Dunav Resources Provides an Exploration Update on the Bakrenjaca Epithermal System, Part of the Tulare Project, Serbia
25 November 2013 - 11:30PM
Marketwired Canada
Dunav Resources Ltd. (TSX VENTURE:DNV) (the "Company" or "Dunav") is pleased to
present an exploration update on the Bakrenjaca epithermal system located
approximately 3 km south of the Kiseljak copper-gold porphyry deposit in
Southern Serbia. The Bakrenjaca epithermal system is divided into a northern
area ("Gubavce") and a southern area ("Bakrenjaca").
1. HIGHLIGHTS
-- During the second and third quarters of 2013 additional exploration
drilling (diamond and reverse circulation) was completed at Gubavce and
Bakrenjaca.
-- This exploration drilling program was designed to follow-up on the
encouraging 'scout' drilling results returned during Q1 2013. The area
of mapped alteration and epithermal mineralization covers an area of
approximately 1.5 km x 1 km and selected significant intersections are
listed below, calculated using a 0.4 g/t AuEq cut-off grade:
----------------------------------------------------------------------------
From To Interval Au Ag Cu Pb Zn AuEq
Hole ID (m) (m) (m) (g/t) (g/t) (%) (%) (%) (g/t)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GURC001 24 38 14 0.19 4.26 0.02 0.82 0.80 1.08
GURC001 211 221 10 0.86 34.26 0.10 0.05 0.00 1.56
GURC003 36 48 12 0.12 10.22 0.13 0.95 0.82 1.33
GURC003 52 60 8 0.27 17.80 0.25 1.97 0.61 2.17
GURC003 71 92 21 0.13 2.20 0.03 0.42 0.70 0.74
GURC003 106 155 49 0.36 13.63 0.10 0.42 0.29 1.07
GURC003 196 238 42 0.18 5.59 0.08 0.64 0.86 1.10
GURC003 288 308 20 0.13 4.35 0.03 0.71 0.88 1.01
GURC005 8 109 101 0.68 11.25 0.09 0.62 1.10 1.82
GURC007 112 119 7 0.37 12.01 0.22 1.04 0.75 1.76
GURC007 135 154 19 0.17 5.08 0.14 0.58 0.55 1.01
GURC007 158 180 22 0.76 1.93 0.02 0.33 0.23 1.09
GURC007 221 248 27 0.14 3.78 0.08 0.55 0.64 0.89
GURC010 23 45 22 0.18 1.86 0.01 0.52 0.46 0.70
GURC010 61 73 12 0.71 13.89 0.17 1.47 0.31 2.04
GURC010 104 132 28 0.18 3.34 0.04 0.52 0.51 0.76
BKRC003 153 169 16 1.13 5.99 0.06 0.54 1.10 2.10
----------------------------------------------------------------------------
- 0.4 g/t AuEq cut-off ($1,300/oz. Au, $20/oz Ag, $3.00/lb. Cu, $0.90/lb.
Pb, $0.90/lb. Zn)
- AuEq = ((Au g/t(i)41.7960)+(Ag
g/t(i)0.6430)+(Cu%(i)66.1386)+(Pb%(i)19.8416)+(Zn%(i)19.8416))/41.7960
- Intersections calculated using 3 meter minimum thickness, 3 meter maximum
included waste.
- Diamond drill samples are PQ, HQ or NQ half core, using a nominal 1m
sampling basis and weigh approx. 3-6 kg.
- Reverse Circulation drill samples are collected dry on a 1m sampling basis
and weigh approx. 5kg.
- Assay method: Fire assay Au (50 g); Ag, Cu, Pb & Zn by aqua regia
digestion with AAS and/or ICP-MS finish.
- Intercept widths do not necessarily represent true width.
- No top cut applied.
- Refer to Tables 1 & 2 for a complete listing of drilling significant
intersections at a 0.4g/t & 1g/t AuEq cut-off.
- Please refer to http://www.dunavresources.com/ for a full listing of
significant intercepts at various AuEq cut-off grades.
-- Preliminary metallurgical testwork (flotation) has returned excellent
metallurgical recoveries for all the elements of interest with average
recoveries of 94% Au, 88% Ag, 97% Pb, 90% Cu and 98% Zn into less than
5% of the sample mass. In addition, preliminary testwork indicates that
gravity recovery at a coarse grind of P80 150 microns has the potential
to recover a significant proportion of the gold and silver.
-- Dunav plans to review and assess the recently returned results of the
2013 drill program on the Bakrenjaca epithermal system during the
2013/2014 winter period so as to determine the overall economic
potential with a particular focus on the Gubavce portion of the system.
Given the encouraging preliminary metallurgical testwork received to
date the Company believes that additional drilling may be warranted
during the 2014 field season.
-- Please see the following link to view all Bakrenjaca drill holes located
spatially in three dimensions: http://www.corebox.net/properties/tulare-
porphyry-project
2. DRILLING AT BAKRENJACA
-- A total of 6,200.5 meters (RC: 3,011m, diamond: 3,189.5m) have been
completed over the Bakrenjaca epithermal target area during 2013.
-- The level of surface oxidation is low, with sulfide mineralization
commencing either at the surface or generally within 10 meters of the
surface.
-- The better drilling results were returned from the Gubavce target area
where epithermal mineralization has now been outlined over a strike
length of approximately 350 meters and mineralization remains open in
multiple directions. Of particular note was the recognition that at
Gubavce both previously recognized styles of epithermal mineralization
(see Section 3) occur within the same area.
-- Wide and/or numerous mineralized intercepts per hole have been returned
from the Gubavce drilling program. For the ten holes in the Gubavce
target area (GURC001-010 and GUDD001) the average mineralized intercept
per hole is 66 meters at a weighted gold equivalent average grade of
1.02g/t AuEq (using a 0.4g/t AuEq cut-off).
-- Drill hole GUDD001 (498.7 m) remains the deepest hole drilled into the
Gubavce target area and it is of particular interest that epithermal-
style mineralization was intersected throughout the drill hole, which
indicates that there is epithermal mineralization occurring over a
minimum 400 meters vertical extent within the Bakrenjaca epithermal
system.
-- Drilling at the Bakrenjaca target area was generally unsuccessful in
intersecting 'footwall-style' epithermal mineralization previously
recognized in BKDD001 (11m @ 5.13g/t Au, 346g/t Ag, 1.19% Cu, 2.36% Pb
and 1.86% Zn (14.33g/t AuEq)) and the controls to mineralization remain
poorly understood in this area.
-- Refer to Figures 2, 3 & 4 for the location of all reverse circulation
and diamond drilling completed to date within the Bakrenjaca epithermal
system.
-- Refer to Tables 1 & 2 for a full listing of drilling significant
intersections using a 0.4g/t & 1g/t AuEq cut-off grades.
3. GEOLOGY AND MINERALIZATION STYLE
-- 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 gold
epithermal vein system; all target areas are located within 3,000 meters
of the Kiseljak deposit (refer to Figure 1). Dunav controls 100% of this
recently identified porphyry cluster, located within the Lece Volcanic
Complex, the second largest magmatic complex in Serbia after the Timok
Magmatic Complex.
-- The Bakrenjaca carbonate-base metal gold epithermal vein system
comprises east-west trending corridors of sheeted to stockwork manganese
carbonate +/- quartz gold-silver-base metal veins hosted within argillic
(sericite-illite-smectite) altered andesitic volcanics, volcaniclastics
and sediments. Mapped zones of mineralization at surface range from less
than one meter to greater than thirty meters width.
-- Based on the results of the drilling program Dunav continues to note two
differing styles of epithermal mineralization:
-- 'Hangingwall-style' mineralization associated with manganese
carbonate (rhodochrosite) +/- quartz/chalcedony veining within the
volcano-sedimentary package which contains Au-Ag-Pb-Zn (sphalerite,
galena and pyrite) mineralization and displays typical epithermal
textures such as colloform-crustiform banding.
-- 'Footwall-style' mineralization as evidenced by BKDD001 (100-111m)
which has high grade Au-Ag-Cu-Pb-Zn mineralization which is believed
to be located in low angle structures, such as between the
metamorphic basement (gneiss) and the overlying volcano-sedimentary
package. Carbonate replacement textures (bladed quartz) indicative
of boiling are evident within this high grade zone.
4. PRELIMINARY METALLURGICAL TESTWORK
-- Two composite samples were prepared from drill core material received
during the initial four-hole 'scout' drilling program previously
reported by the Company on January 9, 2013. The composites were selected
to represent the two styles of mineralization recognized to date:
-- 'Hangingwall-style': 0.63g/t Au, 8.6g/t Ag, 0.12% Cu, 1.63% Pb &
2.28% Zn
-- 'Footwall-style': 4.90g/t Au, 297g/t Ag, 0.90% Cu, 1.89% Pb & 1.42%
Zn
-- ICP analyses on both composites indicate that the samples contain only
low levels of potentially detrimental elements such as arsenic, cadmium,
nickel, etc.
-- Petrographic studies indicated that the bulk mineralogy of the two
composite samples is essentially the same. The predominant minerals are
quartz and dolomite. The main sulfide minerals are pyrite, sphalerite,
galena, chalcopyrite and marcasite. Silver may be present as
freibergite, tetrahedrite, ruby silver and native silver.
-- Rougher and cleaner gravity tests (Knelson concentrator/Gemeni table)
indicate that a significant amount of gold and silver could be recovered
by gravity process at a primary grind size of P80 of 150um.
-- Differential flotation testwork worked very well and the majority of the
lead, gold and silver report to the lead rougher concentrate and zinc
reported to the zinc rougher concentrate. Indicative overall average
recoveries for both composites to the rougher concentrates was 94% Au,
88% Ag, 97% Pb, 90% Cu & 98% Zn to less than 5% of the weight at a
primary grind size of P80 of 150um.
-- Preliminary open-circuit cleaning testwork (without re-grinding) has
indicated that it may be possible to produce marketable-grade lead and
zinc concentrates by using a conventional differential flotation process
flowsheet.
5. SAMPLING AND ANALYSIS
Diamond drill core has been prepared at the laboratory facility the SGS managed
laboratory facility at Bor and assayed at the SGS managed laboratory at Bor.
Trench and diamond drill samples have been assayed for gold by 50 gram fire
assay with an AAS finish whilst copper, silver, lead, zinc and molybdenum have
been analysed using an aqua regia digest with either an AAS or ICPMS finish. A
one metre sampling interval has been used where possible for the Tulare
Copper-Gold Porphyry Project diamond drilling program. 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 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. At the SGS managed assay facility in Bor, analysis of
drill or trench samples for gold is routinely carried out using a 50g fire assay
charge with an AAS finish. Silver, lead, zinc and copper are analyzed using an
aqua regia digest (0.3g charge) followed by either an AAS or ICP-MS finish.
Sulfur is analyzed using an Eltra combustion furnace (0.2g charge).
The metallurgical testwork has been managed and reviewed by an independent
qualified person Dr. Deepak Malhotra, SME-Registered Member and President of
Resource Development Inc. (RDi). Dr. Malhotra of RDi has reviewed and approved
the contents of this press release.
Dr Julian F. H. Barnes, a qualified person under NI 43-101, the Company's
Special Consultant, has approved the preparation of the technical data in this
press release.
About Dunav Resources Ltd.: Dunav Resources is a mineral exploration company
focused on the acquisition, exploration and development of mineral properties in
Serbia. The Tulare Copper-Gold Porphyry Project is located in southern Serbia,
approximately 230 km from Belgrade and 70 km from the regional centre of Nis.
Access to the project is excellent via sealed roads. Additional information
about the Company is available on SEDAR at www.sedar.com and at
www.dunavresources.com.
Dunav had approximately $9.5 million in its treasury at September 30, 2013.
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 statements and information. In
particular, this press release contains statements concerning exploration
results and geological interpretation, planned exploration and development
programs, results of drilling and metallurgical testing, and the geological and
economic potential of the Tulare Project. Readers should not place undue
reliance on forward looking information. By its nature, forward-looking
information involves a variety of assumptions, known and unknown risks and
uncertainties, and other factors, all of which may cause actual results or
events to differ materially from those anticipated in the forward-looking
information. Specifically, the Company's plans regarding Bakrenjaca may be
postponed or changed following the review of the economic potential of the
project. Although the Company believes, in light of all circumstances, that the
expectations reflected in this forward-looking information are reasonable, the
Company can give no assurance that they will prove to be correct. 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.
Figures 1 to 4 and tables 1 and 2 are available at the following link:
http://media3.marketwire.com/docs/DNV_913611e.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
(TSXV:DNV)
Historical Stock Chart
From May 2024 to Jun 2024
(TSXV:DNV)
Historical Stock Chart
From Jun 2023 to Jun 2024
