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Greece
Olympias Mine

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 Location:
3 km NW from Olimpiada, Greece

  Regional Office:
23A Vas.Sofias Ave. (and N.Vamba 2)
Athens
Greece
10674
Phone  ...  Subscription required
Fax+30 214 6870095
EmailEmail
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Fleet
  • Personnel
  • Filings & News

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Overview

StageProduction
Mine TypeUnderground
Commodities
  • Gold
  • Silver
  • Lead
  • Zinc
Mining Method
  • Drift & Fill
  • Longhole open stoping
  • Cemented backfill
  • Dry waste backfill
  • Paste backfill
Production Start...
Mine Life16 years (as of Jan 1, 2021)


Owners

Source: p. 58
CompanyInterestOwnership
Eldorado Gold Corp. 100 % Indirect
Olimpias mine is owned by Hellas Gold which is a wholly owned subsidiary of Eldorado Gold Corp.

Contractors

Subscription required - Subscription is required.


Deposit Type

  • Carbonate replacement
  • Stratabound


Summary:

Olympias is a gold-rich polymetallic sulphide replacement-style deposit formed within strongly deformed metamorphic rocks of the Paleozoic Kerdylia Formation of the Serbo-Macedonian Massif. The orebodies are hosted by marble interlayered within a sequence of biotite-gneiss, amphibolite and orthogneiss. The deposit consists of multiple stratabound orebodies that overall plunge shallowly to the southeast for over 1.8 km, subparallel to the orientation of fold hinges and a locally developed intersection lineation.

Olympias is an example of a polymetallic carbonate replacement deposit, however it is somewhat unusual due to the high Au content of the deposit (cf. Siron et al. 2019). Key characteristics of this class of deposit include carbonate host rocks, massive sulphide mineralization, spatial and temporalrelationship with magmatism and zoned metal distribution (Megaw, 1998). Geochronological and paragenetic relationships described by Siron et al. (2016, 2018) confirm that Olympias was coeval with late Oligocene (~ 25-22 Ma) magmatism in the region although the source intrusion has not been identified. Nonetheless, carbon and oxygen isotopic data support a magmatic fluid source (Siron et al. 2019), and the zonation towards Mn-rich alteration in the upper levels of the deposit (North Zone) are consistent with shallow, distal portions of a magmatically derived carbonate replacement system.

The Olympias deposit massive sulphide lenses are grouped into three ........


Mining Methods

  • Drift & Fill
  • Longhole open stoping
  • Cemented backfill
  • Dry waste backfill
  • Paste backfill


Summary:

The Olympias mine is a 100% underground (“UG”) mining operation extracting ore from East, West, Flats, and Remnants zones. In 2022, mining will concentrate on the West, East and the beginning of the Flats zones with a small proportion from the Remnants area. Mining is currently at a rate of 430 ktpa ROM ore. There is a planned production increase culminating in a steady-state rate of 650 ktpa by 2025. In order to achieve the planned higher production, the Company is taking steps to improve equipment availability / utilization and worker productivity. There are also further capital requirements to allow the process plant to treat 650,000 tpa.

Mining at Olympias will be a combination of drift and fill (“DAF”) and another method may be introduced: longhole open stoping (“LHOS”). LHOS will be confined to areas where geometry and ground conditions support the use of this more productive method. LHOS excavations will be limited to maximum dimensions of 10 m wide and 30 m high. The maximum length varies depending on the height and average rock quality. Blind uppers will be used for drill and blast with no top accesses to minimize ore development requirements. DAF mining utilizes the overhand mining method. Stopes are accessed on the foot wall side from the main ramp starting at the bottom of each 20 m high stoping block. Each lift is mined 5 m high, with each panel limited to 5 m wide with consideration given to 6m high and 6 m wide stopes.

Ground support is a ........


Crushing and Grinding
Source: Subscription required

- subscription is required.


Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.

^ Guidance / Forecast.

Production:

CommodityUnits2022202120202019201820172016
Gold koz  ......  Subscription required ^  ......  Subscription required  ......  Subscription required  ......  Subscription required47182.8
Silver koz  ......  Subscription required ^  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required
Lead t  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required
Zinc t  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required
All production numbers are expressed as payable metal. ^ Guidance / Forecast.
Subscription required - Subscription is required.

Operational Metrics:

Metrics202120202019201820172016
Tonnes milled  ......  Subscription required  ......  Subscription required317,577 t322,659 t141,236 t87,350 t
Annual processing capacity  ......  Subscription required  ......  Subscription required430 kt
Annual ore mining rate  ......  Subscription required  ......  Subscription required360 kt
Subscription required - Subscription is required.

Reserves at September 30, 2021:
Mineral resource cut-off grade is $ 125/t NSR.
Mineral reserve cut-off grade is $ 168.30/t NSR.

CategoryTonnage CommodityGradeContained Metal
Proven 1,205 kt Gold 10.87 g/t 421 koz
Proven 1,205 kt Silver 155 g/t 6,006 koz
Proven 1,205 kt Lead 4.9 % 59 kt
Proven 1,205 kt Zinc 5.6 % 68 kt
Probable 8,132 kt Gold 6 g/t 1,569 koz
Probable 8,132 kt Silver 116 g/t 30,422 koz
Probable 8,132 kt Lead 4 % 323 kt
Probable 8,132 kt Zinc 5 % 410 kt
Proven & Probable 9,337 kt Gold 6.63 g/t 1,990 koz
Proven & Probable 9,337 kt Silver 121 g/t 36,428 koz
Proven & Probable 9,337 kt Lead 4.1 % 382 kt
Proven & Probable 9,337 kt Zinc 5.1 % 477 kt
Measured 2,343 kt Gold 10.66 g/t 803 koz
Measured 2,343 kt Silver 149 g/t 11,203 koz
Measured 2,343 kt Lead 4.8 % 113 kt
Measured 2,343 kt Zinc 5.7 % 134 kt
Indicated 10,905 kt Gold 7.43 g/t 2,606 koz
Indicated 10,905 kt Silver 142 g/t 49,841 koz
Indicated 10,905 kt Lead 4.8 % 527 kt
Indicated 10,905 kt Zinc 6.4 % 701 kt
Measured & Indicated 13,248 kt Gold 8 g/t 3,409 koz
Measured & Indicated 13,248 kt Silver 143 g/t 61,043 koz
Measured & Indicated 13,248 kt Lead 4.8 % 640 kt
Measured & Indicated 13,248 kt Zinc 6.3 % 835 kt
Inferred 2,092 kt Gold 8.41 g/t 566 koz
Inferred 2,092 kt Silver 179 g/t 12,070 koz
Inferred 2,092 kt Lead 5.9 % 124 kt
Inferred 2,092 kt Zinc 7.1 % 149 kt

Commodity Production Costs:

CommodityUnits2022202020192018
Cash costs (sold) Gold USD  ......  Subscription required ^†  ......  Subscription required†  ......  Subscription required† 764 / oz†  
All-in sustaining costs (sold) Gold USD  ......  Subscription required†  ......  Subscription required† 1,297 / oz†  
^ Guidance / Forecast.
† Net of By-Product.
Subscription required - Subscription is required.

Operating Costs:

Units2020201920182017
UG mining costs ($/t milled) USD 98.6114.6194.163.1
Processing costs ($/t milled) USD  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required
Subscription required - Subscription is required.

Financials:

Units20222021202020192018
Capital expenditures (planned) M USD  ......  Subscription required
Growth Capital M USD  ......  Subscription required  ......  Subscription required  ......  Subscription required
Sustaining costs M USD  ......  Subscription required  ......  Subscription required  ......  Subscription required 12.2  
Revenue M USD  ......  Subscription required  ......  Subscription required  ......  Subscription required 68.6  
Earnings M USD  ......  Subscription required  ......  Subscription required  ......  Subscription required -15.3  
Subscription required - Subscription is required



Heavy Mobile Equipment as of December 31, 2019:
HME TypeSizeQuantityStatus
Bolter ....................... Subscription required Existing
....................... Subscription required ....................... Subscription required Proposed
....................... Subscription required ....................... Subscription required Proposed
Drill jumbo (two boom) ....................... Subscription required Existing
....................... Subscription required ....................... Subscription required Proposed
Load-Haul-Dump (LHD) 14 t ....................... Subscription required Existing
....................... Subscription required ....................... Subscription required ....................... Subscription required Proposed
Load-Haul-Dump (LHD) ....................... Subscription required Existing
Shotcreter ....................... Subscription required Existing
Trans Mixer ....................... Subscription required Existing
Truck (haul) 40 t ....................... Subscription required Existing
....................... Subscription required ....................... Subscription required ....................... Subscription required Proposed
Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required Apr 13, 2022
....................... Subscription required ....................... Subscription required Subscription required Apr 13, 2022
....................... Subscription required ....................... Subscription required Subscription required Apr 13, 2022
....................... Subscription required ....................... Subscription required Subscription required Apr 13, 2022
Subscription required - Subscription is required.

Staff:

EmployeesContractorsTotal WorkforceYear
Subscription required Subscription required Subscription required 2021
Subscription required Subscription required Subscription required 2020
Subscription required Subscription required Subscription required 2019
Subscription required Subscription required Subscription required 2018
Subscription required Subscription required Subscription required 2017
Subscription required Subscription required Subscription required 2016

Corporate Filings & Presentations:

DocumentYear
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2019
................................... Subscription required 2019
Corporate Presentation 2018
Form 40-F 2018
Press Release 2018
Form 40-F 2017
Press Release 2017
Corporate Presentation 2016
Form 40-F 2016
Other 2015
Technical Report 2011
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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