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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
Deposit type Orogenic gold
Ownership 100%
Resources & Reserves

2022 Outlook

Lamaque is expected to mine and process over 815,000 tonnes of ore at an average gold grade of 6.75 grams per tonne. 2022 cash operating costs per ounce of $620 to $670 reflect increased mining and processing costs due to higher throughput and cost inflation.

Sustaining capital expenditures for 2022 are forecast to be approximately $55 to $60 million, which includes significant underground development and maintenance of the tailings storage facility. Work on the tailings facility will be concentrated primarily over the summer months which is expected to impact AISC during the second and third quarters.

Exploration programs in 2022 will include the development of an exploration drift at Ormaque from which resource conversion drilling of the upper half of the deposit will be completed, as well as both resource expansion and resource conversion drilling at Triangle. Exploration drilling is also scheduled for projects on the Bourlamaque property, and numerous early-stage targets.


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Operating Data

2022E  2021A 2020A
Gold produced (oz) 165,000-175,000  153,201 144,141
Gold sold (oz) 151,393 142,269
Ore mined/processed (t) 815,000  749,715
Gold grade (g/t) 6.75  6.54
Cash operating costs ($/oz sold) 620-670  616 522
All-in Sustaining costs ($/oz sold) 1,017
Sustaining capex ($M) 55.0-60.0  47.3 32.9


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

 2022 Technical Study

Economic Assessments1

Lower Triangle
Inferred Resources
Inferred Resources


Life of Mine (LOM)~5.5 years
remaining LOM 
~4.5 years
potential LOM
~3.5 years
potential LOM
Average Annual Gold Production over LOM (oz) 187,000180,000181,000
Average Annual Mill Feed (ktpa) 825846872
  Incremental Incremental 
Average Gold Grade (g/t)
Recovery (%)  96.595.096.5

Operating Costs³

 Incremental Incremental 
Annual Average Cost ($M) 111.9113.3122.6
Average Cost ($/tonne ore) 136129143
Average Cost ($/oz Au) 597656670

Capital Costs

 Incremental Incremental 
Growth Capital ($M) 708620
Sustaining Capital ($M) 23023988
Total Capital ($M) 300325108

Economic Analysis

 Incremental Incremental 
NPV @ 5% discount rate ($M) 459162197
IRR² (%)  n.a.3339
Gold Assumption ($/oz)1,5001,5001,500

(1) The Inferred Resources Cases are PEAs. As the PEAs supporting the Ormaque Inferred Resources and the Lower Triangle Inferred Resources consider the potential economic viability of developing the separate satellite deposit that comprises the Ormaque Inferred Resources and the separate zones that comprise the Lower Triangle Inferred Resources in conjunction with the main zones of the Upper Triangle Reserves development project, these PEAs will not impact the results of the economic/financial assessment of the Upper Triangle Reserves.

(2) The project’s cashflow remains positive in each year, as such there is no calculated internal rate of return or payback period. Capital expenditures are part of ongoing operational development and are funded by ongoing gold sales and there are no external funding requirements.

(3) These measures are non-IFRS measures. See the section ‘Non-IFRS Measures’ at the end of this press release and in Eldorado’s December 31, 2020 MD&A for explanations and discussion of these non-IFRS measures.



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