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TSXV:DNV | TSX Venture | Common Stock |
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547 million tonnes grading an average of 0.23% copper and 0.22g/t gold for 2.8 billion pounds of copper and 3.8 million ounces of gold
LONGUEUIL, QUEBEC--(Marketwired - Jun 23, 2014) - Dunav Resources Ltd. (TSX-VENTURE:DNV) (the "Company" or "Dunav") is pleased to announce a mineral resource update for the Kiseljak deposit and a new mineral resource estimate for the Yellow Creek deposit, both part of Dunav's Tulare Copper-Gold Porphyry Project in Southern Serbia.
The combined Kiseljak and Yellow Creek mineral resource estimate, prepared by AMC Consultants Limited (UK) ("AMC"), an independent mining consulting firm, has been estimated at 547 million tonnes grading an average of 0.23% copper ("Cu") and 0.22g/t gold ("Au") in the inferred resource category, for 2.8 billion pounds of copper and 3.8 million ounces of gold, using a 0.15% copper equivalent ("CuEq") cut-off and an open pit mining scenario for Kiseljak and a 0.30% CuEq cut-off and a bulk underground mining scenario for Yellow Creek.
A summary of the Kiseljak and Yellow Creek inferred mineral resource estimate is tabulated below:
Kiseljak and Yellow Creek Inferred Mineral Resource | |||||||||
Deposit | Cut-off (CuEq %) | Million Tonnes | Cu (%) | Cu (Bn lbs) | Au (g/t) | Au (Moz) | S (%) | CuEq (%) | AuEq (g/t) |
Kiseljak | 0.15 | 459 | 0.22 | 2.2 | 0.20 | 3.0 | 1.9 | 0.35 | 0.55 |
Yellow Creek | 0.30 | 88 | 0.30 | 0.6 | 0.30 | 0.8 | 2.8 | 0.48 | 0.77 |
Total | 547 | 0.23 | 2.8 | 0.22 | 3.8 | 2.1 | 0.37 | 0.59 |
Kiseljak
The Kiseljak updated inferred mineral resource has been estimated at 459 million tonnes grading an average of 0.22% copper and 0.20g/t gold for 2.2 billion pounds of copper and 3.0 million ounces of gold, using a 0.15% CuEq cut-off. The key change between the initial mineral resource estimate for the Kiseljak deposit (news release of November 26, 2012) and the current mineral resource is that the updated resource estimate is constrained within a pit shell.
A summary of the updated Kiseljak inferred mineral resource estimate using a range of CuEq cut-offs is tabulated below:
Cut-off (CuEq %) | Million Tonnes | Cu (%) | Cu (Bn lbs) | Au (g/t) | Au (Moz) | S (%) | CuEq (%) | AuEq (g/t) |
0.15 | 459 | 0.22 | 2.2 | 0.20 | 3.0 | 1.9 | 0.35 | 0.55 |
0.20 | 380 | 0.24 | 2.0 | 0.23 | 2.8 | 1.8 | 0.38 | 0.60 |
0.25 | 302 | 0.26 | 1.7 | 0.25 | 2.4 | 1.7 | 0.42 | 0.66 |
0.30 | 239 | 0.29 | 1.5 | 0.27 | 2.1 | 1.7 | 0.46 | 0.73 |
See notes above
Yellow Creek
The Yellow Creek inferred mineral resource has been estimated at 88 million tonnes grading an average of 0.30% copper and 0.30g/t gold for 0.6 billion pounds of copper and 0.8 million ounces of gold, using a 0.30% CuEq cut-off. At a 0.30% CuEq cut off, Yellow Creek has a sub-vertical pipe-like morphology, which would be potentially suitable for an underground 'bulk' mining approach.
A summary of the Yellow Creek inferred mineral resource estimate using various cut-offs is tabulated below:
Cut-off (CuEq %) | Million Tonnes | Cu (%) | Cu (Bn lbs) | Au (g/t) | Au (Moz) | S (%) | CuEq (%) | AuEq (g/t) |
0.25 | 102 | 0.28 | 0.6 | 0.28 | 0.9 | 2.8 | 0.46 | 0.72 |
0.30 | 88 | 0.30 | 0.6 | 0.30 | 0.8 | 2.8 | 0.48 | 0.77 |
0.35 | 71 | 0.32 | 0.5 | 0.32 | 0.7 | 3.0 | 0.52 | 0.83 |
0.40 | 54 | 0.35 | 0.4 | 0.35 | 0.6 | 3.0 | 0.57 | 0.90 |
See notes above
1. ADDITIONAL INFORMATION
The Tulare Copper-Gold Porphyry Project comprises several porphyry copper-gold targets including Kiseljak, Yellow Creek and Calovica vis South, and also includes the Bakrenjaca carbonate base metal epithermal vein system. All target areas are located within 3 km of the Kiseljak deposit. Dunav controls 100% of this recently identified porphyry cluster, located within the Lece Volcanic Complex.
Data Acquisition
Item | Kiseljak DD | Yellow Creek DD | Yellow Creek DT | Yellow Creek RC | Total |
HOLES | 80 | 39 | 3 | 9 | 131 |
METERS DRILLED | 32,844.2 | 19,474.1 | 505.8 | 1,326 | 54,150 |
SAMPLES | 32,614 | 19,472 | 503 | 1,314 | 53,903 |
AVERAGE RECOVERY | 94% | 96% | 95% | - | 95% |
ASSAYS (Cu) | 32,614 | 19,472 | 503 | 1,314 | 53,903 |
ASSAYS (Au) | 32,614 | 19,472 | 503 | 1,314 | 53,903 |
ASSAYS (S) | 32,614 | 19,472 | 503 | 1,314 | 53,903 |
BULK DENSITIES | 4,664 | 3,180 | 65 | - | 7,909 |
Assaying
Resource Estimation
Grade-Tonnage Reporting
Please see the following link to view all Kiseljak and Yellow Creek drill holes located spatially in three dimensions: http://www.corebox.net/properties/tulare-porphyry-project
2. SAMPLING AND ANALYSIS
Diamond drill core has been prepared at the laboratory facility at Bor and assayed at the SGS managed laboratory at Bor. Diamond drill samples have been assayed for gold by 50 gram fire assay with an AAS finish whilst copper, silver and molybdenum have been analysed using an aqua regia digest with an AAS finish. A one metre sampling interval has been used where possible for the Tulare Porphyry Project diamond drilling program; all diamond core is routinely sampled and sent for assay. Half core is routinely submitted to the laboratory for analysis. Reverse circulation drill samples have been prepared at the laboratory facility at Bor and assayed at the laboratory at Bor. A one meter sampling interval has been used for the Tulare Porphyry Project reverse circulation drilling program. Following Dunav standard quality assurance procedures, a full suite of field and laboratory duplicates and replicates along with internationally accredited standards and blanks, have been submitted with each batch of samples.
3. QUALIFIED PERSONS
The Kiseljak and Yellow Creek resource estimates were undertaken under the supervision of independent qualified person Chris Arnold MAusIMM CP(Geo) of AMC. Mr. Arnold has reviewed and approved the contents of this press release insofar as the Kiseljak and Yellow Creek mineral resource estimates are concerned. The other technical information contained in this press release was prepared and approved by Dr Julian F. H. Barnes, FAusIMM, MAIG, a special consultant to the Company. Dr. Barnes is a 'qualified person' within the meaning of that term under National Instrument 43-101.
AMC is completing a National Instrument 43-101 technical report for the mineral resource estimate to be filed on SEDAR within 45 days of this press release.
About Dunav Resources Ltd.: Dunav Resources is a mineral exploration company focussed on the acquisition, exploration and development of mineral properties in Serbia. Additional information about the Company is available on SEDAR at www.sedar.com and at www.dunavresources.com.
Dunav had approximately $7.1 million in its treasury at March 31, 2014, which it plans to use for the exploration and development of its mineral projects in Serbia. Dunav's issued and outstanding share capital totals 175,319,442 common shares, of which approximately 45.5% is held by Dundee Precious Metals Inc.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
Cautionary Statement
This press release contains 'forward-looking information' within the meaning of applicable Canadian securities legislation. Forward looking information in this news release includes information with respect to the mineral resource estimate and its potential expansion and upgrade to a higher level of confidence, the timing, location, and results of future work programs, and the geological and economic potential of the Tulare Project, including the possibility of developing an underground operation there.
Mineral resources are not mineral reserves and do not have demonstrated economic viability. Inferred resources have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. Investors are cautioned not to assume that all or any part of an inferred mineral resource reported in this news release will ever be upgraded to a higher category or to reserves.
Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors it considers to be relevant that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Forward-looking information is subject to known and unknown risks and uncertainties, and depends on assumptions and other factors, all of which may cause actual results or events to differ materially from those anticipated or estimated in such forward-looking information. The forward-looking statements contained in this press release are made as of the date hereof and the Company undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Figure 1 is available at the following address: http://media3.marketwire.com/docs/953627a_Fig1.pdf.
Figure 2 is available at the following address: http://media3.marketwire.com/docs/953627a_Fig2.pdf.
Dunav Resources Ltd.James Crombie, President and Chief Executive Officer+1.450.640.0810info@dunavresources.comwww.dunavresources.com
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