8 www.resourceworld.com
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Roughly 37,000 metres of exploration
drilling are planned this year to further
expand resources in the lower part of the
Triangle deposit.
The ongoing resource upgrade and
resource expansion drilling is intended to
add to Triangle's current reserve of 953,000
ounces of gold. A maiden reserve of 893,000
ounces was declared for the Triangle Zone,
with measured and indicated resources of
1.3 million ounces and a further 1.3 mil
-
lion ounces of inferred resources in a pre-
feasibility NI 43-101 technical report the
company filed on March 29, 2018. The
technical report outlines an initial seven-
year mine life with production averaging
117,000 ounces per year.
During the interview, Burns was asked
if he could see production growing to
the 200,000 ounces per year level. "Yes
I can," he said. His optimism is based on
resource conversion drilling in the C4 and
C5 veins in the Triangle deposit. That
has the potential to grow the produc
-
tion by another 30% beyond the 130,000
ounces, putting annual production in the
neighbourhood of 170,000 ounces. "We
have ongoing drilling in the deeper part
of Triangle that offers additional growth
potential. Beyond that, we have the Plug
4 and Parallel deposits that are the focus of
our exploration and those offer the poten
-
tial for new mining fronts and additional
feed to the mill."
Analysts say Eldorado's stock price has
previously been held down by a variety
of factors including concerns about capi
-
tal allocation decisions and the company's
ability to advance development of its
Skouries gold-copper project in Greece.
While 50% constructed, the Skouries
Project remains on care and maintenance
pending the receipt of necessary permits
from the Greek government.
Eldorado stock was priced at $4.97 on
May 13, 2019 and currently trades in a
52-week range of $3.36 and $7.75. "There
is upside in our share price should we
acquire the remaining permits [in Greece]",
Burns said.
As the clock ticks down towards
October elections in Greece, Burns is
