Eloro Resources Ltd

Published : May 15th, 2007

Continues Intersecting Zinc-Silver-Gold at Hurdman Property, Extends Sulphides Over 450m Strik

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Eloro Resources Ltd.             PRESS RELEASE
ELORO CONTINUES INTERSECTING ZINC-SILVER-GOLD AT HURDMAN PROPERTY, EXTENDS SULPHIDES OVER 450 M STRIKE LENGTH 
 

Toronto, Canada, May 15, 2007 - ELORO RESOURCES LTD. (the "Company") (TSX>3,462 metre / 25 hole (ELO-07-01 through 25) drill campaign initiated in January, 2007, at the Company's wholly-owned Hurdman Property, located 120 km north of Timmins, Ontario, and 75 km north of XStrata's Kidd Creek Mill Operations 

 

The 2007 Hurdman drilling program was designed to delineate the lateral extensions of the Hurdman Sulphide Zone ("HSZ") to the east, west and at depth. Phase one of the two phase program was designed to delineate the lateral extentions of the HSZ. Phase two was planned to test the down plunge extension of the higher grade mineralization previously encountered during the Company's 2006 drilling program, that included 4.21% Zn and 8.72 g/t Ag over 9.10 m in hole ELO-06-01 (described in Eloro's press release dated April 5, 2006). The 2006 program had outlined high grade zinc-silver mineralization over an east-west strike length of approximately 100 m with a near sub-horizontal dip to the North.

 

The HSZ was subsequently intersected in all of the lateral holes drilled west of the known HSZ western limit, previously established by the 2006 program. The HSZ, which can now be traced over a lateral east-west distance of 450 m and to a depth of 85 m, remains open in all directions. Deteriorating road conditions due to spring break prevented the Company from completing the additional drilling required to delineate the HSZ, as part of the second phase of the program. Consequently, the Company is evaluating the possibility of returning to the Hurdman Property and extending the drilling program during June, 2007.

 
To date, assay results are complete for drill holes ELO-07-01 through 10, 13, 15, 18 and 23. Partial assays have been received for holes ELO-07-11, 16 and 17. Assays are pending for ELO-07-12, 14, 19 through 22, 24 and 25. Excluding previously announced intersections for drill holes ELO-07-01 and ELO-07-02 (refer to Eloro's press release dated February 15, 2007), the best assay intervals to date include: 5.92 g/t Ag and 1.45% Zn over 19.95 m, including 9.23 g/t Ag and 3.63 % Zn over 2.9 m (ELO-07-03); 8.53 g/t Ag and 1.69% Zn over 15.0 m, including 9.17 g/t Ag and 3.26% Zn over 5.9 m (ELO-07-04); 14.40 g/t Ag and 3.86% Zn over 8.0 m (ELO-07-08); and 10.86 g/t Ag and 2.13% Zn over 7.5 m (ELO-07-23). The appended table details significant assay intervals from the 2007 drill campaign to date:
 

 

DDH NO.

FROM

(m)

TO

(m)

INTERVAL

(m)

ZINC

%

SILVER

g/t

ELO-07-01*

65.7

68.9

3.2

2.45

5.11

 

95.8

98.6

2.8

5.35

7.13

ELO-07-02*

63.7

69.0

5.3

2.36

5.68

 

77.8

83.8

6.0

3.38

8.67

 

89.1

102.2

13.1

3.23

40.56

 

110.8

112.7

1.9

0.14

46.89

ELO-07-03

71.6

91.55

19.95

1.45

5.92

INCL.

88.65

91.55

2.9

3.63

9.23

ELO-07-04

76.15

91.15

15.0

1.69

8.53

INCL.

85.25

91.15

5.9

3.26

9.17

ELO-07-06

87.0

93.0

6.0

2.64

5.27

 

104..0

110..0

6.0

1.76

6.87

ELO-07-07

96.0

109..0

13.0

1.90

5.35

 

114..0

118..2

4.2

3.26

9.60

ELO-07-08

109..0

117..0

8.0

3.86

14.40

ELO-07-11

33.3

38.0

4.7

3.89

83.07

ELO-07-13

59.8

61.7

1.9

2.36

6.98

ELO-07-15

88.0

89.5

1.5

2.56

8.15

ELO-07-18

150..0

151..4

1.4

2.10

11.63

ELO-07-23

132..0

139..0

7.5

2.13

10.86

* Previously issued assay interval results in press release dated February 13, 2007. All assay results, and a drill hole location map, are available at the Company's website at www.elororesources.com. Grades are uncut. Lengths are measured along the core axis, but are very close to true widths, since mineralized intervals are sub-horizontal and were intersected by near vertical holes. ELO-07-05, 09 and 10 do not have any significant assay intervals.

Drilling by the Company, since 2005, has consistently identified a continuous zinc-silver rich semi-massive to massive sulphide zone, with all 25 drill holes intersecting the HSZ, with the exception of two holes (ELO-07-09 and ELO-07-10) which intersected a north-south trending diabase dyke. The drilling continues to confirm the presence of high grade zinc (greater than 2 %) and silver (greater than 15 g/t) corridor which displays thicknesses varying between 1.9 m and 19.95 m.

 

The HSZ represents a large Zn-Ag-Au system that remains open in all directions, particularly the down-plunge extension of the HSZ that will be the focus of the next drilling program. Cluster geophysical anomalies identified in the 2006 airborne geophysical survey, located peripheral to the known HSZ in the western half of the Hurdman Property, remain untested.

 

Gold is also a significant component of the mineralized system. Significant gold grades are linked to very coarse pegmatite veins (or dykes), generally with higher silver grades and lower zinc grades, located at the footwall of the semi-massive sphalerite horizons and with silicified zones within the zinc-silver horizon. The gold content could potentially have a positive impact on future scoping studies at the Hurdman Property. The better gold grades obtained to date from the Company's 2006 and 2007 drilling include:
 

HOLE #

FROM

(meters)

TO

 (meters)

INTERVAL

 (meters)

GOLD

(g/t)

ELO-07-02

79.3

80.1

0.8

1.63

96.0

96.7

0.7

2.00

112.3

112.7

0.4

6.13

ELO-07-04

84.8

85.3

0.5

2.68

ELO-07-11

38.9

43.0

4.1

2.53

INCL.

38.9

40.0

1.1

5.23

ELO-07-13

52.3

53.0

0.7

2.19

ELO-06-03

83.00

83.40

0.40

5.10

ELO-06-06

79.80

80.10

0.30

1.99

ELO-06-07

74.90

75.35

0.45

1.95

ELO-06-08

72.00

76.40

4.40

1.97

ELO-06-11

42.95

44.60

2.15

1.73

 

43.70

45.10

1.40

2.40

INCL.

43.70

44.15

0.45

5.97

 

60.50

61.00

0.50

3.39

ELO-06-12

39.20

39.80

0.6 

2.05

 

40.50

41.35

0.85

2.00

 

58.50

58.95

0.45

48.69

*ELO-07-04, 07-11 and 07-13 are new assay results. Assay interval results for ELO-07-02, 06-03, 06-06, 06-07, 06-08, 06-11 and 06-12 were previously issued in Eloro's press release dated February 13, 2007. All assay results, and a drill hole location map, are available at the Company's website at www.elororesources.com. Grades are uncut. Lengths are measured along the core axis, but are very close to true widths, since mineralized intervals are sub-horizontal and were intersected by near vertical holes.

About Eloro Resources Ltd.

 

Eloro is a junior exploration company focused on discovering and developing precious and base metal quality resources in the James Bay District of northern Quebec and the Timmins Camp of northern Ontario.. Eloro currently has 19 Au-Cu-Ag and U3O8 properties covering 425 km2 in the La Grande and Eastmain Greenstone Belts, proximal to Goldcorp's Eleonore Gold Prospect. Eloro also has an option to earn a 50% interest in 31 claims held by Virginia Mines Inc. (refer to Eloro's press release dated November 23, 2006).

 

The technical content of this press release have been reviewed by Martin Bourgoin, P. Geo., Executive Vice-President, Exploration of Eloro, and the Company's Qualified Person under the guidelines of National Instrument 43-101.
 

For further information please contact:
Thomas G. Larsen, President and CEO or Jorge Estepa, Vice President
(416) 868-9168 (tel) or (416) 361-1333 (fax)
 
Further information is available on the Company's website at www.elororesources.com
 
Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
-30-

 
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Eloro Resources Ltd.. | 55 Adelaide Stret East | Suite 410 | Toronto | M5C 1K6 | Canada

Eloro Resources Ltd

EXPLORATION STAGE
CODE : ELO.V
ISIN : CA2899002018
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Eloro Res. is a gold and copper exploration company based in Canada.

Eloro Res. holds various exploration projects in Canada.

Its main exploration properties are HURDMAN, SIMKAR, JAMES BAY URANIUM, LEMOYNE NORTH and SUMMIT-GABBRE in Canada.

Eloro Res. is listed in Canada and in United States of America. Its market capitalisation is CA$ 117.0 millions as of today (US$ 93.6 millions, € 82.0 millions).

Its stock quote reached its highest recent level on March 26, 2010 at CA$ 8.80, and its lowest recent point on November 07, 2014 at CA$ 0.04.

Eloro Res. has 31 040 000 shares outstanding.

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