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Eldorado hits lease milestone with Lamaque gold project

DCN News Services
Eldorado hits lease milestone with Lamaque gold project

VANCOUVER — Eldorado Gold recently announced it has obtained a mining lease for the Triangle deposit at its Lamaque project in Quebec, enabling the firm to enter the production phase with commercial production forecast for 2019.

The Lamaque project is located in the Val d’Or mining camp, within the eastern end of the Southern Abitibi Greenstone Belt.

The project covers a 32.4-square-kilometre tenement package surrounding the historical Lamaque and Sigma mines, explained a media statement.

Lamaque is a subsidiary of Vancouver-based Eldorado Gold Corporation.

The mining lease was described as a “major project milestone.” Eldorado acquired a 15 per cent interest in Integra Gold in 2015 and it acquired the remaining outstanding shares of Integra Gold last July.

Exploration for 2018 is budgeted at $7 million. Capital expenditures at Lamaque in 2018 are forecast to be $120 million, including $20 million of capitalized mine operating costs, said the Eldorado website.

The company expects to extract roughly 200,000 tonnes of ore grading 8.03 grams per tonne gold, containing approximately 40,000 ounces and anticipates toll milling a portion of the ore and producing 25,000 to 35,000 ounces.

During the first quarter, the ramp-up of refurbishment work on the Sigma mill continued with the mobilization of key contractors to site, said Eldorado. Key activities at the Sigma mill focused on the inspection and refurbishment of electrical equipment and motors.

The Triangle deposit is one of three currently identified deposits at Lamaque. Finds support an initial seven-year mine plan with an average annual production rate of 117,000 ounces of gold.

The Sigma-Lamaque complex produced gold for most of the 1900s, according to a statement previously published by Century Mining, a previous mine operator.

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