Eloro Resources Ltd

Published : July 22nd, 2008

Initiates Second Drilling Campaign at the Delta Property; Targets Extensions of VMS-style Cu-Zn-Ag M

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Eloro Resources Ltd.             PRESS RELEASE

 

 

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 

 

eloro logo minToronto, 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. 

 

 

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:  $0.61 - $0.20

Shares Outstanding:  53,868,570

 

 

 

 

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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