ELDORADO GOLD: Outlines 2009 exploration program
Eldorado released details of its 2009 exploration program. Total budget for 2009 is set at $18.4 M. It will be spent in Turkey, China and Brazil.
Turkey: exploration budget is $6.9 mln. At Kisladag the company will focus on three targets; determination of shallow oxide gold mineralization around intrusion 2A, testing the extent of the high grade gold at depth in the east and north east portions of the deposit and determining the limits of the new zone discovered at depth in the southeastern area of the deposit. A total of 5,000m of drilling is planned, which may be extended if warranted. At Efemcukuru, exploration will focus on the North Ore Shoot with about 4,000m of drilling planned, split between infill drilling to convert inferred into indicated resources and continued exploration down plunge and along strike. Drill testing will also continue at Sayacik with a total of 6,000m planned.
China: At Tanjianshan, the focus will be the QLT Deep and the QLT/JLG transition areas. The QLT Deep program will consist of 2,900m testing the down dip extension of the orebody along the entire strike of the deposit beginning in Q2. In the QLT/JLG transition area the company will conduct detailed mapping, sampling and 2,500m of diamond drilling expected to begin in Q2. ELD will also test the southward extension of the XJG deposit (south of the JLG pit).
Brazil: In the Carojas and Tapajos regions, numerous previously identified targets will receive follow-up mapping, geochemical sampling and ground geophysical surveys. The planned expenditure is $800,000. The TZ project is in the midst of a 20,000m drill program in an effort to upgrade inferred resources and to extend drilling laterally and down plunge of existing mineralization. About 25% of the drilling is complete. To date, returned assays are confirming extents and gold grades in areas previously classified as inferred resources. Mineralization remains open to depth in the south end of the deposit. Drilling should be completed by early Q3.
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