DPM plans to complete detailed mapping, soil sampling and geophysical surveys at the property. Credit: regularguy.eth on Unsplash.

Canadian-based mining company Dundee Precious Metals (DPM) has signed a binding letter agreement to acquire a 75% interest in the Iglika copper-gold prospecting licence in Bulgaria from gold exploration and development company Velocity Minerals.

Under the agreement, DPM will have the exclusive option to acquire a 75% interest in the Iglika licence by making an initial cash payment of $250,000 (C$333.94m) to Velocity and funding the 40,000m drilling work on the property.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Related Company Profiles

View all

DPM is required to make the cash payment to Velocity within five business days from the signing of the letter agreement, while 10,000m of drilling must be completed prior to the first anniversary of the effective date.

The company will also fund and deliver a mineral resource estimate on a deposit located within the property; fund and deliver the deposit’s pre-feasibility study; and make an additional $1.5m cash payment to Velocity during a five-year period.

In a press statement, Velocity Minerals said: “DPM will be under no obligation to fulfil any of the remaining earn-in requirements and may accelerate the satisfaction of the earn-in requirements without penalty, at its election.”

See Also:

DPM has started a drilling programme at the Iglika licence to test copper–gold porphyry, skarn and epithermal targets defined by geochemical and geophysical anomalies. The programme comprises 24 drill holes for 10,000m. 

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

The Canadian company plans to complete detailed mapping, soil sampling and geophysical surveys to further refine drill targets at the property.