Eldorado Gold posts 45% reserve increase at Lamaque, Quebec
Eldorado Gold Corp. [ELD-TSX; EGO-NYSE] has released its updated mineral reserve and mineral resource estimates as of September 30, 2024.
As of that date, the company’s proven and probable reserves totalled 11.9 million ounces, marking a 2.0% increase from the previous mineral resource statement in September 30, 2023.
“Our updated mineral resource estimate provides a solid foundation and underpins our production profile over the next decade and beyond,” said Eldorado President and CEO George Burns.
Based in Vancouver, Eldorado is a mid-tier gold and base metals producer with an international portfolio that includes mining, development and exploration projects in Turkey, Canada, Greece, Romania, and Brazil. Key operations include the Kisladag and Efemcukuru mines in Turkey, the Olympias Mine in Greece, and the Lamaque Mine in Quebec.
The company has previously said it is on track to produce between 475,000 and 515,000 ounces of gold this year at an all-in-sustaining cost of US$1,190 and US$1,290 an ounce.
Burns said the increase in mineral reserves was driven by increases at the Lamaque Complex and Efemcukuru that extends reserve mine life significantly and complements the company’s already long mine life assets at Skouries, Kisladag and Olympias.
The Lamaque Complex Mineral Reserve increased by 45%, driven primarily by the declaration of an inaugural mineral reserve at Ormaque of 619,000 ounces. “This follows a solid track record of successfully replacing mineral reserves since acquiring the asset in 2017 and sets up the Lamaque Complex for the long-term with two underground mines with significant inferred mineral resource conversion potential and exploration upside,” Burns said.
The Lamque Complex includes the Triangle Mine (Upper and Lower), the Ormaque Deposit, the Parallel Deposit, the Plug #4 Deposit and Sigma Mill.
Eldorado completed over 11,500 metres of resource expansion drilling at Ormaque in 2023. This drilling has identified new zones characterized by high-grade veins similar in style and geometry to those hosting the Ormaque deposit.
“In addition, at Efemcukuru, we increased mineral reserves by 23%, resulting in an extension of the mine life by an additional two years to an updated mine life of eight years,’’ Burns said. “Efemcukuru has been a reliable producer since 2011, and our team remains committed to exploring opportunities to extend the mine life further.’’
Burns went on to say that during 2025, the focus will continue to be on extending the mine life at the company’s existing operations and testing near-mine exploration targets, while seeking a discovery from a highly prospective portfolio of early stage exploration targets in Canada and Turkey. On Thursday, Eldorado God shares eased 2.04% or 50 cents to $23.9. The shares trade in a 52-week range of $26.32 and $13.10.