11:07 AM EDT, 09/11/2024 (MT Newswires) -- Dundee Precious Metals ( DPMLF ) on Wednesday reported drill results from the Dumitru Potok and Frasen copper-gold prospects near the Coka Rakita project in Serbia.

Results included 63 meters testing at 1.74% copper, 2.18 grams per tonne (g/t) gold and 9.04 g/t silver.

Dundee said the drill results confirm the large-scale potential for stratabound skarn copper-gold-silver mineralization and additional potential for high-grade sandstone-hosted skarn mineralization.

"These new results highlight the high-grade nature of what we are seeing from our exploration activities and confirm the large-scale potential for further high-grade copper-gold mineralization at Coka Rakita and the surrounding licenses," President and CEO David Rae said.

The company said it continues to advance its drill program, completing over 22,000 meters and 28 drill holes since the previous update in February.

National Bank of Canada reiterated its outperform rating on Dundee and $16.00 price target following the news.

The bank said its thesis considers Dundee's elevated free cash flow, discounted valuation, optionality at Coka Rakita and solid balance sheet.

Dundee shares were last seen down $0.12 to $12.86 on the Toronto Stock Exchange.

Price: 12.86, Change: -0.12, Percent Change: -0.92