The Lamaque mine, near Val d'Or.
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.