Eldorado makes new high-grade discovery at Canada mine
Canadian miner Eldorado Gold has made a new high-grade gold discovery at its Lamaque operations, near Val d’Or, Quebec, and has delayed the preliminary economic assessment (PEA) to include the new zone.
Called the Ormaque zone, the new discovery is located in a previously undrilled area about midway between the historically mined Sigma deposit and the actively mined Triangle deposit, in close proximity to the proposed transportation decline linking the Triangle underground mine and the Sigma mill, all included in the growing Lamaque operations.
Since July, the company has completed 13 holes, totalling 10 096 m of drill core, to target depth in the discovery area. Assay results for seven drillholes have been received and include 27.30 m at 10.20 g/t gold, 12.75 m at 11.51 g/t gold, 12.30 m at 26.82 g/t gold and 16.25 m at 25.53 g/t gold.
To incorporate the Ormaque zone, Eldorado has delayed the PEA for Lamaque.
The study would continue to consider the three distinct projects previously outlined, including a 2.8 km ore transportation decline, upgrades to the Sigma mill to allow for increased throughput, and construction of a paste plant to provide a long-term tailings solution, but would also now include the Ormaque zone, which would enable convenient access for potential future underground drilling and development and synergies with the proposed decline infrastructure.
Meanwhile, last month Eldorado completed two transactions that add exposure to early stage exploration opportunities in the Eastern Abitibi.
The company closed a C$$4-million strategic investment in QMX Gold, giving it 19.99% of QMX’s issued and outstanding common shares. QMX has an extensive land package to the north and east of the Lamaque property.
Eldorado also executed an option agreement with Sparton Resources that allows the company to earn up to an initial 75% interest in Sparton’s Bruell Gold project located about 35 km east of the Lamaque project. In consideration for the option, Eldorado will fund about C$1.5-million exploration expenses and pay Sparton C$150 000.
Lamaque achieved commercial production on March 31, 2019, and produced 133 940 oz in the year.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation