The Skouries project, part of the Kassandra Mines Complex, is located within the Halkidiki Peninsula of Northern Greece.
It is a gold-copper porphyry deposit to be mined using a combination of conventional open pit and underground mining techniques. The total life of mine is approximately 20 years.
Key Facts
* Based on current proven and probable reserves.
2021 Outlook
The Skouries asset was acquired through the acquisition of European Goldfields in 2012 when the project was in feasibility stage and construction commenced in 2013. Construction was halted, and the project was placed on care and maintenance in November 2017 while the updated Investment Agreement with the Greek government was being negotiated.
Costs for 2021 are forecast to be $25-30 million, including costs associated with maintaining the site as well as erecting the mill building, placing concrete, engineering, and permitting costs associated with dry-stack tailings. As of December 31, 2018, the project is on care and maintenance as a result of ongoing permitting delays. An Amended Investment Agreement was signed on February 5, 2021.
In December 2021, Eldorado published the results of the Skouries Feasibility Study.
Indicative Operating Data - Based on Feasibility Study Highlights
*Data based on Skouries Feasibility Study Highlights published December, 2021
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