Dundee Precious Metals (DPM) has extended the life of its Chelopech mine in Bulgaria to , bolstered by updated mineral reserve and resource estimates. The announcement, made on , signals continued viability for the gold-copper operation and provides a positive outlook for the company’s production profile.
The updated Proven and Probable Mineral Reserve estimate stands at 1.6 million ounces of gold and 305 million pounds of copper. This reserve base supports the extended mine life, representing a nine-year extension from previous estimates. According to a release from November , the company successfully increased contained gold ounces by 1%, while copper pounds decreased by 2% compared to the prior reserve estimate.
The updated Life of Mine (LOM) plan anticipates approximately 128,000 ounces of recovered gold and 9 million pounds of recovered copper between and . Importantly, average gold grades within the LOM are projected to increase by 5% and copper grades by 3%. Gold recoveries are also expected to improve by approximately 5% during this period, enhancing overall operational efficiency.
Beyond the proven reserves, DPM also reports significant Measured and Indicated Mineral Resources, totaling 1.2 million ounces of gold and 265 million pounds of copper. An additional Inferred Mineral Resource of 0.274 million ounces of gold and 67 million pounds of copper further underscores the potential for extending the mine’s operational lifespan beyond .
The company is actively pursuing exploration activities to unlock further value at Chelopech. DPM’s strategy focuses on both in-mine exploration – optimizing resource extraction within the existing mine footprint – and a more aggressive brownfield exploration program, targeting potential new deposits in the surrounding area. Recent exploration drilling at the Wedge Zone Deep (“WZD”) target, announced in November , revealed high-grade mineralization, with results including 68.3 metres at 7.42 g/t AuEq, indicating promising potential for resource expansion.
Dundee Precious Metals’ commitment to Chelopech is reflected in its consistent production performance. The company announced it achieved gold production guidance for the eleventh consecutive year in , signaling operational reliability. Preliminary financial results for the third quarter of also highlighted the mine’s contribution to the company’s overall financial health.
The Chelopech mine, located in Bulgaria, is a significant asset for Dundee Precious Metals. The mine processes complex sulphide ores, producing both gold and copper concentrates. The extension of the mine life to provides a degree of stability and predictability for the company’s future revenue streams. The updated resource estimates and LOM plan demonstrate DPM’s ability to optimize its operations and capitalize on favorable commodity prices.
The updated estimates suggest a potential for annual gold production of approximately 110,000 troy ounces through , according to recent reports. This sustained production level, coupled with the anticipated improvements in grades and recoveries, positions Chelopech as a key contributor to DPM’s overall portfolio.
DPM Metals Inc. Is listed on the Toronto Stock Exchange (TSX: DPM) and the Australian Securities Exchange (ASX: DPM). The company’s shares are also listed on the ARBN under number 689370894. The extension of the Chelopech mine life is likely to be viewed positively by investors, reinforcing confidence in the company’s long-term growth prospects.
The Bulgarian mining sector continues to attract investment, and the Chelopech mine serves as a prominent example of a successfully operated and continually optimized resource asset. The ongoing exploration efforts and the commitment to extending the mine life demonstrate DPM’s dedication to maximizing the value of its Bulgarian operations.
