Eldorado Gold Releases Updated Mineral Reserve and Mineral Resource Statement; 2023 Gold


Eldorado Gold Corporation

VANCOUVER, British Columbia, Dec. 13, 2023 (GLOBE NEWSWIRE) — Eldorado Gold Corporation (“Eldorado” or “the Company”) today releases its updated Mineral Reserve and Mineral Resource (“MRMR”) estimates as of September 30, 2023.

To provide further clarity, on a go-forward basis, the Company is referring to specific assets within the Eldorado Gold Quebec portfolio as the Lamaque Complex. The Lamaque Complex includes the Triangle Mine (Upper and Lower), the Ormaque Deposit, the Parallel Deposit, the Plug #4 Deposit, and the Sigma Mill. This is consistent with how assets are described in the current technical report titled “Technical Report for the Lamaque Project, Québec, Canada’’ with an effective date of December 31, 2021.

Mineral Reserves Update

The Company’s Proven and Probable Gold Mineral Reserves (“2P Reserves”), totalled 11.7 million ounces as of September 30, 2023(i), a decrease of approximately 5% from the previous MRMR statement as of September 30, 2022. Excluding depletion, the 2P Reserves year over year remained relatively flat. The complete table of Mineral Resources and Mineral Reserves can be found at the end of this release.
(i) See “Mineral Reserve Notes” following the detailed tables at the end of this news release.

 

Ore Tonnes
(t x 1,000)

Gold Grade
(g/t)

Total 2P Reserves
(Gold Ounces x 1,000)

Proven and Probable Mineral Reserves as of September 30, 2022(1)

361,677

 

1.06

12,312

 

Depletion(2)

(14,832

)

1.46

(694

)

Adjustments for metal prices, cut-off value and mine plan optimization

3,820

 

0.81

99

 

Proven and Probable Reserves as of September 30, 2023

350,665

 

1.04

11,717

 

(1)

The Company’s total MRMR excludes Reserves at its non-core Romanian asset (Certej), which it plans to divest, consistent with the Company’s strategy of focusing on core jurisdictions in its portfolio.

(2)

Depletion declared here are in-situ ounces. Depletion includes the periods of October 1 through December 31, 2022 and January 1 through September 30, 2023.

Excluding depletion, the change in Proven and Probable Reserves is attributable to a reduction in Reserves at Perama Hill to reflect a revised, smaller pit shell, in accordance with current permitting limitations. Total Resources for Perama Hill are unchanged.

Story continues

Additions to Reserves were made in the Bati zone at Efemcukuru and at Olympias.

Kisladag: Reserves decreased with depletion

Efemcukuru: Reserves replaced depletion through inclusion of Bati

Lamaque Complex: Reserves decreased due to depletion outpacing conversion as it became more challenging to drill Lower Triangle zones at sufficient density. Resource conversion is expected to progress more quickly as the ramp advances and new drilling platforms are established to test the deeper zones more efficiently.

Olympias: Reserves increased due to additional drilling and higher metal prices

The following table summarizes the year-over-year changes to the Company’s Gold Mineral Reserves:

Proven and Probable Gold Mineral Reserves

 

2022

2023

Change(1)

Change excluding depletion

 

Contained Au Oz (x1,000)

Efemcukuru

542

550

8

107

Kisladag

4,069

3,759

(310)

(6)

Lamaque Complex

985

877

(108)

51

Olympias

1,836

1,907

71

187

Perama Hill

1,250

995

(255)

(255)

Skouries

3,630

3,630

Total

12,312

11,717

(630)

84

NOTE: Numbers may not down-add due to rounding.

(1)

The Company reports on MRMR as of September 30, 2023. As such the change year over year, is from September 30, 2022 to September 30, 2023.

Mineral Resources Update

Eldorado’s Measured and Indicated Gold Mineral Resources totalled 19.0 million ounces, as of September 30, 2023.(i) This is a 1% decrease from the previous MRMR statement on September 30, 2022, attributable to the conversion of Inferred to Measured and Indicated resources primarily at Efemcukuru, Olympias, and the Lamaque Complex, offset by depletion at Efemcukuru, Kisladag, the Lamaque Complex and Olympias. Eldorado’s Inferred Gold Mineral Resources totalled 7.6 million ounces as of September 30, 2023, a 2% decrease from the previous MRMR statement on September 30, 2022.
(i) See “Mineral Resource Notes” following the detailed tables at the end of this news release. Mineral Reserves are included in the Mineral Resources.  

Efemcukuru: The decrease in Inferred Resources is attributable to the upgrade to Measured and Indicated Resources at Kokarpinar South.

Kisladag: The decrease in Measured and Indicated Resources is primarily from depletion.

Lamaque Complex: The increase in Measured and Indicated at Triangle represented conversion from Inferred Resources, however depletion outpaced conversion.

Ormaque: Initial Indicated Resources were converted from Inferred at Ormaque through resource conversion drilling. Additionally, new Inferred Resources were added beyond the amount converted to Indicated. Plans are being advanced to declare initial Reserves in late 2024 following completion of a pre-feasibility study, continued conversion drilling, and extraction of a bulk sample.

Olympias: Inferred Resources were included based on drilling in the bottom section of the East zone.

The following table summarizes the year-over-year changes to the Company’s gold Resources:

Total Measured and Indicated Gold Mineral Resources(1)

 

 

 

Inferred Gold Mineral Resources

 

2022

2023

Change(2)

2022

2023

Change(2)

Contained Au
ounces (x1000)

Contained Au
ounces (x1000)

Efemcukuru

1,069

1,200

131

 

431

176

(255

)

Kisladag

6,603

6,290

(313

)

107

107

 

Lamaque Complex

 

 

Triangle, Parallel, and
Plug #4

1,806

1,679

(127

)

2,354

2,305

(49

)

Ormaque

0

191

191

 

839

927

88

 

Lamaque Complex Total

1,806

1,870

64

 

3,193

3,232

39

 

Olympias

3,329

3,198

(131

)

560

589

29

 

Perama Hill

1,374

1,374

 

59

59

 

Perama South

0

0

 

728

728

 

Piavitsa

0

0

 

1,025

1,025

 

Sapes

0

0

 

820

820

 

Skouries

5,030

5,030

 

814

814

 

Subtotal

19,210

18,962

(248

)

7,737

7,550

(187

)

For divestiture:
Certej

3,829

3,829

 

 

23

23

 

Total

23,039

22,791

(248

)

 

7,760

7,573

(187

)

NOTE: Numbers may not down-add due to rounding.

(1)

Mineral Resources are inclusive of Mineral Reserves.

(2)

The Company Reports on MRMR as of September 30, as such the change year over year, is from September 30, 2022 to September 30, 2023.

About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkiye, Canada, Greece and Romania. 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’s common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

Contact

Investor Relations

Lynette Gould, VP, Investor Relations
647 271 2827 or 1 888 353 8166
lynette.gould@eldoradogold.com

Media

Chad Pederson, Director, Communications
236 885 6251 or 1 888 353 8166
chad.pederson@eldoradogold.com

Eldorado Gold Mineral Reserves as of September 30, 2023

 

 

 

 

 

 

Project

Proven Mineral Reserves

Probable Mineral Reserves

Total Proven and Probable

 

Gold

Tonnes

Au

Contained Au

Tonnes

Au

Contained Au

Tonnes

Au

Contained Au

 

 

(x1000)

 g/t

ounces (x1000)

(x1000)

 g/t

ounces (x1000)

(x1000)

 g/t

ounces (x1000)

 

Efemcukuru

1,290

5.18

215

2,082

5.01

335

3,372

5.08

550

 

Kisladag

163,085

0.68

3,543

13,491

0.50

216

176,576

0.67

3,759

 

Lamaque Complex

1,033

6.07

202

3,422

6.14

675

4,454

6.12

877

 

Olympias

2,354

8.88

672

6,502

5.91

1,235

8,856

6.70

1,907

 

Perama Hill

3,116

4.08

409

7,176

2.54

586

10,292

3.01

995

 

Skouries

73,101

0.87

2,053

74,015

0.66

1,576

147,116

0.77

3,630

 

TOTAL GOLD

243,978

0.90

7,093

106,687

1.35

4,624

350,665

1.04

11,717

 

Silver

Tonnes

Ag

Contained Ag

Tonnes

Ag

Contained Ag

Tonnes

Ag

Contained Ag

 

 

(x1000)

 g/t

ounces (x1000)

(x1000)

 g/t

ounces (x1000)

(x1000)

 g/t

ounces (x1000)

 

Olympias

2,354

126

9,568

6,502

126

26,242

8,856

126

35,810

 

Perama Hill

3,116

4.0

403

7,176

5.4

1,237

10,292

5.0

1,639

 

TOTAL SILVER

5,470

57

9,971

13,678

62

27,479

19,148

61

37,450

 

Copper

Tonnes

Cu

Contained Cu

Tonnes

Cu

Contained Cu

Tonnes

Cu

Contained Cu

 

 

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

 

Skouries

73,101

0.52

381

74,015

0.48

359

147,116

0.50

740

 

TOTAL COPPER

73,101

0.52

381

74,015

0.48

359

147,116

0.50

740

 

Lead

Tonnes

Pb

Contained Pb

Tonnes

Pb

Contained Pb

Tonnes

Pb

Contained Pb

 

 

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

 

Olympias

2,354

4.0

94

6,502

4.3

280

8,856

4.2

374

 

TOTAL LEAD

2,354

4.0

94

6,502

4.3

280

8,856

4.2

374

 

Zinc

Tonnes

Zn

Contained Zn

Tonnes

Zn

Contained Zn

Tonnes

Zn

Contained Zn

 

 

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

 

Olympias

2,354

4.7

111

6,502

5.5

357

8,856

5.3

468

 

TOTAL ZINC

2,354

4.7

111

6,502

5.5

357

8,856

5.3

468

 

 

 

 

 

 

 

 

 

 

 

 

Eldorado Gold Mineral Reserves as of September 30, 2022

 

 

 

 

 

 

Project

Proven Mineral Reserves

Probable Mineral Reserves

Total Proven and Probable

 

Gold

Tonnes

Au

Contained Au

Tonnes

Au

Contained Au

Tonnes

Au

Contained Au

 

 

(x1000)

 g/t

ounces (x1000)

(x1000)

 g/t

ounces (x1000)

(x1000)

 g/t

ounces (x1000)

 

Efemcukuru

1,567

5.59

282

1,617

5.01

260

3,184

5.30

542

 

Kisladag

173,443

0.69

3,856

12,563

0.53

213

186,006

0.68

4,069

 

Lamaque

877

6.82

192

3,753

6.57

793

4,630

6.62

985

 

Olympias

1,583

9.31

474

6,660

6.36

1,362

8,243

6.93

1,836

 

Perama Hill

3,088

4.03

400

9,410

2.81

850

12,498

3.11

1,250

 

Skouries

73,101

0.87

2,053

74,015

0.66

1,576

147,116

0.77

3,630

 

TOTAL GOLD

253,660

0.89

7,257

108,017

1.46

5,055

361,677

1.06

12,312

 

Silver

Tonnes

Ag

Contained Ag

Tonnes

Ag

Contained Ag

Tonnes

Ag

Contained Ag

 

 

(x1000)

 g/t

ounces (x1000)

(x1000)

 g/t

ounces (x1000)

(x1000)

 g/t

ounces (x1000)

 

Olympias

1,583

136

6,937

6,660

132

28,157

8,243

132

35,094

 

Perama Hill

3,088

4

403

9,410

8

2,277

12,498

7

2,680

 

TOTAL SILVER

4,671

49

7,340

16,070

59

30,434

20,741

57

37,774

 

Copper

Tonnes

Cu

Contained Cu

Tonnes

Cu

Contained Cu

Tonnes

Cu

Contained Cu

 

 

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

 

Skouries

73,101

0.52

381

74,015

0.48

359

147,116

0.50

740

 

TOTAL COPPER

73,101

0.52

381

74,015

0.48

359

147,116

0.50

740

 

Lead

Tonnes

Pb

Contained Pb

Tonnes

Pb

Contained Pb

Tonnes

Pb

Contained Pb

 

 

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

 

Olympias

1,583

4.4

70

6,660

4.5

300

8,243

4.5

369

 

TOTAL LEAD

1,583

4.4

70

6,660

4.5

300

8,243

4.5

369

 

Zinc

Tonnes

Zn

Contained Zn

Tonnes

Zn

Contained Zn

Tonnes

Zn

Contained Zn

 

 

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

 

Olympias

1,583

5.0

79

6,660

5.4

360

8,243

5.3

439

 

TOTAL ZINC

1,583

5.0

79

6,660

5.4

360

8,243

5.3

439

 

 

 

 

 

 

 

 

 

 

 

 

Note:
Mineral Reserves as of September 30, 2022 at Lamaque consisted of Triangle (Upper) and Parallel.

Eldorado Gold Mineral Resources as of September 30, 2023(1)

 

 

 

 

 

 

 

 

 

Project

Measured Resources

Indicated Resources

Total Measured and Indicated

Inferred Resources

 

Gold

Tonnes

Au

Contained Au

Tonnes

Au

Contained Au

Tonnes

Au

Contained Au

Tonnes

Au

Contained Au

 

 

(x1000)

 g/t

ounces (x1000)

(x1000)

 g/t

ounces (x1000)

(x1000)

 g/t

ounces (x1000)

(x1000)

 g/t

ounces (x1000)

 

Certej

29,300

1.73

1,626

58,653

1.17

2,203

87,953

1.35

3,829

842

0.86

23

 

Efemcukuru

1,588

7.15

365

3,991

6.51

835

5,580

6.69

1,200

1,323

4.13

176

 

Kisladag

286,037

0.61

5,585

44,280

0.50

705

330,317

0.59

6,290

7,529

0.44

107

 

  Triangle, Plug #4, Parallel

1,183

8.12

309

5,627

7.58

1,370

6,810

7.67

1,679

9,728

7.37

2,305

 

Ormaque(2)

0

0.00

0.00

309

19.24

191

309

19.24

191

1,869

15.43

927

 

Lamaque Complex

1,183

8.12

309

5,936

8.19

1,561

7,119

8.17

1,870

11,597

8.67

3,232

 

Olympias

3,447

10.59

1,174

8,992

7.00

2,024

12,439

8.00

3,198

2,339

7.84

589

 

Perama Hill

3,093

4.15

412

10,973

2.73

962

14,066

3.04

1,374

1,136

1.63

59

 

Perama South

0

0.00

0

0

0.00

0

0

0.00

0

14,870

1.52

728

 

Piavitsa

0

0.00

0

0

0.00

0

0

0.00

0

6,613

4.82

1,025

 

Sapes

0

0.00

0

0

0.00

0

0

0.00

0

3,434

7.43

820

 

Skouries

90,714

0.85

2,479

149,260

0.53

2,551

239,974

0.65

5,030

67,657

0.37

814

 

TOTAL GOLD

415,362

0.89

11,950

282,086

1.20

10,841

697,448

1.02

22,791

117,341

2.01

7,574

 

Silver

Tonnes

Ag

Contained Ag

Tonnes

Ag

Contained Ag

Tonnes

Ag

Contained Ag

Tonnes

Ag

Contained Ag

 

 

(x1000)

 g/t

ounces (x1000)

(x1000)

 g/t

ounces (x1000)

(x1000)

 g/t

ounces (x1000)

(x1000)

 g/t

ounces (x1000)

 

Certej

29,300

9

8,111

58,653

10

18,103

87,953

9

26,214

842

4

110

 

Olympias

3,447

152

16,849

8,992

144

41,770

12,439

147

58,619

2,339

179

13,488

 

Perama Hill

3,093

4

415

10,973

7

2,579

14,066

7

2,994

1,136

2

83

 

Piavitsa

0

0

0

0

0

0

0

0

0

6,613

54

11,389

 

Stratoni

0

0

0

1,391

152

6,785

1,391

152

6,785

1,807

166

9,672

 

TOTAL SILVER

35,840

22

25,375

80,009

27

69,237

115,849

25

94,612

12,737

85

34,742

 

Copper

Tonnes

Cu

Contained Cu

Tonnes

Cu

Contained Cu

Tonnes

Cu

Contained Cu

Tonnes

Cu

Contained Cu

 

 

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

 

Skouries

90,714

0.51

466

149,260

0.44

652

239,974

0.47

1,118

67,657

0.40

267

 

TOTAL COPPER

90,714

0.51

466

149,260

0.44

652

239,974

0.47

1,118

67,657

0.39

267

 

Lead

Tonnes

Pb

Contained Pb

Tonnes

Pb

Contained Pb

Tonnes

Pb

Contained Pb

Tonnes

Pb

Contained Pb

 

 

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

 

Olympias

3,447

4.8

167

8,992

4.9

441

12,439

4.9

608

2,339

6.2

146

 

Stratoni

0

0.0

0

1,391

6.0

84

1,391

6.0

84

1,807

6.9

124

 

TOTAL LEAD

3,447

4.84

167

10,383

5.1

525

13,830

5.0

692

4,146

6.5

270

 

Zinc

Tonnes

Zn

Contained Zn

Tonnes

Zn

Contained Zn

Tonnes

Zn

Contained Zn

Tonnes

Zn

Contained Zn

 

 

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

(x1000)

%

tonnes (x1000)

 

Olympias

3,447

5.9

204

8,992

6.6

593

12,439

6.4

797

2,339

6.8

160

 

Stratoni

0

0.0

0

1,391

8.4

117

1,391

8.4

117

1,807

8.3

150

 

TOTAL ZINC

3,447

5.9

204

10,383

6.8

710

13,830

6.6

914

4,146

7.5

310

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Notes:

(1)

 

Resource grades are reported undiluted, however resources assessed for reasonable expectation of economic extraction by applying expected minimum mining shapes.

(2)

 

Due to narrow veins, any future potential conversion of Resources to Reserves at Ormaque will reflect expected lower grades to fully represent mining modifying factors.

Eldorado Gold Mineral Resources as of September 30, 2022

 

 

 

 

 

 

 

 

 

Project

Measured Resources

Indicated Resources

Total Measured and Indicated

Inferred Resources

 

Gold

Tonnes

Au

Contained Au

Tonnes

Au

Contained Au

Tonnes

Au

Contained Au

Tonnes

Au

Contained Au

 

 

(x1000)

 g/t

ounces (x1000)

(x1000)

 g/t

ounces (x1000)

(x1000)

 g/t

ounces (x1000)

(x1000)

 g/t

ounces (x1000)

 

Certej

29,300

1.73

1,626

58,653

1.17

2,203

87,953

1.35

3,829

842

0.86

23

 

Efemcukuru

1,857

7.37

440

2,842

6.88

629

4,699

7.07

1,069

2,677

5.01

431

 

Kisladag

300,070

0.61

5,895

44,408

0.50

708

344,478

0.60

6,603

7,529

0.44

107

 

Lamaque

1,125

9.14

331

5,978

7.68

1,475

7,103

7.91

1,806

10,003

7.32

2,354

 

Ormaque

0

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

2,223

11.74

839

 

Olympias

2,618

10.49

883

10,319

7.37

2,446

12,937

8.00

3,329

2,186

7.97

560

 

Perama Hill

3,093

4.15

412

10,973

2.73

962

14,066

3.04

1,374

1,136

1.63

59

 

Perama South

0

0.00

0

0

0.00

0

0

0.00

0

14,870

1.52

728

 

Piavitsa

0

0.00

0

0

0.00

0

0

0.00

0

6,613

4.82

1,025

 

Sapes

0

0.00

0

0

0.00

0

0

0.00

0

3,434

7.43

820

 

Skouries

90,714

0.85

2,479

149,260

0.53

2,551

239,974

0.65

5,030

67,657

0.37

814

 

TOTAL GOLD

428,777

0.88

12,065

282,432

1.21

10,974

711,209

1.01

23,039

119,170

2.03

7,761

 

Silver

Tonnes

Ag

Contained Ag

Tonnes

Ag

Contained Ag

Tonnes

Ag

Contained Ag

Tonnes

Ag

Contained Ag

 

 

(x1000)

 g/t

ounces (x1000)

(x1000)

 g/t

ounces (x1000)

(x1000)

 g/t

ounces (x1000)

(x1000)

 g/t

ounces (x1000)

 

Certej

29,300

9

8,111

58,653

10

18,103

87,953

9

26,214

842

4

110

 

Olympias

2,618

148

12,440

10,319

148

49,212

12,937

148

61,651

2,186

190

13,368

 

Perama Hill

3,093

4

415

10,973

7

2,579

14,066

7

2,994

1,136

2

83

 

Piavitsa

0

0

0

0

0

0

0

0

0

6,613

54

11,389

 

Stratoni

0

0

0

1,351

153

6,647

1,351

153

6,647

1,700

162

8,866

 

TOTAL SILVER

35,011

19

20,966

81,296

29

76,541

116,307

26

97,506

12,477

84

33,816

 

Copper

Tonnes

Cu

Contained Cu

Tonnes

Cu

Contained Cu

Tonnes

Cu

Contained Cu

Tonnes

Cu

Contained…



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