Hellas Gold S.A., the Greek subsidiary of Canada’s Eldorado Gold Corporation (TSE: ELD) (NYSE: EGO), has reportedly discovered a massive multi-billion dollar copper-gold deposit.
Multiple media sources in Greece and abroad have reported on the development over the past few days. The most credible, the United Kingdom’s Daily Express, says it is estimated to contain approximately 740,000 tons of copper and 363,000 ounces of gold.
The deposit was pinpointed at Hellas’ Skouries mine in northern Greece’s Halkidiki region. The Skouries mine is part of the broader Kassandra Mines complex. It also includes the Olympias gold-silver-lead-zinc mine and the Mavres Petres operation.
Gold deposits have been mined in the region for millennia, and now a new one has been delineated.
The massive undertaking of extracting these resources, expected to commence next year, will require Hellas to hire about 1,000 more employees. There are currently around 300.
Read more: Mid-tier gold producer reconsiders production guidance after Q3 setbacks
Read more: Calibre celebrates completing major heap leach pad expansion at the Pan Mine
Eldorado & Hellas scoop silver at the Euromines Safety Awards
The gold miner and its Greek subsidiary were recently recognized for their virtual reality and augmented reality mine safety training program.
“This recognition highlights our commitment to safety excellence and leveraging cutting-edge technology to enhance training and workplace safety standards,” Hellas Gold Regional Affairs Manager, Gerasimos Monokrousos, said in a LinkedIn post this month.
Hellas’ Skouries mine has had significant numbers of visitors recently. A group of media representatives visited on Monday and the Greek Deputy Minister of Environment and Energy, Alexandra Sdoukou, stopped by earlier this month.
“A project that marks a new era for the Greek mining industry,” was the description Sdoukou gave.
His statement appears to be even more valid when considering the potential of the site’s new discovery. Skouries is still in development with construction over 76 per cent complete. It is expected to be production-ready by year-end.
At the beginning of October, Hellas provided a C$15,000-dollar grant to a standout scholar pursuing a master’s degree in mining engineering at the University of British Columbia. “The Hellenic Initiative,” sponsored by Eldorado Gold, is a scholarship program that supports Greek nationals pursuing education in Canada.
rowan@mugglehead.com
