LAMAQUE COMPLEX (CANADA)
The Lamaque Complex is located in Val-d’Or, Quebec.
The Lamaque Complex is located in Val-d’Or, Québec. Commercial production was declared at the Triangle mine on March 31, 2019, and has since produced nearly one million ounces of gold. The Lamaque Complex includes the Triangle mine (upper and lower zones), the Ormaque mine, within the Ormaque deposit, the Parallel deposit, the Plug #4 deposit, and the Sigma Mill. The deposits are located within the prolific Val-d'Or district of the Abitibi that hosts the historic Lamaque and Sigma Mines. Those mines collectively produced nearly 10 million ounces of gold.
KEY HIGHLIGHTS
Location
Mine type
Metals mined
Expected mine life
Deposit type
Ownership
*Based on Proven & Probable Mineral Reserves. Refer to Reserves and Resources for more information.
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OPERATING DATA
| Gold Operations | 2024A | |
|---|---|---|
| Ounces Produced1 | 196,538 | |
| Ounces Sold | 194,670 | |
| Tonnes Milled | 943,509 | |
| Grade (grams / tonne) | 6.74 | |
| Total Cash Costs ($/oz sold)1 | $711 | |
| All-in Sustaining Costs ($/oz sold)1 | $1,134 | |
| Growth Capital Expenditures ($M)1 | 23.0 | |
| Sustaining Capital Expenditures ($M)1 | 80.3 |
Note: All amounts are in US$ 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 in the section 'Non-IFRS and Other Financial Measures and Ratios' in the Company's December 31, 2024 MD&A and in the press release dated February 20, 2025 titled ‘Eldorado Gold Delivers Strong 2024 Full Year and Fourth Quarter Financial and Operational Results; Positive Free Cash Flow Realized in the Quarter and Full Year’.
GEOLOGY AND MINERALIZATION
The Lamaque operation consists of the Triangle gold deposit located only 2.5 km south of the historical world-class Lamaque and Sigma Mines, which are also on the property and produced over 10 Moz 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 4-5 m thick, sub-vertical and extend 500-700 m 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 1,000 m 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 2 km below surface.
EXPLORATION
The Triangle and Ormaque orogenic gold deposits are part of the Lamaque Mining Complex. Historically, the Sigma and Lamaque mines produced a combined 10 Moz Au and occur within a 2.5 km radius of Triangle and Ormaque. Integra Gold Corporation discovered the Triangle deposit in 2010. Eldorado purchased Integra in 2017 and advanced development to commercial production in March 2019. Subsequently, during summer 2019, Eldorado discovered the Ormaque deposit. Exploration is focused on supporting the conversion of resources in the deeper veins at Triangle and at Ormaque. Exploration is also targeting and drill testing for new Inferred Resources in the existing mine infrastructure area, as well as exploring for satellite deposits in the district that can feed the Sigma mill.
ORMAQUE DEPOSIT
Ormaque is part of the Lamaque Complex, located immediately east-southeast of Val d’Or, Québec. The deposit is located just off the existing Triangle–Sigma decline, and with the development of the Ormaque deposit, we will be adding a second underground mine to the Lamaque Complex, which provides operational flexibility and efficiency as we leverage the existing Sigma mill and infrastructure.
The Ormaque deposit was discovered in 2019 through surface drilling. Following recognition of the mineralized vein system and the declaration of An Inferred Mineral Resource was declared in February 2021 and an exploration drift was developed from the Triangle–Sigma decline allowing conversion drilling for the upper sections of the deposit.
On December 11, 2024, Eldorado announced an inaugural Mineral Reserve for the Ormaque Deposit of 619K ounces. A bulk sample of Ormaque material was processed at the Sigma Mill in December 2024 and preliminary results are in-line with expectations and support the current Ormaque Mineral Reserves and block model. The second phase of the bulk sample is expected for the second half of 2025, followed by an expected ramp-up phase beginning in 2026. We expect to reach full production in 2028.
The Ormaque deposit remains open at depth and laterally both near surface and at depth.
REPORTS
| REPORT TITLE | LINK |
|---|---|
| 2024 Production Data (January 2025) | |
| Lamaque Complex Technical Report (NI 43-101) - December 31, 2024 | Download PDF |
| Resources & Reserves (September 2024) | |
| 2024 Production & Cost Guidance (February 2024) | |
| Lamaque Technical Report (NI 43-101) - December 2021 | Download PDF |
| Lamaque Pre-Feasibility 43-101 Technical Report | Download PDF |
| Preliminary Economic Assessment Report – May 2017 | Download PDF |
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