Dundee Precious Metals (TSX: DPM) says there are 1.78 million oz. of gold at its Čoka Rakita project in eastern Serbia. The initial underground estimate includes 9.79 million tonnes grading 5.6 g/t gold in the inferred resource.
The discovery was announced less than a year ago, in January 2023. Dundee has drilled over 80,700 metres in 173 holes in the last year.
There is a higher-grade core at Čoka Rakita that consists of 2.8 million tonnes at 10.12 g/t gold, containing 914,000 oz. The company will continue to drill, but it considers the high-grade mineralization could drive strong economics during the early years of potential production.
“The initial resource estimate marks a significant milestone for DPM’s future growth and confirms Čoka Rakita’s potential as an attractive, high-quality gold project,” said David Rae, president and CEO of Dundee Precious Metals.
“Since we announced the initial discovery only 11 months ago, Čoka Rakita has rapidly grown into a 1.8-million-oz. deposit, a remarkable achievement over such a short period of time, and we plan to continue aggressively exploring at Čoka Rakita and the surrounding licences to generate new discoveries.”
The Čoka Rakita deposit remains open to the northeast and southwest. Drilling will concentrate on expanding the limits of the mineralization and on additional skarn targets on the property.
Dundee says it will continue fast-tracking the project, and the preliminary economic assessment will be available in the second quarter of 2024. A milling rate of 850,000 t/y is planned. Metallurgical testing has already demonstrated gold recoveries of about 90% by gravity and conventional flotation.
Visit www.DundeePrecious.com to learn more.
