Eldorado Gold Corporation (“Eldorado” or “the Company”) is pleased
to announce the discovery of a new high-grade gold mineralization
zone at its Lamaque Operations near Val d’Or, Quebec.
This discovery, called the Ormaque Zone, is
located in a previously undrilled area approximately midway between
the historically mined Sigma Deposit and the actively mined
Triangle Deposit, in close proximity to the proposed transportation
decline linking the Triangle underground mine and the Sigma Mill,
all included in the growing Lamaque Operations.
Thirteen holes, totalling 10,096m of drill core,
have been completed to target depth in the discovery area since
July 2019. Assay results have now been received for seven
drillholes, representing 4,424m or 44% of the total drilling.
The Company is also pleased to announce that it
completed two transactions in December 2019 that add exposure to
land packages with early stage exploration opportunities in the
Eastern Abitibi.
Exploration Highlights
- Drillhole highlights from Ormaque Zone include*:
- 27.30m @ 10.20 g/t Au (LS-19-009)
- 12.75m @ 11.51 g/t Au (LS-19-10A)
- 12.30m @ 26.82 g/t Au (LS-19-011)
- 16.25m @ 25.53 g/t Au (LS-19-013A)
*All assays listed in this release are capped at
70.0 g/t Au unless otherwise noted.
PEA Update
The PEA for Lamaque has been delayed to allow
for incorporation of the Ormaque Zone as part of the study,
including the pending assays from the 2019 drill program.
- The PEA will continue to consider the three distinct projects
the Company has previously outlined, including a 2.8km ore
transportation decline, upgrades to the Sigma Mill to allow for
increased throughput, and construction of a paste plant to provide
a long-term tailings solution.
- The PEA will also now include the Ormaque Zone which sits in
very close proximity to the proposed decline route enabling
convenient access for potential future underground drilling and
development and synergies with the proposed decline
infrastructure.
Transaction Highlights
In December 2019, the Company completed two
transactions that add exposure to early stage exploration
opportunities in the Eastern Abitibi.
- Eldorado closed a CAD$4 million strategic investment in QMX
Gold Corporation (QMX). As a result of the investment, the Company
holds 19.99% of QMX’s issued and outstanding common shares (on an
undiluted basis). QMX has an extensive land package to the
north and east of the Lamaque property.
- Eldorado executed an option agreement with Sparton Resources
that allows the Company to earn up to an initial 75% interest in
Sparton’s Bruell Gold project located approximately 35 km east of
the Lamaque project. In consideration for the option the Company
has committed to funding approximately CAD$1.5 million exploration
expenses and paying Sparton CAD$150,000.
George Burns, President and CEO of Eldorado
Gold, said, “The discovery of the Ormaque Zone further confirms the
geological prospectivity of our property and the tremendous
potential we see at Lamaque. Additionally, the transactions
demonstrate our commitment to growing our asset base in Quebec and
increasing our exposure to early-stage exploration in the Eastern
Abitibi. We remain committed to building value for our stakeholders
from our assets in Quebec.”
Ormaque Zone Overview
The Ormaque Zone is centrally located in the
Lamaque property, adjacent to the previously-mined Plug 5 deposit
and approximately 2 km northwest of the Triangle deposit (Figures
1, 2). It was discovered by testing an undrilled gap in the
east-west mineralized corridor that links the historic Lamaque
Mine, the Parallel Deposit, and the Fortune gold zone.
The Ormaque Zone occurs mainly within the
“C-porphyry” diorite, also the principal host to the Sigma Deposit,
along its contact with andesitic volcaniclastic rocks of the
Val-d’Or Formation. High gold grades are associated with
quartz-carbonate-tourmaline veins, both within the veins themselves
and in tourmaline-flooded wallrocks. Coarse visible gold is
common. The mineralized veins are extensional veins to hybrid
extensional shear veins typically dipping 10° to 25° WSW. Both are
spatially associated with steeply NNW-dipping ductile-brittle fault
zones (Figure 3). This vein-fault geometry is similar to that
present at the historical Mine #2, located between the Ormaque Zone
and the Sigma Mine.
Drilling at the Ormaque Zone in late 2019 tested
an area measuring approximately 250m by 300m, at a drill spacing of
50-100m. Significant intercepts to date are summarized below in
Table 1 and locations of 2019 drillholes are summarized in Table
2. Intercepts include numerous individual high grade veins
with grades (uncapped) exceeding 100 g/t Au, as well as multiple
intervals tens of metres thick consisting of stacked extensional
veins within variably mineralized wallrock. Drilling to date has
encountered these zones from 200m to 500m depth from surface. The
vein system has not been tested to greater depths, and remains open
at shallow levels to the north, south, and east. Drilling continues
to test these open areas and to confirm continuity of
mineralization between the reported intercepts.
Table 1: Significant
exploration drillhole intercepts from the Ormaque Zone discovery.
Results are limited to intervals with grade times thickness
exceeding 15 gram/tonne-metres.
HOLE ID |
FROM (m) |
TO (m) |
LENGTH (m) |
TRUE THICKNESS (m) |
Au (ppm) |
Au cap 70ppm (ppm) |
LS-19-008 |
124.20 |
124.70 |
0.50 |
0.44 |
45.08 |
- |
and |
247.10 |
248.85 |
1.75 |
1.48 |
18.39 |
- |
LS-19-009 |
397.30 |
406.90 |
9.60 |
8.16 |
6.28 |
- |
including |
397.30 |
398.10 |
0.80 |
0.68 |
28.76 |
- |
also including |
399.20 |
399.70 |
0.50 |
0.43 |
21.94 |
- |
and |
463.00 |
465.50 |
2.50 |
2.08 |
68.28 |
37.26 |
including |
463.50 |
465.00 |
1.50 |
1.25 |
112.22 |
60.50 |
and |
479.80 |
480.60 |
0.80 |
0.80 |
27.86 |
- |
and |
490.50 |
492.10 |
1.60 |
1.32 |
26.62 |
- |
including |
490.50 |
491.60 |
1.10 |
0.91 |
37.41 |
- |
and |
502.00 |
529.30 |
27.30 |
22.35 |
12.84 |
10.20 |
including |
502.00 |
503.70 |
1.70 |
1.40 |
24.07 |
- |
also including |
508.50 |
509.50 |
1.00 |
0.82 |
29.07 |
- |
also including |
519.30 |
521.40 |
2.10 |
1.72 |
104.30 |
70.00 |
and |
544.50 |
545.20 |
0.70 |
0.57 |
38.25 |
- |
and |
565.80 |
567.00 |
1.20 |
0.96 |
23.30 |
- |
including |
566.40 |
567.00 |
0.60 |
0.48 |
44.32 |
- |
LS-19-010A |
284.50 |
286.30 |
1.8 |
1.52 |
59.24 |
33.78 |
including |
285.00 |
285.80 |
0.80 |
0.68 |
127.28 |
70.00 |
and |
304.70 |
308.80 |
4.10 |
3.44 |
6.48 |
- |
including |
304.70 |
305.20 |
0.80 |
0.67 |
28.32 |
- |
and |
370.60 |
383.35 |
12.75 |
10.36 |
14.56 |
11.51 |
including |
370.60 |
372.20 |
1.60 |
1.30 |
15.94 |
- |
also including |
379.35 |
380.75 |
1.40 |
1.14 |
83.54 |
55.72 |
LS-19-011 |
256.80 |
259.60 |
2.80 |
2.38 |
23.27 |
22.79 |
including |
257.30 |
258.10 |
0.80 |
0.68 |
71.69 |
70.00 |
and |
310.9 |
323.20 |
12.30 |
10.33 |
30.96 |
26.82 |
including |
314.30 |
322.70 |
8.40 |
7.05 |
44.31 |
38.25 |
and |
329.00 |
329.50 |
0.50 |
0.42 |
34.48 |
- |
and |
414.00 |
415.00 |
1.00 |
0.82 |
25.04 |
- |
and |
430.50 |
432.70 |
2.20 |
1.80 |
23.15 |
- |
including |
432.00 |
432.70 |
0.70 |
0.57 |
67.59 |
- |
LS-19-012 |
299.00 |
299.50 |
0.50 |
0.46 |
114.75 |
70.00 |
and |
322.00 |
322.50 |
0.50 |
0.46 |
43.60 |
- |
and |
332.70 |
333.20 |
0.50 |
0.46 |
78.36 |
70.00 |
and |
385.60 |
386.15 |
0.55 |
0.55 |
82.15 |
70.00 |
and |
399.20 |
400.70 |
1.50 |
1.35 |
68.92 |
28.43 |
including |
399.70 |
400.20 |
0.50 |
0.45 |
191.47 |
70.00 |
LS-19-013A |
167.75 |
171.50 |
3.75 |
3.31 |
13.15 |
- |
including |
168.25 |
168.75 |
0.50 |
0.44 |
63.40 |
- |
also including |
171.00 |
171.50 |
0.50 |
0.44 |
28.88 |
- |
and |
394.80 |
411.05 |
16.25 |
13.67 |
34.81 |
25.53 |
including |
394.30 |
396.90 |
2.60 |
2.19 |
14.92 |
- |
also including |
401.65 |
402.80 |
1.15 |
0.97 |
45.36 |
- |
also including |
405.35 |
410.00 |
4.65 |
3.91 |
95.69 |
63.26 |
and |
461.25 |
463.25 |
2.00 |
1.63 |
8.58 |
- |
including |
462.25 |
463.25 |
1.00 |
0.81 |
15.42 |
- |
LS-19-016A |
180.50 |
181.50 |
1.00 |
0.88 |
18.44 |
- |
and |
257.58 |
258.58 |
1.00 |
0.88 |
17.61 |
- |
LS-19-017A |
315.00 |
316.50 |
1.50 |
1.27 |
13.67 |
- |
PV-19-052 |
246.70 |
247.20 |
0.50 |
0.44 |
148.35 |
70.00 |
and |
266.10 |
268.10 |
2.00 |
1.73 |
40.67 |
26.01 |
including |
267.10 |
267.60 |
0.50 |
0.43 |
128.64 |
70.00 |
and |
283.55 |
285.05 |
1.50 |
1.30 |
66.22 |
35.52 |
including |
284.05 |
284.55 |
0.50 |
0.43 |
162.10 |
70.00 |
and |
317.40 |
319.00 |
1.6 |
1.36 |
41.26 |
- |
including |
317.90 |
319.00 |
1.10 |
0.94 |
57.77 |
- |
Table 2: Collar locations and orientations for
drillholes completed in 2019 in the Ormaque Zone area
HOLE ID |
EASTING |
NORTHING |
ELEVATION |
AZIMUTH |
DIP |
LENGTH |
ASSAY RESULT STATUS |
LS-19-008 |
295812 |
5330068 |
324 |
358 |
-56 |
485 |
Complete |
LS-19-009 |
295726 |
5329967 |
324 |
359 |
-59 |
595 |
Complete |
LS-19-010A |
295580 |
5330030 |
324 |
358 |
-56 |
642 |
Complete |
LS-19-011 |
295682 |
5330030 |
324 |
0 |
-56 |
624 |
Complete |
LS-19-012 |
295640 |
5330028 |
324 |
358 |
-61 |
447 |
Complete |
LS-19-013A |
295640 |
5330110 |
324 |
358 |
-58 |
571 |
Complete |
LS-19-014 |
295630 |
5329800 |
324 |
358 |
-55 |
522 |
Pending |
LS-19-015 |
295725 |
5330010 |
324 |
359 |
-57 |
658 |
Partial |
LS-19-016A |
295580 |
5330090 |
324 |
0 |
-55 |
542 |
Partial |
LS-19-017A |
295682 |
5329973 |
324 |
359 |
-57 |
778 |
Partial |
LS-19-018A |
295640 |
5330150 |
324 |
359 |
-57 |
561 |
Pending |
LS-19-019 |
295770 |
5330070 |
324 |
359 |
-57 |
690 |
Pending |
LS-19-020 |
295640 |
5330250 |
324 |
359 |
-55 |
528 |
Pending |
LS-19-021 |
295770 |
5329967 |
324 |
358 |
-59 |
753 |
Pending |
LS-19-022 |
295725 |
5330250 |
324 |
359 |
-55 |
549 |
Pending |
LS-19-023 |
295682 |
5330075 |
324 |
359 |
-56 |
642 |
Pending |
PV-19-052 |
295643 |
5330069 |
324 |
358 |
-60 |
514 |
Complete |
About Eldorado Gold
Eldorado is a gold and base metals producer with
mining, development and exploration operations in Turkey, Canada,
Greece, Romania, and Brazil. The Company has a highly skilled and
dedicated workforce, safe and responsible operations, a portfolio
of high-quality assets, and long-term partnerships with local
communities. Eldorado's common shares trade on the Toronto Stock
Exchange (TSX: ELD) and the New York Stock Exchange (NYSE:
EGO).
Contact
Investor RelationsPeter Lekich,
Manager Investor Relations604.687.4018 or
1.888.353.8166 peter.lekich@eldoradogold.com
MediaLouise Burgess, Director
Communications and Government Relations604.601.6679 or
1.888.363.8166louise.burgess@eldoradogold.com
Qualified PersonsDr. Peter
Lewis P.Geo., Eldorado’s Vice President, Exploration, is the
qualified person as defined by National Instrument 43-101 Standards
of Disclosure for Mineral Projects ("NI 43-101") responsible for,
and has approved the scientific and technical disclosure of the
exploration results contained in this press release. Eldorado
operates its exploration programs according to industry best
practices and employs rigorous quality assurance and quality
control procedures. All results presented are based on half-core
samples of diamond drill core prepared and analyzed at Bourlamaque
Laboratories in Val d’Or, Quebec. All Au assays are based on fire
assay analysis of a 30 gm charge followed by an atomic adsorption
finish. Samples with Au grades above 5.0 g/t were re-assayed
and completed with a gravimetric finish. Certified standard
reference materials, field duplicate and blank samples were
inserted regularly and were closely monitored to ensure the quality
of the data.
Cautionary Note about Forward-looking
Statements and InformationCertain of the statements made
and information provided in this press release are forward-looking
statements or information within the meaning of the United States
Private Securities Litigation Reform Act of 1995 and applicable
Canadian securities laws. Often, these forward-looking statements
and forward-looking information can be identified by the use of
words such as "plans", "expects", "is expected", "budget",
“continue”, “projected”, "scheduled", "estimates", "forecasts",
"intends", "anticipates", or "believes" or the negatives thereof or
variations of such words and phrases or statements that certain
actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved.
Forward-looking statements or information
contained in this release include, but are not limited to,
statements or information with respect to: our mineral
reserves and resources, our guidance and outlook, including
expected production and recoveries of gold, planned capital and
exploration expenditures; our expectation as to our future
financial and operating performance, expected metallurgical
recoveries, gold price outlook; and our strategy, plans and goals,
including our proposed exploration, development, construction,
permitting and operating plans and priorities, including
exploration expenses related to the Bruell Gold project, timelines
and schedules, the completion of the PEA for Lamaque, and the
exercise of the option with Sparton Resources and earning an
interest in the Bruell Gold project.
Forward-looking statements and forward-looking
information by their nature are based on assumptions and involve
known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the
Company to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements or information.
We have made certain assumptions about the
forward-looking statements and information, including assumptions
about mineral reserves and resources and metallurgical recoveries,
the geopolitical, economic, permitting and legal climate that we
operate in; the future price of gold and other commodities;
exchange rates; anticipated costs and expenses; production, the
impact of acquisitions, dispositions, suspensions or delays on our
business and the ability to achieve our goals. In particular,
except where otherwise stated, we have assumed a continuation of
existing business operations on substantially the same basis as
exists at the time of this release.
Even though our management believes that the
assumptions made and the expectations represented by such
statements or information are reasonable, there can be no assurance
that the forward-looking statement or information will prove to be
accurate. Many assumptions may be difficult to predict and are
beyond our control.
Furthermore, should one or more of the risks,
uncertainties or other factors materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in forward-looking statements or
information. These risks, uncertainties and other factors
include, among others, the following: geopolitical and
economic climate (global and local), risks related to the updating
of our resource and reserve models and life of mine plans; mineral
tenure and permits; gold and other commodity price volatility;
recoveries of gold and other metals; results of test work; revised
guidance; risks regarding potential and pending litigation
and arbitration proceedings relating to the Company’s, business,
properties and operations; expected impact on reserves and the
carrying value; mining operational and development risk; foreign
country operational risks; risks of sovereign investment;
regulatory risks and liabilities including, regulatory environment
and restrictions, and environmental regulatory restrictions and
liability; discrepancies between actual and estimated production,
mineral reserves and resources and metallurgical testing and
recoveries; additional funding requirements; currency fluctuations;
community and non-governmental organization actions; speculative
nature of gold exploration; competition; loss of key employees; and
defective title to mineral claims or properties, as well as those
risk factors discussed in the sections titled “Forward-Looking
Statements” and "Risk factors in our business" in the
Company's most recent Annual Information Form & Form
40-F. The reader is directed to carefully review the detailed risk
discussion in our most recent Annual Information Form filed on
SEDAR under our Company name, which discussion is incorporated by
reference in this release, for a fuller understanding of the risks
and uncertainties that affect the Company’s business and
operations.
Forward-looking statements and information is
designed to help you understand management’s current views of our
near and longer term prospects, and it may not be appropriate for
other purposes.
There can be no assurance that forward-looking
statements or information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such statements. Accordingly, you should not
place undue reliance on the forward-looking statements or
information contained herein. Except as required by law, we
do not expect to update forward-looking statements and information
continually as conditions change and you are referred to the full
discussion of the Company's business contained in the Company's
reports filed with the securities regulatory authorities in Canada
and the U.S.
Mineral resources which are not mineral reserves
do not have demonstrated economic viability. With respect to
“indicated mineral resource” and “inferred mineral resource”, there
is a great amount of uncertainty as to their existence and a great
uncertainty as to their economic and legal feasibility. It cannot
be assumed that all or any part of a “measured mineral resource”,
“indicated mineral resource” or “inferred mineral resource” will
ever be upgraded to a higher category.
Except as otherwise noted, scientific and
technical information contained in this press release was reviewed
and approved by Paul Skayman, FAusIMM, Special Advisor to the Chief
Operating Officer for the Company, and a "qualified person" under
NI 43-101.
Photos accompanying this announcement are available at
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