• Dundee Precious Metals (DPM) is confirming significant gold results from its Čoka Rakita prospect in eastern Serbia
  • The latest drill results extend the size of the project’s existing deposit to the east
  • The most recent exploration program returned intercepts up to 71 metres at 18.05 grams of gold per tonne
  • The company is aiming to issue a Mineral Resource Estimate (MRE) by the end of this calendar year
  • Dundee Precious Metals (TSX:DPM) is up 1.07 percent, trading at $10.39 at 10:52 a.m. ET

Dundee Precious Metals (DPM) is confirming significant gold results from its Čoka Rakita prospect in eastern Serbia.

The Toronto-based precious metals exploration company said Monday, the latest drill results extend the size of the project’s existing deposit to the east.

Drilling from the most-recent exploration program confirmed a high-grade mineralized zone, with results returning intercepts of 71 metres at 18.05 grams of gold per tonne.

Another hole returned 23.14 grams per tonne of gold from 430 metres of depth, including one metre at 354 grams per tonne with visible gold from 441 metres.

Mineralization is now extended to the project’s east by approximately 120 metres and to the south by approximately 60 metres.

Drilling also increases the overall thickness of the target to over 100 metres.

The company currently has seven drill rigs operating on the project, with another seven holes underway.

It plans to continue its intensive 40,000-metre infill, extensional and target delineation drill program to further assess the project’s overall mineral resource value.

The company is aiming to issue a Mineral Resource Estimate (MRE) by the end of this calendar year.

“Results from our ongoing drilling activities at Čoka Rakita extend the mineralization to the east and confirm the continuity of the high-grade zone. With seven drill rigs currently active on-site and over 40,000 metres of drilling planned for 2023, we are targeting an initial resource estimate by year-end and accelerating our evaluation of this prospect,” President and Chief Executive Officer David Rae said in a statement.

“We are also expanding our exploration activities to include 10,000 metres of scout drilling at the Umka prospect, and we are following up on other targets which share a similar geological environment to Čoka Rakita.”

The system remains locally open to the east and south for the gold skarn mineralization, and has the potential to be extended to north and northwest at deeper levels.

Dundee Precious Metals (TSX:DPM) is up 1.07 percent, trading at $10.39 at 10:52 a.m. ET.

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