Eldorado Gold outlines plans for Ormaque deposit, Quebec
Eldorado Gold Corp. [TSX-ELD; NYSE-EGO] has released an update on exploration results from the Ormaque deposit, part of its Lamaque Complex in Quebec.
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.
Key mineralized intercepts are present below and south of the current mineral resources for at least 350 metres. Highlights include 10.15 metres of 8.28 g/t gold (9.94 g/t gold uncapped) in drill hole FOR-22-027, approximately 350 metres southeast of the current resource.
Drill hole LS-23-095 returned 11.55 metres at 9.95 g/t gold, approximately 30 metres south of the current resource.
Measured and indicated resources at Ormaque stand at 191,000 ounces. On top of that is an inferred resource of 927,000 ounces.
“We are excited to see Ormaque resources continue to grow, adding ounces to both indicated and inferred resources, as reported in our September 30, 2023 mineral reserve and resource statement, published on December 13, 2023,’’ said Eldorado President and CEO George Burns.
“In addition to this we are encouraged by the results of our 2023 exploration program that increase our confidence and demonstrate opportunity for expansion beyond the current mineral resource,’’ he said.
Burns went on to say that plans are being advanced to declare initial reserves for Ormaque in late 2024 with completion of a pre-feasibility study. Meanwhile, he said exploration drilling will continue to test resource expansion opportunities.
“We will also drive a drift off the decline next year into one of the lenses for a bulk sample to test our geological assumptions, mining method and for metallurgical test work,’’ Burns said. “Additionally, our exploration team continues to explore other near mine opportunities in the Val-d’Or district, capitalizing on our strategic footprint in the prolific Abitibi region.’’
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 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.
Eldorado released updated 2023 gold reserves of 11.7 million ounces, down from 12.3 million ounces in 2022, a decrease of 5.0% (excluding depletion, reserves remained relatively flat).
Total measured and indicated resources at the Lamaque Complex stand a 1.87 million ounces. On top of that is an inferred resource of 3.23 million ounces.
On Wednesday, Eldorado Gold shares eased 1.04% or 17 cents to $16.08. The shares trade in a 52-week range of $18.30 and $10.69.