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.

On February 23, 2021, DPM released the positive results of a pre-feasibility Study (PFS) on the Timok gold project. Based on these results, the company proceeded with a feasibility study. The project is currently expected to produce approximately 547,000 gold ounces over an eight-year mine life, with an average annual gold production of 80,000 ounces for the first six years, at an all-in sustaining cost of $693 per ounce of gold (life of mine average).  See the table below for a summary of the PFS results.

Initial capital is currently expected to be $211 million, with several initiatives to reduce the initial capital estimate and optimize overall economics to be evaluated as part of the feasibility study.

The PFS focused on the oxide and transition portions of Timok's Mineral Resource, with additional upside potential from the sulphides to be considered in parallel with the feasibility study following further metallurgical testwork.

The feasibility study is expected to be completed in the first quarter of 2022, with the results planned for release in the second quarter of 2022.

PFS Highlights
Total ore mined (Mt) 19.2
Average grade (g/t) 1.07
Strip ratio (waste:feed) 2.5:1
Average gold recovery (%) 82.6
Total gold ounces recovered (LOM) 547,000
Average annual gold production (first 6 years) 80,000
Average annual gold production (LOM) 70,000 
AISC ($/oz Au) $693
Initial capital cost ($M) $211
After-tax NPV(5%) and IRR
(based on a $1,500/oz. gold price assumption)
$135M & 20.6%

Life of mine 8 years

For more information,download the technical report

Prospective exploration targets

DPM continues to advance exploration activities at Timok to add to the project mine life, including at the prospective Chocolate, Chocolate South and Coka Rakita targets, which have generated encouraging results.

Approximately 14,000 metres of drilling is planned for 2021, including exploration and infill drilling in support of the feasibility study. Exploration drilling at Timok will be focused on shallow oxide resource delineation at the Chocolate and Chocolate South targets, proximal to Bigar Hill, as well as target delineation drilling on Coka Rakita and other under-explored sulphide targets.

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