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Eloro Initiates Second Drilling Campaign at the Delta
Property; Targets Lateral and Depth Extensions of VMS-style
Copper-Zinc-Silver Mineralization that could Significantly Impact
Tonnage-Grade Potential
 Toronto, Canada, July 22, 2008 - Eloro Resources Ltd. (TSX-V: ELO)
("Eloro") is
pleased to announce the start of the second drilling campaign at the
Company's wholly-owned Delta Property (the "Property") in the
James Bay Mining District of northern Quebec, where surface exploration
work and drilling identified a significant copper-zinc-silver system akin
to Volcanogenic Massive Sulphides (or "VMS") mineralization.
The Property is located 35 km south west of Goldcorp's Eleonore Gold
Project and 40 km west of Eastmain Resources Clearwater Gold Deposit.
The planned drill footage in this campaign is 3,150m in 9
holes with the objectives of:
- identifying the
preferred plunge or rake of the mineralization, which according to
the previous drilling, the airborne-ground geophysics and 3-D
modeling by Alex Horvath, P. Eng., of A.S. Horvath Engineering
(Ottawa, Ontario), indicates a steep north easterly plunge;
- determining the
relationship between the higher grade copper veins, observed at
surface, and the drill intersected copper zone; as well as the link
between the copper and zinc zones; and
- establishing
continuity of the mineralized system by drilling immediately
on-strike and down-dip / down-plunge of the best mineralized
intervals intersected by the Company during the winter 2008
drilling.
The winter 2008 drilling totaled 3,100m in 14 holes. Drill
hole D-07-1 intersected mineralization below a surface copper showing at
110m vertical depth and returned 1.10% copper over 6.15m and 2.87% copper
over 4.35m, including 10.15% copper over 1.15m. D-07-5, collared 100 m
north west of D-07-1, undercut hole D-07-1 by 50 m and returned 0.75%
copper over 2.00m, including a higher grade core containing 1.83% copper
over 0.50m. 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.
The Property hosts surface copper mineralization identified by Eloro in
2006 and zinc mineralization intersected in historic drill holes. The
mineralization is linked to ground InfiniTEMTM (electromagnetic)
anomalies from a geophysical survey completed by Eloro in 2007. The
InfiniTEMTM anomalies are located within a 1.4 km long VMS sequence of
chert-magnetite-sulphide iron formation, altered volcanic agglomerates,
bedded cherts, disseminated and semi-massive chalcopyrite-pyrite
stringers and veins, and disseminated magnetite-pyrite-chalcopyrite.
Eloro's Property VMS sequence is typical of those hosting major
copper-zinc-silver-gold bearing massive sulphides in the Rouyn-Noranda,
Matagami, Louvicourt and Timmins Mining Camps located more than 600 km to
the south in the Abitibi Belt.
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 and uranium
resources in the Otish Basin districts of northern Quebec, and base and
precious metals in the Timmins Camp of northern Ontario. Eloro currently
has eleven gold-copper-silver properties (1,062 claims) covering 548 km2
in the La Grande and Eastmain Greenstone Belts, proximal to Goldcorp's
Eleonore Gold Prospect. Eloro owns 90 km2 of prospective uranium holdings
in 10 properties (175 claims). The Timmins area holdings include both the
prospective Hurdman Zinc-Silver Property, and the 30 km2 McArthur Lake
Nickel Property.
Eloro recently acquired 4 oil and gas permits, the Charlevoix Property,
located in the Charlevoix area along on the northern shore of the St.
Lawrence River, 75 km NE of Quebec City, Quebec. The Charlevoix Property
encompasses 534.05 km2 along a segment of the same Paleozoic Basin that
hosts the current Quebec "gas play" in the Utica Shale.
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