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Lamaque is an underground gold mine in Val-d’Or, Quebec.

Commercial production was declared on March 31, 2019.

Key Facts

Location Quebec, Canada
Mine type Underground
Metals mined Gold
Employees/contractors ~600
Deposit type Orogenic gold
Ownership 100%
Resources & Reserves

2021 Outlook

Lamaque is expected to mine and process over 750,000 tonnes of ore at an average gold grade of 6.6 grams per tonne. 2021 cash operating costs per ounce of $560 to $610 reflect mining at increasing depth, which is expected to be partially offset by increased mining rates.

Sustaining capital expenditures for 2021 are forecast to be approximately $48 to $53 million, to be allocated primarily on capitalized underground mine development and infrastructure as vertical access to the Triangle deposit continues for infill drilling and future production. Growth capital projects in 2021 include continued work on the Triangle decline as well as additional mining equipment purchases and modest mill upgrades toward achieving 2,200 tonne-per-day capacity. Engineering studies and initial preparation for tailings placement are also included. This work will continue over the outlook period.


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Operating Data

2021E 2020A 2019A
Gold produced (oz) 140,000-150,000 144,141 113,940
Gold sold (oz) - 142,269 86,745
Ore mined/processed (t) 750,000 639,802 452,092
Gold grade (g/t) 6.6 7.23 6.78
Cash operating costs ($/oz sold) 560-610 522 556
All-in Sustaining costs ($/oz sold) - 827 1,078
Sustaining capex ($M) 48.0-53.0 32.9 38.2


Geology and Mineralization

The Lamaque operation consists of the newly-discovered Triangle gold deposit located only 2.5km south of the historical world-class Lamaque and Sigma Mines, which are also on the property and produced over 10Moz of gold. The Triangle deposit is located in the Val d’Or mining camp, at the eastern end of the prolific Southern Abitibi Greenstone Belt. The deposit is an Archean greenstone-hosted orogenic lode gold deposit. Gold is found within quartz-tourmaline-carbonate veins, which are hosted within a series of sub-parallel sub-vertical shear zones centered around a steeply plunging cylinder-shaped porphyritic diorite (“The Triangle Plug”), which intrudes the mafic volcanic stratigraphy of the Val d’Or formation. Individual gold bearing veins and associated alteration are on average 4-5m thick, sub-vertical and extend 500-700m horizontally and vertically and have a fully diluted average grade of approximately 7 g/t Au. To date, seven structures have been identified by drilling from surface to around 1,000m vertical depth. Secondary structures or splays from these principal shear zones can also host significant gold but are typically less extensive and more discontinuous. A recent deep drilling program has been successful in demonstrating the mineralized system extends to at least 2km below surface.


The recent exploration success at the Triangle deposit has provided the opportunity to review options for increasing throughput at the Sigma Mill, which has a current capacity of 2,200 tonnes per day. The Company is in the process of permitting Triangle beyond the current permit limit of 1,800 tonnes per day. Once permits are received, production at Triangle is expected to increase to 2,200 tonnes per day and gold production is expected to increase to approximately 150,000 ounces per year by 2022.

The Company continues to evaluate other growth options to optimize Lamaque, including the underground decline from the Triangle deposit to the Sigma Mill and options which would take advantage of this infrastructure, including development of the recently discovered Ormaque zone.

Indicative Operating Data

Initial Life of Mine (7 years)*
Milling capacity 800 Ktpa capacity, 600 Ktpa processed
Average annual gold production 117,000 oz
Peak gold production 135,000 oz
Average cash costs $516/oz
Average AISC $717/oz
Average recovery rate 94.5%
Average gold grade 7.3 g/t Au
Estimated capital expenditure (US$)
Initial capital costs (to commercial production) $122M
Pre-commercial production costs/td> $57M
Proceeds from pre-commercial gold sales ($80M)
Sustaining capital $162M
Gold price $1,300/oz
NPV-5% (after tax, US$) $205
IRR (after tax) 34.3%
Payback period 3.7 years

*Data based on N1 43-101 Technical Report dated March 29, 2018

For more information, please see ourLamaque presentation


March 2019 Commercial production declared.
December 2018 First gold pour achieved at Lamaque.
March 2018 Pre-Feasibility 43-101 Technical Report published.
July 2017 Eldorado acquires remaining outstanding shares to own 100% of Integra Gold and the Lamaque operations.
May 2017 Preliminary Economic Assessment for the Lamaque operations published.
2015 Eldorado acquires a 15% interest in Integra Gold following a Private Placement.




For more information, please visit: www.eldoradogoldquebec.com