en.Wedoany.com Reported - Canadian producer DPM Metals (TSX, ASX: DPM) announced a significant gold-copper discovery from new drilling at the Brevene South porphyry (BSP) target in Bulgaria, located approximately 1 kilometer from the resource boundary of its Chelopech underground mine.

According to a statement released by DPM on Wednesday, the standout drill hole EX_BRESPO_03 intersected a 713-meter interval grading 1.31 grams per tonne gold and 1.16% copper starting at a depth of 1,172 meters, and a 398-meter interval grading 1.48 grams per tonne gold and 1.45% copper at a depth of 1,487 meters. The hole is still in progress.

RBC Capital Markets mining analyst Harrison Reynolds noted in a report that these results make BSP "a potentially very high-grade porphyry system," and its proximity to existing mine infrastructure reduces the path risk for eventual economic extraction.

On Wednesday morning, DPM shares rose 3.9% in Toronto to C$47.75, giving the company a market valuation of approximately C$10.6 billion (US$7.7 billion). Over the past year, the stock has traded in a range of C$20.04 to C$60.13.

The discovery is located at the BSP target in the southeastern part of the Brevene exploration license, adjacent to the Chelopech mine concession. Chelopech, located about 75 kilometers east of Sofia, is one of Europe's highest-grade operating gold copper mines and has been in commercial production for over 20 years, serving as the company's flagship asset. DPM stated that recent successful exploration at the nearby Wedge Zone Deep prospect highlights the potential to add resources within and adjacent to the mine. The new mineralized zone lies within a hydrothermal system exceeding 1,000 meters by 1,500 meters in size, with room for further expansion. DPM noted that the scale of the alteration system and the continuity of mineralization encountered to date suggest significant upside potential as drilling continues.

DPM has deployed five high-capacity drill rigs to the BSP target, with plans for up to 15,000 meters of additional drilling by year-end. Reynolds commented, "The key question is whether continuity and geometry can be confirmed to support a resource."

Other drill results released on Wednesday include: EX_BRES_555_02 intersected a 95-meter interval grading 0.43 grams per tonne gold and 0.48% copper starting at a depth of 1,250 meters; EX_BRES_555_02A intersected a 37-meter interval grading 0.53 grams per tonne gold and 0.63% copper at a depth of 1,357 meters.

This discovery marks the company's fourth major find since 2023, following discoveries at Čoka Rakita, Dumitru Potok, and Wedge Zone. CEO David Rae stated in the release, "This is an extraordinary moment for DPM and our shareholders."

DPM plans to submit a Commercial Discovery Certificate after exploration work concludes in September, followed by applications for mining concessions and environmental permits under Bulgaria's regulatory framework.

Four months ago, Chelopech's mine life was extended by four years to 2036. The mine has an estimated 15.3 million tonnes of proven and probable resources grading 2.18 grams per tonne gold, 9.19 grams per tonne silver, and 0.64% copper, containing 1.07 million ounces of gold, 4.52 million ounces of silver, and 216 million pounds of copper. Inferred resources stand at 9.1 million tonnes grading 1.96 grams per tonne gold, 9.38 grams per tonne silver, and 0.57% copper, containing 573,000 ounces of gold, 2.74 million ounces of silver, and 114 million pounds of copper.

DPM expects Chelopech to produce 150,000 to 170,000 ounces of gold and 29 million to 34 million pounds of copper this year.

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