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Ormaque Resource Expansion Drilling Highlights Resource expansion drilling at Ormaque totals over 11,500 metres in 2023. This drilling has identified new zones characterised by high-grade veins similar in style and geometry to those hosting the Ormaque deposit. Key mineralised intercepts are present both below and south of the current Mineral Resources for at least 350 metres. Notable results since the March 2023 exploration update news release include:
Note: Gold grades for drill periods indexed in this press release are based on individual assays capped at 70 g/t gold. Drill hole intersection problems are lengths of drill holes.
Figure 1: Map of the Ormaque deposit area, showing the surface projection of mineral resources (pink-shaded area) in simplified surface geology, with collar locations and surface lines of new drill holes presented in this press and with reference cut-off lines for Figure 2. .
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Qualified Persons
Jacques Simoneau P.Geo. (OGQ No. 737), a member in good standing of the Ordre des Géologues du Québec, is the qualified person as defined in NI 43-101, and is responsible for and has verified and approved the scientific and technical disclosure contained in this press release (including verification of the sampling, analytical and test data underlying the information disclosed), with respect to the exploration program at Ormaque. Eldorado Gold operates its exploration programs according to industry best practices and employs rigorous quality assurance and quality control procedures. All results are based on half-core samples of diamond drill core. The data including in this press release was verified as follows: Drill core samples for the Ormaque deposit exploration drilling were prepared and analyzed at Bourlamaque Laboratories in Val d’Or, Quebec. All gold assays are based on fire assay analysis of a 30 g charge, followed by an atomic adsorption finish. Samples with gold grades above 5.0 g/t were re-assayed and completed with a gravimetric finish. Certified standard reference materials, field duplicates and blank samples were inserted regularly and were closely monitored to ensure the quality of the data.
Strengthening the Executive Management TeamThe Company announces that Joe Dick, Executive Vice President and Chief Operating Officer, will retire in 2024. Joe has had a successful 40-year career, the last four of which have been with Eldorado. He will remain as an advisor to Eldorado after his retirement to provide continued support to the company as required.
With Joe Dick’s retirement, a number of adjustments were made to the leadership team for our expansion and set us up for continued success. These settings include:
Louw Smith has been appointed Executive Vice President of Development for Greece, effective January 1, 2024. Louw brings more than 30 years of industry experience to the role and most recently served as General Manager at TEX, overseeing a wide variety of technical projects. Solutions for gold mining companies. Prior to that, Louw was Chief Operating Officer of Nord Gold Plc for 8 years. Louw is also Chief Operating Officer of Alacer Gold Corp. Louw will be founded in Greece and will be responsible for the progress of our Greek assets. adding Skouries and Perama Hill, overseeing corporate operations and functions.
Paul Ferneyhough has been named Executive Vice President, Chief Strategy Officer and Chief Commercial Officer. Paul’s day jobs include country control (Canada and Turkey), investor relations, sales and marketing, business improvement, and supply chain and purchasing. in May 2021 as Senior Vice President, Chief Growth and Integration Officer. Prior to joining Eldorado Gold, Paul spent nearly two decades at Repsol SA (and Talisman Energy), most recently as CEO at the helm of Repsol’s upstream oil and fuel division in North America. He has also held senior leadership positions in corporate, operational, and functional spaces aggregating finance, investor relations, strategy, business, planning, and business functionality control.
Simon Hille has been appointed Executive Vice President, Technical Services and Operations. Simon will be responsible for operations in Turkey and Canada, as well as global functions: Technical Services, Project Engineering, Exploration & Safety and Sustainability. Simon joined the company in November 2020 as Vice President of Technical Services. Prior to joining Eldorado, Simon worked at Newmont (Goldcorp), as Group Director, Technical Engineering and Global Projects. Prior to the merger with Newmont, Simon was Vice President of Global Innovation, Metallurgy and Processing at Goldcorp. He has also progressively held senior leadership positions in steel and procedure progression at Barrick Gold and Newcrest Mining. Simon has more than 30 years of experience in gold and base steel, specializing in leading high-performance, cross-functional technical and operational groups to maximize the price of complex orebodies.
About Eldorado Gold
Eldorado is a gold and base metals manufacturer with mining, progression and exploration operations in Turkey, Canada, Greece and Romania. The company has a highly professional and committed workforce, and guilty operations, a portfolio of high-quality assets and long-term investments. partnerships with local communities. The non-unusual Eldorado stock industry on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).
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Chad Pederson, Director of Communications 236-885-6251 or 1-888-353-8166 chad. pederson@eldoradogold. com
Cautionary Note about Forward-looking Statements and InformationCertain of the statements made and information provided in this press release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “continue”, “projected”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements or data contained in this press release include, but are not limited to, statements or data relating to: opportunities to expand Ormaque’s existing resources; plans to identify the initial reserves at Ormaque, adding the finishing touch of a pre-feasibility study and the planned timeline for such a pre-feasibility study; long-term planned drilling and exploration and the expected timing and benefits thereof; our expectations related to the status quo of reserves and resources through our ongoing exploration programs; mineral reserves and resources; the timing of adjustments in the control team, adding the retirement of Joe Dick; plans to retain our Chief Operating Officer as a representative after his retirement; expected and new control portfolios; our recommendation and perspective; and our strategy, plans and objectives, aggregating our proposed plans and priorities for exploration, development, construction, licensing and operation, adding schedules and schedules.
We have made certain assumptions about the forward-looking statements and information, including assumptions about: the future price of gold and other commodities, the results of our exploration programs; the need for additional financing to explore and develop properties; mineral reserves and resources and metallurgical recoveries, uncertainties involved in the interpretation of drill results and geological tests, the geopolitical, economic, permitting and legal climate that we operate in; ability to obtain all required approvals and permits in a timely manner and our ability to comply with all the conditions that are imposed in such approvals and permits; how the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the impact of the COVID-19 pandemic on our operations the future price of gold and other commodities; the global concentrate market; exchange rates; anticipated costs and expenses; production, the impact of acquisitions, dispositions, suspensions or delays on our business and the ability to achieve our goals. In particular, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this release.
Although our control believes that the assumptions made and expectations represented by such statements or data are reasonable, there can be no assurance that forward-looking statements or data will prove to be accurate. Many assumptions can be hard to expect and are beyond our control.
In addition, if one or more threats, uncertainties or other issues materialize, or if underlying assumptions prove incorrect, actual effects may differ materially from those described in the forward-looking statements or information. These threats, uncertainties and other points include, but are not limited to:; the timing and duration of exploration, drilling, painting, construction programs, geopolitical and economic climate (global and local), uncertainties such as the interpretation of the effects of drilling and geological testing; the need to discharge additional entry permits and government approvals, threats such as updating our resource and reserve models and life-of-mine plans; mining tenure and rents; volatility in the value of gold and other commodities; IT formula threats; continued slowdown in the global concentrates market, rallies in gold and other metals; effects of check paintings; revised guidance; threats relating to future and ongoing litigation and arbitration proceedings relating to the Company’s businesses, homes and operations; the expected effect on reserves and use value; mine operational and progression threat; funding threats; operational threats related to foreign countries; global outbreaks of infectious diseases, including COVID-19; threats to sovereign investments; regulatory threats and responsibilities, adding environmental and regulatory restrictions, and environmental regulatory restrictions and responsibilities; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical testing and recoveries; additional funding requirements; currency fluctuations; community movements and non-governmental organizations; speculative nature of gold exploration; dilution; stock price volatility and the value of our regular shares; competence; loss of key employees; and incorrect naming of mineral claims or tenements, as well as the risk points discussed in the sections titled “Forward-Looking Statements” and “Risk Factors in Our Business” in the Company’s most recent Annual Information Form and Form 40-F . the society. The reader is encouraged to carefully review the detailed discussion of the threats in our most recent annual update form filed on SEDAR and EDGAR under our corporate name, which discussion is incorporated by reference in this release, for a greater understanding of the threats. and threats. . uncertainties that affect the Company’s business and operations.
Forward-looking statements and data are designed to provide you with management’s existing views of our short- and long-term prospects, and may not be suitable for other purposes.
Table 1: Summary of the effects of drilling tests at the Ormaque deposit. Intercepts are reported for periods above a threshold of 10 grams per meter. Drill collar locations, collar orientations, and overall lengths are indexed in Appendix 2.
Appendix 2: Collar locations and orientations and general lengths of drill holes indexed in this press release.
Table 1: Summary of drill collar locations and orientations for the Ormaque deposit.