Eldorado Gold Identifies New Mineralized Lenses at Ormaque; Multiple Styles of High-Grade Mineralization at Bonnefond; Kokarpinar Vein Extension Drilled at Efemcukuru
NEWS RELEASE
TSX: ELD NYSE: EGO September 27, 2021
Eldorado Gold Identifies New Mineralized Lenses at Ormaque;
Multiple Styles of High-Grade Mineralization at Bonnefond;
Kokarpinar Vein Extension Drilled at Efemcukuru
VANCOUVER, BC – Eldorado Gold Corporation (“Eldorado”, the “Company” or “We”) is
pleased to provide an update of results from exploration projects at the Lamaque and Efemcukuru
operations. Brownfield exploration activities at these sites included a combination of resource
conversion drilling, step-out drilling of existing resources and testing new near-mine targets.
• Ormaque: Infill drilling at the Ormaque deposit at the Lamaque operations has confirmed
grade continuity within ore lenses of the maiden inferred resource and has expanded
several lenses laterally. Drillholes testing deeper levels identified several new mineralized
zones. Notable step-out intercepts include 2.2 metres at 21.3 grams per tonne (g/t) gold
(51.4 g/t gold uncapped) and 1.0 metres at 40.4 g/t gold. Intercepts from new zones
include 5.3 metres at 25.0 g/t gold and 33.9 metres at 16.5 g/t gold.
• Bonnefond: Significant drill results from the Bonnefond deposit in the recently acquired
Bourlamaque project area (formerly QMX project area) include 50.2 metres at 6.0 g/t
gold from an extension veinlet zone within the Bonnefond tonalite and 12.9 metres at 5.1
g/t gold from shear vein hosted mineralization cutting across the tonalite.
• Efemcukuru: Drilling at Kokarpinar focused on both conversion drilling within inferred
resources and testing the previously undrilled Kokarpinar Northwest Splay, with the latter
returning intercepts of 1.6 metres at 18.3 g/t gold and 2.1 metres at 8.0 g/t gold.
“The strong drill results build on the ongoing success of our exploration programs at the Lamaque
and Efemcukuru operations,” said George Burns, President and CEO of Eldorado Gold. “The infill
and step-out drilling at Ormaque highlights the quality and growth potential of this recent new
discovery, and our teams are rapidly advancing a range of exploration opportunities within the
land package obtained through the acquisition of QMX, key to our Canadian growth strategy.”
“At Efemcukuru, we have a strong track record of extending mine life through exploration success.
The recent resource drilling at the Kokarpinar vein is encouraging and has the potential to
significantly extend the current reserve base and mine life. Our exploration team continues to
advance drilling in many areas to support our future growth profile at our existing operations.”
Note: Gold grades for drillhole intervals listed in this release are capped at 40 g/t gold for Triangle deposit
holes and 70 g/t gold for the Ormaque zone. Drillhole intercepts are drillhole lengths; where sufficient
geological control exists, estimated true thicknesses of mineralized zones are in Appendix 1.
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.
Val-d’Or District, Quebec
Ormaque Deposit
Eldorado announced a maiden inferred resource for the Ormaque deposit on February 22, 2021
totaling 803,000 ounces gold at a grade of 9.5 g/t gold. High gold grades at Ormaque occur within
quartz+carbonate+tourmaline veins forming gently south-dipping extension veins and vein arrays,
and less commonly, steeply north-dipping shear veins. The mineralized veins at Ormaque have
been identified within a corridor extending approximately 550 metres east-west, 300 metres north-
south and from 150 to at least 750 metres depth, located roughly midway along the ore haulage
decline being constructed between the Triangle mine and the Sigma mill (Figure 1).
Figure 1: Geological map of the Lamaque Operations showing mineralized zones and
infrastructure referred to in this news release. Inset map shows outline of Lamaque Operations
license holdings: Sigma-Lamaque and Sigma 2 outlined in red; Bourlamaque Property in green.
Since the maiden Ormaque resource wa s defined, 34 drill holes totalling 16,494 metres have
been completed (Figure 2). The new drilling includes both infill holes within the inferred resource
area, drilled for the purpose of confirming grade continuity within the mineralized lenses, and step-
out holes targeting extensions of the mineralized zones and testing for new mineralized lenses at
depth and along strike.
Figure 2: Geological map of the Ormaque deposit area, showing collars and traces of drill holes
completed since the February 2021 announcement of the maiden inferred resource and surface
projection outline of the deposit area. Drillhole collar coordinates and orientations provided in
Appendix 2.
Infill drillholes targeted five of the thicker, more continuous lenses of the deposit (E030, E040,
E050, E100 and E140). Results validated the geological model used in the maiden resource, and
intersected grades and thicknesses similar to those predicted by the model. The additional level
of drilling detail has also enabled refinements to the geological model, the most notable being the
definition of several steeply north-dipping high-grade shear veins. Some of the widest mineralized
intervals to date are associated with vein arrays occurring where the gently -dipping extension
vein lenses intersect these steeper zones.
Step-out drilling has also defined extensions to the mineralized lenses outside of the area included
in the maiden resource estimate, associated with both extension and shear vein zones. Notable
intercepts include:
• 2.15 metres at 21.3 g/t gold (51.4 g/t gold uncapped) in drillhole LS-21-059, representing
a 30 metre step-out to the north on zone E100,
• 1.0 metre at 40.4 g/t gold in drillhole LS-21-052, representing an 80 metre step-out to the
east on zone E030, and
• 1.05 metres at 38.8 g/t gold in drillhole LS-21-058, representing a 50 metre step-out to
the north on zone E050.
Several new mineralized zones that were not included in the maiden resource were also
intersected in the infill and step-out drilling programs. These include intercepts of:
• 5.25 metres at 25.0 g/t gold in drillhole LS-21-052 from a sub-vertical shear vein, and
• multiple intercepts in drillhole LS-21-054, including 5.0 metres at 18.1 g/t gold in a new
sub-horizontal zone and 33.9 metres at 16.5 g/t gold from an array of extensional veins
with associated tourmaline altered wallrock . The latter is one of the deepest and
easternmost intersections at Ormaque (Figure 3).
Drilling results at the hig h-grade Ormaque deposit highlight the resource expansion potential of
the known mineralized lenses and through discovery of new lenses where the deposit remains
open to the east and at depth. The combination of steeply-dipping shear veins and sub-horizontal
extension veins at Ormaque is similar to style s of mineralization m ined at the nearby Sigma
deposit (historical production of approximately 4.5 million ounces gold), which was mined to a
depth of 1.8 kilometres. Exploration to date at Ormaque has only tested the system to about 750
metres.
Figure 3: North-south cross se ction through the eastern part of the Ormaque Deposit (section
line shown on Figure 2) showing geometry of gently -dipping extension vein lenses and more
steeply-dipping shear veins, and selected recent drill intercepts from this news release.
Current d rilling at Ormaque is testing extensions of the orebody towards the east below the
previously explored Fortune zone (Figure 2). Drilling also commenced at the Mine #3 target 500
metres southwest of Ormaque (Figure 1), following up on several dril l intercepts that display
similar styles of mineralization and geological controls to those at Ormaque. Around 12,000
metres of drilling are planned for Ormaque, Mine #3, and related nearby targets for the remainder
of 2021.
Bourlamaque
Eldorado completed the acquisition of QMX Gold on April 7, 2021, increasing Eldorado’s land
package within the Val-d'Or area by over 500% (Figure 1). The newly acquired properties, now
collectively referred to as the Bourlamaque property, include historical producing mines,
advanced stage exploration projects and early-stage opportunities. In 2021, exploration drilling
by QMX and subsequently by Eldorado at Bourlamaque has focused on the Bonnefond deposit,
the River target, and the Bevcon target.
The Bonnefond deposit, located 20 kilometres east of Val-d’Or, has notable geological similarities
to the Triangle deposit, including an association with plug-like intrusions and localization of high
gold grades within steeply -dipping shear vein systems. However, the intrusions at Bonnefond
contain extensive zones of disseminated and veinlet-controlled gold mineralization not found at
Triangle. Drilling has been ongoing at Bonnefond throughout the year, targeting both the shear
veins and more disseminated s tyles of mineralization. Notable results from the 2021 drilling at
Bonnefond include:
• Intercepts of 50.2 metres at 5.9 g/t gold, 13.1 metres at 4.3 g/t gold (both from drillhole
17315-20-121W1) and 41.9 metres at 3.2 g/t gold (drillhole 17315-20-148); associated
with arrays of quartz -tourmaline-pyrite extension vein lets hosted within the Bonnefond
tonalite, and
• Intercepts of 10.3 metres at 5.1 g/t gold (drillhole 17315-21-161) and 12.9 metres at 5.1
g/t gold (drillhole 17415-21-167A) within subvertical, quartz-carbonate shear veins
spatially associated with mafic dykes cutting the Bonnefond tonalite.
The River target is located just east of Val-d’Or and approximately 5.5 kilometres northeast of the
Sigma Mill. The River target area contains a series of south -dipping mineralized shear zones
within the western margin of the Bourlamaque batholith, some of which are aligne d along-strike
with shear zones formerly mined at the Lac Herbin mine 500 metres to the east (historical
production 172,650 ounces gold). Similar styles of mineralization are also present at the nearby
historic Ferderber and Dumont mines (historical production of 362,000 ounces gold and 258,000
ounces gold respectively).
Eight drillholes totaling 3,490 metres have been completed at the River target in 2021. The best
intercepts from the drilling include:
• 16.9 metres at 3.6 g/t gold (drillhole 17421-20-078); and
• 19.6 metres at 9.8 g/t gold (drillhole 17421-21-082).
Drilling planned the remainder of 2021 on the Bourlamaque property includes roughly 2000
metres at the River target and testing of a new target area along strike from the previously
producing Bevcon mine (historical production of 438,000 ounces gold), located 30 kilometres east
of Val-d'Or. The Bevcon target consists of several shear zones along the northern margin of the
Bevcon intrusion, which were previously mined at the Bevcon mine. Initial drill testing will include
up to 12 drillholes testing a strike length of 400 metres.
Efemcukuru, Turkey
In 2021, drilling at Efemcukuru has focused on resource conversion and step-out drilling at the
Kokarpinar epithermal vein system (Figure 4). Resource conversion drilling has now been
completed for three of the six ore shoots at Kokarpinar and will continue through the end of the
year on the remaining inferred resource areas. Grades and thicknesses in the resource
conversion drilling to date are overall consistent with the inferred resource model, and in several
areas returned intercepts with notably higher than expected grades and thicknesses. Examples
include:
• 5.6 metres at 35.0 g/t gold (drillhole KPR-045) at Kokarpinar South;
• 14.2 metres at 7.4 g/t gold (drillhole KPR-032) at Kokarpinar Middle; and
• 8.6 metres at 8.3 g/t gold (drillhole KPR-051) from the Kokarpinar Middle splay zone.
Figure 4: Geological map of the Efemcukuru mine area showing traces of exploration and
resource conversion drillholes completed in 2021 at the Kokarpinar vein system.
Three step-out drillholes were completed at the previously undrilled Kokarpinar Northwest Splay
zone, targeting areas where numerous high grade gold values were obtained from outcrop
samples. Two of the holes intersected significant epithermal vein mineralization, including:
• 1.6 metres at 18.3 g/t gold (drillhole KV-789) and
• 2.1metres at 8.0 g/t gold (drillhole KV-792).
Follow-up drilling is planned for late 2021 to test the continuity and lateral extent of high -grade
mineralization in this area.
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).
Contacts
Investor Relations
Lisa Wilkinson, VP, Investor Relations
604.757 2237 or 1.888.353.8166
lisa.wilkinsonateldoradogold.com
Media
Louise McMahon, Director Communications & Public Affairs
604.616 2296 or 1.888.363.8166
louise.mcmahonateldoradogold.com
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 verified and approved, the scientific and t echnical disclosure contained in
this press release. The scientific and technical disclosure of the exploration results from the Quebec based projects were reviewed and approved
by Jacques Simoneau. P.Geo and member in good standing of the Ordre des Géolog ues du Québec. Eldorado operates its exploration programs
according to industry best practices and employs rigorous quality assurance and quality control procedures. All results are b ased on half -core
samples of diamond drill core. For Lamaque, drill core samples were prepared and analyzed at Bourlamaque Laboratories in Val d’Or, Quebec ,
while the Bourlamaque property samples were analysed at the Swastika Lab in Swastika, Ontario. Drillcore samples For Efemcukuru were prepared
at the Company’s sample preparation lab in Cannakale, Turkey and analyzed at ALS Minerals laboratory in Izmir, Turkey. All Au assays are based
on fire assay analysis of a 30 gm charge (50 gm for Efemcukuru) followed by an atomic adsorption finish. Samples with Au grades above 5.0 g/t
at the Lamaque project and Efemcukuru Project, 10.0 g/t at other projects 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 Information
Certain of the statements made and information provided in this press release are forward-looking statements or information within the meaning
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Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to: our
planned future drilling and exploration work programs, including for the remainder of 2021, and the timing and anticipated benefits thereof; our
expectations regarding establishment of reserves and resources through our co ntinued exploration programs, the success of our exploration
programs at Lamaque and Efemcukuru; the growth potential at Ormaque; growth opportunities within the land acquired through QMX Gold;
ability to replace reserves at Efemcukuru; 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
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