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Brazil, China, Turkey & Greece - In situ: +15 million oz Gold
Message: 2009 Exploration Program
| March 27, 2009 | ||
| Eldorado Gold 2009 Exploration Program | ||
|
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 27, 2009) - (all figures in United States dollars) Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation ("Eldorado" the "Company" or "we") (TSX:ELD)(NYSE Alternext US:EGO)(NYSE Amex:EGO.A), is pleased to provide an update on our 2009 exploration program. Eldorado has budgeted $18.4 million in exploration expenses for 2009 to be spent in Turkey, Brazil and China. Turkey The exploration budget for Turkey in 2009 is $6.9 million, which will be divided among Kisladag, Efemcukuru, Sayacik and regional targets. Kisladag The exploration drilling at Kisladag in 2009 will focus on 3 targets (see Figure 1): #1. Further determination of shallow oxide gold mineralization around intrusion 2A; #2. Test the extent of high grade gold at depth in the east and north east portion of the deposits (numerous holes in this region ended in +1 g/t gold); and #3. Determine the limits of the new zone discovered at depth in the southeastern sector of the deposit. Hole # GC-324 hit 131m averaging 1.05 g/t Au in an area previously interpreted as waste. For 2009 we have planned 5000 meters of drilling at Kisladag and the program will be expanded if warranted. Efemcukuru At the Efemcukuru project in western Turkey, construction is processing well with gold production slated for mid - 2010. Exploration in 2009 will concentrate on the North Ore Shoot (see Figure 2). Recent results not previously disclosed are listed in Table 1. Table 1
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Hole # From To Width(i) Au g/t Ag g/t Pb % Zn %
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KV-302 216.7 218.1 1.4 2.5 359 20.0 2.4
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KV-303 193.7 195.1 1.4 10.5 49 2.6 4.9
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KV-304 No significant intercepts
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KV-305 205.0 205.6 0.6 2.7 37 4.2 2.8
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(i) denotes down-the-hole widths, true width are approximately 80% of
down-the-hole widths.
Approximately 4000 meters of drilling is planned in the North Ore Shoot for 2009, which will be split between infill holes to convert inferred into indicated resources (and probable reserves) and continue exploration down plunge and along strike. The updated geologic interpretation of the North Ore Shoot indicates that there may be 2 mineralized structures at depth, and recent drilling lengths may have not been sufficient to cross both structures. Sayacik and Regional The Sayacik property is a volcanic centre situated approximately 10 km southwest of the Kisladag deposit. Sayacik has similar geological characteristics as the Kisladag volcanic centre, including the volcanic host rocks and regional alteration. Past programs have revealed anomalous gold geochemical values both in soil samples and rock chips. The Sayacik exploration program consists primarily of a drill testing phase for 2009. The $1.8 million program will compile a combination of shorter reverse circulation holes testing our numerous soil geochemical anomalies and deeper diamond holes testing geologic targets. A total of 6000 meters is planned, along with 170 line-kilometers of an Induced Polarization geophysical survey. Drilling and the geophysical survey is expected to begin in the second quarter of 2009, and the necessary forestry permits were received last week. Regional exploration in Turkey will include reconnaissance programs in the Pontide Volcanic Belt to follow up first pass stream and rock chip geochemical anomalies. Primary targets include porphyry mineralized systems, high and low sulphidation systems, and epithermal mineralization. China Exploration in China will focus on the 338.31 square kilometer land package at the Tanjianshan ("TJS") project in Qinghai Province. The two main targets areas for the 2009 program are QLT Deep and the QLT / JLG transition area. At QLT Deep, drilling conducted late in 2008 successfully traced high grade oxide mineralization below the QLT pit (see Figure 3). Results are shown in Table 2. Table 2 --------------------------------------------------------------- Hole # From To Width(i) Au g/t --------------------------------------------------------------- QD-131 106.4 110.5 4.1 8.72 --------------------------------------------------------------- QD-132 148.3 149.9 1.6 5.80 --------------------------------------------------------------- QD-133 No significant intercepts --------------------------------------------------------------- QD-134 103.3 109.0 5.7 10.90 --------------------------------------------------------------- (i) interval widths are approximately equal to true widths The QLT / JLG transition area lies between the two deposits in a 20 kilometer belt of underexplored rocks. Geologic work during 2007 and 2008 has led to a better understanding of the structural and stratigraphic relationship between the two deposits. This understanding will guide exploration efforts in 2009, which will include detailed mapping, sampling and 2500 meters of diamond drilling, slated to begin on Q2 2009. In addition to these two areas, we will test the southward extension of the XJG deposit (south of the JLG pit) where it is projected to continue under alluvial cover. Brazil Exploration in Brazil in 2008 focused on a regional reconnaissance program in the Carojas and Tapajos regions in Para State, and the start of our JV work on the Tocantinzinho Project ("TZ"), also in the Tapajos area of Para State. The regional program identified numerous targets with geochemical and geologic potential for gold mineralization. These targets will receive follow-up mapping, geochemical sampling and ground geophysical surveys in 2009. Planned expenditures will total $0.8 million dollars. The TZ project is in the midst of a 20,000 meter diamond drill campaign. The drilling goals are twofold: 1) infill drilling to upgrade inferred resources, and 2) new extension drilling laterally and down plunge of the existing gold mineralization. Approximately 25% of the planned drilling is complete. To date returned assays are confirming extents and gold grades in areas previously classified as inferred resources. Results also show that the mineralization is still open to depth in the south end of the deposit. The drilling should be completed by early Q3. Stephen Juras, Ph.D., P.Geo., Manager, Geology is the qualified person for the technical disclosure in this press release. Samples from our Turkish projects are prepared at Eldorado's facility in Turkey and assayed at the ALS facility in Vancouver, Canada. Samples from our Chinese projects are prepared at our on-site facility in China and assayed at the ALS facility in Guangzhou, China. For all projects, analyses for gold is done on sawn half core samples and reverse circulation cuttings using fire assay (AA finish). Standard reference materials, blank and field duplicate samples are inserted prior to shipment from site to monitor the quality control of the assay data. Eldorado is a gold producing, exploration and development company actively growing businesses in Brazil, China, Greece, Turkey and surrounding regions. We are one of the lowest cost pure gold producers reporting. With our international expertise in mining, finance and project development, together with highly skilled and dedicated staff, we believe that Eldorado is well positioned to grow in value as we create and pursue new opportunities. ON BEHALF OF ELDORADO GOLD CORPORATION Paul N. Wright, President and Chief Executive Officer To view Figures 1, 2 and 3 please click on the following link: http://media3.marketwire.com/docs/03... |
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