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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%
2022 Production Data (January 2023)
Resources & Reserves (September 2022)
2023 Production & Cost Guidance (February 2023)

* Based on current proven and probable reserves.

Operating Data

Gold Operations
2023 Outlook
Ounces Produced 87,68580,000 - 90,000
Ounces Sold  88,784N/A
Tonnes Milled  544,450530,000 - 550,000
Grade (grams / tonne)  5.825.50 - 6.00
Cash Operating Costs ($/oz sold)1551790 - 890
All-in Sustaining Costs ($/oz sold)1901N/A
Growth Capital Expenditures ($M)1  5.8 4 - 8
Sustaining Capital Expenditures ($M)1  18.8 10 - 15

Note: All amounts are in US$ unless otherwise indicated.
1These financial measures or ratios are non-IFRS financial measures or ratios. We believe that these measures, in addition to information prepared in accordance with IFRS, provides investors with useful information to assist in their evaluation of the Company's performance and ability to generate cash flow from operations.  Accordingly, it is intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. For further information, refer to the section 'Non-IFRS and Other Financial Measures and Ratios' of the December 31, 2022 MD&A.

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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