Eldorado claims discovery at Lamaque -
Eldorado Gold (TSX: ELD) has found a new high-grade gold mineralisation
zone at its Lamaque operations near Val d’Or as it highlighted a
commitment to building value from its growing asset base in Quebec.
Eldorado claims discovery at Lamaque
The location of Eldorado’s Ormaque discovery at Lamaque in Quebec
Exploration / Development > Discovery16 January 2020 CommentsShare
Staff Reporter The company said it had received assays including
27.3m at 10.2g/t gold and
16.25m at 25.53g/t from seven of the 13 holes drilled
at the Ormaque zone, a previously undrilled area
midway between the historically mined Sigma and
actively mined Triangle deposits.
Eldorado said it had delayed a preliminary economic assessment
update for Lamaque to incorporate the Ormaque zone,
which is close to a proposed 2.8km transportation decline
to link Triangle and the Sigma mill.
President and CEO George Burns said the discovery confirmed "the tremendous potential we see at Lamaque" and pointed out the company had increased its exposure to early-stage exploration in the eastern Abitibi.
Eldorado last month made a C$4 million investment to take
a 19.99% stake in QMX Gold, which has land north and east
of Lamaque, and executed an option agreement to earn up to
an initial 75% of Sparton Resources' Bruell project
35km east of Lamaque.
Eldorado also has operations in Brazil, Turkey, Greece and
Romania and said this week's its 2019 preliminary production
of 395,331 ounces of gold met its annual consolidated
It plans to release its full-year results on February 20.
The company also announced this week former Goldcorp executive
Joe Dick had been appointed EVP and COO to replace Paul Skayman,
who was retiring after almost 15 years with Eldorado.
The company's shares have soared over the past year,
from C$3.36 last January to $13.35 in September, as
the prospect of long-awaited permits for projects
in Greece eventuated with a change in government.
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