By Charles Pitts
Dundee Precious Metals (DPM) has announced a significant exploration breakthrough at its Brevene South Porphyry (BSP) target, located on the southeastern flank of the company’s flagship Chelopech mine in Bulgaria. The most recent assay results from the ongoing drill hole EX_BRESPO_03 have yielded a massive 713-meter intercept grading 1.31 g/t gold and 1.16% copper, starting from a downhole depth of 1,172 meters.
The intercept, which translates to approximately 2.52 g/t gold equivalent (AuEq), represents one of the most substantial mineralized intervals reported in the region in recent years. More significantly, the hole was still in progress and still in mineralization at the time of reporting, having reached a total depth of 2,031 meters.
This discovery at Brevene South underscores the potential for a large-scale, high-grade porphyry system existing at depth, situated approximately 1,000 meters vertically below the surface. The proximity to the existing Chelopech infrastructure provides a strategic advantage that few greenfield discoveries can claim, potentially streamlining future development timelines and capital requirements.
Deep-Level Exploration Yields Record Grades
The Brevene South discovery is the result of a targeted deep-drilling campaign designed to test geological anomalies below the known Chelopech ore bodies. Hole EX_BRESPO_03 was specifically positioned to follow up on prior indicators of a “blind” porphyry system: one that does not outcrop at the surface.
Within the broader 713-meter interval, DPM identified a higher-grade core consisting of 398 meters grading 1.48 g/t gold and 1.45% copper (3.00 g/t AuEq), beginning at 1,487 meters downhole. The continuity of mineralization across such a vast distance suggests a robust hydrothermal system capable of supporting a tier-one resource.
“These results from Brevene South are truly exceptional,” noted a technical representative from DPM Metals. “The combination of high copper and gold grades over such a long interval is a hallmark of a major porphyry center. To find this level of mineralization literally adjacent to our existing mine is a game-changer for the long-term life of the Chelopech complex.”
Strategic Integration with Chelopech Infrastructure
The location of Brevene South, roughly 1.5 kilometers from the current underground workings of Chelopech, is perhaps as important as the grades themselves. Chelopech is a world-class underground copper-gold mine known for its implementation of digital technologies and high operational efficiency.
By leveraging the existing shaft complex, ventilation networks, and processing facilities, DPM could theoretically bring Brevene South into production with significantly lower hurdles than a standalone project. The mine currently utilizes a concentrate production process that is well-suited for the mineralogy typically found in Bulgarian porphyry systems.
The infrastructure synergy also extends to the workforce and regulatory environment. DPM has operated in Bulgaria for over two decades, establishing a deep relationship with the local community and the Ministry of Energy. This institutional knowledge is critical as the company pivots toward the deeper, more technically challenging extraction required for a 1,000-meter-deep deposit.
Technical Profile: The Brevene South Porphyry
Porphyry deposits are the primary source of the world’s copper and a significant contributor to gold production. However, they are typically lower grade than the intercept seen in EX_BRESPO_03. A grade of 1.16% copper is roughly double what is often seen in large-scale open-pit porphyry mines in the Americas.
The mineralization at Brevene South is hosted within intensely altered intrusive rocks, showing characteristic potassic and phyllic alteration patterns associated with high-grade mineralized centers. Geologically, the deposit sits within the Panagyurishte mining district, part of the Tethyan Metallogenic Belt, which is renowned for its rich copper-gold deposits stretching across Southeastern Europe and into Asia.
DPM’s success here is a testament to the advancements in deep-earth geophysical modeling and directional drilling. Mapping a “blind” target at these depths requires precise coordination between geological theory and real-time data monitoring from the control room.
2026 Exploration Outlook: 15,000 Meters Planned
The discovery has prompted an immediate expansion of DPM’s exploration budget for the remainder of 2026. The company has announced plans for an additional 15,000 meters of drilling focused specifically on defining the boundaries of the Brevene South system.
Current objectives for the exploration team include:
- Defining the Lateral Extent: Determining how far the high-grade core extends to the north and south.
- Depth Persistence: Completing hole EX_BRESPO_03 and beginning new “daughter” holes to test the vertical limits of the mineralization.
- Infill Drilling: Increasing the density of drill points to move toward an initial NI 43-101 compliant resource estimate.
Investors and analysts are closely watching the “step-out” holes, which will determine if Brevene South is a singular high-grade pipe or part of a much larger cluster of porphyry mineralized centers.
| Drill Hole | From (m) | To (m) | Interval (m) | Gold (g/t) | Copper (%) | AuEq (g/t) |
|---|---|---|---|---|---|---|
| EX_BRESPO_03 | 1,172 | 1,885 | 713 | 1.31 | 1.16 | 2.52 |
| including | 1,487 | 1,885 | 398 | 1.48 | 1.45 | 3.00 |
| Current Status | – | – | 2,031+ | Still in mineralization | – | – |
Data Source: DPM Metals technical reporting, June 2026.
Market Context: Copper and Gold as Strategic Assets
The timing of the Brevene South discovery aligns with a broader global push for critical minerals. Copper is essential for the energy transition, required for everything from electric vehicle motors to massive grid expansions. Uranium and other energy-related commodities have seen similar interest as the “energy nexus” becomes a primary driver of mining investment.
Dundee Precious Metals is positioning itself as a key European supplier of these metals. While many new projects face years of permitting delays and ESG (Environmental, Social, and Governance) hurdles, DPM’s established presence in Bulgaria provides a degree of derisking that is highly valued in the current market.
As seen in recent M&A activity across the sector, large producers are increasingly looking to acquire assets that offer both high grade and low geopolitical risk. Bulgaria, as a member of the European Union, offers a stable regulatory framework compared to some of the more volatile jurisdictions in the “copper belt” of Africa or the Andes.
Broader Impact on the Balkan Mining Sector
The success at Brevene South is likely to spark renewed interest in the entire Balkan region. Historically, Bulgaria and Serbia have been under-explored using modern deep-drilling techniques. DPM’s results prove that significant, high-grade deposits remain “hidden” beneath existing mines.
We are already seeing similar trends in neighboring Serbia, where projects like Čoka Rakita have demonstrated that the Tethyan belt still holds major surprises. For operators, the lesson is clear: the next generation of “tier-one” mines may not be found on the surface, but thousands of meters below current production levels.
Conclusion and Next Steps
Dundee Precious Metals has delivered a standout result that justifies its aggressive exploration strategy. The 713-meter intercept at Brevene South is a rare occurrence in the porphyry world, combining exceptional length with high-grade metal content.
As the company continues its 15,000-meter drilling program, the mining industry will be looking for confirmation that this is a repeatable, scalable discovery. If subsequent holes confirm the continuity of the 3.00 g/t AuEq core, Brevene South could move from an exploration target to a core development project for DPM within the next 24 months.
For now, the focus remains on the rigs. With hole EX_BRESPO_03 still spinning in mineralized rock, the full extent of this “blind” discovery is yet to be realized.
