The Timok deposit was discovered by DPM’s subsidiary in Serbia in 2008. Extensive geological mapping, outcrop sampling, soil geochemistry and airborne geophysical surveys were completed over much of the area covered by the exploration licences.

In July 2019, DPM announced the results of a preliminary economic assessment (“PEA”) for the Timok Gold Project. The PEA was based on the updated Mineral Resource estimate completed in September 2018 and provided a base case, considering primarily oxide and transitional material types.

PEA Highlights
Total tonnes processed (Mt)	18.9
Head grade (g/t)	1.36
Strip ratio (waste:feed)	2.6:1
Average gold recovery (%)	81.5
Average annual gold production (oz)	75,000
Peak annual gold production (oz)	132,000
AISC ($/oz Au)	$717
Initial capital cost ($M)	$136
After-tax NPV(5%) and IRR $1,250/oz Au $1,500/oz Au	$105M & 18.6% $217M & 30%
Life of mine	9 years

Following encouraging results from optimization work completed in 2019, DPM initiated a pre-feasibility study, which is expected to be complete by year-end 2020.

See the full technical report here.

As the Company advances the project, exploration of high potential targets continues, which includes drilling to target shallow oxide gold mineralization to support the growth of the Mineral Resource estimate in areas such as the Chocolate target, which is located southwest of the project’s main deposit, Bigar Hill.