“We are very pleased with the updated mineral reserves and the optimized mine plan for Ada Tepe gold mine in Bulgaria,” said David Rae, President and CEO of Dundee Precious Metals. “We are proud of our operating team at Ada Tepe, which has continued to exceed our expectations since the start of operations last year. The optimized mine plan further supports Ada Tepe’s potential to drive strong operating results within our portfolio.”
Total proven and probable mineral reserves are 4.26 million tonnes (Mt) at 4.8 g/t gold and 3.0 g/t silver, for 658,000 ounces of gold and 414,000 ounces of silver, respectively.
The optimized life-of-mine – LOM plan has a higher grade and recovered gold ounce profile, compared with the original 2014 LOM plan.
There is an improved estimate based on detailed reconciliation data that supports previously issued 2020 guidance and three-year outlook for Ada Tepe.
The mineral resource and mineral reserve update for the Ada Tepe mine was initiated to account for detailed reconciliation studies conducted since the start-up of operations, grade control drilling and mining depletion to July 31, 2020.
Based on the final pit design, a strategic mine planning study was conducted to optimize net present value of mine cash flows, balanced against operational constraints that include mine production, process plant throughput rates, stockpiling capacity and mine life.
The chosen optimal scenario maintains production until 2026 and assumes a plant throughput of approximately 750,000 tonnes per annum. This scenario generated an improved and optimized recovered gold ounce profile when compared with the previous 2014 LOM plan.
On the Ada Tepe mine concession, approximately 8,000 metres of drilling are planned at the Surnak prospect and two other satellite deposits for the fourth quarter of 2020, with the goal of establishing mineral resources and extending Ada Tepe’s mine life.
Additional exploration activities in 2020 have focused on target delineation and resource definition drilling of epithermal veins on the Chiirite licence, located approximately 25 kilometres northeast of Ada Tepe, with approximately 6,000 metres of drilling completed this year.
For 2021, Dundee is planning approximately 32,000 metres of drilling at Ada Tepe, with a focus on delineation of additional resources within the mine licence and advancing other prospective targets on regional licences.