Dundee reports high-grade intercepts at Serbia prospect

Dundee Precious Metals Inc. [DPM-TSX] on Wednesday reported high-grade intercepts from its ongoing exploration program at the Dumitru Potok prospect in Serbia. Highlights include 131.6 metres of grade 3.93% copper equivalent (CuEq), consisting of 1.53% copper, 2.41 g/t gold, and 12 g/t silver; and 76 metres at 2.47% CuEq, consisting of 1.01% copper, 1.43 g/t gold, and 10.37 g/t silver. The results show more than 250 metres of continuous skarn alteration and mineralization downhole, the company said.

Dundee shares advanced on the news, rising 5.26% or $1.47 to $29.41. The shares previously traded in a 52-week range of $28.77 and $12.30.

“Located adjacent to planned Coka Rakita [proposed mine] infrastructure, Dumitru Potok has the potential to unlock additional value and growth potential for an already high-margin, high-return organic project,” said Dundee President and CEO David Rae.

Dundee also reported drill results from the Rakita North prospect, including 194 metres of grade 0.48% copper, 0.29 g/t gold, and 1.59 g/t silver, and from the Frasen porphyry prospect, where drilling intercepted 188 metres of grade 0.89 g/t gold and 0.24% copper.

Dundee has previously said exploration activities in Serbia have continued to focus on the Coka Rakita and Potaj Cuka licenses, including scout drilling campaigns at the Dumitru Potok, Frasen, Valja Saka and various Potaj Cuka targets.

Across the Rakita camp, the company completed approximately 45,000 metres and 70 drill holes year-to-date, with 15 holes in progress. The company expects to report three maiden inferred mineral resource estimates by the end of 2025 for Dumitru, Potok, Rakita North and Frasen projects, and is continuing additional scout drilling on the Potaj Cuka, and Pester Jug licenses, targeting additional high-potential areas within the six-kilometre trend the company has identified to date.

“We continue to be excited by the impressive drill results at Dumitru Potok,” said Rae. “The Rakita camp is clearly demonstrating the existence of a large copper-gold system, analogous to other large porphyry-skarn systems globally, and remains largely untested,” he said.

The Coka Rakita project is located in southeastern Serbia and in close proximity to Dundee’s operations in Bulgaria. In January, 2023, Dundee announced the discovery of a high-grade deposit at Coka Rakita and commenced an aggressive infill, extensional and target delineation drilling program at the prospect.

In less than 24 months, since announcing the initial discovery, the company has outlined a robust project with first production targeted for 2028.

The results of a prefeasibility study released in January 2025, envisages average annual gold production of 147,000 ounces over the life of mine, including 170,000 ounces of annual production in the first five years.