Eldorado Gold Provides Exploration Update Highlighting Resource Expansion Upside at Lamaque, Efemcukuru, and Olympias
NEWS RELEASE
TSX: ELD NYSE: EGO October 3, 2022
Eldorado Gold Provides Exploration Update Highlighting Resource
Expansion Upside at Lamaque, Efemcukuru, and Olympias
VANCOUVER, BC – Eldorado Gold Corporation (“Eldorado”, the “Company” or “We”) is
pleased to provide an update on exploration results at Lamaque, Efemcukuru and Olympias since
our last exploration update published 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 of Eldorado Gold Corporation. “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
Lamaque (Quebec): At Ormaque, step-out drillholes have identified extensions of several of the
mineralized zones well outside of the current resource area. Notable step-out intercepts include:
• 2.0 metres at 67.01 g/t gold in drillhole LS-21-078, corresponding to zone E040;
• 1.75 metres at 16.76 g/t gold in drillhole LS-21-078, corresponding to zone E200;
• 4.0 metres at 13.15 g/t gold (53.08 g/t gold capped) in drillhole LS-21-085, representing a
new mineralized lens below the current resource; and,
• 5.0 metres at 16.37 g/t gold in drillhole FOR-22-022.
Efemcukuru (Turkiye): At Efemcukuru, 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 drillhole KV-837;
• 1.85 metres at 19.73 g/t gold and 73.0 g/t silver in drillhole KV-833;
• 2.0 metres at 7.96 g/t gold and 17.9 g/t silver in drillhole KV-834; and,
• 1.35 metres at 13.00 g/t gold and 15.0 g/t silver in drillhole 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 drillhole Ol-1109;
• 5.5 metres at 10.66 g/t gold and 19.5 g/t silver in drillhole Ol-1110; and
• 5.2 metres at 4.33 g/t gold and 73.6 g/t silver in drillhole Ol-1108.
Note: Gold grades for drillhole intervals listed in this release are based on capping individual assays at 70
g/t gold for the Ormaque deposit. Drillhole intercepts are drillhole lengths; where sufficient geological control
exists, estimated true thicknesses of mineralized zones are in Appendix 1.
The Company has also been advancing conversion drilling programs of inferred resource zones,
most significantly at Efemcukuru (Bati and Kokarpinar veins) and Lamaque (Ormaque Deposit),
with over 80,000 metres forecast for the year.
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/12109?auth=22ed5dd7-18ca-4b12-
b767-eb6ade4a7bb5.
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.
Ormaque Deposit
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. The step-out drilling program has confirmed that high-
grade veins similar in style and geometry to those hosting the Ormaque deposit extend for a
distance of at least 250 metres east of the current resource, including the area that was formerly
referred to as the Fortune zone. Notable results since the March 2022 exploration update news
release include:
• 2.0 metres at 30.58 g/t gold (67.01 g/t gold uncapped) (drillhole LS-21-078) in lens E040,
corresponding to a 50 metre step-out from the current resource;
• 1.75 meters at 16.76 g/t gold (drillhole 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) (drillhole 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 (drillhole FOR-22-022) from approximately 250 metres south-
east of the current resource, representing a potential new zone in a poorly tested area.
Figure 1: Geological map of the Ormaque deposit area, showing surface projection of mineralized
zones (pink shaded area), collar locations and surface traces of new drillholes presented in this
news release.
The Ormaque exploration drift project was completed on schedule in early July, providing
underground platforms for further drilling of the deposit. Resource conversion drilling from the drift
commenced in June and is expected to include approximately 28,000 metres of drilling to be
completed during the remainder of 2022 and 2023, targeting the upper two-thirds of the Ormaque
deposit. Partial results will be incorporated in the Company’s 2023 Mineral Reserve and Mineral
Resource update.
Lamaque Brownfields Program Update
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.
Figure 2: Geological map showing outline of the Lamaque / Bourlamaque and Bruell license
areas and locations of projects reported in this news release.
Exploration drilling at the Bevcon project is targeting extensions to the mineralized zones that
were historically mined at the Bevcon mine (production of 478,000 ounces at a grade of 4.35 g/t
gold from 1947 to 1965). Approximately 22,000 metres (36 drillholes) were drilled in late 2021
and early 2022, testing a target area extending over an east-west strike length of 1,500 metres
along the northern margin of the Bevcon intrusion. Several of these holes intersected high-grade,
south-dipping extension veins similar to those which were exploited in part of the mine. Results
of the 2022 drilling program are being integrated with historic mine data and drilling results from
the previous owner (QMX Gold) to determine follow-up plans.
Two drill rigs are currently operating at the Herbin project, with over 9,000 metres (20 drillholes)
of the 13,000 metre 2022 program now completed. Drilling from a barge-mounted drill rig and
from platforms on land has extended some of the mineralized structures which were historically
mined at the Lac Herbin mine, some 300 metres to the west and south. Assay results are still
pending.
Since 2019 the Company has been exploring the Bruell project, located 40 kilometres east of
Val-d’Or, under an option agreement with Sparton Resources. Expenditure commitments and
cash payments have now been fulfilled to grant Eldorado 75% ownership in the 29-square-
kilometre Bruell property. Exploration completed under the option agreement includes targeting
programs consisting of geophysical surveys, mapping, and till and outcrop sampling, more
recently culminating in 4,745 metres of diamond drilling (11 drillholes) in 2022 testing a variety of
targets on the property.
Efemcukuru (Turkiye)
Recent exploration 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. They have been mapped over a cumulative strike length
of over 4.5 kilometres, and extensive outcrop and trench sampling identified high-grade gold
values on surface in numerous locations. Earlier this year, Eldorado acquired the exploration
license underlying the western extension of several of the veins, which expanded Eldorado’s
footprint in the region.
Figure 3: Geology map showing the Efemcukuru West Vein system and gold assay results
(grams/tonne) from surface outcrop and trench samples.
Initial drill testing of parts of the Muhtar II vein began in early 2022 with a total of 7,030 metres in
23 drillholes 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
downdip for approximately 250 metres. Notable intercepts include:
• 2.05 metres at 16.76 g/t gold and 1,702.0 g/t silver (drillhole KV-837);
• 1.85 metres at 19.73 g/t gold and 73.0 g/t silver (drillhole KV-833);
• 2.0 metres at 7.96 g/t gold and 17.9 g/t silver (drillhole KV-834); and,
• 1.35 metres at 13.00 g/t gold and 15.0 g/t silver (drillhole KV-842).
Ongoing 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. Kokarpinar and Bati are satellite vein systems to the Kestane Beleni vein, which contains
all mining to date and hosts the majority of the reserves at Efemcukuru. Over 42,350 metres of
resource conversion drilling has been completed on the Kokarpinar and Bati vein systems at
Efemcukuru since the previous Mineral Reserve and Mineral Resource statement update,
announced in December 2021. This drilling has targeted the northern part of the Kokarpinar South
vein, and most of the inferred resource areas in both Bati 1 and Bati 2 veins. Results of the
conversion drilling at Efemcukuru will be incorporated in the Company’s 2022 Mineral Reserve
and Mineral Resource update, expected later this year.
Kassandra Mines (Greece)
At the Olympias operation in Greece, recent underground exploration drilling has targeted
extensions to high-grade indicated and inferred resource lenses of the North Zone in the upper
part of the mine. In the 2022 program, a total of 1,151 metres were drilled in 10 drillholes at the
North Zone. Several of these intersected high-grade massive sulfide intervals up-dip from the
current resource, including:
• 6.1 metres at 20.60 g/t gold and 668.4 g/t silver (drillhole Ol-1109);
• 5.5 metres at 10.66 g/t gold and 19.5 g/t silver (drillhole Ol-1110); and
• 5.2 metres at 4.33 g/t gold and 73.6 g/t silver (drillhole Ol-1108).
Figure 4: Plan view projection showing location of the new North Zone step-out intercepts in the
upper part of the Olympias deposit.
These intercepts are in a previously untested area and represent a step-out of over 180 metres
from the nearest drillholes 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.
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 for projects in Turkiye and Greece. Jacques Simoneau. P.Geo a member in
good standing of the Ordre des Géologues du Québec , is the qualified person as defined in NI
43-101 responsible for, and has verifie d and approved, the scientific and technical disclosure
contained in this press release for the Quebec projects . Eldorado operates its exploration
programs according to industry best practices and employs rigorous quality assurance and quality
control proc edures. All results are based 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 analy zed at the Swastika Lab i n
Swastika, Ontario. Drillcore samples for Efemcukuru were prepared at the Company’s sample
preparation lab in Cannakale, Turkiye and analyzed at ALS Minerals laboratory in Izmir,
Turkiye. At Olympias, drill core samples were prepared and analyzed at ALS Facility in Romania.
Silver, lead and zinc grades at Olympias were determined from an aqua regia digestion with an
ICP-AES finish. All gold assays are based on fire assay analysis of a 30 gm charge (50
gm for Efemcukuru), followed by an atomic adsorption fi nish. Samples with gold 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
duplicates and blank samples were inserted regularly and were closely monitored to ensure the
quality of the data.
About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration
operations in Turkiye, Canada, Greece and Rom ania. 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
Lisa Wilkinson, VP, Investor Relations
604.757 2237 or 1.888.353.8166
Media
Louise McMahon, Director Communications & Public Affairs
604.757 5573 or 1.888.353.8166