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Efemçukuru is a high grade, underground operation located in Izmir Province in western Türkiye. It uses a flotation circuit to produce a gold concentrate. 

Key Facts

Location Izmir Province, Türkiye
Mine type Underground
Metals mined Gold
Expected mine life 6 years*
Deposit type Epithermal gold
Ownership 100%
2023 Production Data (January 2024)
Resources & Reserves (September 2023)
2024 Production & Cost Guidance (February 2024)

* Based on current proven and probable reserves.

Operating Data

Gold Operations
2024 Outlook
Ounces Produced 86,08875,000 - 85,000
Ounces Sold  86,078
Tonnes Milled  547,089540,000 - 550,000
Grade (grams / tonne)  5.645.0 - 5.5
Total Cash Costs ($/oz sold)1


1,080 - 1,180
All-in Sustaining Costs ($/oz sold)11,1541,290 - 1,390
Growth Capital Expenditures ($M)1 6.7 6 - 9
Sustaining Capital Expenditures ($M)1,2 14.0 18 - 26

Note: All amounts are in US$ unless otherwise indicated.

1These financial measures or ratios are non-IFRS financial measures or ratios. Certain additional disclosure for non-IFRS financial measures and ratios have been incorporated by reference and additional detail can be found at the end of this press release and in the section 'Non-IFRS and Other Financial Measures and Ratios' in the Company's December 31, 2023 MD&A.
2Includes capitalized exploration at Lamaque and Efemcukuru.

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Geology and Mineralization

Efemçukuru is an intermediate sulfidation epithermal gold deposit hosted within Upper Cretaceous phyllite and schist at the western end of the Izmir-Ankara Suture Zone in SW Türkiye. The host rocks are locally silicified to hornfels and cut by moderately N- to NE-dipping faults that are exploited by rhyolite dykes and epithermal veins. Two major veins host mineralization, Kestanebeleni and Kokarpinar, with the former containing the bulk of the ore. Vein mineralogy is variable but primarily consists of quartz, rhodonite (commonly replaced by rhodochrosite), adularia and sulfide assemblages including pyrite, galena, chalcopyrite and sphalerite. Spectacular, high grade banded crustiform-colloform textures characterize the veins in addition to multi-stage breccias that were likely the result of shallow-level boiling. Most of the gold is very fine (2.5 to 50 microns), occurring as free grains in quartz and carbonate, and as inclusions in sulphide minerals. Lower grade mineralized stockworks occur peripheral to the ore shoots, and are most strongly developed in hangingwall rocks.


The Efemçukuru epithermal vein deposit was identified and defined by Eldorado in the late 1990s. Current exploration is focused on adding resources to the two principal mineralized veins at the project: the Kestane Beleni Vein, which hosts the present mine reserves, and the subparallel Kokarpinar Vein, located 400m to the east. We are also continuing to identify and test new vein targets on the property.


2015 Commenced mining from the North Ore Shoot (NOS)
2014 Mine throughput increased to 435 ktpa
2013 Received approval of supplementary EIA for the expansion from 250,000 tpa to 600,000 tpa
2012 Commenced commercial sales of concentrate to third parties
2011 Commercial production began in December; mining and processing started in June
2008 Began construction
2007 Completed feasibility study
2005 Received EIA approval
1992 Discovered the deposit while carrying out reconnaissance work in western Türkiye