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TSX.V: DNV
Qualified Person: The technical information in this presentation has been approved by Dr. Julian Barnes, a qualified person as defined in NI 43-101. Dr. Barnes is a
special consultant to Dunav Resources Ltd.
Disclaimer: The business of Dunav Resources is subject to considerable risks and uncertainties, including financial, operational, environmental and political risks which
even a combination of careful evaluation, experience and knowledge may not eliminate. Few properties that are explored are ultimately developed into producing
mines.
Certain statements made in this presentation, including, without limitation, those concerning the outlook for Dunavs operations, the planned exploration and
development program for 2013, Dunavs ability to raise the capital resources necessary to execute its plans, and the timing of expected events, constitute forward
looking statements or forward looking information under applicable U.S. and Canadian securities legislation. By its very nature, forward-looking information requires
Dunav to make assumptions that may not materialize or that may not prove to be accurate. Forward looking information is subject to a variety of risks, both known and
unknown including risks related to the fluctuation of metal prices, risks and dangers inherent to mining exploration and development, imprecision of resource
estimates, environmental and permitting risks, the state of global capital markets and the availability of financing, and conducting its business in an emerging market.
Although Dunav believes that the expectations reflected in the forward-looking information contained in this presentation are reasonable, no assurance can be given
that these expectations will prove to have been correct. Accordingly, results could differ materially from those set out in the forward-looking information.
The objectives and targets expressed throughout this presentation are based on Dunavs assessment of the geological data currently available and are conceptual in
nature.
This presentation includes mineral resource estimates compliant with NI 43-101 under the guidelines set out in the Canadian Institute of Mining, Metallurgy and
Petroleum Standards on Mineral Resources and Mineral Reserves. There can be no assurance that mineral resources will ultimately be converted into mineral reserves.
Mineral resources are not mineral reserves and do not have demonstrated economic viability.
Cautionary Note to US Investors: This presentation uses the terms "inferred" resources. U.S. persons are advised that while such terms are recognized and required by
Canadian regulations, the U.S. Securities and Exchange Commission does not recognize them. "Inferred Resources" have a great amount of uncertainty as to their
existence and as to their economic and legal feasibility. It cannot be assumed that all or any part of an inferred resource will ever be upgraded to measured or indicated
resources or that it will ever be converted into reserves. U.S. persons are also cautioned not to assume that all or any part of an inferred mineral resource exists, or is
economically or legally mineable. In addition, U.S. Investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on Dunavs
properties.
The forward-looking information contained in this presentation is made as of the date of this presentation and, except as required by applicable law, Dunav does not
undertake any obligation to update publicly or to revise any of the included forward-looking information to reflect subsequent events or circumstances or to reflect the
occurrence of unanticipated events.
$0.28
119,242,942
166,562,083
$33,387,783
Dundee Precious Metals Inc. (TSX: DPM) holds approximately 47.3% of the issued and outstanding common shares of Dunav.
4
Degrmen
Copper-Gold
Project
Tulare
Copper-Gold
Project
Surdulica
Molybdenum
Project
Late Cretaceous
magmatic belt
Majdanpek 2Mt Cu (4.3bn lbs) & 4.3Moz Au
Bor 2.2Mt Cu (5bn lbs) & 1.4Moz Au
Veliki Krivelij 0.5Mt Cu (1.1bn lbs) & 0.4Moz Au
RTB Bor Copper Smelter
Degrmen
Tulare
Surdulica
Yellow Creek
1km
500m
NE
SW
Decreasing paleo-depth (porphyry to epithermal environment)
Increasing Pb-Zn (epithermal) component
10
Cut Off
(CuEq %)
Million
Tonnes
Cu
(%)
Cu
(Bn lbs)
Au
(g/t)
Au
(Moz)
S
(%)
CuEq
(%)
AuEq
(g/t)
0.15
0.20
0.25
0.30
0.35
0.40
0.45
0.50
443.9
370.0
300.5
240.5
188.1
141.6
100.2
73.4
0.23
0.25
0.27
0.30
0.32
0.35
0.38
0.41
2.25
2.04
1.79
1.59
1.33
1.09
0.85
0.66
0.21
0.23
0.26
0.28
0.31
0.34
0.37
0.40
3.01
2.74
2.52
2.17
1.88
1.55
1.21
0.95
1.85
1.74
1.67
1.62
1.59
1.58
1.59
1.59
0.35
0.39
0.43
0.47
0.51
0.55
0.60
0.65
0.58
0.64
0.71
0.77
0.84
0.91
0.99
1.07
11
Note: Further detail can be found in the Tulare Project technical report s
12 filed on SEDAR under the profile for Dunav Resources Ltd. (March 29,
2011 & January 11, 2013).
NE
SW
200m
Looking
Southeast
13
Kiseljak Deposit
300Mt @ 0.43% CuEq (0.25% CuEq cut off)
500m
Yellow Creek 2
Yellow Creek 1
Volcanics
Metamorphic
Basement
14
1,000m
Extent of
hydrothermal
alteration
Zone of potassic
alteration
Extent of
pyrite halo
16
Au Soil Geochemistry
1,200m
18
The metallurgical testwork has been managed and reviewed by independent qualified person Dr. Deepak Malhotra, SME of Resource
Development Inc. Dr. Malhotra of RDI has reviewed and approved the contents of this portion of the presentation.
Note: Further detail can be found in the Tulare Project technical reports filed on SEDAR under the profile for Dunav Resources Ltd. (March 29,
2011 & January 11, 2013).
3,000m
19
Gubavce Ridge
Bakrenjaca Hill
500m
20
Q2/Q3 2013
Q4 2013
Re-commence PEA:
Q4 2013
Degrmen
Wide-spaced diamond drilling to commence on the Degrmen copper-gold
porphyry target to determine the economic potential of the system.
21
Q2 2013
Q2/Q3 2013
* As at Q1 2013
Bakrenjaca
Re-commence scout exploration diamond drilling on the Bakrenjaca
carbonate-base metal system to test the larger potential of the epithermal
field.
Initiate a first phase, wide-spaced (nominal 200m by 100m) reverse
circulation drill program over the Bakrenjaca Hill and Gubavce Ridge
prospects.
footprint drilling program:
Q2/Q3 2013
Q1 2013 (underway)
Assess results from the first phase program and determine the likely mining
selectivity response of the mineralization.
22
23
1.
2.
3.
4.
5.
6.
24
Executive Chairman:
David Fennell
James Crombie
Director:
Jonathan Goodman
Director:
Anthony Walsh
Director:
Robert Minto
Director:
Louis-Pierre Gignac
Director:
John Wakeford
Director:
Sean Hasson
Director:
Adrian Goldstone
Julian Barnes
Director
John
Wakeford
25
(1) The effective date of the mineral resource estimate is November 22, 2012.
(2) The copper price used in this estimate is the mean of monthly average London Metal Exchange copper spot prices for 2010,
2011 and 2012 and is $3.60/lb. The gold price used in this estimate is the mean of the monthly average spot gold prices for
2010, 2011 and 2012 and is US$1,500/oz.
(3) The copper and gold equivalent cut offs, used by Dunav, are based on the in situ grades, using the following formulas:
o
Cu_eq = ((Au*48.23)+(Cu*79.356))/79.356
Au_eq = ((Au*48.23)+(Cu*79.356))/48.23
(4) Second phase, extensive metallurgical test work has been completed and based on information to date, along with possible
projected throughput rates for the Copper-Gold Tulare Porphyry Project, typical mining costs and a range of processing costs
and indicative ranges of processing recoveries it is, at this stage, believed by Dunav that possible cut off grades lie in the range
of 0.15% CuEq to 0.25% CuEq.
(5) Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The estimate of mineral
resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other
relevant issues.
(6) The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient
exploration to define these inferred resources as indicated or measured mineral resources.
(7) Totals and average grades are subject to rounding to the appropriate precision.
(8) Note: Further detail can be found in the Tulare Project technical reports filed on SEDAR under the profile for Dunav Resources
Ltd. (March 29, 2011 & January 11, 2013).
27
Serbian state exploration agencies had previously identified the Kiseljak coppergold porphyry occurrence, which was drilled predominantly during the 1980s,
culminating in an historical, non-National Instrument 43-101 resource estimate.
From 2003 to 2006, the Tulare exploration licence became the subject of a JV
managed by Ivanhoe Mines Ltd. with Hereward Ventures plc.
Dundee Precious Metals Inc. (DPM) acquired Ivanhoes interest in 2006 and
gained 100% control of the property during 2007.
Dunav optioned the property from DPM during 2010 and exercised that option
in October, 2011 to assume 100% ownership of the exploration licence area.
There are no underlying royalty schemes on the property.
Located within the second largest volcanic complex in Serbia; the Lece Volcanic
Complex.
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Hole ID
From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Cu
(%)
AuEq
(g/t)
CuEq
(%)
KIDD001
KIDD002
KIDD003
KIDD004
KIDD006
KIDD007
KIDD007
KIDD007
KIDD008
KIDD009
KIDD010
KIDD011
KIDD011
KIDD013
KIDD014
KIDD014
KIDD019
KIDD019
KIDD019
0.9
0
7
0
7.8
115.0
268.0
345.0
1.0
0.4
209.0
157
283
434
74
188
57
216
397
193
91
126
140
135.6
257.0
331.0
612.7
74.4
60.0
613.4
265
373
569
161
501
164
385
570.8
192.1
91
119
140
127.8
142
63
267.7
73.4
59.6
404.4
108
90
135
87
313
107
169
173.8
0.66
0.33
0.27
0.52
0.40
0.42
0.56
0.40
0.38
0.62
0.29
0.21
0.22
0.29
0.37
0.28
0.37
0.42
0.27
0.56
0.39
0.23
0.46
0.25
0.40
0.37
0.42
0.37
0.26
0.33
0.22
0.21
0.29
0.23
0.28
0.34
0.45
0.37
1.78
1.12
0.74
1.45
1.16
1.22
1.31
1.24
1.14
1.15
0.95
0.64
0.64
0.88
0.83
0.84
1.05
1.32
1.00
0.89
0.56
0.37
0.73
0.58
0.61
0.65
0.62
0.57
0.57
0.47
0.32
0.31
0.44
0.41
0.42
0.53
0.66
0.50
0.19 % CuEq cut-off ($1,200/oz. Au, $3.50/lb. Cu), 5m min. composite length, 5m max. internal dilution.
AuEq = ((Au g/t*38.58) + (Cu%*77.16))/38.58
CuEq = ((Cu%*77.16) + (Au g/t *38.58))/77.16
29
Hole ID
KIDD017
KIDD021
KIDD022
KIDD022
KIDD023
KIDD024
KIDD024
KIDD024
KIDD028
KIDD028
KIDD029
KIDD029
KIDD029
KIDD040
KIDD040
KIDD040
From
(m)
To
(m)
Interval
(m)
Au
(g/t)
Cu
(%)
AuEq
(g/t)
CuEq
(%)
240
319
106
363
406
0.6
100
393.9
4
308.3
0
28
231
11
318
693
424.7
644.3
313
528
518.7
56
247
536.5
207
437
22
126
481.2
312
620
829
184.7
325.3
207
165
112.7
55.4
147
142.6
203
128.7
22
98
250.2
301
302
136
0.30
0.33
0.33
0.36
0.42
1.03
0.51
0.43
0.38
0.38
0.34
0.47
0.24
0.73
0.38
0.22
0.36
0.35
0.33
0.39
0.35
0.56
0.47
0.53
0.38
0.41
0.28
0.38
0.32
0.56
0.39
0.31
1.02
1.02
0.99
1.14
1.12
2.15
1.44
1.48
1.13
1.19
0.89
1.24
0.88
1.85
1.17
0.85
0.51
0.51
0.49
0.57
0.56
1.07
0.72
0.74
0.57
0.59
0.44
0.62
0.44
0.93
0.58
0.42
0.19% CuEq cut-off ($1,200/oz. Au, $3.50/lb. Cu), 5m min. composite length, 5m max. internal dilution.
AuEq = ((Au g/t*38.58) + (Cu%*77.16))/38.58
CuEq = ((Cu%*77.16) + (Au g/t *38.58))/77.16
30
Kiseljak North
31
Kiseljak South
32
Extent of
hydrothermal
alteration
Zone of potassic
alteration
2.5km
Extent of
pyrite halo
33
34
35
Dataset examples
Topography, Geology,
Drilling & Trenching
Quickbird
Soil Geochem
Aeromagnetics
Inferred
38
Cut-off
(% Mo)
0.02
0.03
0.04
0.02
0.03
0.04
Tonnage Mo grade
(Mt)
(%)
32
0.041
22
0.049
14
0.056
205
0.039
125
0.049
77
0.058
Plan map
3km
Base Case
Base Case
The independent Qualified Persons responsible for the mineral resource estimate are Doug Corley BApp Sc,
BSc (Hons IIA) MAIG, Associate Resource Geologist and Paul Mazzoni BSc (Hons), MSc, MSEG, FAusIMM,
Chief Geologist of Coffey Mining Pty. Ltd. Mineral resources which are not mineral reserves do not have
demonstrated economic viability. The estimate of mineral resources may be materially affected by
environmental, permitting, legal, marketing, or other relevant issues. A technical report in support of the above
disclosure has been filed on SEDAR by Dunav Resources Ltd.
39