Header Image

Header Image

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

Commercial production is forecasted for 2019.

Key Facts

Location Quebec, Canada
Mine type Underground
Metals mined Gold
Employees/contractors ~75
Deposit type Orogenic gold
Ownership 100%
Resources & Reserves

2018 Outlook

In addition to the ongoing resource upgrade and resource expansion drilling, the company filed Pre-Feasibility 43-101 Technical Report March 29, 2018, the results of which are highlighted in the Technical Studies Press Release dated March 21, 2018. A maiden Reserve of 893,000 ounces was declared for the Triangle Zone, within Measured and Indicated Resources of 1.3 million ounces with a further 1.3 million ounces of Inferred Resources. The technical report outlines an initial seven year mine life with production averaging 117,000 ounces per year. Exploration for 2018 is budgeted at $7 million.

Capital expenditures at Lamaque in 2018 are forecast to be $120 million, including $20 million of capitalized mine operating costs. The Company expects to extract roughly 200,000 tonnes of ore grading 8.03 grams per tonne gold, containing approximately 40,000 ounces and anticipates toll milling a portion of the ore and producing 25,000 to 35,000 ounces.

Commercial production remains forecast for 2019.

Geology and Mineralization

The Lamaque project 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.

Exploration

The Triangle deposit is typical of the high-grade orogenic gold deposits found in the Val-d’Or camp and the greater Eastern Abitibi region. Numerous exploration targets occur within the Lamaque project area, both at depth at the Triangle deposit and associated with other nearby occurrences. 34,000 meters of exploration drilling is planned in 2018 to test those targets.

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

History

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 project.
May 2017 Preliminary Economic Assessment for the Lamaque project published.
2015 Eldorado acquires a 15% interest in Integra Gold following a Private Placement.

Resources

Images

Website

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