Vancouver — A four-hole reverse-circulation drill program by Eldorado Gold (ELD-T) has cut up to 8.2% copper over 5 metres at the Sayacik target, some 6 km southwest of the advanced Kisladag gold project in Turkey.
The program tested about 35% of a 3-km-long geophysical and silver-in-soil geochemical anomaly. Holes 1 and 2 tested the north side of the target. Both holes cut over 250 metres of argillic altered rocks containing only elevated silver-lead mineralization.
Holes 3 and 4 tested the western side of the anomaly and yielded only anomalous silver-lead values. However, hole 3 cut a north-northeasterly trending fault structure. It returned 8.2% copper over 5 metres from 37.5 metres down-hole, followed by 137 metres grading 0.1% copper.
“The results confirm the validity of Sayacik as a target of further exploration,” says Paul Wright, Eldorado’s CEO.
Through its advanced projects in Turkey, Eldorado is trying to become a lower-cost gold producer. The junior recently tabled a positive prefeasibility study for its wholly owned Kisladag project in the western part of the country.
The study proposes a 3.4-million-tonne-per-year operation churning out 103,600 oz. gold per year at a total cash cost of US$154 per oz. Total capital costs are pegged at US$47.4 million.
The study was performed by Kilborn Engineering Pacific in conjunction with Knight Piesold and Micon International. It represents the first-phase development program of the 6.7-million-oz. resource.
With a baseline environmental study in hand, Eldorado is preparing to begin an environmental impact assessment. This will be submitted to the Ministry of the Environment, which will pass it along to regulators and other ministries. Eldorado hopes to complete the final feasibility study by mid-2002.
Micon International has calculated a measured and indicated resource of 125.9 million tonnes grading 1.2 grams gold per tonne, or 4.4 million contained ounces. The inferred portion of the resource weighs in at 55.5 million tonnes grading 1.02 grams gold, or 1.8 million contained ounces. Only the measured and indicated resources have been incorporated into the mine design.
Proven reserves are pegged at 6.4 million tonnes grading 1.44 grams gold, or 297,000 oz. Ore in the probable category is set at 33.3 million tonnes grading 1.44 grams gold, or 1.5 million oz.
Eldorado is also evaluating the financial impact of processing concentrates from its nearby Efemcukuru gold project at the Kisladag facilities.
Efemcukuru is a 1.1-million-oz. resource. Eldorado hopes to transform it into an 800-tonne-per-day underground operation, using gravity and flotation processing for gold recovery. Cash operating costs are projected at US$149 per oz.
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