Dunav Resources Ltd.

Dunav Resources Ltd.

February 25, 2013 09:01 ET

Dunav Resources Provides an Exploration Update on the Tulare Copper-Gold Porphyry Project, Serbia

LONGUEUIL, QUEBEC--(Marketwire - Feb. 25, 2013) - Dunav Resources Ltd. (TSX VENTURE:DNV) (the "Company" or "Dunav") is pleased to present an exploration update on its 100%-held Tulare Porphyry Project located in Southern Serbia.

  • 2012 diamond drilling results on the Yellow Creek, Calovica vis South, Kiseljak Extension and Trlica copper-gold porphyry targets have now been received and compiled.
  • Recently completed exploration diamond drilling continues to confirm porphyry-style copper-gold mineralization within the Tulare Copper-Gold Porphyry cluster corridor, which has now been identified over 3,000 meters strike length. Selected intersections are listed below, calculated using a 0.20% CuEq cut-off grade:
  • Yellow Creek:
Hole ID From (m) To (m) Interval (m) Au (g/t) Cu (%) AuEq (g/t) CuEq (%)
YCDD011 513.0 709.3 196.3 0.21 0.25 0.61 0.38
YCDD014 201 400 199 0.18 0.18 0.47 0.29
YCDD015* 578 734.5 156.5 0.20 0.25 0.60 0.38
YCDD020* 633 714 81 0.24 0.29 0.69 0.43
YCDD020* 721 880 159 0.32 0.43 1.01 0.63
YCDD027 148 329 181 0.37 0.20 0.70 0.44
  • Calovica vis South:
Hole ID From (m) To (m) Interval (m) Au (g/t) Cu (%) AuEq (g/t) CuEq (%)
CSDD002 336 497 161 0.22 0.13 0.43 0.27
CSDD002 504 625 121 0.31 0.18 0.59 0.37
CSDD006 512 716 204 0.23 0.15 0.47 0.29
  • Kiseljak Extension:
Hole ID From (m) To (m) Interval (m) Au (g/t) Cu (%) AuEq (g/t) CuEq (%)
KIDD073 164 354 190 0.29 0.24 0.68 0.43
  • 0.20% CuEq cut-off ($1,500/oz. Au, $3.50/lb. Cu), 5m min. composite length, 5m max. internal dilution.
    • AuEq = ((Au g/t*48.23) + (Cu%*77.16))/48.23
    • CuEq = ((Cu%*77.16) + (Au g/t *48.23))/77.16
  • Diamond drill samples are PQ, HQ or NQ half core, using a nominal 1m sampling basis and weigh ~3-6kg.
  • Assay method: Fire assay Au (50g); Cu by aqua regia digestion with AAS finish.
  • Intercept widths do not necessarily represent true width.
  • No top cut applied.
  • (*) Drill hole terminates in mineralization i.e. mineralization remains open at depth.
  • Dunav has recently announced the initial Kiseljak copper-gold mineral resource, part of the Tulare Copper-Gold Porphyry Project, which was prepared by AMC Consultants Limited (UK), an independent mining consulting firm. This initial mineral resource has been estimated at 300,500,000 tonnes grading an average of 0.27% copper and 0.26 g/t gold in the inferred resource category for 1.8 billion pounds of copper and 2.5 million ounces of gold, using a 0.25% copper equivalent cut-off.
  • The Tulare Porphyry Copper-Gold Porphyry Project comprises the Kiseljak deposit and several additional porphyry targets, including Yellow Creek, Calovica vis South and Kiseljak Extension and the Bakrenjaca epithermal system. Dunav controls 100% of this newly identified porphyry cluster, located within the Lece Magmatic Complex.
  • Figure 1 shows a plan view of the current target areas within the Tulare Copper-Gold Porphyry Project.
  • Figure 2 shows a plan view of the Kiseljak, Yellow Creek, Calovica vis South and Trlica target areas with all diamond drilling to date.

Yellow Creek:

  • Exploration drilling to date has been focused on attempting to vector towards the potential center(s) of the Yellow Creek porphyry system and to define the overall potential 'footprint' of mineralization.
  • Wide-spaced drilling on a nominal 120 meter by 120 meter spacing continued within the target area during the latter part of 2012.
  • Geology and ground magnetics suggest the potential for multiple 'smaller' mineralized porphyry stocks within the target area and drilling late in the season was focused on the area located between Yellow Creek and the Kiseljak deposit.
  • Drilling during 2013 is expected to continue on the Yellow Creek target area in order to support the geological model required to support the generation of an initial National Instrument 43-101-compliant resource estimate during the latter portion of 2013.
  • Refer to Table 1 for a summary of Yellow Creek (YCDD011 to YCDD030) significant intersections received to date.

Calovica vis South:

  • Exploration completed during 2012 within the Tulare project area, focused on areas external to the principal area of resource definition drilling (Kiseljak), where additional diorite porphyry bodies had been identified through geological mapping, trenching and general prospecting.
  • The Calovica vis South porphyry target, located 2 km south of the Kiseljak deposit, was drill tested with an initial seven hole diamond drill program for a total of 4,544.2 meters.
  • Drill results indicate that a mineralized copper-gold porphyry system is present at Calovica vis South, which has now extended the northeast trending corridor of copper-gold porphyry mineralization, which extends from Kiseljak to Calovica vis South, to approximately 3 kilometers in length.
  • Refer to Table 1 for a summary of all Calovica vis South significant intersections received to date (CSDD001 to CSDD007).

Kiseljak Extension:

  • An additional three diamond drill holes were drilled into the far southern portion of the Kiseljak deposit following the closure of the database and subsequent handover to AMC.
  • Drillhole KIDD073 has now extended copper-gold porphyry-style mineralization to the south of the Kiseljak deposit and outside of the current resource model.
  • Additional diamond drilling during 2013 is planned and would include targeted drilling to confirm copper-gold mineralization included in the 2012 resource modelling study but not classified.
  • Refer to Table 1 for a summary of all Kiseljak Extension (KIDD072 to KIDD074) significant intersections received to date.


  • An initial six-hole, widely-spaced, diamond drilling program on the Trlica target area failed to generate any significant copper-gold porphyry-style mineralization; although some minor gold-only mineralization was intersected.
  • Additional geological mapping is planned for this target area during 2013 with a particular focus on the potential for upper level, high-sulfidation ('exhaust vents') epithermal style of mineralization.
  • Refer to Table 1 for a summary of all Trlica (TCDD001 to TCDD006) significant intersections received to date.
  • The porphyries of the Tulare Porphyry Project represent typical calc-alkaline copper-gold porphyry deposits, with a subvertical pipe-like geometry, intruded into amphibolite, biotite-schist and andesitic volcanics/volcaniclastics.
  • The mineralized porphyry system is associated with a series of hornblende-biotite-plagioclase-phyric porphyry stocks and dykes, which have been divided into three suites based on texture and association with copper-gold mineralization and alteration.
  • The porphyry-style mineralization occurs as stockwork and disseminated zones. Mineralization within the potassic zone primarily comprises quartz, chalcopyrite ± magnetite veinlets (0.1 to 10 mm thick) with subordinate bornite and disseminated chalcopyrite ± bornite.
  • Variable and lesser amounts of digenite, chalcocite, covellite, molybdenite and pyrite occur together with occasional galena and sphalerite. Magnetite occurs both as disseminations and in quartz veinlets.
  • Gold mineralization occurs as blebs within sulfides, particularly in bornite and chalcopyrite. Gold grades correlate strongly with copper grades.
  • The Kiseljak copper-gold porphyry measures some 800 meters by 300 meters, where it is exposed at surface, and has been traced to a vertical depth of 800 meters to date. The Kiseljak mineralization remains open in several directions. Both the porphyry and the surrounding schist have been intruded by a series of generally barren, intra-mineralization to late diorite porphyry phases.
  • The Tulare exploration license is located in southeast Serbia, approximately 230km from Belgrade and 70km from the regional centre of Nis. Access to the project is excellent via sealed roads. A rail heading is available some 45km from the project area at the city of Leskovac, or 25km to the northwest at the town of Kursumlija. Reticulated power passes close to the project area.
  • The Tulare Copper-Gold Porphyry Project area lies within the Lece Magmatic Complex of southern Serbia; the second largest magmatic complex in Serbia after the Timok Magmatic Complex.
  • During 2012, Dunav completed a scoping level assessment on seven composite samples from the Kiseljak deposit. Additional test work is required to further refine the process flow sheet; however projected overall recoveries are currently approximately 85.5% for Cu and approximately 67% for Au. Good flotation recovery characteristics were exhibited for both copper and gold at industry standard grind sizes and a copper-gold concentrate with no deleterious elements was produced. Preliminary grinding test work showed a medium to soft mineralization type with a bond work index of approximately 11kWhr/t. Further metallurgical test work is planned during 2013.
  • Additionally, Dunav plans to continue exploration diamond drilling programs within the Yellow Creek to Kiseljak deposit area and conduct a preliminary assessment of the Bakrenjaca epithermal system, in order to determine the economic potential hosted within the overall Tulare Copper-Gold Porphyry Project.

The majority of soil samples have been assayed at the ALS Chemex laboratory, Perth, Australia. More recent soil sampling programs have been assayed at the SGS managed laboratory at Chelopech in Bulgaria using a combination of ICP-OES and ICP-MS, whereas gold has been assayed by low level detection fire assay method (50 gram sample charge) with an AAS finish. Trench samples were prepared at the laboratory facility at SGS Bor and the samples have been assayed at the SGS managed laboratory at Chelopech in Bulgaria or the SGS managed laboratory facility at Bor. Diamond drill core has been prepared at the laboratory facility at Bor and assayed at either the SGS managed laboratory at Chelopech in Bulgaria or 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 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. Half core is routinely submitted to the laboratory for analysis. 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.

Trench sampling was carried out as channels in the wall just above the trench floor on 2 meter intervals. Except where extensive soil cover is encountered, trenches were sampled in their entirety. The samples were routinely weighed prior to final bagging to maintain an even sample size and to avoid sampling bias in harder rock types. An average channel sample weight was maintained at 3 kilograms per meter, which produces a consistent sample weight approximating half HQ core samples. Field duplicate samples were taken every 20 samples and known standards were inserted into the sample stream after every 20th sample. A geological and structural log was completed as for diamond drilling. All data collected in the field was routinely entered into geology and structural geology spread sheets using Field Marshal software for subsequent entry to an acQuire database and validation.

Further detail can be found in the Tulare Project technical report filed on SEDAR under the profile for Dunav Resources Ltd. (January 11, 2013).

The 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 NI 43-101.

About Dunav Resources Ltd.: Dunav Resources is a mineral exploration company focused on the acquisition, exploration and development of mineral properties in Serbia.

Dunav had approximately $0.7 million in its treasury at January 31, 2013 and its issued and outstanding share capital totals 119,242,942 common shares, of which approximately 47.3% is held by Dundee Precious Metals Inc. On February 12, 2013, Dunav announced that it has entered into an agreement with Dundee Securities Ltd., on behalf of a syndicate of agents, under which they have agreed to offer for sale, on a best efforts private placement basis, 50,000,000 units of Dunav at a price of $0.30 per unit for gross proceeds of up to $15,000,000. The closing of the offering is scheduled on or about March 6, 2013. There is no assurance that the offering will be completed in the amount or timing expected. Dunav's plans and objectives for 2013 are subject to completion of the private placement offering.

Additional information about the Company is available on SEDAR at www.sedar.com and at www.dunavresources.com.

Cautionary Statement

This press release contains forward-looking information. In particular, this press release contains statements concerning the completion of a private placement offering, exploration results and geological interpretation, planned exploration programs, planned metallurgical test work and other preliminary assessment and studies, and the geological and economic potential of the Tulare Porphyry Project. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate 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 in such forward-looking information. Specifically, the Company's planned exploration and development programs depend on the ability of the Company to obtain additional financing and such plans may be delayed. 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.

To view Figures 1 to 2 please click to the following link: http://media3.marketwire.com/docs/Figure1-2.pdf

To view Table 1 please click to the following link: http://media3.marketwire.com/docs/Table1--.pdf

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.

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