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:
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Kiseljak and Yellow Creek Inferred Mineral Resource
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Deposit Cut-off Million Cu Cu Au Au S CuEq AuEq
(CuEq %) Tonnes (%) (Bn lbs) (g/t) (Moz) (%) (%) (g/t)
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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
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1. The effective date of the mineral resource estimate is March 31, 2014.
2. The copper price used for copper equivalent and gold equivalent
calculation approximates the mean of monthly average London Metal
Exchange copper spot prices for April 2013 to April 2014 and is
$3.00/lb. The gold price used in the copper equivalent and gold
equivalent calculation approximates the mean of the monthly average spot
gold prices for April 2013 to April 2014 and is US$1,300/oz.
3. Taking into consideration currently available information, possible
projected throughput rates for the Tulare Copper-Gold Porphyry Project,
typical mining costs, and a range of processing costs and indicative
ranges of processing recoveries, Dunav considers that cut-off grades lie
in the range of 0.15% CuEq (for an open pit mining scenario) to 0.30%
CuEq (for a bulk underground mining scenario).
4. The copper and gold equivalent cut-offs used by Dunav are based on the
Cu and Au grades, using the following formulas:
-- Using a gold price of US$41.80/gramme and a copper price of
US$66.00/per cent
-- Cu_eq = ((Au(i)41.80)+(Cu(i)66.00))/66.00
-- Au_eq = ((Au(i)41.80)+(Cu(i)66.00))/41.80
5. The resources summarized above for Kiseljak are constrained within a pit
shell returning maximum undiscounted value based on the following
assumptions: NSR Cu price of US$3.15/lb (US$3.80/lb spot price less 17%
for offsite concentrate costs), NSR Au price of US$1305/oz (US$1450/oz
less 10% for offsite concentrate costs), 75% Au recovery, 90% Cu
recovery, US$1.80/tonne mining costs, US$7.00/ tonne processing and
other costs and 45 degree pit slopes. Only transitional and primary
copper-gold mineralization is considered in the pit shell determination.
6. The resources summarized above for Yellow Creek are based on the
following assumptions: NSR Cu price of US$3.15/lb (US$3.80/lb spot price
less 17% for offsite concentrate costs), NSR Au price of US$1305/oz
(US$1450/oz less 10% for offsite concentrate costs), 75% Au recovery,
90% Cu recovery, US$8.10/tonne mining costs (bulk underground mining),
US$7.00/ tonne processing and other costs.
7. Mineral resources, which are not mineral reserves, do not have
demonstrated economic viability. The estimate of mineral resources may
be materially affected by environmental, permitting, legal, title,
taxation, sociopolitical, marketing, or other relevant issues.
8. The quantity and grade of reported inferred resources in this estimation
are uncertain in nature and there has been insufficient exploration to
define these inferred resources as indicated or measured mineral
resources.
9. Totals and average grades are subject to rounding to the appropriate
precision.
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 Million Cu Cu Au Au S CuEq AuEq
(CuEq %) Tonnes (%) (Bn lbs) (g/t) (Moz) (%) (%) (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 Million Cu Cu Au Au S CuEq AuEq
(CuEq %) Tonnes (%) (Bn lbs) (g/t) (Moz) (%) (%) (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
-- The Kiseljak and Yellow Creek resource estimates are based on 131 drill
holes, as at January 3, 2014. Details of the drilling and sampling
program, at the time of the database handover, are summarised in the
table below.
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Item Kiseljak Yellow Creek Yellow Creek Yellow Creek
DD DD DT 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
----------------------------------------------------------------------------
-- Figure 1 displays the drilling carried out to date at Kiseljak and
Yellow Creek. Figure 2 shows a typical cross section through the
Kiseljak and Yellow Creek deposits.
-- Diamond drilling has been carried out such that drill holes are always
started using PQ core and then reduced to HQ triple tube (HQ3) once
competent rock has been intersected. The diamond drill core size is kept
as HQ or HQ3 for as long as possible. Drill core is carefully packed for
transport to the sample processing facility in Tulare. Once the diamond
core has been processed (including photography, geotechnical and
geological logging, magnetic susceptibility measurement, etc.) samples
are then transported to SGS Bor for sample preparation and analysis.
-- The average core recovery is 95%.
-- All drill hole collars were surveyed by differential GPS (DGPS) by staff
surveyors (registered independent surveyors regularly audit Dunav's
survey control and procedures).
-- The diamond drill holes were down-hole surveyed, on average, every 30
meters using electronic survey equipment.
-- Kiseljak has been drilled on a nominal 80 meter by 80 meter grid spacing
while the average drill spacing at Yellow Creek is approximately 120
meters by 120 meters.
-- Diamond core sampling has been carried out using Dunav's detailed
protocols throughout the entire drilling program. A small amount of
reverse circulation drilling at Yellow Creek has also been utilized, in
order to drill through barren volcanic cover rocks prior to completing
the drill holes with diamond drilling.
-- Density measurements are routinely taken every three meters down hole
from diamond drill core. The bulk density of the drill core segments
have been measured at the SGS managed laboratory at Bor using the
industry standard wax-seal immersion method. Some 4,664 density
measurements have been taken at Kiseljak along with 3,245 measurements
at Yellow Creek for a total of 7,909 bulk density values. The density
data has been used for variographic analysis and ordinary kriging
estimation in order to estimate the tonnage factors in the block model.
Assaying
-- All drilling at Kiseljak and Yellow Creek has been routinely assayed for
copper (Cu), gold (Au), silver (Ag), molybdenum (Mo) and sulphur (S).
The primary assay laboratory is the SGS-managed facility in Bor. Referee
assaying has been carried out at Genalysis in Australia, ALS in
Vancouver, ALS Gura Rosiei in Romania, and ALS Izmir in Turkey. Some
32,614 one meter samples were used to define the Kiseljak model while
21,289 samples comprised the Yellow Creek modelling data set. Routine
quality control sampling and analysis has been completed, as part of
Dunav's standard QAQC procedures.
Resource Estimation
-- One-meter composites were used to define lithological boundaries,
geological boundaries and the mineralized zone outlines. Five-meter
down-hole composites were used for statistical analysis, variography and
grade estimation. Some 6,537 composites for Kiseljak and 4,363
composites at Yellow Creek were produced. Detailed interpretation of the
geological and grade data has resulted in the modelling of 5 main zones
of copper-gold mineralization at Kiseljak and 3 zones at Yellow Creek.
-- Comprehensive variography has been carried out for the Cu, Au, S and
bulk density data grade for use in the ordinary kriging estimations.
Where possible, separate variogram models have been constructed for each
defined mineralized zone, subdivided by oxidation state; completely
oxidized (COX), partially oxidized (POX) and unoxidized (FRS).
-- Block models have been prepared using a 20 m cubic parent block size
with sub-blocking to 10 m and 5 m.
-- Grade estimation has been completed using ordinary kriging. In some
domains bulk density has been estimated using ordinary kriging, while in
others by inverse distance squared weighting. No grade capping was
applied.
Grade-Tonnage Reporting
-- The Kiseljak mineral resource was estimated using the Canadian Institute
of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources
and Reserves, Definitions and Guidelines prepared by the CIM Standing
Committee on Reserve Definitions and adopted by CIM Council. The
resource estimate is within the defined mineralized wireframes,
constrained by a pit shell and is reported at a range of lower cut-off
grades.
-- Dunav believes that possible cut off grades lie in the range of the base
case of 0.15% CuEq (for an open pit mining scenario) to 0.30% CuEq (for
a bulk underground mining scenario), based on possible metal prices,
mill throughputs (7mtpa to 12mtpa), mining, processing and general
administration costs, metal recoveries (90% for Cu and 75% for Au), mass
pull factors, concentrate grades, moisture content, offsite concentrate
costs, payability deductions, treatment and refining charges.
-- The Kiseljak and Yellow Creek resources have been categorized as
inferred resources using the CIM Standards on Mineral Resources and
Reserves, Definitions and Guidelines (November 2010).
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Dunav Resources Ltd.
James Crombie, President and Chief Executive Officer
+1.450.640.0810
info@dunavresources.com
www.dunavresources.com
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