Eloro Resources Ltd

Published : March 26th, 2008

Drills Significant Sulphide Mineralization at Delta Property, James Bay Mining District

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Eloro Resources Ltd.             PRESS RELEASE

 

 

Eloro Drills Significant Sulphide Mineralization at the Delta Property in the  James Bay Mining District

 

eloro logo minToronto, Canada, March 26, 2008 - Eloro Resources Ltd. (TSX-V: ELO) (the "Company" or "Eloro") is pleased to announce the first assay results from 8 holes of a 14 hole, 3,100 m drill campaign performed on the Company's wholly-owned Delta Property. The Delta Property is located in the James Bay Mining District, 35 km southwest of Goldcorp's Eleonore Gold Project and 40 km west of Eastmain Resources Clearwater Gold Deposit.

 

Drill hole D-07-1 intersected mineralization below a surface copper showing at 110 m vertical depth and it returned 1.10% copper over 6.15 m and 2.87% copper over 4.35 m, including 10.15% copper over 1.15 m. Drill hole D-07-5, collared 100 m northwest of D-07-1, undercut hole D-07-1 by 50 m and returned 0.75% copper over 2.00 m, including a higher grade core containing 1.83% copper over 0.50 m.

 

Drill hole D-07-3, located 500 m to the northeast of D-07-1 and D-07-5 intersected at 140 m vertical depth below surface, 2.13% zinc and 35.2 g/t silver over 8.70 m, hosted within a wider interval of 1.20% zinc and 27.8 g/t silver over 17.50 m. Assay results are pending for the remaining 6 holes (D-07-2, D-07-9, D-07-11 through D-07-14). The more significant assay intervals* are outlined in the following table (follow link by clicking here to view):

*Assays are pending for D-07-2 and D-07-9, D-07-11 through D-07-14. There are no significant intersections in D-07-4 and D-07-6 through D07-8 and D-07-10. A summary of assay results to date can be accessed on the Eloro website at www.elororesources.com. The drill core was logged, sampled, bagged, sealed and shipped to Actlabs Laboratory in Toronto. The sample protocol at the laboratory is to bar code upon reception, then the entire sample is crushed to a nominal minus 10 mesh (1.7 mm), mechanically split (riffle) to obtain a representative sample, and then pulverized to at least 95% minus 150 mesh (106 microns). All samples were analyzed using the Aqua Regia ICP-OES analytical method to detect subtle trace element haloes as well as target mineralization. Values measuring greater than 10,000 ppm were re-assayed by fire assay.Assays are uncut and lengths are measured along the core axis. QA/QC includes the insertion of blanks, duplicates, and all assays are traceable to international reference standards.

 

The current drilling campaign tested the extensions of surface copper mineralization identified by Eloro in 2006 (refer to Eloro news releases dated October 24, 2006 and January 24, 2007) and/or sulphide mineralization in historic drill holes, all linked to ground InfiniTEMTM (electromagnetic) anomalies. The InfiniTEMTM survey was completed in 2007 by Eloro, wherein a total of 9 highly conductive anomalies were outlined that are now likely all associated to sulphides based on the current drilling results. The Company plans more drilling shortly, once all assays have been received and processed, to extend the potential mineralization along strike and at depth.

 

The InfiniTEMTM anomalies are located within a 1.4 km long Volcanogenic Massive Sulphide (VMS) sequence of chert-magnetite-sulphide iron formation, altered volcanic agglomerates, cherts, disseminated and semi-massive chalcopyrite-pyrite stringers and veins, and disseminated magnetite-pyrite-chalcopyrite, which was outlined by Eloro in 2006. Eloro's Delta Property VMS sequence is typical of those hosting major copper-zinc-silver-gold bearing massive sulphides in the Rouyn-Noranda, Louvicourt and Timmins Mining Camps located more than 600 km to the south in the Abitibi Belt.

 

About Eloro Resources

 

Eloro is a junior exploration company focused on discovering and developing precious and base metal quality resources in James Bay area of northern Quebec, as well as base and precious metals in the Timmins Camp of northern Ontario. Eloro currently has eleven gold-copper-silver properties covering 548 square kilometres in the La Grande and Eastmain Greenstone Belts, proximal to Goldcorp's Eleonore Gold Prospect; has an option to earn a 50% interest in 3 properties held by Virginia Mines Inc.; and the Timmins area holdings include the prospective Silver-Zinc-Gold Hurdman Property, the McArthur Lake Nickel Property and the Douglas Nickel Property. 

 

The technical content of this press release has been reviewed and approved by Martin Bourgoin, P. Geo., Executive Vice-President 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" and 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.

 

ELO - TSX Venture Exchange

52 week high/low:  $0.85 - $0.25

Shares Outstanding:  52,308,570

 

 

 

 

 

 

Eloro Resources Ltd.. | 55 Adelaide Street 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$ 113.3 millions as of today (US$ 90.6 millions, € 79.4 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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