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Thursday August 19, 8:30 am Eastern Time
Company Press Release
Eldorado Gold Corporation - Drilling At Kisladag Outlines Large Porphyry Gold System
Hole GC 40 Intersects 247 Meters at 3.23 g/t Gold
VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 19, 1999-- Eldorado Gold Corporation (the ``Company' or ``Eldorado') (TSE:ELD - news; VSE:ELD - news) is currently conducting a third phase drill program at its 100% owned Kisladag Gold Project located in Usak province in western Turkey. Eldorado is pleased to announce the results of the first 13 holes (2,550 meters) of a 26 hole HQ drill program, designed to test the Kisladag gold deposit on 100 meter spacing to depths of 200 to 300 meters. This follows the 1,050 meter core drill program carried out by Eldorado as reported in January 1999.
Drilling to date has outlined a large, elliptical shaped, porphyry gold deposit with dimensions of 600 by 400 meters with a weakly mineralized central core. The eastern part of the deposit contains a crescent-shaped, higher-grade zone varying from 40 to 120 meters in width along a strike length in excess of 300 meters. Drilling in this zone has yielded average grades in excess of 3.0 g/t. Both the deposit and higher-grade zone remain open to the east and to depth.
Assay results obtained for the 11 drill holes, completed within the deposit, are shown in Table I. Two additional exploration holes listed, drilled to investigate geophysical anomalies outside the main deposit, did not return significant gold values.
Gold mineralization is found in multi-stage, quartz stockworks along strong WNW and EW trends. The quartz stockworks are associated with sulphides and hydrothermal alteration. Sulphides consist of pyrite (2-5%) with traces of molybdenite, sphalerite, galena and chalcopyrite. Strong potassic alteration forms the core of the higher-grade zone, grading outward into argillic and chloritic alteration.
Diamond drill holes from Phase II and completed to date in Phase III are located on the attached plan (Figure 1), along with holes remaining to be drilled in this program. The extent of mineralization shown is based on results from trenching, from a previous percussion drill program and from the two core drill programs carried out to date.
The higher-grade zone discussed above is shown on Section 7525 E (Figure 2). The zone is well illustrated by holes GC 40 and GC 53 which average 3.23 g/t and 3.31 g/t respectively throughout their entire lengths within the zone.
Table I
Kisladag Gold Project Phase III Drill Results
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Drill Hole Description From To Length Gold Grade
No. Meters Meters Meters Grams/Tonne
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GC 39 Total Hole 2.0 162.0 160.0 1.54
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including 13.8 26.3 22.5 1.90
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including 51.3 79.6 28.3 2.24
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including 109.6 131.3 21.5 1.82
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GC 40 Total Hole 1.9 249.0 247.1 3.23
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including 191.0 249.0 58.0 4.27
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including 223.0 249.0 26.0 5.39
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GC 41 Total Hole 4.0 153.8 149.8 0.90
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including 110.2 144.7 34.5 1.62
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GC 42 Total Hole 1.5 216.7 215.2 0.88
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including 97.0 162.0 65.0 1.22
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GC 43 Total Hole 2.0 152.2 150.2 0.51
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GC 46 Total Hole 4.0 243.0 239.0 0.68
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including 107.0 134.7 27.7 1.79
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including 198.6 224.5 28.4 1.35
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GC 47 Total Hole 2.0 201.0 199.0 0.29
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GC 48 Total Hole 1.6 150.0 148.4 1.68
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including 9.1 64.1 55.0 2.30
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GC 49 Total Hole 2.0 249.4 247.4 0.41
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including 2.0 32.0 30.0 0.85
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GC 51 Total Hole 0.5 150.0 149.5 0.66
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including 17.7 80.0 62.3 0.90
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GC 53 Total Hole 2.5 300.0 297.5 1.99
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including 125.7 274.9 154.2 3.31
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including 168.1 274.9 106.8 4.21
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Exploration Holes
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Drill Hole Description Northing Easting Length Gold Grade
No. Meters Grams/Tonne
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GC 44 Total Hole 4262370 686380 156.3 N/S
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GC 45 Total Hole 42621485 686565 236.5 N/S
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Note: Grades obtained by fire assaying based on 2.5 meter sample
intervals
Quality Control
Drill core is transported from site to Eldorado's sample preparation laboratory in Canakkale, Turkey where the core is logged and split. Samples are prepared from half core to produce pulps which are then transported to Chemex Laboratories in Vancouver for analysis by standard fire assay methods. A quality control program using duplicates, standards and blanks is being followed. Chemex Labs is registered to ISO 9002 standard, employing standard quality control programs. Additional check assays are carried out at ITS-Bondar Clegg Ltd. in Vancouver.
Micon International Ltd. have carried out an independent Quality Assurance/Quality Control audit of the sample preparation facilities and procedures used by Eldorado at its facility in Turkey. Independent samples were collected by Micon and analyzed at Chemex Laboratories, Toronto; these check assays have been confirmatory.
Work Plan
The remaining drill program consisting of approximately 2,000 additional meters will be complete in September. This will include a planned 425 meter hole (Figure 2) to test the continuity of the higher-grade structure at depth.
Eldorado is currently carrying out preliminary metallurgical testwork at Lakefield Laboratories Ltd. to establish the metallurgical response of samples taken from representative diamond core holes.
Upon completion of the metallurgical and drilling programs, a geological model will be constructed and a resource estimate prepared jointly by the Company and Micon International. Scoping studies will be initiated in the final quarter of 1999 to identify and analyze alternative development concepts appropriate for the Kisladag Gold Project.
Commenting on the significance of the interim results, Paul Wright, President and Chief Operating Officer said, ``The impressive results received to date from this drill program have confirmed the presence of a major gold system at Kisladag. The persistence of the higher-grade core zone at depth reinforces our belief that we are dealing with a deep-rooted porphyry gold system. We believe this enhancement of Kisladag will positively impact the development of our gold assets in Turkey.'
ON BEHALF OF ELDORADO GOLD CORPORATION
``Paul N. Wright'
Paul N. Wright President and Chief Operating Officer
Graphic attachments are available at the company's website or upon request.
Eldorado Gold Corporation's shares (Symbol: ELD) trade on the Toronto Stock Exchange (``TSE') and the Vancouver Stock Exchange (``VSE'). Neither the TSE, nor the VSE have approved or disapproved the form or content of this release.
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Contact:
Eldorado Gold Corporation, Vancouver
Investor Relations
Tel: (604) 687-4018 and 1-888-ELD-8166
Fax: (604) 687-4026
www.eldoradogold.com |
