Eldorado Gold Corp. Identifies New Mineralized Lenses at Ormaque

• Ormaque: Infill drilling at the Ormaque deposit at the Lamaque operations has confirmed grade continuity within ore lenses of the maiden inferred resource and has expanded several lenses laterally. Drillholes testing deeper levels identified several new mineralized zones. Notable step-out intercepts include 2.2 metres at 21.3 grams per tonne (g/t) gold (51.4 g/t gold uncapped) and 1.0 metres at 40.4 g/t gold. Intercepts from new zones include 5.3 metres at 25.0 g/t gold and 33.9 metres at 16.5 g/t gold.
• Bonnefond: Significant drill results from the Bonnefond deposit in the recently acquired Bourlamaque project area (formerly QMX project area) include 50.2 metres at 6.0 g/t gold from an extension veinlet zone within the Bonnefond tonalite and 12.9 metres at 5.1 g/t gold from shear vein hosted mineralization cutting across the tonalite.
• Efemcukuru: Drilling at Kokarpinar focused on both conversion drilling within inferred resources and testing the previously undrilled Kokarpinar Northwest Splay, with the latter returning intercepts of 1.6 metres at 18.3 g/t gold and 2.1 metres at 8.0 g/t gold.
  

"The strong drill results build on the ongoing success of our exploration programs at the Lamaque and Efemcukuru operations," said George Burns, President and CEO of Eldorado Gold. "The infill and step-out drilling at Ormaque highlights the quality and growth potential of this recent new discovery, and our teams are rapidly advancing a range of exploration opportunities within the land package obtained through the acquisition of QMX, key to our Canadian growth strategy."

"At Efemcukuru, we have a strong track record of extending mine life through exploration success. The recent resource drilling at the Kokarpinar vein is encouraging and has the potential to significantly extend the current reserve base and mine life. Our exploration team continues to advance drilling in many areas to support our future growth profile at our existing operations."

Note: Gold grades for drillhole intervals listed in this release are capped at 40 g/t gold for Triangle deposit holes and 70 g/t gold for the Ormaque zone. Drillhole intercepts are drillhole lengths; where sufficient geological control exists, estimated true thicknesses of mineralized zones are in Appendix 1.

Tables of intercepts from the drilling referenced in this release are included in Appendix 1 and associated drillhole collar coordinates and orientations are listed in Appendix 2.

Val-d'Or District, Quebec

Ormaque Deposit

Eldorado announced a maiden inferred resource for the Ormaque deposit on February 22, 2021 totaling 803,000 ounces gold at a grade of 9.5 g/t gold. High gold grades at Ormaque occur within quartz+carbonate+tourmaline veins forming gently south-dipping extension veins and vein arrays, and less commonly, steeply north-dipping shear veins. The mineralized veins at Ormaque have been identified within a corridor extending approximately 550 metres east-west, 300 metres north-south and from 150 to at least 750 metres depth, located roughly midway along the ore haulage decline being constructed between the Triangle mine and the Sigma mill (Figure 1).

Figure 1: Geological map of the Lamaque Operations showing mineralized zones and infrastructure referred to in this news release. Inset map shows outline of Lamaque Operations license holdings: Sigma-Lamaque and Sigma 2 outlined in red; Bourlamaque Property in green.

Since the maiden Ormaque resource was defined, 34 drill holes totalling 16,494 metres have been completed (Figure 2). The new drilling includes both infill holes within the inferred resource area, drilled for the purpose of confirming grade continuity within the mineralized lenses, and step-out holes targeting extensions of the mineralized zones and testing for new mineralized lenses at depth and along strike.

Figure 2: Geological map of the Ormaque deposit area, showing collars and traces of drill holes completed since the February 2021 announcement of the maiden inferred resource and surface projection outline of the deposit area. Drillhole collar coordinates and orientations provided in Appendix 2.

Infill drillholes targeted five of the thicker, more continuous lenses of the deposit (E030, E040, E050, E100 and E140). Results validated the geological model used in the maiden resource, and intersected grades and thicknesses similar to those predicted by the model. The additional level of drilling detail has also enabled refinements to the geological model, the most notable being the definition of several steeply north-dipping high-grade shear veins. Some of the widest mineralized intervals to date are associated with vein arrays occurring where the gently-dipping extension vein lenses intersect these steeper zones.

Step-out drilling has also defined extensions to the mineralized lenses outside of the area included in the maiden resource estimate, associated with both extension and shear vein zones. Notable intercepts include:

• 2.15 metres at 21.3 g/t gold (51.4 g/t gold uncapped) in drillhole LS-21-059, representing a 30 metre step-out to the north on zone E100,
• 1.0 metre at 40.4 g/t gold in drillhole LS-21-052, representing an 80 metre step-out to the east on zone E030, and
• 1.05 metres at 38.8 g/t gold in drillhole LS-21-058, representing a 50 metre step-out to the north on zone E050.
  

Several new mineralized zones that were not included in the maiden resource were also intersected in the infill and step-out drilling programs. These include intercepts of:

• 5.25 metres at 25.0 g/t gold in drillhole LS-21-052 from a sub-vertical shear vein, and
• multiple intercepts in drillhole LS-21-054, including 5.0 metres at 18.1 g/t gold in a new sub-horizontal zone and 33.9 metres at 16.5 g/t gold from an array of extensional veins with associated tourmaline altered wallrock. The latter is one of the deepest and easternmost intersections at Ormaque (Figure 3).

Drilling results at the high-grade Ormaque deposit highlight the resource expansion potential of the known mineralized lenses and through discovery of new lenses where the deposit remains open to the east and at depth. The combination of steeply-dipping shear veins and sub-horizontal extension veins at Ormaque is similar to styles of mineralization mined at the nearby Sigma deposit (historical production of approximately 4.5 million ounces gold), which was mined to a depth of 1.8 kilometres. Exploration to date at Ormaque has only tested the system to about 750 metres.

Figure 3: North-south cross section through the eastern part of the Ormaque Deposit (section line shown on Figure 2) showing geometry of gently-dipping extension vein lenses and more steeply-dipping shear veins, and selected recent drill intercepts from this news release.

Current drilling at Ormaque is testing extensions of the orebody towards the east below the previously explored Fortune zone (Figure 2). Drilling also commenced at the Mine #3 target 500 metres southwest of Ormaque (Figure 1), following up on several drill intercepts that display similar styles of mineralization and geological controls to those at Ormaque. Around 12,000 metres of drilling are planned for Ormaque, Mine #3, and related nearby targets for the remainder of 2021.

Bourlamaque

Eldorado completed the acquisition of QMX Gold on April 7, 2021, increasing Eldorado's land package within the Val-d'Or area by over 500% (Figure 1). The newly acquired properties, now collectively referred to as the Bourlamaque property, include historical producing mines, advanced stage exploration projects and early-stage opportunities. In 2021, exploration drilling by QMX and subsequently by Eldorado at Bourlamaque has focused on the Bonnefond deposit, the River target, and the Bevcon target.

The Bonnefond deposit, located 20 kilometres east of Val-d'Or, has notable geological similarities to the Triangle deposit, including an association with plug-like intrusions and localization of high gold grades within steeply-dipping shear vein systems. However, the intrusions at Bonnefond contain extensive zones of disseminated and veinlet-controlled gold mineralization not found at Triangle. Drilling has been ongoing at Bonnefond throughout the year, targeting both the shear veins and more disseminated styles of mineralization. Notable results from the 2021 drilling at Bonnefond include:

• Intercepts of 50.2 metres at 5.9 g/t gold, 13.1 metres at 4.3 g/t gold (both from drillhole 17315-20-121W1) and 41.9 metres at 3.2 g/t gold (drillhole 17315-20-148); associated with arrays of quartz-tourmaline-pyrite extension veinlets hosted within the Bonnefond tonalite, and
• Intercepts of 10.3 metres at 5.1 g/t gold (drillhole 17315-21-161) and 12.9 metres at 5.1 g/t gold (drillhole 17415-21-167A) within subvertical, quartz-carbonate shear veins spatially associated with mafic dykes cutting the Bonnefond tonalite.

The River target is located just east of Val-d'Or and approximately 5.5 kilometres northeast of the Sigma Mill. The River target area contains a series of south-dipping mineralized shear zones within the western margin of the Bourlamaque batholith, some of which are aligned along-strike with shear zones formerly mined at the Lac Herbin mine 500 metres to the east (historical production 172,650 ounces gold). Similar styles of mineralization are also present at the nearby historic Ferderber and Dumont mines (historical production of 362,000 ounces gold and 258,000 ounces gold respectively).

Eight drillholes totaling 3,490 metres have been completed at the River target in 2021. The best intercepts from the drilling include:

• 16.9 metres at 3.6 g/t gold (drillhole 17421-20-078); and
• 19.6 metres at 9.8 g/t gold (drillhole 17421-21-082).

Drilling planned the remainder of 2021 on the Bourlamaque property includes roughly 2000 metres at the River target and testing of a new target area along strike from the previously producing Bevcon mine (historical production of 438,000 ounces gold), located 30 kilometres east of Val-d'Or. The Bevcon target consists of several shear zones along the northern margin of the Bevcon intrusion, which were previously mined at the Bevcon mine. Initial drill testing will include up to 12 drillholes testing a strike length of 400 metres.

Efemcukuru, Turkey

In 2021, drilling at Efemcukuru has focused on resource conversion and step-out drilling at the Kokarpinar epithermal vein system (Figure 4). Resource conversion drilling has now been completed for three of the six ore shoots at Kokarpinar and will continue through the end of the year on the remaining inferred resource areas. Grades and thicknesses in the resource conversion drilling to date are overall consistent with the inferred resource model, and in several areas returned intercepts with notably higher than expected grades and thicknesses. Examples include:

• 5.6 metres at 35.0 g/t gold (drillhole KPR-045) at Kokarpinar South;
• 14.2 metres at 7.4 g/t gold (drillhole KPR-032) at Kokarpinar Middle; and
• 8.6 metres at 8.3 g/t gold (drillhole KPR-051) from the Kokarpinar Middle splay zone.
  

Figure 4: Geological map of the Efemcukuru mine area showing traces of exploration and resource conversion drillholes completed in 2021 at the Kokarpinar vein system.

Three step-out drillholes were completed at the previously undrilled Kokarpinar Northwest Splay zone, targeting areas where numerous high grade gold values were obtained from outcrop samples. Two of the holes intersected significant epithermal vein mineralization, including:

• 1.6 metres at 18.3 g/t gold (drillhole KV-789) and
• 2.1 metres at 8.0 g/t gold (drillhole KV-792).

Follow-up drilling is planned for late 2021 to test the continuity and lateral extent of high-grade mineralization in this area.

About Eldorado Gold

Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece, Romania, and Brazil. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).

Contacts

Investor Relations

Lisa Wilkinson, VP, Investor Relations
604.757 2237 or 1.888.353.8166
lisa.wilkinson@eldoradogold.com

Media

Louise McMahon, Director Communications & Public Affairs
604.616 2296 or 1.888.363.8166
louise.mcmahon@eldoradogold.com

Qualified Persons
Dr. Peter Lewis P.Geo., Eldorado's Vice President, Exploration, is the qualified person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") responsible for, and has verified and approved, the scientific and technical disclosure contained in this press release. The scientific and technical disclosure of the exploration results from the Quebec based projects were reviewed and approved by Jacques Simoneau. P.Geo and member in good standing of the Ordre des G?ologues du Qu?bec. Eldorado operates its exploration programs according to industry best practices and employs rigorous quality assurance and quality control procedures. All results are based on half-core samples of diamond drill core. For Lamaque, drill core samples were prepared and analyzed at Bourlamaque Laboratories in Val d'Or, Quebec, while the Bourlamaque property samples were analysed at the Swastika Lab in Swastika, Ontario. Drillcore samples For Efemcukuru were prepared at the Company's sample preparation lab in Cannakale, Turkey and analyzed at ALS Minerals laboratory in Izmir, Turkey. All Au assays are based on fire assay analysis of a 30 gm charge (50 gm for Efemcukuru) followed by an atomic adsorption finish. Samples with Au grades above 5.0 g/t at the Lamaque project and Efemcukuru Project, 10.0 g/t at other projects were re-assayed and completed with a gravimetric finish. Certified standard reference materials, field duplicate and blank samples were inserted regularly and were closely monitored to ensure the quality of the data.

Cautionary Note about Forward-looking Statements and Information
Certain of the statements made and information provided in this press release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects",  "is expected", "budget", "continue", "projected", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to: our planned future drilling and exploration work programs, including for the remainder of 2021, and the timing and anticipated benefits thereof; our expectations regarding establishment of reserves and resources through our continued exploration programs, the success of our exploration programs at Lamaque and Efemcukuru; the growth potential at Ormaque; growth opportunities within the land acquired through QMX Gold; ability to replace reserves at Efemcukuru; mineral reserves and resources, our guidance and outlook, including expected production and recoveries of gold, planned capital and exploration expenditures; our expectation as to our future financial and operating performance, expected metallurgical recoveries, gold price outlook; and our strategy, plans and goals, including our proposed exploration, development, construction, permitting and operating plans and priorities, including timelines and schedules.

Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. 

We have made certain assumptions about the forward-looking statements and information, including assumptions about: how the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the impact of the COVID-19 pandemic on our operations, the results of our exploration programs; the need for additional financing to explore and develop properties; mineral reserves and resources and metallurgical recoveries, uncertainties involved in the interpretation of drill results and geological tests, the geopolitical, economic, permitting and legal climate that we operate in; the future price of gold and other commodities; the global concentrate market; exchange rates; anticipated costs and expenses; production, the impact of acquisitions, dispositions, suspensions or delays on our business and the ability to achieve our goals. In particular, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this release.

Even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.  

Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others: global outbreaks of infectious diseases, including COVID-19; timing and cost of exploration, drilling, work programs, construction, geopolitical and economic climate (global and local), uncertainties involved in the interpretation of drill results and geological tests; the need to obtain additional permits and governmental approvals, risks related to the updating of our resource and reserve models and life of mine plans; mineral tenure and permits; gold and other commodity price volatility; information technology systems risks; continued softening of the global concentrate market, recoveries of gold and other metals; results of test work; revised guidance; risks regarding potential and pending litigation and arbitration proceedings relating to the Company's, business, properties and operations; expected impact on reserves and the carrying value; mining operational and development risk; financing risks; foreign country operational risks; risks of sovereign investment; regulatory risks and liabilities including, regulatory environment and restrictions, and environmental regulatory restrictions and liability; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical testing and recoveries; additional funding requirements; currency fluctuations; community and non-governmental organization actions; speculative nature of gold exploration; dilution; share price volatility and the price of our common shares; competition; loss of key employees; and defective title to mineral claims or properties, as well as those risk factors discussed in the sections titled "Forward-Looking Statements" and "Risk factors in our business" in the Company's most recent Annual Information Form & Form 40-F. The reader is directed to carefully review the detailed risk discussion in our most recent Annual Information Form filed on SEDAR and EDGAR under our Company name, which discussion is incorporated by reference in this release, for a fuller understanding of the risks and uncertainties that affect the Company's business and operations.

Forward-looking statements and information is designed to help you understand management's current views of our near and longer term prospects, and it may not be appropriate for other purposes.

There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements.  Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein.  Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada and the U.S.

Appendix 1: Tables of Assay Results

Table 1: Summary of 2021 drillhole assay results from the Ormaque Deposit. Intercepts are only reported for those intervals above a 10 gram x metre cutoff. Drillhole collar locations, collar orientations, and total lengths are listed in Appendix 2.

Table 2: Summary of 2021 drillhole assay results from the Bonnefond Deposit. Intercepts are only reported for those intervals above a 10 gram x metre cutoff. Drillhole collar locations, collar orientations, and total lengths are listed in Appendix 2.

Table 3: Summary of 2021 drillhole assay results from the River Target Area of the Bourlamaque property. Intercepts are only reported for those intervals above a 10 gram x metre cutoff. Drillhole collar locations, collar orientations, and total lengths are listed in Appendix 2.

Table 4: Summary of 2021 drillhole assay results from the Kokarpinar vein system at the Efemcukuru Mine. Intercepts are only reported for those intervals above a 10 gram x metre cutoff. Drillhole collar locations, collar orientations, and total lengths are listed in Appendix 2.

Appendix 2: Collar locations and orientations and total lengths for drillholes listed in this news release.

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