Eldorado Gold provides an update on 2017 exploration programs
Tuesday, Nov 14, 2017
Eldorado Gold Corporation ("Eldorado" or the "Company") is pleased to provide an update on the Company's exploration activities completed to date in 2017. Highlights from the period include:

  • Lamaque resource upgrade and resource expansion drilling: over 31,000 metres of drilling at the Triangle deposit completed since the July acquisition of Integra Gold Corporation ("Integra"). Drilling has affirmed the quality of the current resource and highlights the upside potential of the Lamaque project, including intercepts from the C7 zone of 25.44 grams per tonne (g/t) Au over 3.5 metres and 7.47 g/t Au over 4.4 metres.

  • Completion of the year-one drilling program at Bolcana, Romania: results of over 23,000 metres at our new Bolcana porphyry project confirm the size and potential of the system, as highlighted by drillhole TRSD013 which featured an intercept of 1,246.0 metres from surface grading 0.94 g/t Au and 0.27% Cu.

  • Resource conversion drilling at Efemcukuru: infill drilling of inferred resources in the Kestane Beleni vein continues to intersect ore grades and widths, while exploration drilling at the nearby Kokarpinar vein has identified a new high-grade shoot.

  • Exploration development and underground resource expansion drilling at the Stratoni Mine: Development of the hangingwall exploration drift continues, and completion of over 4,500 metres of underground drilling confirms the continuation of the Mavres Petres orebody into previously untested areas.
Peter Lewis, Eldorado's Vice President, Exploration stated, "The results to date from the 2017 exploration programs reflect the quality of both our brownfields programs and new projects, and bode well for extending the life of our current operations while strengthening our internal growth pipeline.  We are particularly pleased by the strong results from the Lamaque project, where we have identified high-grade vein intercepts outside of the previously defined resources, and we look forward to expanding our exploration programs to new targets on the property."

Presented below are project updates for several of the principal 2017 exploration programs.  Summary tables of drillhole intercepts from these programs are included in Appendix 1, including estimates of true thicknesses of mineralized zones and cuts of high-grade assays where appropriate.

Lamaque Project, Canada

On July 10, 2017, Eldorado completed the acquisition of Integra and its flagship Lamaque project in Val d'Or, Quebec. Eldorado continued the 2017 drilling program initiated by Integra with over 80,000 metres drilled year to date on the Triangle deposit, Plug 4, and Lamaque deep targets.

Six surface drill rigs are currently active at the Triangle deposit, where we have drilled over 31,000 metres since July. A majority of the drilling consisted of resource conversion holes targeting the upper parts of the C2 and C4 zones, and definition drillholes within the C2 bulk sample area.  To date, the C2 bulk sample program has included development on four levels from which 20,992 tonnes have been processed at the Camflo mill.  The definition drilling, underground mapping of the C2 zone, and average head grade for the processed material (7.10 g/t Au) all confirm the validity of the geological and resource models.  Au recovery from the processed material has been 95.52%.

The remaining resource expansion holes targeted extensions of the main C zones and their splays.  This drilling has locally expanded the limits of the C2, C4, and C5 zones and both extended and confirmed the continuity of high-grade splays associated with the main C zones. These zones were not included in the previous Integra resource model.

Notable intercepts of these splays include:

  • 9.57 g/t Au over 7.14 metres true thickness in hole TM-16-180AW03M01 (C3 splay)
  • 7.30 g/t Au over 4.56 metres true thickness in hole TM-16-114BW01M02 (C4 splay)
  • 8.08 g/t Au (capped at 30 g/t Au) over 4.62 metres true thickness in hole TM-16-180AW02 (C4 splay).
At deeper levels, new intercepts correlated with the C5, C6, C7, and previously unrecognized deeper zones demonstrate the significant upside potential of the Triangle deposit beyond the existing resource areas.  Examples include:

  • 11.83 g/t Au (capped at 30 g/t Au) over 3.50 metres true thickness in hole TM-15-037W02M02 (C7)
  • 7.77 g/t Au (capped at 30 g/t Au) over 6.88 metres true thickness in hole TM-15-032W02 (C6)
  • 10.62 g/t Au (capped at 30 g/t Au) over 6.02 metres true thickness in hole TM-15-032 (C6 Splay)
  • 7.49 g/t Au over 7.10 metres true thickness in hole TM-15-032W01M03 (new zone)
Drilling is now shifting to focus on other targets within the Lamaque project area. The Company expects to drill approximately 15,000 metres for the remainder of the year.

Bolcana Project, Romania

The Company's new Bolcana project is a large copper gold porphyry system located approximately six kilometres west of our Certej epithermal deposit development project in Romania.  The 2017 exploration program at Bolcana totaled over 23,000 metres of drilling in 25 holes, and tested an area measuring 1,200 metres by 900 metres, locally to a depth of more than 1,200 metres.

Results from the 2017 drilling outline a large gold-rich porphyry system centered on a calc-alkaline intrusive complex.  Elevated gold and copper values are associated with chalcopyrite and bornite within diorite porphyry intrusions and associated magmatic-hydrothermal breccias. Mineralization is continuous to the depth extent of drilling, with highest grades found in shallow residual potassic zones and in a deeper high-grade potassic core.  Drillhole TRSD013, which tested the central core of the system, intersected 1,246 metres from near surface with an average grade of 0.94 g/t Au and 0.27% Cu.  This includes a shallow high-grade zone of 200.0 metres grading 1.43 g/t Au and 0.3% Cu and a deeper zone of 206.0 metres grading 1.55 g/t Au and 0.35% Cu.  In addition, high grades have been intersected in a second shallow zone referred to as the south zone located approximately 200 metres south of the central zone where drillhole TRSD017 intersected 132.0 metres grading 1.88 g/t Au and 0.34% Cu. The 2017 program was recently concluded and results are being evaluated to define future exploration plans for the project.

Efemcukuru Mine, Turkey

At the Efemcukuru epithermal vein deposit, drilling in 2017 included 15,700 metres of resource conversion drilling on the Kestane Beleni vein and an additional 4,000 metres testing exploration targets in the nearby Kokarpinar vein system.  Most of the resource conversion drilling at Kestane Beleni has utilized drill stations in the new Kestane Beleni hangingwall exploration drift and has targeted inferred resources downdip from the current production levels in the South Ore Shoot and in the transition zone between South and Middle Ore Shoots.  Notable results from this program include high-grade intercepts in the South to Middle Ore Shoots transition zone, with 8.77 g/t Au over 12.65 metres (EF-2703) and 8.19 g/t Au over 8.31 metres true thickness (EF-2614).

Surface drilling at the Kestane Beleni northwest zone has infilled areas previously drilled at a wide spacing, reducing drillhole spacing to approximately 50 metres over most of the mineralized zone.  Although the vein is narrower here than in the South and Middle Ore Shoots, intercept grades commonly equal or exceed those in the current resource model.  New drilling has defined two distinct trends of high grade ore shoots, with significant intercepts of 19.48 g/t Au over 4.32 metres (EF-024) and 173.5 g/t Au over 1.4 metres true thickness (EF-033).

At Kokarpinar, exploration drilling in this year's program is testing the northern part of the vein system where complex splays and limited drill site availability had hampered previous drill testing.  Nineteen holes were completed, three of which define a new high-grade shoot with intercept grades of up to 29.0 g/t Au over 1.2 metres true thickness.  Step-out drilling is currently in progress testing the down-plunge extension of this shoot.

In addition, a 21.2 kilometre induced polarization survey was completed over the Efemcukuru license area in August, with the objective of identifying blind drill targets in the footwall to the Kestane Beleni vein. Results are currently being evaluated, with drilling of new targets scheduled for 2018.

Stratoni Mine, Greece

The Stratoni deposit is a high-grade carbonate replacement deposit consisting of massive sulfide lenses occurring within and adjacent to the Stratoni fault zone.  The Company is currently developing an exploration drift in the hangingwall to the fault zone that provides platforms for drilling untested areas downdip of and along strike to the west of the known orebody.  Year to-date, 22 underground drillholes have been completed from the new development, which included seven resource conversion holes targeting existing inferred resources.  Most of these holes intersected ore thicknesses equal to or greater than those predicted by the resource model, with high silver and base metal values.  Resource expansion drilling to date has tested an area measuring approximately 100 metres by 100 metres downdip of the deposit.  Nine of the 15 holes in this area intersected massive sulphide intervals comparable to those in the main orebody.  Two drill rigs are currently active at the project testing additional stepouts to the deposit.

KMC Project, Serbia

During 2017, at the Karavansalija Mineralized Center (KMC) project, approximately 18,500 metres of diamond drilling have been completed at the Shanac, Copper Canyon, Gradina, and Medenovac prospects.  The Shanac prospect is a large magnetite skarn system discovered by Eldorado in 2016.  Gold mineralization within the skarn assemblage is hosted by Cretaceous limestone underlying an altered and weakly mineralized Tertiary andesitic volcanic sequence.  12 holes were drilled into the centre of the Shanac system in 2016 and an additional nine drillholes have been completed in 2017 to define the margins of the mineralized body. Gold grades within magnetite skarn at Shanac are typically 0.5 g/t Au to 2.0 g/t Au over vertical intervals of 50 to 200 metres beginning at depths of 150 to 300 metres from surface, with highest grades localized in a gently dipping lens just below the Tertiary volcanic rocks.

At the Gradina and Copper Canyon prospects, 2017 drilling targeted extensions of high-grade intercepts associated with zones of retrograde skarn mineralization identified in previous drill campaigns, and also tested new conceptual targets.

Regional exploration crews are currently completing initial stream sediment, soil, and rock chip sampling at recently granted licenses surrounding KMC and elsewhere in Serbia and Kosovo. Initial results have delineated several new target zones to be followed up with geological mapping and ground magnetic surveys.

Regional Exploration, Brazil

Throughout 2017, exploration activities in Brazil have focused on grassroots programs at our Borborema, Mara Rosa, and Nazareno project areas.  The Borborema project includes 3,400 square kilometres of exploration licenses in Pernambuco, Ceará, and Paraiba states in areas prospective for orogenic gold systems.  Since July 2016, the Company has completed an extensive regional geochemical survey of the entire project area, and drilled three early-stage targets.  The Mara Rosa project in Goias state includes over 280 square kilometres of exploration licenses and license applications covering the Mara Rosa greenstone belt.  Soil geochemical surveys, mapping, and outcrop sampling programs have defined priority targets on which preliminary drill testing was recently completed and a review of results is underway.  The Nazareno project area in Minas Gerais state covers a southwest offshoot of the prolific Quadrilatero Ferrifero (QF).  The licenses cover roughly a 70 kilometre strike length of a regional shear zone within the Nova Lima group, the same greenstone sequence hosting most of the major deposits in the QF.  Drilling commenced in September on several prospects.

Since the beginning of 2016, we have added approximately 600 square kilometres of licenses to our Brazil exploration portfolio, mostly in the Mara Rosa, Ipora, and Piranhas areas in Goias state and surrounding our Tocantinzinho development project in Para state.

About Eldorado Gold

Eldorado is a leading intermediate gold producer with mining, development and exploration operations in Turkey, Greece, Canada, Romania, Serbia and Brazil.  The Company's success to date is based on a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, 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).

For more information, please visit: http://www.eldoradogold.com

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