Updated Mineral Resource Estimate at Simkar Gold Project
Published : October 17, 2013
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

TORONTO, ONTARIO--(Marketwired - Oct. 17, 2013) - Eloro Resources Ltd. (News - Market indicators)(FRANKFURT:P2Q) ("Eloro", or the "Company") reports that Monarques Resources Inc. ("Monarques") announced an updated Mineral Resource Estimate ("MRE") for the Simkar Gold Project ("Simkar" or, the "Project"), in accordance with National Instrument 43-101 standards. The Project, which is owned 50% by Eloro and 50% by Monarques, comprises two contiguous mining concessions and eleven mineral claims in the prolific Val- d'Or Gold Mining Camp, approximately 20 km east of Val-d'Or.

The Project overlies a gold-bearing, fault-fill and extensional quartz vein system, characteristic of nearby gold deposits in the Val-d'Or Gold Mining Camp, and hosts a former gold producer (Louvicourt Goldfield). As announced by Eloro on October 10, 2013, Simkar is currently being explored pursuant to an 8,000 metre drilling program conducted by Monarques.

As reported by Monarques earlier today, the updated MRE, summarized in Table 1, was completed by MRB & Associates ("MRB") of Val-d'Or, Québec, and is based on 590 surface and underground Diamond-drill holes, comprising 79,590.13 total metres, and results from 14,506 sampled intervals.

Table 1: Updated Mineral Resource Estimate

   Measured   Indicated Measured + Indicated  Inferred
Cut off: grams Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces Tonnes Grade Ounces
per tonne (gpt) (x1000) (gpt)   (x1000) (gpt)   (x1000) (gpt)   (x1000) (gpt)  
2.0 34.10 4.84 5,125.12 214.53 3.82 23,909.37 248.62 4.36 29,034.49 550.87 3.73 74,473.13
3.0 19.04 6.08 3,950.62 91.10 4.99 14,314.46 110.14 5.54 18,265.08 321.21 4.76 57,324.50
4.0 14.37 6.73 3,420.27 50.93 5.86 9,865.79 65.30 6.30 13,286.06 183.48 6.50 42,430.01

The current Mineral Resource Estimate was calculated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions. Mineral resources, which are not mineral reserves, do not have demonstrated economic viability. The mineral resource estimate may be materially affected by environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues. Furthermore, the quantity and grade of estimated Inferred Resource reported herein are uncertain and there has been insufficient exploration to categorize them as an Indicated or Measured Resource. It is uncertain if further exploration will result in reclassification of Inferred Mineral Resources to the Indicated or Measured Mineral Resource categories. The tonnage numbers are rounded according to NI 43-101 standards. Grades are calculated from Au concentrations determined from sample assays completed by ALS Minerals using conventional Fire Assaying with 30 g fusions and AAS finish.

Technical parameters used for the MRE, as reported by Monarques:

  • The Block Model utilizes blocks that are 10m x 1m x 10m in size;
  • Underground resources were compiled at, 2.0, 3.0 and 4.0 gpt Au cut-off grades;
  • Cut-off grades must be re-evaluated in light of prevailing market conditions (gold price, exchange rate and mining cost);
  • Since this is an underground project - a minimum true thickness of 1.6 m. was applied, using the grade of the adjacent material when assayed, or a value of zero when not assayed;
  • A fixed density of 2.7 grams per cm3 was used in mineralized zones and the enclosing envelope;
  • Underground - compositing was not done over entire drill-hole lengths, but rather on the drill-hole intervals that were within the mineralized zone envelopes (composite = 0.8 metres);
  • Resources were evaluated from drill-hole samples using the ordinary kriging interpolation method;
  • Ounce (troy) = (Metric Tons x Grade)/31.1035. Calculations used metric units (metres, tonnes and gpt);
  • MRB is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political, marketing or other relevant issue that could materially affect the Mineral Resource Estimate.

As reported by Monarques, the MRE was prepared by Abderrazak Ladidi, B.Sc., M.Eng., P.Geo., of MRB & Associates, and is an Independent Qualified Person for the MRE, as defined by National Instrument 43-101.

About Eloro Resources Ltd.

Eloro Resources is an exploration and mine development company with a portfolio of gold and basemetal properties in northern and western Quebec. The Company is focussed on expanding the historic gold resources at the past-producing Simkar Mine with the objective to outline quality gold resources in the established Val-d'Or Gold Mining Camp.

The technical information contained in this Press Release has been prepared and reviewed by Martin Bourgoin, P. Geo, Executive Vice-President, Exploration for Eloro and Qualified Person according to National Instrument 43-101.

Information in this news release may contain forward-looking information. Statements containing forward looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.



Eloro Resources Ltd.
Thomas G. Larsen
President and CEO
(416) 868-9168
(416) 361-1333 (FAX)
or
Eloro Resources Ltd.
Jorge Estepa
Vice-President
(416) 868-9168
(416) 361-1333 (FAX)
www.elororesources.com

Eloro Resources Ltd

EXPLORATION STAGE
CODE : ELO.V
ISIN : CA2899002018
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Eloro Res. is an exploration gold and copper 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$ 31.4 millions as of today (US$ 23.1 millions, € 20.6 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.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Annual reports of Eloro Resources Ltd
Annual report 2007
Option Grants of Eloro Resources Ltd
4/1/2011Retains European Investor Relations Firm
Project news of Eloro Resources Ltd
5/30/2016Eloro Resources and Tartisan Resources Enter into Agreement ...
10/10/2013(Simkar)Announces Commencement of 8,000 Metre Drilling Program at Si...
3/21/2011(Simkar)Announces Completion of Acquisition of Simkar Gold Property ...
7/22/2008(James Bay Uranium)Initiates Second Drilling Campaign at the Delta Property; Ta...
7/16/2008(Charlevoix Property)Completes Acquisition of Strategic Hydrocarbon (Gas) Land Pa...
6/12/2008(Charlevoix Property)Signs Agreement to Acquire a Strategic Hydrocarbon (Gas) Lan...
5/5/2008(Hurdman)DEEP-EM SURVEY INITIATED ON ELORO'S HURDMAN ZINC-SILVER PROP...
1/22/2008(Lemoyne North)Drilling Commences on Gold Bearing Massive Sulphide Target a...
5/15/2007(Hurdman)Continues Intersecting Zinc-Silver-Gold at Hurdman Property,...
Corporate news of Eloro Resources Ltd
7/7/2016Eloro Resources Retains European Investor Relations Firm
6/10/2016Eloro Resources Commences Exploration on La Victoria Gold-Si...
6/3/2016Eloro Resources Announces Changes to Management
5/24/2016Eloro Resources Sells Royalty Interests in the Val d'Or Gold...
5/11/2016Eloro Resources Completes $400,000 Financing
5/9/2016Eloro Resources Announces $350,000 Financing
5/9/2016Eloro Resources Increases Financing to $400,000 and Closes F...
10/8/2015Eloro Extends Rufina East and West Mineralized Zones
8/28/2015Eloro Resources Announces Financing and Proposed Shares-for-...
8/12/2015Eloro Reports Assays from Rufina East New Mineralized Zone C...
3/30/2015DNI Metals Inc. and Great Lakes Graphite Provide Supply Agre...
3/23/2015DNI Metals Inc. Signs Graphite Supply Agreement with Great L...
3/2/2015Eloro Resources and Tartisan Resources Announce Sample Assay...
3/2/2015and Tartisan Resources Announce Sample Assay Results Contain...
2/27/2015Eloro Resources Grants Stock Options
2/19/2015Eloro Resources Completes Financing
2/5/2015Eloro Resources Announces Financing
1/29/2015Eloro Resources Grants Stock Options
1/26/2015Eloro Resources Closes Shares-for-Debt Transactions
12/19/2014Eloro Resources Announces Proposed Shares-For-Debt Transacti...
12/9/2014Eloro Reports on Discovery of Polymetallic Boulders by Visib...
9/30/2014Eloro Resources Announces Completion of Consolidation of Sha...
9/23/2014Eloro Resources Announces Consolidation of Its Shares
7/3/2014Eloro Resources Signs Definitive Agreement to Option La Vict...
6/6/2014Eloro Sells Remaining Interest in the Simkar Gold Project
10/17/2013(Simkar)d Mineral Resource Estimate at Simkar Gold Project
10/17/2013(Simkar)d Mineral Resource Estimate at Simkar Gold Project
9/23/2013(Simkar)Closes Transactions with Monarques Resources-Sells 50% Inter...
8/8/2013(Simkar)Enters Into Transactions With Monarques Resources-Agrees to ...
4/29/2011Appoints Director of Investor Relations
6/5/2008from Eloro Resources Ltd. and NFX Gold Inc. from Streetwise ...
4/9/2008Options Property to Fletcher Nickel
3/26/2008 Drills Significant Sulphide Mineralization at Delta Propert...
1/30/2008Options Otish Uranium Properties, Announces Sale of Addition...
12/7/2007Completes $3,000,000 Financing with MineralFields Group
11/14/2007 Announces Additional $1,000,000 Financing
11/12/2007 Announces Additional $3,000,000 Financing with MineralField...
11/2/2007COMMENCES DRILLING AT AMELIE LAKE
10/18/2007EXPANDS ITS URANIUM PROPERTY HOLDINGS IN THE OTISH MOUNTAINS...
10/11/2007Updates Delta Project
9/20/2007Retains AGORACOM to Provide Online Investor Relations and So...
7/5/2007Acquires Otish Uranium Properties Near Strateco's Matoush Di...
2/27/2007Completes $500,000 Financing with MineralFields Group
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (ELO.V)Other OTC (ELRRF)
1.01-3.81%0.770+0.79%
TSX-V
CA$ 1.01
07/03 13:26 -0.040
-3.81%
Prev close Open
1.05 1.10
Low High
1.00 1.10
Year l/h YTD var.
0.200 -  1.05 304.00%
52 week l/h 52 week var.
0.190 -  1.05 296.08%
Volume 1 month var.
30,532 124.44%
24hGold TrendPower© : 41
Produces
Develops
Explores for Gold - Silver - Zinc
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2020348.89%1.050.20
2019-41.56%0.480.15
2018-63.68%1.270.33
2017158.54%1.150.40
2016310.00%0.580.10
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 5.31-0.93%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 3.13-4.86%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 2.68-0.37%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 1.00+1.01%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 1.05+9.38%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.02+0.00%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.08+0.97%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.74+0.58%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 7.34+0.00%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.10-4.76%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.14+3.85%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.97+1.03%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 11.24+1.26%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.06-5.17%Trend Power :