Vancouver —
The 4,565 metres drilled in 2002 have helped define the limits and possible extensions of the previously defined, 6.7-million-oz. resource.
The new calculations are based on the previously developed geological model and include data from 23,800 meters of drilling and trenching. A cutoff grade of 0.4 gram gold per tonne was used.
In the measured and indicated category, the resource stands at 149 million tonnes grading 1.14 grams gold per tonne, or 5.46 million contained ounces of gold. The inferred resource weighs in at 61.9 million tonnes grading 0.92 gram gold, or 1.8 million contained ounces.
The previous measured and indicated resource was 126 million tonnes grading 1.2 grams gold, whereas the previous inferred resource was 55.5 million tonnes grading 1.02 grams gold.
All samples from the latest program were prepared in Eldorado’s laboratory in Turkey in accordance with procedures established by Micon International. Sample pulps were shipped to the ALS Chemex Laboratory in Vancouver for gold fire assay.
Eldorado intends for Kisladag to reach the full-feasibility stage by the first quarter of next year. Additional metallurgical tests are ongoing, as is the environmental impact assessment. Also, an additional 4,000-metre infill drill program began in late June.
Higlights from recent drilling are as follows:
– Hole 40 intersected 202.5 metres grading 1.14 grams gold per tonne starting at a down-hole depth of 249 metres. This included a 20-metre interval of 3.21 grams gold.
– Hole 110 cut 192.5 metres of 1.25 grams gold starting at a down-hole depth of 375.5 metres.
– Hole 113 returned 450 metres of 1.52 grams gold starting at 2.5 metres down-hole. This included a 105-metre interval of 2.64 grams gold.
– Hole 114 cut 190 metres of 0.93 gram gold starting at 261.5 metres down-hole.
– Hole 116 hit 192.5 metres of 1.02 grams gold starting at 12 metres down-hole.
– Hole 117 intersected 160 metres of 1.92 grams gold starting 153 metres down-hole.
Meanwhile, at the Brumal property, 5 km from the company’s Sao Bento mine in Brazil, drilling is attempting to confirm and expand previously identified mineralization. Results to date include the following (all intervals are reported as true width):
– Hole 01 intersected a true width of 3.78 metres averaging 32.22 grams gold per tonne starting at 129.08 metres down-hole.
– Hole SJ-02 cut 1.71 metres of 3.92 grams gold starting at 349.66 metres down-hole.
– Hole 03 returned a 0.94-metre interval of 3.18 grams gold starting at 198.24 metres down-hole.
– Hole 04 cut 2.31 metres averaging 12.43 grams gold starting at 197.73 metres down-hole.
– Hole 05 cut 5.23 metres averaging 22.82 grams gold starting at 151.65 metres down-hole.
The company plans to table a resource estimate for Brumal by the fourth quarter of this year.
Plans call for an underground operation with access provided by a decline. The mine would be supported by the infrastructure and operating team of Sao Bento, and excess milling capacity at Sao Bento would be used to process the Brumal ore.
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