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Be the first with the news that moves the market- Eldorado Gold (TSX:ELD) is set to begin construction of an exploration decline at its Lamaque project in Quebec
- The three-kilometre decline will connect the nearby Sigma mill to the 405-metre level of the project’s Triangle mine
- The decline is expected to reduce surface re-handling, carbon emissions, costs and haulage traffic on public roads
- Furthermore, the structure will increase future production from the Triangle mine and allow for mining of the Parallel deposit
- Eldorado Gold (ELD) is currently up 0.71 per cent and is trading at C$11.30 per share at 1:18pm EDT
Eldorado Gold (TSX:ELD) is set to begin construction of an exploration decline at its Lamaque project in Quebec.
Wholly owned by Eldorado, the project includes the recently-discovered Triangle gold deposit, located 2.5 kilometres south of the Lamaque and Sigma Mines, which have so far produced more than 10 million ounces of gold.
The three-kilometre exploration decline has been designed to connect the Sigma mill to the 405-metre level of the Triangle mine, and is expected to eliminate surface re-handling and haulage, which equates to a roughly 26 kilometre round-trip.
It will also offer underground access, thereby contributing to lower costs, for exploration within the prospective region between the Triangle mine and the Lamaque and Sigma mines. This includes further drilling of the Plug 4 and Parallel deposits, as well as the Ormaque zone.
With all the necessary permits secured, the decline will cost Eldorado a total of approximately C$32 million, with completion scheduled for some time in the first half of 2022.
In-depth engineering and site preparations are due to commence this month, and surface construction will begin in the third quarter of this year.
The company is also exploring the possibility of adding an underground crushing and conveying system, along with a potential mill expansion.
George Burns, President and CEO of Eldorado Gold, said he is pleased to be commencing the construction of the decline.
“This is a project that we have been advancing for nearly a year and is another step towards further production growth and continued value creation at Lamaque.
“We would like to thank the government of Quebec and all our local stakeholders for their continued support for this project and our Lamaque operations,” he added.
Eldorado Gold (ELD) is currently up 0.71 per cent to $11.30 per share at 1:18pm EDT.
