Chelopech Mine’s Life Extended to 2032 by Dundee Precious Metals
Updated Reserves and Resources
Dundee Precious Metals Inc., based in Toronto, has recently updated the Mineral Reserve and Resource estimates for its Chelopech mine in Bulgaria. The new estimates project an extension of the mine’s operational life until 2032. The updated figures show Proven and Probable Mineral Reserves of 1.6 million ounces of gold and 305 million pounds of copper. This update signifies an increase of 22,000 ounces in gold reserves, while copper reserves see a decrease of 6.3 million pounds compared to previous data.
In addition to the reserves, the Chelopech mine holds Measured and Indicated Mineral Resources, excluding reserves, of 1.2 million ounces of gold and 265 million pounds of copper. Furthermore, the mine possesses an Inferred Mineral Resource comprising 0.274 million ounces of gold and 67 million pounds of copper, indicating the potential for further extensions to the mine's life.
Life of Mine Plan and Exploration Potential
The revised Life of Mine (LOM) plan suggests an addition of approximately 128,000 ounces of gold and 9 million pounds of copper to be recovered between 2024 and 2032. Expected average gold and copper grades are projected to rise by 5% and 3%, respectively, during the mine’s extended life.
Dundee Precious Metals is actively engaging in exploration activities to further prolong the mine’s lifespan. This includes in-mine and aggressive brownfield exploration. Noteworthy drilling outcomes at the Sharlo Dere West and Sharlo Dere prospects within the mining concession have been promising. One significant drilling result reported includes a 37.5-meter intersection with grades of 7.34 g/t AuEq, 5.69 g/t Au, and 0.98% Cu.
