Skouries is a high-grade gold-copper porphyry deposit located in the Halkidiki Peninsula in northern Greece.
It will operate as an open pit and underground mine for about nine years, followed by approximately 15 years of underground mining.
Key Facts
* Based on current proven and probable reserves.
2018 Outlook
Eldorado announced its intention to begin moving its Skouries project into care and maintenance on 9 November, 2017 as a result of ongoing permitting delays. Updated development capital expenditure at Skouries in 2018, as reported on July 26, 2018, is expected to be $28 million as the project fully transitions into care and maintenance. Ongoing care and maintenance costs are estimated to be $3-5 million per year once fully ramped down.
An updated technical report filed March 29, 2018, the results of which are highlighted in the Technical Studies Press Release of March 21, 2018 outlines an after tax IRR of 21.2% and an NPV (5%) of $925 million, using the Company’s assumed long term metal prices of $1,300 per ounce of gold and $2.75 per pound of copper.
The updated design reflects some of the best available control technology, a dramatically reduced environmental footprint and utilizes filtered dry stack tailings.
Indicative Operating Data
*Data based on Skouries Updated Technical Report filed March 29, 2018
For more information, please see our Skouries presentation.
Geology and Mineralization
The Skouries porphyry gold-copper deposit is centred on a small (less than 400m in diameter), pencil-porphyry stock that intruded schist and gneiss of the Paleozoic Vertiskos Formation of the Serbo-Macedonian Massif, NE Greece. Mineralization extends for more than 920m depth from surface. The porphyry is characterized by at least four intrusive phases that are of probable monzonite to syenite composition,but contain an intense potassic alteration and related stockwork veining that overprints the original protolith. Potassic alteration and copper mineralization also extend into the country rock; approximately two thirds of the measured and indicated tonnes and 40% of the contained metal are hosted outside the porphyry. The potassic alteration is syn- to late-magmatic in timing, and is characterized by K-feldspar overgrowths on plagioclase, secondary biotite replacement of igneous hornblende and biotite, and a fine-grained groundmass of K-feldspar-quartz with disseminated magnetite. Four main stages of veining are recognised: 1) an early stage of intense quartz-magnetite stockwork; 2) quartz-magnetite veinlets with chalcopyrite ± bornite; 3) quartz-biotite-chalcopyrite ± bornite-apatite-magnetite veinlets; and 4) a localized, late stage set of pyrite ± chalcopyrite-calcite-quartz veins. The host porphyry and potassic alteration at Skouries were coeval and formed during the Early Miocene.
Exploration
Exploration at Skouries is focused on identifying and testing porphyry targets within the project area, including the Tsikara and Fisoka prospects. Ongoing targeting activities include geological mapping, systematic soil sampling and geophysical surveying.
History