Eldorado Gold Announces Maiden Inferred Mineral Resource of 803,000 Ounces at 9.5 g/t Gold at the Ormaque Deposit in Quebec

VANCOUVER, British Columbia, Feb. 22, 2021 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation, (“Eldorado” or the “Company”) is pleased to announce a maiden resource estimate for the recently-discovered Ormaque deposit near its Lamaque operations (Figure 1) in Quebec. Inferred Mineral Resources total 2,620,000 tonnes at a grade of 9.53 grams per tonne gold, for 803,000 ounces of contained gold.

“This early exploration success at Ormaque highlights the outstanding growth potential at Lamaque,” said George Burns, President and CEO. “The short time frame from initial discovery to maiden inferred resource is a testament to the drive of our team and the strong exploration potential within our land package in the Abitibi Greenstone Belt. The strike continuity, vein orientation and dimensions of the Ormaque deposit exhibit important similarities to parts of the nearby historically mined Sigma deposit and Mine #2. It is ideally positioned along the ore haulage decline now under construction connecting the Lamaque-Triangle Mine with the Sigma Mill. Our focus in 2021 is on in-fill and expansion drilling as the deposit remains open in multiple directions. We are encouraged by these positive results and look forward to further work to determine the ultimate scale of this exciting early stage project.

“Taken together with our recently-announced friendly transaction to acquire QMX, Eldorado is well-positioned in Quebec to create additional value for our stakeholders.”

Ormaque Deposit Geology and Inferred Mineral Resource

The Ormaque deposit is located approximately midway between the Lamaque-Triangle Mine and the Sigma Processing Facility. It is immediately adjacent to the ore haulage decline currently under construction linking the two, with the upper part of the deposit at the same elevation as the decline (Figure 2). At current development rates the decline will reach a position adjacent to the Ormaque deposit in Q3 of 2021.

High grade gold at Ormaque occurs within subhorizontal to gently south-dipping lenses consisting of quartz+carbonate+tourmaline extension veins and vein arrays and tourmaline-altered wallrock, similar in style to those historically mined in parts of the nearby Sigma Deposit (historical production of 4.5M ounces gold) and Mine #2 Deposit (over 237,000 ounces gold produced between 1950 and 1955). The extension veins are concentrated along an east-west corridor defined by a series of steeply north-dipping brittle-ductile shear zones. Nearly all of the deposit outlined to date occurs within an irregular diorite intrusion known locally as the “C-Porphyry”, which is also the dominant host rock at Sigma and Mine #2.