Eldorado Gold outlines long term potential of Quebec mine
Eldorado Gold Corp. [ELD-TSX; EGO-NYSE] has announced the results of an technical report that features an updated life-of-mine plan for the Lamaque Complex in Quebec.
“Based on the existing resource base and favourable findings of the report, we maintain an optimistic view of the long-term potential of the Lamaque Complex,’’ the company said in a press release.
Located in the Val d’Or mining district, the Lamaque Complex includes the Triangle Mine (Upper and Lower), the Ormaque Deposit, the Parallel Deposit, the Plug #4 Deposit and Sigma Mill.
The updated life-of-mine plan is based on mineral reserves from Triangle, Ormaque and Parallel deposits l (the reserve case), and a preliminary economic assessment extended life of mine plan primarily based on the inferred mineral resources from Triangle and Ormaque (the PEA case).
The reserve case outlines an eight-year mine life through 2032, producing 1.2 million ounces of gold, or average annual production above 175,000 ounces through 2028 at an all-in-sustaining cost of US$1,176 an ounce.
Highlights of the PEA case include incremental gold production of 1.5 million ounces, showing the potential to extend the mine life to 17 years through 2041. The PEA case also sees the potential to maintain average annual gold production above 185,000 ounces through 2036 at an all-in-sustaining cost of US$1,149 per ounce, providing a long runway for the Lamaque Complex and the company’s overall business in Quebec.
On Tuesday, Eldorado Gold shares eased 1.14% or 25 cents to $22.03. The shares trade in a 52-week range of $26.32 and $13.10.
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.
Eldorado delivered gold production of 520,293 ounces in 2024, including 196,538 ounces from the Lamaque Complex.
“This marks another major milestone for the Lamaque Complex,’’ said Eldorado President and CEO George Burns. “After acquiring the asset in 2017, we successfully brought the Triangle deposit into commercial production in 2019, and it has since produced nearly one million ounces of gold,’’ he said.
“With the development of the Ormaque deposit, we will be adding a second underground mine to the Lamaque Complex, which provides operational flexibility and efficiency as we leverage the existing plant and infrastructure.”
Ormaque is located just off the existing Triangle-Sigma decline and was discovered through surface drilling in 2019. An inferred mineral resource was declared in February, 2021, and an exploration drift was developed to allow underground conversion drilling of the upper sections of the deposit. A bulk sample of Ormaque material was processed at the Sigma Mill in December [2024] and preliminary results are in line with expectations and support the current Ormaque Minerals Reserves and block model. A second phase of the bulk sample is expected for the second half of 2025, followed by an expected ramp-up phase beginning in 2026. “We expect to reach full production in 2028,” Burns said.