Eldorado Gold (TSX: ELD; NYSE: EGO) released an updated technical report for its Quebec-based Lamaque complex, including an updated life of mine plan based on mineral reserves from the Triangle, Ormaque, and Parallel deposits. The company also released a preliminary economic assessment (PEA) extended life of mine plan based on inferred mineral resources. The Lamaque complex is located within the Abitibi region.
The company’s preliminary economic assessment case reveals the potential to extend the life of the mine incrementally by nine years and incrementally increase gold production by 1.5 million ounces. This stands in contrast to the reserve case which outlined an eight-year mine life producing 1.2 million ounces of gold. The gold producer stressed the PEA case is preliminary in nature and includes inferred mineral resources based on speculative geology.
The PEA case for an extended mine life and expanded production is based on the following factors:
Maximizes installed capacity of plant and infrastructure with two mining centres: Eldorado believes it can maximize installed capacity of the Sigma mill with the addition of a paste plant and additional tailings capacity to bring the Ormaque deposit into production.
Strong collaboration and support from the Val-d’Or communities: The company expects a transparent and predictable regulatory environment, reflective of Québec being a Tier 1 mining jurisdiction.
Significant exploration potential to grow mineral resources in existing deposits: The Ormaque deposit remains open at depth and laterally both in the upper and lower sections of the deposit. The Triangle deposit remains open at depth, and drilling teams continue to work on Plug No. 4 and other advanced targets on the property.
Well-positioned with a large, under-explored land package in the Val d’Or area: The company continues to assess exploration opportunities across the Lamaque complex as well as its Bourlamaque property (contiguous to the Lamaque complex) and in the wider Abitibi region.
George Burns, CEO of Eldorado, commented, “This marks another major milestone for the Lamaque Complex. After acquiring this asset in 2017, we successfully brought the Triangle deposit into commercial production in 2019, and it has since produced one million ounces of gold. With the development of the Ormaque deposit, we will be adding a second underground mine to the Lamaque Complex, which provides operational flexibility and efficiency as we leverage the existing plant and infrastructure.”
“Based on the existing resource base and favorable findings of the report, we maintain an optimistic view of the long-term potential at the Lamaque complex. Our skilled and dedicated workforce, strategic position in the Abitibi region and collaborative relationships with First Nations and the local community, positions us to deliver sustainable, long-term benefits for the Val-d’Or region, while continuing to create value for our shareholders.”
Eldorado indicated its exploration activities at the Lamaque complex will continue into 2025. The gold and base metals producer will a focus on resource conversion drilling at Lower Triangle, Ormaque and Plug No. 4, as well as testing for extensions at Ormaque and earlier stage targets close to Lamaque complex infrastructure.
More information is posted on Eldorado Gold's website: www.EldoradoGold.com.
January 28, 2025
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