Ongoing Drilling Extends Coka Rakita Deposit To The South

TORONTO - Dundee Precious Metals Inc. reported on the drilling program at the Coka Rakita prospect in eastern Serbia, which extended the deposit by 100 metres to the south and further extended and confirmed the core high-grade zone.  New significant intercepts from the current phase of drilling include: 1) RIDD011A – 7 metres at 16.56 g/t Au and 0.16% Cu from 403 metres depth and 42 metres at 6.51 g/t Au and 0.13% Cu from 418 metres depth (including 12 metres at 17.89 g/t Au and 0.17% Cu from 422 metres depth). 2) RIDD014 – 16 metres at 1.93 g/t Au from 538 metres depth and 23 metres at 8.47 g/t Au from 587 metres depth (including 8 metres at 16.15 g/t Au from same depth). 3) RIDD016 – 35 metres at 5.26 g/t Au and 0.26% Cu from 398 metres depth and 26 metres at 1.05 g/t Au and 0.48% Cu from 439 metres depth. 5) RIDD018 – 29 metres at 5.15 g/t Au and 0.14% Cu from 428 metres depth (including 10 metres at 11.88 g/t Au and 0.13% Cu from 441 metres depth) and 33 metres at 2.61 g/t Au and 0.45% Cu from 463 metres depth. 6) RIDD020 – 34 metres at 9.55 g/t Au from 482 metres depth. 7) RIDD026 – 5 metres at 31.93 g/t Au from 386 metres depth. 8) RADD039 – 5 metres at 1.64 g/t Au and 0.2% Cu from 560 metres depth and 34 metres at 7.37 g/t Au and 0.28% Cu from 586 metres depth (including 5 metres at 25.35 g/t Au and 0.38% Cu from 604 metres depth).

The deposit extended to the south with four holes (RIDD014, RIDD014A, RIDD025 and RIDD026), which extended the previously known extents of mineralization by approximately 100 metres to the south where the system remains locally open. Results confirm and extend high-grade core of mineralization: Holes RIDD018 and RIDD020 reported wide mineralized sandstone-hosted intervals and also extended the limits of high-grade mineralization by approximately 60 metres to the west and to the south from the hole RIDD008 (which included the previously released intercept of 71 metres at 18.05 g/t Au from 445 metres depth)1 and confirmed the overall thickness of the target of over 100 metres within the core of the system. Scout drilling outlined further extension potential of the deposit with multiple targets currently being tested - Drilling intercepted favourable geological indicators on the north-west flank of the system, about 600 metres to the north-east of the current limit of the deposit, as well as 500 metres south of the main Coka Rakita target, which indicate further extension potential.

The Company continues to advance its previously announced 40,000-metre infill and extensional drill program to support a maiden mineral resource estimate by year-end 2023. Infill drilling at a 60-metre by 60-metre spacing is largely complete, and infill drilling at a 30-metre by 30-metre spacing has commenced. DPM is progressing activities to accelerate the advancement of the project, including geotechnical drilling, metallurgical testwork and evaluation of potential portal locations for an exploration decline. The Company is also planning additional scout drilling to test other camp-wide targets near Coka Rakita and continuing its 10,000-metre scout drill program on the Umka licence.

“We continue to be excited by the results from our drilling program at the high-quality Coka Rakita deposit in Serbia, with the most recent results extending the deposit to the south as well as continuing to extend and confirm the high-grade zone,” said David Rae, President and Chief Executive Officer. “We continue to view Coka Rakita as a promising prospect within our organic portfolio and we are aggressively drilling to further grow the deposit and test other nearby targets that share the same geological environment.”