Vancouver – Drill intercepts at depth from Eldorado Gold‘s (ELD-T, EGO-X) Efemcukuru gold project in Turkey augur well for resource expansion, says Eldorado president and CEO Paul Wright in a press release.
Eldorado announced its deepest drill-hole results to date from the project’s North Ore Shoot (NOS).
Hole 310 hit the highest grades returning 2.6 metres grading 51.9 grams gold per tonne, 39.4 grams silver per tonne, 3.7% lead and 4.3% zinc starting 216 metres down-hole.
Next came hole 311 with 1.8 metres grading 29.9 grams gold, 19.8 grams silver, 1.2% lead and 2.7% zinc beginning at a depth below surface of 151 metres.
Lastly hole 308 returned 3.1 metres grading 6.81 grams gold, 33.6 grams silver, 2.4% lead and 4.4% zinc starting 179 metres down-hole.
On news of the three intercepts at presstime Eldorado’s share-price had gained 40¢ and was trading at $10.25.
With a view to updating its overall resource estimate at Efemcukuru in the fourth quarter of 2009, Wright says drilling will continue in the NOS. Efemcukuru’s proven and probable resources currently stand at 3.8 million tonnes grading 10.04 grams gold.
The NOS is one of three mineralized zones at Efemcukuru that Eldorado has drilled extensively. The other two areas are known as the Middle and South ore shoots. All three are open at depth.
The mineralized zones of the low sulphidation epithermal vein system at Efemcukuru fall within a 1,200-metre–long northwest trending strike that dips between 55 and 60 degrees. Altered hornfelds and phyllites host gold-bearing quartz and quartz-rhodenite structures.
If all goes according to plan Efemcukuru, about 20-km away from Izmir, will become Eldorado’s second gold mine in Turkey and third mine overall.
Eldorado currently operates the Kisladag gold mine, 180-km west of Izmir where in 2008 it produced around 190,000 oz. gold at cash cost of US$254-per-oz. gold, and the Tanjianshan gold mine in Qinghai province, China, which churned out about 118,000 oz. gold in 2008 at a cash cost of US$261-per-oz. gold.
At this stage Eldorado plans to commission Efemcukuru in 2010 as a 1,100-tonne-per-day underground mine and produce about 80,000 oz. gold a year.
Concentrate from the mine would be shipped to Kisladag for final processing.
Eldorado has 370.9 million shares outstanding.
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