Eldorado Gold reports drilling progress at three projects, shares up

Eldorado Gold Corp. [ELD-TSX; EGO-NYSE] provided an update on exploration results at Lamaque, Efemcukuru and Olympias since the last exploration update in March, 2022. So far this year, the company has completed over 85,000 metres of exploration drilling and is on track to complete the planned 2022 drilling program of 140,000 metres.

“We are encouraged by the results and progress of our 2022 exploration program across the portfolio,” said George Burns, president and CEO. “New results demonstrate the significant potential to increase resources at Ormaque, supporting our development strategy in Quebec. As well, the completion of the Ormaque exploration drift early in the third quarter has provided access to drill platforms for resource conversion drilling of the upper two-thirds of the Ormaque deposit. Additionally in Quebec, our team is advancing other near-mine and district opportunities in the Val d’Or region, capitalizing on our expanded regional footprint.

“At Efemcukuru, we have encouraging results from initial drilling at the previously untested West Vein system, and resource conversion drilling is continuing on the Kokarpinar and Bati vein systems. We expect to incorporate results of the conversion drilling in our updated reserves and resource statement by the end of the year,” continued Burns. “The discovery of the North zone extension at Olympias highlights the outstanding resource expansion potential at this world-class asset.”

Resource expansion drilling highlights: At Lamaque, Ormaque step-out drill holes have identified extensions of several of the mineralized zones well outside of the current resource area. Notable step-out intercepts include two metres at 67.01 g/t gold in drill hole LS-21-078, corresponding to zone E040; 1.75 metres at 16.76 g/t gold in drill hole LS-21-078, corresponding to zone E200; 4.0 metres at 13.15 g/t gold (53.08 g/t gold capped) in drill hole LS-21-085, representing a new mineralized lens below the current resource; and 5.0 metres at 16.37 g/t gold in drill hole FOR-22-022.

At Efemcukuru (Turkiye), encouraging drilling results from the previously untested West Vein target area highlight the resource growth potential outside of the Kestane Beleni and Kokarpinar vein systems. These include intercepts of 2.05 metres at 16.76 g/t gold and 1,702.0 g/t silver in drill hole KV-837; 1.85 metres at 19.73 g/t gold and 73.0 g/t silver in drill hole KV-833; 2.0 metres at 7.96 g/t gold and 17.9 g/t silver in drill hole KV-834; and 1.35 metres at 13.00 g/t gold and 15.0 g/t silver in drill hole KV-842.

Kassandra Mines (Greece): At Olympias, step-out drilling from the North zone demonstrates the high-grade resource growth potential situated close to existing development in the upper part of the operating mine, including new intercepts of 6.1 metres at 20.60 g/t gold and 668.4 g/t silver in drill hole Ol-1109; 5.5 metres at 10.66 g/t gold and 19.5 g/t silver in drill hole Ol-1110; and 5.2 metres at 4.33 g/t gold and 73.6 g/t silver in drill hole Ol-1108.

Lamaque (Quebec): The company’s Eastern Canada exploration priorities include resource expansion and resource conversion drilling at the Ormaque and Triangle deposits, advancing other brownfields opportunities in the Val d’Or camp, including the Bourlamaque (formerly QMX) property, and exploring several outlying properties in the southern Abitibi region.

Resource expansion drilling at Ormaque totals over 16,000 metres year to date (16,900 metres planned). This drilling has identified both lateral extensions to known mineralized zones and new zones below the current mineral resources.

Notable results include 2.0 metres at 30.58 g/t gold (67.01 g/t gold uncapped) (drill hole LS-21-078) in lens E040, corresponding to a 50-metre step-out from the current resource; 1.75 metres at 16.76 g/t gold (drill hole LS-21-078), corresponding to a 270-metre step-out to the west of the current resources and a possible extension of lens E200; 4.0 metres at 13.15 g/t gold (53.08 g/t gold uncapped) (drill hole LS-21-085) representing a new mineralized lens approximately 180 metres below the current resource; and 5.0 metres at 16.37 g/t gold (drill hole FOR-22-022) from approximately 250 metres southeast of the current resource, representing a potential new zone in a poorly tested area.

Outside of Lamaque, the company has completed over 36,000 metres of brownfields exploration drilling in 2022 in the Val d’Or region, most significantly at the Bevcon, Herbin and Bruell projects.

Exploration drilling at the Bevcon project is targeting extensions to the mineralized zones that were historically mined at the

Two drill rigs are operating at the Herbin project, with over 9,000 metres (20 drill holes) of the 13,000-metre 2022 program now completed.

Recent drilling at Efemcukuru has targeted untested veins in the western part of the license area. These veins, located between 400 and 1,500 metres west of the currently producing Kestane Beleni vein, include the Muhtar (I and II), Huseyinburnu, Dedebag and Volkan veins, collectively referred to as the West veins.

Initial drill testing of parts of the Muhtar II vein began in early 2022 with a total of 7,030 metres in 23 drill holes completed to date. Several have intersected significant gold and silver mineralization within a segment of the vein measuring approximately 100 metres in strike length and extending down dip for approximately 250 metres.

Notable intercepts include 2.05 metres at 16.76 g/t gold and 1,702.0 g/t silver (drill hole KV-837); 1.85 metres at 19.73 g/t gold and 73.0 g/t silver (drill hole KV-833); 2.0 metres at 7.96 g/t gold and 17.9 g/t silver (drill hole KV-834); and 1.35 metres at 13.00 g/t gold and 15.0 g/t silver (drill hole KV-842).

Continuing drilling of the West Vein target area is currently testing the step-out of the Muhtar veins, and will shift to the Huseyinburnu, Volkan and Dedebag vein targets later in the year and into early 2023.

Resource conversion drilling at Efemcukuru has been focused on the Kokarpinar and Bati vein systems.

At the Olympias operation in Greece, recent underground exploration drilling targeted extensions to high-grade indicated and inferred resource lenses of the North zone in the upper part of the mine. A total of 1,151 metres were drilled in 10 drill holes at the North zone. Several of these intersected high-grade massive sulphide intervals up-dip from the current resource, including 6.1 metres at 20.60 g/t gold and 668.4 g/t silver (drill hole Ol-1109); 5.5 metres at 10.66 g/t gold and 19.5 g/t silver (drill hole Ol-1110); 5.2 metres at 4.33 g/t gold and 73.6 g/t silver (drill hole Ol-1108).

These intercepts are in a previously untested area and represent a step-out of over 180 metres from the nearest drill holes defining the North zone. The North zone remains open both along strike and up-dip from these intercepts and further step-out drilling is planned from surface drill platforms in 2023.

In morning trading Eldorado shares gained $0.23 to $9.22.