Eldorado Gold Announces High-Grade Extensions to Mineralized Zones at Ormaque, Olympias and Efemcukuru; Provides Details on Global Exploration Programs for 2022
1
NEWS RELEASE
TSX: ELD NYSE: EGO March 29, 2022
Eldorado Gold Announces High-Grade Extensions to Mineralized
Zones at Ormaque, Olympias and Efemcukuru; Provides Details on
Global Exploration Programs for 2022
VANCOUVER, BC – Eldorado Gold Corporation (“Eldorado”, the “Company” or “We”) is
pleased to provide new results from exploration programs at the Lamaque, Efemcukuru and
Kassandra operations. The company is also providing an overview of the 2022 global exploration
program which includes over 150,000 metres of resource expansion and discovery drilling and
over 60,000 metres of resource and conversion drilling.
Exploration Highlights:
Lamaque (Quebec)
• At Ormaque, new drilling indicates that the deposit continues to the east below the Fortune
Zone, including an intercept of 2.3 metres at 16.1 g/t gold (44.6 g/t uncapped*) in drillhole LS-
21-064 corresponding to the eastern extension of Zone E130.
• Also, at Ormaque, drilling below the current resource has identified new zones at depth, with
intercepts of 6.6 metres at 18.7 g/t gold and 2.5 metres at 15.3 g/t gold (37.9 g/t uncapped)
in drillhole LS-21-049.
• An exploration drift is currently being developed to access the upper Ormaque deposit from
the Triangle-Sigma decline to provide drilling platforms for resource conversion.
Efemcukuru (Turkey)
• Resource expansion drilling at Kokarpinar South has identified a high-grade footwall splay to
the principal vein. Notable intercepts include 0.6 metres at 1425.0 g/t gold in drillhole KPR-
071 and 6.1 metres at 14.2 g/t gold in drillhole KPR-082.
Kassandra Mines (Greece)
• Underground resource expansion drilling at Olympias has identified a new mineralized lens
representing the western extension of the Flats Zone. Intercepts here include 10.4 metres at
13.9 g/t gold, 416.0 g/t silver, 15.6% lead, 10.9% zinc in drillhole OL-1068, and 7.1 metres
at 6.4 g/t gold, 466.8 g/t silver, 16.1% lead, 10.0% zinc in drillhole OL-1080.
“We are well-positioned to organically grow our portfolio of assets through exploration success.
In 2021 and early 2022, our global exploration teams were primarily focused on brownfields
resource expansion programs at our operations in Eastern Canada, Turkey and Greece,” said
George Burns, President and CEO of Eldorado Gold Corporation. “Specifically, in Turkey, the
team at Efemcukuru focused on resource conversion and resource expansion at the Kokarpinar
vein system to extend the life of mine beyond six years. In Eastern Canada, the team continued
2
to find high-grade extensions to the Ormaque deposit, and completed drilling programs at the
newly-acquired Bourlamaque property. In Greece, near-mine resource expansion at Olympias
targeted western extensions to the Flats Zone, and surface drilling at Stratoni continued.”
“The Company will continue developing these targets through the remainder of 2022, and
continue to advance our greenfields programs in surrounding areas” continued Burns. “In 2022,
we have increased our exploration program spending by roughly 45%, from 2021 levels, which
demonstrates our strong commitment to delivering value from our existing portfolio.”
* Tables of intercepts from the drilling referenced in this release are included in Appendix 1 and associated
drillhole collar coordinates and orientations are listed in Appendix 2 . Gold grades for drillhole intervals at
the Ormaque deposit listed in this release are capped at 70 g/t gold. Drillhole intercepts are drillhole lengths;
where sufficient geological control exists, estimated true thick nesses of mineralized zones are listed in
Appendix 1.
Interactive VRIFY 3D Model
To view an interactive 3D model that includes the results announced today use the following link
or visit Eldorado Gold's website: https://vrify.com/decks/March-29-PR
2022 Exploration Outlook
Eldorado is committed to growing our resources and reserves and providing long-term growth
through exploration and discovery. Our exploration activities are largely focused on the regions in
which we operate, Canada, Turkey and Greece, and include a broad portfolio of brownfields and
greenfields projects and project generation initiatives. Our 2022 global exploration spending
guidance of $44 million to $48 million provides for over 150,000 metres of resource expansion
and discovery drilling and over 60,000 metres of resource conversion drilling. The guidance also
includes $7 million allocated to the development of an exploration drift at the new Ormaque
deposit in Canada. Approximately 53% relates to expensed programs and the remaining 47% of
the guidance relates to capitalized programs.
Eastern Canada
Since entering the prolific Val-d’Or district in 2017 with the acquisition of Integra Gold, Eldorado
has more than doubled the inferred resources at Lamaque and increased measured and indicated
resources by 85% (before depletion) through expansion of the Triangle deposit and discovery of
the Ormaque deposit, in each case inclusive of mineral reserves. Current exploration activities
continue to target resource expansion and resource conversion at these deposits, as well as
advancing new opportunities in the recently acquired adjacent Bourlamaque project area and
several outlying properties in the Val-d’Or district and greater Abitibi region.
Ormaque Deposit
The recently announced technical study for the Lamaque Project (announced February 24, 2022)
provided an updated inferred mineral resource estimate for Ormaque totalling 839,000 ounces of
gold at a grade of 11.7 g/t gold, and a preliminary economic assessment (“PEA”) for the deposit
with an after-tax net present value (“NPV”) of $197 million based on a $1,500/ounce gold price.
The 2022 exploration program at Ormaque includes 16,900 metres of resource expansion drilling
focussing on three objectives:
1. Additional drilling within the existing resource model;
3
2. Step-out drilling from the high-grade intercepts located just below the current resource
model, which were announced in September 2021 (e.g., 33.9 metres at 16.5 g/t gold) to
define additional resources on these new lower zones; and
3. Testing the overall depth potential of the system and testing for eastward extensions of
the deposit below the Fortune zone, where most historic drilling was limited to 300 metres
depth from surface. Three drill rigs are now active at the Ormaque-Fortune area.
New drilling results include numerous high-grade intervals that either confirm grade continuity
within the inferred resource zones, expand the modelled zones laterally or represent new zones
not currently in the resource model (see Figure 1; Table 1). Results of confirmation drilling within
the current resource area are overall consistent with expectations. Step-out drilling has identified
both extensions to known mineralized zones and new zones outside the current resource. Notable
step-out intercepts highlighting the resource expansion potential at Ormaque include:
• 2.3 metres at 16.1 g/t gold (44.6 g/t uncapped) in drillhole LS-21-064, corresponding to
the eastern extension Zone E130 beneath the previously drilled Fortune Zone; and
• 6.6 metres at 18.7 g/t and 2.5 metres at 15.3 g/t gold (37.9 g/t uncapped) in drillhole LS-
21-049, corresponding to new mineralized zones just below the current Ormaque
resource.
Figure 1: Geological map of the Ormaque deposit area, showing surface projection of mineralized
zones (pink shaded area) and collar locations and surface traces of new drillholes presented in
this news release.
4
The recently completed Triangle-Sigma decline passes just west of the upper part of the Ormaque
deposit. The construction of the decline exposed several gently south-dipping high-grade quartz-
carbonate-tourmaline extension veins spatially associated with steeply-south dipping shear veins.
These features are interpreted as the western extensions of mineralized zones E010 and E020
at Ormaque and validate the geological model on which the mineral resource and PEA are based.
An exploration drift is being developed into the upper Ormaque deposit from the Triangle-Sigma
decline to provide access for underground resource conversion drilling of the deposit. The
resource conversion drilling program is scheduled to commence in May 2022, with plans for at
least 20,000 metres of drilling over the coming year.
Sigma-Lamaque Property early-stage exploration
The 2022 exploration program at Lamaque allocates over 20,000 metres of surface and
underground drilling to test early-stage targets on the Sigma-Lamaque property. These targets
include:
• Sigma Nord, a mineralized shear zone to the north of the historic Sigma mine, where
widely-spaced previous drilling cut several high-grade intersections within shear-hosted
quartz tourmaline veins associated with ultramafic rock contact zones.
• Lamaque Mine extensions/Vein #6 and SW targets, consisting of the extensions to the
west and south of some of the more prolific shear-hosted veins from the historic Lamaque
mine.
• Sigma East extension, located just east of the historic Sigma mine, further testing high-
grade intercepts of shear-hosted quartz tourmaline veins from previous drilling programs.
• Parallel deposit extension, representing the east extension the shear-hosted veins from
the Lamaque deposit and the western extension of the Ormaque deposit.
• Plug #5 targeting an poorly-tested satellite intrusion for shear-hosted mineralization similar
to that at the Triangle deposit.
Bourlamaque Property
The recently acquired Bourlamaque Property covers approximately 20,000 hectares contiguous
with the Sigma-Lamaque property. It covers a strike length of over 30 km of prospective
stratigraphy to the north of the Larder Lake – Cadillac Fault Zone, and includes several former
producing mines (Lac Herbin, Ferderber, Dumont, Bevcon, Louvicourt) and undeveloped
resources (Bonnefond) (see Figure 2).
5
Figure 2: Geological map of the Bourlamaque and Sigma-Lamaque properties, showing locations
of current advanced stage projects.
The 2022 exploration program at Bourlamaque totals over 37,000 metres of drilling, much of
which is allocated to the Bevcon and Herbin projects. In addition, targeting work over the entire
property is ongoing, incorporating results of geophysical survey data, compilation of the extensive
historical exploration and mining data and field mapping planned for the upcoming summer
months. Drilling is currently underway at Bevcon, testing along-strike extensions of gold zones
that were historically mined at the Bevcon Mine. Bevcon produced approximately 478,000 ounces
of gold at 4.4 g/t from 1947 through 1965. Ore mined at Bevcon was controlled by subvertical
east-west shear zones closely following the northern contact of the Bevcon intrusion and included
both discrete high-grade quartz tourmaline veins and zones of stockwork-style veins. The current
program was initiated in late 2021 and will test a 1.5 km long target area to the west of the mine
with up to 22,000 metres of drilling. An initial drill program in this target area conducted by QMX
Gold Corporation in 2017 and 2018 confirmed the presence of high gold grades.
The Herbin exploration program will test several target areas peripheral to the previously mined
deposits at the Lac Herbin, Ferderber and Dumont mines, which cumulatively produced
approximately 1.1 million ounces of gold at a grade of 6.1 g/t gold. These mines all produced
from quartz-tourmaline-carbonate vein systems associated with steeply-dipping east-west shear
zones cutting the Bourlamaque batholith, commonly coincident with deformed mafic dykes (see
Figure 3). The 2022 drilling program has 13,000 metres drilling planned, commencing in the
second quarter. Areas that will initially be targeted include:
1. The gap between the River Zone and the Lac Herbin mine;
2. Southwest extensions of mineralized shear zones previously mined at Lac Herbin; and
6
3. Between the Ferderber and Lac Herbin mines, the down-dip and western extension of
the FL zone.
Figure 3: Satellite image of the Lac Herbin area, showing surface projection of historical mining
areas, traces of mineralized shear zones and targets of 2022 drilling campaign.
Regional Projects
Eldorado is advancing several early-stage projects in the Abitibi region outside of the Sigma-
Lamaque and Bourlamaque properties, providing opportunities for resource growth that are within
trucking distance of the Sigma mill or support stand-alone operations.
Bruell: The Bruell property, located 40 km east of Val-d’Or, is being explored under an option
agreement with owner Sparton Resources. Gold mineralization identified in shallow shafts and
drillholes on the property is associated with quartz veins hosted in altered shear zones, most
commonly proximal to the Bruell granodiorite intrusion. Fieldwork programs comprising geological
mapping and prospecting, magnetic surveying, and till and soil sampling have defined targets
which will be tested by an ongoing 5,000 metre drilling program.
Uniacke/Perestroika: The Uniacke/Perestroika project consists of the wholly owned Uniacke
Property and the adjoining Perestroika and Perestroika West properties being explored under
option agreements with Gold Royalties Inc. and Val-D’Or Mining respectively. The properties
straddle several strands along the eastern end of the regionally well-endowed Destor-Porcupine
Fault Zone, which has received relatively little exploration attention in this region due to
widespread Quaternary cover.
Montgolfier: The wholly owned Montgolfier project covers an area of 34,290 hectares, spanning
a strike length of 50 km along the southern strand of the Casa Berardi Fault Zone. The area is
7
prospective for orogenic gold systems similar to Casa Berardi but has received limited exploration
due to Quaternary cover. The 2022 exploration program includes sonic drilling to refine bedrock
targets, followed by up to 3,500 metres of diamond drilling, depending on the results of the till
sampling program.
Kirkland Lake Belt Properties: In 2021, Eldorado signed separate option agreements with Gold
Royalty Corp. and Val-d’Or Mining Corporation covering five properties (totalling 7,480 hectares)
in the Kirkland Lake region. Both agreements are based on staged expenditures over a five-year
period allowing Eldorado to earn a 70% interest in the properties, and a second option to earn an
additional 10% by delivering a PEA. The 2022 exploration program on the option properties is
based on fieldwork programs (mapping, prospecting, outcrop stripping, geophysics) with the
objective of defining targets for initial drill-testing in 2023.
Turkey
Current exploration programs in Turkey are focused on resource expansion and resource
conversion drilling at Efemcukuru and regional early-stage greenfields projects.
Efemcukuru: Kokarpinar and Bati vein systems
Kokarpinar and Bati are satellite vein systems to the Kestane Beleni vein, which contains all
mining to date and hosts a majority of the reserves at Efemcukuru. The veins at Kokarpinar and
Bati dip moderately to steeply to the east and northeast, parallel to the Kestane Beleni vein.
Mineral resources at both occur within discrete ore shoots typically not exceeding 200 metres
strike length and 300 metres dip extent, and vein widths in most areas vary from around a metre
to about five metres.
Recent resource conversion drilling at Kokarpinar has focused on the southernmost ore shoots
(Kokarpinar South). Results of this drilling are consistent with grades and thicknesses predicted
in the current resource model, but have also defined a previously unrecognized narrow but high-
grade splay in the footwall to the main vein. Intercepts in this footwall splay include:
• 0.6 metres at 1425.0 g/t gold in drillhole KPR-071
• 6.1 metres at 14.2 g/t gold in drillhole KPR-082
• 0.5 metres at 403.0 g/t gold in drillhole KV-811
• 7.6 metres at 8.4 g/t gold in drillhole KV-806
• 0.7 metres at 214.0 g/t gold in drillhole KV-815
Drilling to date has defined this footwall vein over a strike length of 750 metres and a dip extent
of 200 metres (see Figure 4).
Step-out drilling at Kokarpinar South has also extended the high-grade shoot downdip from the
current resource area. Drillholes KPR-093 and KPR-104 intersected 12.6 metres at 13.9 g/t gold
and 2.5 metres at 14.6 g/t gold respectively, both approximately 80 metres downdip from the
previous drillholes.
8
Figure 4: Longitudinal section of the Kokarpinar South footwall splay zone, showing piercing
points of drillholes reported in this news release and grade times thickness contours.
The focus of drilling at Efemcukuru has now shifted to resource conversion drilling at the Bati vein
system, with four surface drills and one underground drill active. Up to 25,000 metres of resource
conversion drilling are planned at Bati, followed by additional step-out drilling targeting untested
splays of the system. Surface drilling is also ongoing at Efemcukuru west, with an initial 20,000
metres program on the previously untested Muhtar, Dedebag, Volkan and Huseyinburnu veins.
Regional Projects
Eldorado continues to explore in regions of Turkey that offer strong exploration potential, social
and political environments attractive for resource exploration and development, and availability of
quality exploration opportunities. Current programs are focused on the Eastern Pontides including
the Artvin/Hod Maden and Aydogantepe areas, the Izmir-Ankara Suture Zone, and the Central
Anatolian Crystalline Complex (CACC). Project generation activities and early-stage project work
within the latter are being conducted within a joint venture company with a Turkish partner.
Approximately 7,500 metres of drilling are planned for 2022 to test early-stage targets at regional
projects, including at the recently acquired Kurak license immediately north of the Hod Maden
deposit.