TSX: ELD NYSE: EGO
VANCOUVER, Sept. 6, 2016 /PRNewswire/ - Eldorado Gold
Corporation, ("Eldorado" or "the Company") is pleased to announce
results from the first eleven drillholes completed in the 2016
exploration program at the Karavansalija Mineralized Centre (KMC)
Project in Serbia. This drilling tested three target areas
within the large gold-base metal system, with notable intercepts
including:
- At Shanac, 298.0 metres grading 0.74 grams per tonne gold and
0.14% copper (including 46.5 metres grading 2.16 grams per tonne
gold and 0.29% copper) associated with polymetallic magnetite
skarn;
- At Copper Canyon, intercepts of 41.0 metres grading 1.35 grams
per tonne gold and 0.87% copper and 52.3 metres grading 2.95 grams
per tonne gold; and
- At Gradina, 45.5 metres grading 1.48 grams per tonne gold.
Peter Lewis, Vice President of
Exploration at Eldorado, stated
"our drilling results to date confirm our view of the outstanding
potential of the KMC project. After a systematic analysis of
historic exploration data including relogging of all previous drill
core, reprocessing geophysical data, and geological modelling we
have commenced testing extensions to previous high-grade intercepts
and have defined new drill targets. Based on initial results,
we have budgeted an additional 7,500 metres of drilling for 2016,
and have added a fourth drill rig to the program."
KMC Project, Serbia
The KMC project encompasses a
large magmatic-hydrothermal system with multiple zones of gold,
copper, and base metal mineralization. Prograde and retrograde
skarn is present within regionally extensive limestones, generally
in close proximity to Tertiary dykes and plugs (Figure 1).
Epithermal-style alteration and mineralization overprints skarn and
in many cases extends upward into an overlying volcanic
package.
Previous operators completed 30,000 metres of drilling to test
targets associated with geochemical and geophysical anomalies, and
identified both narrow high-grade gold zones and broader areas of
lower grade mineralization throughout the property. Eldorado's comprehensive re-interpretation and
integration of historical exploration data has defined new
stand-alone drill targets as well as potential extensions to known
mineralized zones. Drilling in 2016 has focused on the Shanac,
Copper Canyon and Gradina zones as well as the previously untested
gap between Copper Canyon and Gradina. Additional holes
(EOSKC1674 and EOKSC1677) tested epithermal targets between Copper
Canyon and Shanac, but did not intersect any significant gold
zones.
Shanac
The Shanac target is defined by a prominent
magnetic high measuring at least 400 metres in diameter coincident
with a gold soil anomaly. Drillhole EOKSC-1678, which was
targeted through reprocessing and 3D modeling of magnetic data and
relogging of historic drillholes, intersected >300 metres of
gold-rich magnetite skarn which spatially correlates with the
modeled magnetic anomaly (Figure 2). Results from this hole include
298.0 metres at 0.74 grams per tonne gold and 0.14% copper,
including 46.5 metres at 2.16 grams per tonne gold and 0.29%
copper. Peripheral to the anomaly, historic drillholes intersected
broad low grade gold intercepts, and hole EOKSC-1681 intersected
202.9 metres at 0.55 grams per tonne gold from 434 metres depth
with assays pending beyond this interval. The intercept is located
approximately 500m west of the centre of the main Shanac
mineralization. Eldorado has
initiated an additional 7,500 metres of drilling to delineate this
new discovery.
Copper Canyon and Gradina
Copper Canyon and Gradina
were previously explored as two distinct target areas separated by
a five-hundred metre gap. Eldorado's review of historical data
established that gold mineralization is associated with retrograde
skarn zones within the larger hydrothermal system, and that the
retrograde skarn is continuous in the subsurface between the two
zones. In addition, new mapping south of the Copper Canyon area
identified mineralized skarn extensions and ancient workings that
had not been drill tested. Results have been received from eight
drillholes testing the two zones and the intervening gap. At
Copper Canyon, drillhole EOKSC-1680 tested targets south of the
previously drilled area. Intercepts included an upper interval of
41.0 metres at 1.35 grams per tonne gold and 0.87% copper, and a
deeper interval of 52.3 metres at 2.95 grams per tonne gold. Both
intercepts are within retrograde skarn, and are open to the south
and up dip. At Gradina, drillhole EOKSC-1682 tested a one hundred
metre step-out from a high-grade zone identified by previous
operators. The upper part of the step-out hole included an
interval of 44.5 meters grading 1.48 grams per tonne gold and 1.34%
zinc; assay results are pending for the mineralized lower portion
of this hole. New drilling in the gap between Gradina and
Copper Canyon confirmed the continuity of retrograde skarn-hosted
gold mineralization between the zone, including an intercept of 6.4
metres grading 6.18 grams per tonne gold in drillhole
EOKSC-1673.
Table 1: Results of 2016 drillholes at the Shanac,
Copper Canyon and Gradina zones at the KMC project
|
|
|
|
|
|
DDH
|
From
(m)
|
To
(m)
|
Interval
(m)
|
Au
(ppm)
|
Cu (%)
|
Shanac
|
EOKSC-1678
|
215.0
|
513.0
|
298.0
|
0.74
|
0.14
|
|
including
|
345.5
|
442.0
|
96.5
|
1.36
|
0.3
|
|
including
|
361.5
|
408.0
|
46.5
|
2.16
|
0.29
|
|
including
|
379.5
|
386.8
|
7.3
|
4.01
|
0.31
|
EOKSC-1681
|
412.0
|
614.9
|
202.9
|
0.55
|
0.10
|
Copper
Canyon
|
EOKSC-1680
|
123.5
|
164.5
|
41.0
|
1.35
|
0.87
|
and
|
325.7
|
326.7
|
1.0
|
21.60
|
-
|
and
|
703.0
|
742.0
|
39.0
|
2.06
|
-
|
|
including
|
713.5
|
724.0
|
10.5
|
5.41
|
-
|
and
|
759.5
|
811.8
|
52.3
|
2.95
|
|
EOKSC-1674
|
No significant
intercepts
|
Gradina
|
EOKSC-1682
|
331.0
|
375.5
|
44.5
|
1.48
|
-
|
|
|
|
|
|
|
Gap
Zone
|
|
|
EOKSC-1673
|
726.1
|
748.2
|
22.1
|
2.16
|
-
|
|
including
|
737.1
|
743.5
|
6.4
|
6.18
|
|
EOKSC-1676
|
469.0
|
503.0
|
34.0
|
0.99
|
-
|
|
including
|
500.0
|
502.0
|
2.0
|
7.86
|
-
|
EOKSC-1672, 1675,
1679
|
No significant
intercepts
|
About Eldorado Gold
Eldorado is a leading low cost gold producer
with mining, development and exploration operations in Turkey, China, Greece, Romania, Brazil and Serbia. The Company's success
to date is based on a low cost strategy, a highly skilled and
dedicated workforce, safe and responsible operations, and long-term
partnerships with the communities where it operates.
Eldorado's common shares trade on
the Toronto Stock Exchange (TSX: ELD) and the New York Stock
Exchange (NYSE: EGO).
Qualified Person
Dr. Peter
Lewis, P. Geo., Vice President, Exploration at Eldorado, is the Qualified Person for the
technical disclosure in this press release. Certified standard
reference materials, field duplicate, and blank samples were
inserted prior to shipment from the preparation sites and were
regularly monitored to ensure the quality of the data. Samples from
the KMC project in Serbia were analyzed at ALS laboratories in
Romania and Ireland. QAQC samples were inserted into each
batch at a rate of 2 standards, 2 duplicates, and variable numbers
of blanks per batch.
Certain of the statements made in this News Release may
contain 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, but not
always, forward-looking statements and forward-looking information
can be identified by the use of words such as "plans", targets",
"target", "expects", "is expected", "budget", "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 information in this News Release
include, but are not limited to the Company's Announcement of
Drilling Results from the KMC Project, Serbia..
Forward-looking statements and forward-looking information by
their nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements or information. We have made certain assumptions
about the forward-looking statements and information, including
assumptions about the political and economic environment that we
operate in, the future price of commodities and anticipated costs
and expenses. Even though our management believes that the
assumptions made and the expectations represented by such
statements or information are reasonable, there can be no assurance
that the forward-looking statement or information will prove to be
accurate. Furthermore, should one or more of the risks,
uncertainties or other factors materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those described in forward-looking statements or
information. These risks, uncertainties and other factors
include, among others, the following: political, economic,
environment and permitting risks, gold price volatility,
discrepancies between actual and estimated production, estimated
mineral reserves and resources and metallurgical recoveries, mining
operational and development risks, litigation risks, regulatory
restrictions, including environmental and permitting regulatory
restrictions and liabilities, internal and external approval risks,
risks of sovereign investment, currency fluctuations, speculative
nature of gold exploration, global economic climate, dilution,
share price volatility, competition, loss of key employees,
additional funding requirements, and defective title to mineral
claims or property, as well as those factors discussed in the
sections entitled "Forward-Looking Statements" and "Risk Factors"
in the Company's Annual Information Form & Form 40-F dated
March 30, 2016.
There can be no assurance that forward-looking statements or
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
statements. Accordingly, you should not place undue reliance
on the forward-looking statements or information contained
herein. Except as required by law, we do not expect to update
forward-looking statements and information continually as
conditions change and you are referred to the full discussion of
the Company's business contained in the Company's reports filed
with the securities regulatory authorities in Canada and the U.S.
All forward-looking statements and information contained
herein are qualified by this cautionary statement.
SOURCE Eldorado Gold Corporation