Eldorado Gold Provides Update on Results from Ormaque Step-out Drilling and Overview of 2023 Global Exploration Programs
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NEWS RELEASE
TSX: ELD NYSE: EGO March 30, 2023
Eldorado Gold Provides Update on Results from Ormaque Step-out
Drilling and Overview of 2023 Global Exploration Programs
VANCOUVER, BC – Eldorado Gold Corporation (“Eldorado Gold”, the “Company” or “We”) is
pleased to provide new results from step-out drilling at the Ormaque deposit in Quebec . The
company is also provid ing an overview of the 2023 global exploration program which includes
approximately 190,000 metres of discovery and resource expansion drilling and over 55,000
metres of resource conversion drilling focused mainly in Quebec and Turkiye.
Ormaque Drilling Highlights
Since our most recent resource update at the Ormaque deposit, announced in February 2022
and published in the Lamaque Technical Report on March 31, 2022 , we have completed over
31,000 metres of resource expansion drilling and over 21,000 metres of resource conversion
drilling. Assay results received since our October 2022 exploration news update include
numerous high-grade intercepts to the east of, and below the current resource area, some
representing extensions to known mineralized zones and some related to newly identified
mineralized zones. Notable intercepts include:
• 2.8 metres at 14.86 g/t gold and 2.5 metres at 20.47 g/t gold (27.52 g/t gold uncapped)
in drillhole FOR-22-031, representing step-out intercepts approximately 200 metres east
of the current resource;
• 1.2 metres at 22.31 g/t gold and 1.6 metres at 26.86 g/t gold (54.01 g/t gold uncapped)
in drillhole LS-22-089, representing step-out intercepts approximately 40 metres east of
the current resource;
• 3.5 metres at 10.48 g/t gold in drillhole LS-20-024, representing a new zone
approximately 125 metres below the current resource; and
• 1.75 metres at 39.37 g/t gold in drillhole LS-22-090, representing a new zone
approximately 150 metres below the current resource.
“Eldorado Gold is committed to investing in organic growth opportunities through brownfields
exploration surrounding our current operations, and funding greenfield exploration initiatives to
strategically expand our global footprint,” said George Burns, President and CEO of Eldorado
Gold. “In Eastern Canada, we have added over 3.2 million inferred resource ounces since our
acquisition of Integra Resources in 2017, at a discovery cost of less than $18 per ounce. The new
results at Ormaque continue to demonstrate the potential to increase resources, supporting future
development plans beyond the Triangle deposit.”
“In Turkiye, the team at Efemcukuru is focused on resource conversion at the Kokarpinar and Bati
vein systems and adding new resources in the nearby West Vein system. In Greece, our teams
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are shifting focus to supporting operational readiness at Skouries, and we expect to ramp up our
brownfields exploration activities as we progress through the project build and near commercial
production.”
* 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 thicknesses 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/12959?auth=f8e46e53-a2c6-45ec-963e-ed217dcd726a
Quebec Exploration Results
Ormaque Deposit
Since the resource update at the Ormaque deposit, as announced in February 2022, the
Company has completed over 31,000 metres of resource expansion drilling. This drilling has
targeted lateral extensions to the known ore lenses east of the current resource area, and has
tested for new min eralized zones at depth. Significant intercepts received since the last
exploration update in October 2022 are included in Appendix 1, while Appendix 2 and Figure 1
provide information on locations and orientations of new drillholes. The latest drill results have
identified lateral extensions to the Ormaque deposit well outside the current resource model as
well as new zones at depth. Lateral extensions include new intercepts to the east, southeast, and
south, most notably:
• 2.8 metres at 14.86 g/t gold, 2.5 metres at 20.47 g/t gold (27.52 g/t gold uncapped), and
9.15 metres at 6.20 g/t gold (9.03 g/t gold uncapped) in drillhole FOR-22-031,
approximately 200 metres east of the current resource; and
• 1.2 metres at 22.31 g/t gold and 1.6 metres at 26.86 g/t gold (54.01 g/t gold uncapped) in
drillhole LS-22-089, approximately 40 metres east of the current resource.
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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
Preliminary drilling has tested below parts of the deposit to a depth of 850 metres, or
approximately 300 metres below the current resource. Despite still being sparsely drilled,
numerous intercepts have been identified in this lower area below the current resource model ,
including:
• 5.4 metres at 14.31 g/t gold in drillhole LS-22-090W01, approximately 20 metres below
the current resource;
• 3.5 metres at 10.48 g/t gold in drillhole LS-20-024, approximately 125 metres below the
current resource;
• 1.75 metres at 39.37 g/t gold in drillhole LS-22-090, approximately 150 metres below the
current resource;
• 4.95 metres at 7.23 g/t gold in drillhole LS-22-091, approximately 120 metres below the
current resource; and
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• 2.1 metres at 29.27 g/t gold and 3.0 metres at 14.72 g/t gold in drillhole LS-22-091W01,
approximately 45 metres and 120 metres below the current resource respectively.
In 2022 and year-to-date 2023, 20,859 metres of resource conversion drilling have been
completed at the Ormaque deposit.
Eldorado Gold’s 2023 Mineral Reserve and Mineral Resource (“MRMR”) update, scheduled for
the fourth quarter of this year, will incorporate results of both the resource expansion and resource
conversion drilling programs completed in the first half of 2023.
2023 Exploration Outlook
Eldorado Gold’s exploration activities in 2023 are focused on the regions in which we operate:
Canada, Turkiye and Greece, and include a range of brownfield and greenfield projects and
project generation initiatives. As per the guidance news release published in February 2023, the
global exploration expenditures planned for 2023 are $35 million to $41 million and include
approximately 190,000 metres of pre-resource stage and resource expansion drilling and over
55,000 metres of resource conversion drilling. Approximately 26% relates to capitalized programs
and the remaining 74% to expensed programs. Included in this total are $7 to $10 million of non-
sustaining exploration expenditures classified as growth capital.
Eastern Canada
Triangle Mine
The recent development of the 650-level exploration drift at the Triangle Mine provides access to
deeper platforms for resource expansion and resource conversion drilling of the lower Triangle
deposit. Approximately 17,600 metres of resource conversion drilling is planned for 2023, mainly
targeting areas of inferred resources in the C7 zone but also extending locally to test more
sparsely drilled areas of deeper mineralized zones. There are also approximately 13,000 metres
of underground exploration drilling planned from platforms along the Sigma-Triangle decline,
testing multiple conceptual targets and step-outs from previous high-grade drill intercepts.
Ormaque Deposit
The 2023 exploration program at Ormaque will include approximately 27,000 metres of
underground resource conversion drilling within existing inferred resources, and approximately
10,000 metres of surface drilling testing step-outs to the east of and below the known deposit.
Conversion drilling during the year will test the upper two-thirds of the deposit (down to lens E100)
with piercing points spaced at 25 metres or less.
Sigma-Lamaque and Bourlamaque Brownfields Exploration
Eldorado Gold is advancing multiple early- to advanced-stage exploration projects in the Val-d’Or
district that provide opportunities for brownfield resource growth proximal to the Sigma mill (Figure
2). Over 45,000 metres of drilling are planned on targets that include:
• Parallel deposit extensions: Approximately 5,000 metres of drilling will test for the
extension of the historically mined Vein #13 at the Lamaque Mine into the Parallel deposit
area.
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• Herbin: Approximately 10,000 metres of drilling will test several target areas adjacent 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
from shear hosted quartz-carbonate-tourmaline veins that cut the Bourlamaque batholith.
• Sigma-Lamaque early-stage targets: Approximately 12,000 metres of early-stage
drilling are planned for the Vein #13, Sector Nord, and Audet North and South targets,
along with fieldwork and analysis of historical mining and exploration data directed towards
new target definition.
• Bourlamaque early-stage targets: 12,000 metres of drilling will test various early-stage
targets mainly within the Bourlamaque Batholith which have been defined by a
combination of historical drilling results, geophysical anomalies, till geochemistry, and
geological mapping. The drilling will target high-grade vein systems similar in geological
setting and mineralization style to those historically mined at the Beaufor mine and the
mines in the Herbin area.
• Bruell: The Bruell property, located 40 kilometres east of Val-d’Or, is being explored under
an option agreement with owner Sparton Resources. Approximately 7,000 metres of
drilling are planned in 2023 to follow up on positive results from the 2022 program and to
test new targets.
Figure 2: Geological map showing the locations of the Brownfields projects on the Lamaque
property
Eastern Canada Greenfields Exploration
Eldorado Gold’s greenfields exploration in Canada is currently focused on target areas within the
greater Abitibi region that offer opportunities outside of the Lamaque projects. The Company’s
current greenfields portfolio includes the Montgolfier project, comprising a 347 square kilometre
license package along the Harricana-Turgeon greenstone belt to the east of the Casa Berardi
mine, and a group of licenses in the Kirkland Lake belt currently being explored under an option
agreement with the license holder Val-d’Or Mining Corp. At Montgolfier, a 5,000-metre diamond
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drilling program is currently underway, testing for the bedrock source of highly anomalous gold-
in-till anomalies identified in a previous sonic drilling program. The Kirkland Lake licenses are at
the target definition stage, and fieldwork including soil sampling, outcrop stripping and sampling,
and geological mapping is planned for the 2023 season.
Turkiye
2023 exploration in Turkiye is focused on resource expansion and resource conversion drilling at
Efemcukuru and advancing several early-stage greenfields projects in highly prospective priority
regions throughout Turkiye.
Efemcukuru
A 10,000-metre resource conversion drilling program is currently underway at the Kokarpinar
South vein system. Results from this drilling, and the resource conversion drilling at the Bati vein
system during late 2022, will be included in the MRMR update in the fourth quarter of 2023. The
drilling focus for the second half of 2023 will be on the West Vein system, which has a mapped
cumulative strike length of over three kilometres distributed over the Volkan, Huseyinburnu,
Dedabag, and Muhtar veins. Approximately 43,000 metres of drilling are planned, testing multiple
previously undrilled targets with high-grade surface samples.
Greenfields Projects
Eldorado Gold continues to explore regions of Turkiye that offer strong exploration potential and
attractive social and political environments for resource exploration and development. Current
programs are focused on 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 CACC are being conducted with a Turkish joint venture partner.
Approximately 14,000 metres of drilling are planned for 2023 to test early-stage targets at the Hod
Maden North, Atalan, Demirkoy, and Ozan projects.
Qualified Persons
Dr. Peter Lewis P.Geo., Eldorado Gold’s Vice President, Exploration, is the qualified person as
defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”),
and is responsible for and has verified and approved the scientific and technical disclosure
contained in this press release for projects in Turkiye . 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, and is responsible for and has verified and approved the scientific and technical
disclosure contained in this press release f or the Quebec projects . Eldorado Gold operates its
exploration programs according to industry best practices and employs rigorous quality assurance
and quality control procedures. All results are based on half -core samples of diamond drill
core. Drill core samples for the Ormaque deposit step-out drilling were prepared and analyzed at
Bourlamaque Laboratories in Val d’Or, Quebec. All gold assays are based on fire assay analysis
of a 30 gm charge, followed by an atomic adsorption finish. Samples with gold grades above 5.0
g/t 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.
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About Eldorado Gold
Eldorado Gold is a gold and base metals producer with mining, development and exploration
operations in Turkiye, Canada, and Greece. 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 Gold's common shares trade on the Toronto Stock
Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).
Contacts
Investor Relations
Philip Yee, EVP and Chief Financial Officer
604.687 4018 or 1.888.353.8166
Media
Louise McMahon, Director Communications & Public Affairs
604.757 5573 or 1.888.353.8166
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and cost expectations; the total funding required to complete Skouries; our ability to meet our timing objectives for drawdown of the
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Many assumptions may be difficult to predict and are beyond our control.
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Furthermore, should one or more of the risks, uncertainties or other factors materi alize, or should underlying assumptions prove
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Mineral resources which are not mineral reserves do not have demonstrated economic viability. With respect to “indicated mineral
resource” and “inferred mineral resource”, there is a great amount of uncertainty as to their existence and a great uncertainty as to
their economic and legal feasibility. It cannot be assumed that all or any part of a “measured mineral resource”, “indicated mineral
resource” or “inferred mineral resource” will ever be upgraded to a higher category.
The potential quantity and grade of mineralization described herein is conceptual in nature as there has been insufficient exploration
to define a mineral resource and it is uncertain if further exploration will result in targets being delineated as a mineral resource.