Dunav Resources Completes the Initial Kiseljak Resource Definition Drilling Program on the Tulare Porphyry Project, Serbia
LONGUEUIL, QUEBEC -- (Marketwire) -- 08/28/12 -- 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.
1. HIGHLIGHTS
-- The recently completed Kiseljak resource definition program was focused
on establishing continuity of mineralization. The drilling program has
used a nominal 80 meter by 80 meter grid spacing. The drill holes are
located within the Kiseljak mineralized 'footprint' that has been
outlined by Dunav since drilling commenced in May 2011.
-- Recently completed resource definition diamond drilling continues to
confirm moderate to strong porphyry-style copper-gold mineralization
within the currently identified 800 meter by 300 meter diorite porphyry
footprint. Selected intersections are listed below, calculated using a
0.26% CuEq cut-off grade:
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Hole ID From To Interval Au Cu AuEq CuEq
(m) (m) (m) (g/t) (%) (g/t) (%)
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KIDD031 0 82 82 0.42 0.45 1.33 0.66
KIDD031 244 366 122 0.25 0.30 0.84 0.42
KIDD032 123 508 385 0.34 0.31 0.95 0.48
KIDD045(i) 203 496 293 0.44 0.43 1.31 0.65
KIDD045(i) 571 657.8 86.8 0.54 0.63 1.80 0.90
KIDD047 0.5 85 84.5 0.79 0.52 1.82 0.91
KIDD050 21.6 129 107.4 0.34 0.30 0.95 0.47
KIDD054 126 212.2 86.2 0.31 0.38 1.07 0.53
KIDD065(i) 239.7 638.2 398.5 0.35 0.40 1.16 0.58
KIDD068 28.2 138 109.8 0.72 0.27 1.26 0.63
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-- 0.26% CuEq cut-off ($1,200/oz. Au, $3.50/lb. Cu), 5m minimum composite
length, 5m maximum internal dilution.
-- AuEq = ((Au g/t(i)38.58) + (Cu%(i)77.16))/38.58
-- CuEq = ((Cu%(i)77.16) + (Au g/t (i)38.58))/77.16
-- Diamond drill samples are PQ, HQ or NQ half core, using a nominal 1m
sampling basis and weigh approx. 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.
-- ((i)) Drill hole terminates in mineralization i.e. mineralization
remains open at depth.
-- The initial Kiseljak resource definition drilling program was recently
completed and the database has been closed off, with the data forwarded
to AMC Consultants Limited (UK) ("AMC").
-- The Tulare Porphyry Project comprises several targets including
Kiseljak, Yellow Creek, Trlica and Calovica vis South. Dunav controls
100% of this newly identified porphyry cluster, located within the Lece
Volcanic Complex.
-- Exploration diamond drilling continues to test new targets within the
project area. Currently four diamond drill rigs are operating.
-- The Tulare exploration license was recently expanded in size to 26 sq.
km, to incorporate additional areas with potential for mineralization,
in particular the Bakrenjaca carbonate-base metal vein system, located
approximately 3 km south of Kiseljak.
-- Additionally, G Mining Services Inc. (Montreal) have been contracted to
manage the Preliminary Economic Assessment of the Tulare Porphyry
Project.
2. DRILLING AT KISELJAK
Resource Definition Drilling:
-- Dunav commenced diamond drilling at Kiseljak on the 19th May, 2011.
Drilling was completed in July, 2012 for a total of 29,734.7 drill
meters.
-- The Kiseljak project, covering an area of approximately 800 meters by
300 meters, has been drilled on a nominal 80 meter by 80 meter surface
grid spacing.
-- Refer to Table 1 for a summary of all intersections at a 0.26% Cu cut-
off grade for all Kiseljak diamond drill holes.
-- Figure 1 displays diamond drilling to date within the Tulare exploration
licence, overlain on a copper-gold correlation image, which is based on
soil geochemical data.
-- Refer to Figure 2 for the location of all diamond drilling completed to
date within the Kiseljak mineralized 'footprint' and to Figure 3 for a
representative cross-section through the Kiseljak area.
3. CANADIAN NATIONAL INSTRUMENT 43-101 COMPLIANT RESOURCE ESTIMATION
-- Following site visits by international consultants AMC Consultants
Limited (UK), the Kiseljak exploration database has been delivered to
AMC in order to undertake independent resource estimation.
-- It is planned to complete the initial Canadian National Instrument 43-
101 compliant resource estimate on Kiseljak by the end of Q3, 2012.
-- The current Kiseljak database is based on 29,734.7 meters of diamond
drilling in 71 drill holes. The database includes over 138,000 primary
analyses (gold, copper, silver, molybdenum and sulfur). In total there
are 73,112 gold and copper assays, of which approximately 22% are
internationally accredited standards, blanks, routine QAQC duplicate and
replicate check assays together with 'umpire' samples assayed at outside
laboratories. All drill holes have been down-hole surveyed at regular
intervals; with drill collars surveyed using DGPS or total station
surveying methods. The topographic surface is based on detailed DGPS and
total station surveying methods. Over 3,777 bulk density measurements
have been collected, using standard wax-sealed immersion methods.
-- All drill hole assaying and bulk density measurements have been carried
out independently by SGS.
4. EXPLORATION UPDATE
Yellow Creek:
-- Exploration drilling to date has been focused on attempting to vector
towards the potential center 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
continues within the target area; currently there remains a backlog of
Yellow Creek assay results due to the need to prioritize Kiseljak
drilling in preparation for the database handover to AMC.
-- Refer to Table 2 for a summary of all Yellow Creek significant
intersections received to date.
Trlica and Calovica vis South:
-- Exploration completed during 2011 within the Tulare project area,
focused on areas external to the principal area of current drilling
(Kiseljak), where additional diorite porphyry bodies have been
identified through geological mapping, trenching and general
prospecting.
-- The two principal target areas generated during this exploration phase
are the Trlica and Calovica vis South porphyry targets, located 2.25 km
southwest and 2 km south of Kiseljak respectively.
-- Dunav has recently commenced exploration diamond drilling on these
targets.
Bakrenjaca:
-- The Bakrenjaca carbonate-base metal vein system is located approximately
3 km south of Kiseljak and comprises sheeted quartz-carbonate base metal
veins hosted within argillic altered andesitic volcanics and
volcaniclastics; zones of mineralization range in size from less than 1
meter to greater than 30 meters in width.
-- Detailed soil geochemistry (nominal 100 meter by 25 meter grid) has
outlined a strongly anomalous Au-Ag-Cu-Pb-Zn zone over an approximate
area of 1.5 square kilometers. Individual soil samples have returned up
to 5.37g/t Au, 39.3g/t Ag, 0.58% Cu, 1.35% Pb and 0.62% Zn.
-- Dunav plans to commence a detailed assessment of the target area during
the second half of 2012.
-- See Figure 1 for the location of Bakrenjaca relative to the other target
areas within the Tulare Porphyry Project.
5. GEOLOGY AND MINERALIZATION
-- 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 dykes, which have been
divided into four 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 rare 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 is
open at depth. Both the porphyry and the surrounding schist have been
intruded by a series of generally barren, intra-mineralization to late
diorite porphyry phases.
-- Figure 1 shows a plan view of the current target areas within the Tulare
Porphyry Project.
6. DISCUSSION
-- 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 Porphyry Project area lies within the Lece Volcanic Complex
of southern Serbia; the second largest magmatic complex in Serbia after
the Timok Magmatic Complex.
-- Preliminary metallurgical test work on diamond drill core samples from
Kiseljak, carried out in 2008 at SGS Lakefield in Toronto, Canada, has
indicated that very high copper and gold recoveries are potentially
achievable using typical grind sizes. Excellent flotation recovery
characteristics were exhibited for both copper and gold, and a copper-
gold concentrate with no deleterious elements was produced. A portion of
the gold mineralization is recoverable by standard gravity methods,
potentially enhancing the overall gold recovery. 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
underway.
-- Additionally, Dunav plans to drill test the newly discovered Yellow
Creek, Trlica and Calovica vis South copper-gold porphyry target areas
and conduct a preliminary assessment of the Bakrenjaca carbonate-base
metal vein system, in order to determine the economic potential hosted
within the Tulare Porphyry Project.
-- Please see the following link to view all Kiseljak and Yellow Creek
drill holes located spatially in three dimensions:
http://www.corebox.net/properties/tulare-porphyry-project
7. SAMPLING AND ANALYSIS
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.
Dr Julian F. H. Barnes, a qualified person under NI 43-101, the Company's Special Consultant, has supervised the preparation of the technical data in this press release.
Previously released data refers to data included in the "Tulare Project, Serbia National Instrument 43-101 Technical Report" by Paul Mazzoni dated November 22, 2010 (the "Technical Report"), filed on SEDAR at www.sedar.com. Further information in respect of results, investigations, interpretations, quality assurance and quality control measures, along with geology, mineralogy, sampling, and analytical procedures is included in the Technical Report.
About Dunav Resources Ltd.: Dunav Resources is a mineral exploration company focussed on the acquisition, exploration and development of mineral properties in Serbia. Additional information about the Company is available on SEDAR at www.sedar.com and at www.dunavresources.com.
Dunav is well-capitalized, with approximately $9.0 million in its treasury at June 30, 2012, which it plans to use for the exploration and development of its mineral projects in Serbia. Dunav's issued and outstanding share capital totals 119,242,942 common shares, of which approximately 47.3% is held by Dundee Precious Metals Inc.
Cautionary Statement
This press release contains forward-looking information. In particular, this press release contains statements concerning exploration results and geological interpretation, planned exploration programs, completion of a resource estimate and preliminary economic assessment, 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. 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.
Maps and tables are available at the following address: http://media3.marketwire.com/docs/mapandtabs0828.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.
Contacts:
Dunav Resources Ltd.
James Crombie, President and Chief Executive Officer
+1.450.640.0810
info@dunavresources.com
www.dunavresources.com