Eldorado Gold Announces a New Discovery at Lamaque and Increased Exposure to the Eastern Abitibi
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NEWS RELEASE
TSX: ELD NYSE: EGO January 15, 2020
Eldorado Gold Announces a New Discovery at Lamaque
and Increased Exposure to the Eastern Abitibi
VANCOUVER, BC – 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, represent ing 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*:
o 27.30m @ 10.20 g/t Au (LS-19-009)
o 12.75m @ 11.51 g/t Au (LS-19-10A)
o 12.30m @ 26.82 g/t Au (LS-19-011)
o 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 ha s 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 hold s 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.
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• 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 g old 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.
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Figure 1: Map of the Lamaque Operations showing position of the Ormaque Zone relative to nearby
deposits and mine infrastructure.
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Figure 2: Simplified geology map of the Ormaque Zone area showing traces of drillholes completed in
2019, previous drillholes in adjacent areas, and surface projection of high grade intervals highlighted in
this release.
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Figure 3: North-south cross section through the Ormaque Zone showing configuration of mineralized vein-
fault network and locations of high grade intercepts listed in Table 1.
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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
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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
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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 Relations
Peter Lekich, Manager Investor Relations
604.687.4018 or 1.888.353.8166
Media
Louise Burgess, Director Communications and Government Relations
604.601.6679 or 1.888.363.8166
Qualified Persons
Dr. 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 explorat ion 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 dia mond 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 Informat ion
Certain 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 b e 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 p rice outlook; and our
strategy, plans and goals, including our proposed exploration, development, construction, permitting and operating plans and p riorities, including
exploration expenses related to the Bruell Gold project, timelines and schedules , the completion of the PEA fo r 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 materiall y different from
any future results, performance or achievements expressed or implied by such forward -looking statements or informa tion.
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, suspension s or delays on our
business and the ability to achieve our goals. In particular, except w here 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 m ore 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 fact ors 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