
6 12.04 9.1 1.9 5.2 13 16.7 0.6
7 8.62 10.1 2.2 5.7 15 17.6 0.7
8 6.17 11.1 2.4 6.3 16 18.2 0.7
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Inferred Resource
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0 150.90 1.6 0.4 0.9 4 8.2 0.1
1 97.60 2.1 0.5 1.2 6 9.0 0.1
2 38.30 3.2 0.7 1.8 8 10.2 0.2
3 15.10 4.3 0.9 2.5 10 11.1 0.3
4 6.50 5.6 1.2 3.2 12 11.5 0.4
5 3.10 6.8 1.6 3.7 14 12.1 0.5
6 1.70 7.9 1.9 4.2 15 12.7 0.6
7 0.90 9.2 2.3 4.7 16 13.6 0.7
8 0.55 10.3 2.7 4.9 17 14.7 0.8
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Note: AuEq is calculated at (Au + 2 x Cu)
The above disclosure has been complied and reviewed by the Qualified Person, Dr Julian F. H. Barnes, Executive Vice President, Dundee Precious Metals Inc. FORWARD LOOKING STATEMENTS This news release may contain certain information that constitutes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Forward-looking statements are frequently characterized char·ac·ter·ize tr.v. character·ized, character·iz·ing, character·iz·es 1. To describe the qualities or peculiarities of: characterized the warden as ruthless. 2. by words such as "plan," "expect," "project," "intend," "believe," "anticipate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating fluc·tu·ate v. fluc·tu·at·ed, fluc·tu·at·ing, fluc·tu·ates v.intr. 1. To vary irregularly. See Synonyms at swing. 2. To rise and fall in or as if in waves; undulate. v. metal prices and other factors described above and in the Company's most recent annual information form under the heading "Risks Factors" which has been filed electronically by means of the Canadian Securities Administrators' website located at www.sedar.com. The Company disclaims any obligation to update or revise any forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements. Dundee Precious Metals Inc. is an operating mining company engaged in the acquisition, exploration, development and mining of precious metals. It currently owns the Chelopech Mine, a producing gold/copper mine, and Ada Tepe, a gold exploration property, both located in Bulgaria. The Company is engaging in mineral exploration activities in the region and holds a significant portfolio of investments in the precious metals and mineral related sector. A full set of Tables and Figures that complement this release is posted on our website at www.dundeeprecious.com. Dundee Precious Metals Inc. (TSX:DPM) |
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