DPM Metals has announced a significant gold-copper porphyry discovery at its Brevene South Porphyry target in Bulgaria, with a single hole cutting 713 metres grading 1.31 grams per tonne gold and 1.16% copper — results that analysts say could distinguish the site as one of Europe’s most compelling new porphyry systems.
Standout hole EX_BRESPO_03, drilled approximately one kilometre from the reserve footprint of the operating Chelopech underground mine, returned the 713-metre interval from 1,172 metres downhole, including a higher-grade core of 398 metres at 1.48 grams gold and 1.45% copper from 1,487 metres depth. The hole remains in progress. RBC Capital Markets analyst Harrison Reynolds described the results as distinguishing BSP as “a potentially very high-grade porphyry system,” adding that proximity to existing mine infrastructure materially de-risks the path to eventual economic extraction.
DPM shares rose 1.6% to C$46.70 in Toronto on Wednesday, valuing the company at approximately C$10.3 billion ($7.5 billion).
The BSP target sits within the southeastern portion of the Brevene exploration licence, contiguous with the Chelopech mine concession approximately 75 kilometres east of Sofia. The new mineralised zone lies within a hydrothermal alteration system measuring more than 1,000 by 1,500 metres and remains open for expansion. Additional holes released Wednesday include 95 metres at 0.43 grams gold and 0.48% copper from 1,250 metres, and 37 metres at 0.53 grams gold and 0.63% copper from 1,357 metres.
DPM has mobilised five high-capacity drill rigs to the target and plans up to 15,000 additional metres of drilling by year-end. The company is targeting a Commercial Discovery Certificate after exploration work concludes in September, followed by a mining concession application and environmental permitting. The discovery is DPM’s fourth significant find since 2023, following Čoka Rakita, Dumitru Potok and Wedge Zone.
Chelopech, one of Europe’s highest-grade operating gold-copper mines, had its operating life extended by four years to 2036 four months ago. DPM forecasts Chelopech will produce 150,000 to 170,000 ounces of gold and 29 to 34 million pounds of copper this year.
