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28/02/2024
Mining News

Dundee Mining Company Outlines Up to $35 Million Investment for Ongoing Exploration Ventures in Serbia

Mining company Dundee Precious Metals, which discovered a gold deposit near Žagubica, has announced that the Čoka Rakita deposit holds approximately 50.5 tons of gold.

In its initial assessment of mineral resources, the Canadian company states that the Čoka Rakita deposit contains approximately 9.79 million tons of ore, with 1.78 million ounces of gold (about 50.5 tons) at a grade of 5.67 grams per ton.

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The company has also announced plans to intensify exploration in Serbia next year, encompassing sites such as Potaj Čuka, Pešter Jug, and Umka, with the planned scope of these investments ranging from 30 to 35 million dollars.

The first assessment of mineral resources was concluded after a full year of drilling at the site, based on approximately 80,723 meters drilled in 173 holes, according to Dundee.

The company emphasizes that the gold content in the high-grade ore core, accounting for 2.81 million tons at 10.12 grams per ton, is estimated to have the potential to exceed the average in the initial years of mine operation after completing comprehensive exploration drilling.

“The initial mineral resource estimate confirms the potential of Čoka Rakita as an attractive, high-quality gold project,” said David Rae, President, and CEO of Dundee Precious Metals.

He announced that the company plans to continue exploring the deposit, and the continuation of drilling will focus on expanding the boundaries of Čoka Rakita.

Dundee stated that it expects to have a preliminary economic assessment of the ore in the second quarter of next year, with a targeted capacity of 850,000 tons annually.  

 

Source: Serbia Business

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