Toronto, Canada, December 9, 2014 - Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro”) reports that Visible Gold Mines Inc. has recently announced the discovery of numerous metal-rich boulders immediately adjacent to Eloro’s Lac Henri property in the Otish Mountains area of north central Québec.
High-grade gold-, silver-, copper-, and zinc-bearing boulders have been discovered near kilometre-markers KM105, KM107, KM147 and KM150 along provincial Route 167, which has been recently upgraded as part of Québec’s “Plan Nord” to develop infrastructure in the province’s northern regions.
The KM150 discovery area is immediately adjacent to Eloro’s Lac Henri prospect, which comprises 7 contiguous claims along Route 167, from approximately KM150 to KM153 (see Figure below and Eloro website at www.elororesources.com for further information on the Lac Henri prospect). Work carried out in 2007 and 2008 by Icon Industries Limited, under an option agreement with Eloro, shows that strong magnetic response signatures, bounded by regional faults, strike northeast from the boulder field into the Lac Henri claims1,2.
Route 167 was originally constructed as a haulage road between Chibougamau and the currently inactive Eastmain Gold Mine (kilometre marker KM175). This all-season road was recently upgraded and extended north to facilitate access to Stornoway Diamond Corporation’s Renard Project - Québec’s first diamond mine. Road construction was completed in October of 2014, at a cost of approximately $350 million dollars.
The upgrade to Route 167 and the recent discoveries by Visible Gold Mines Inc. have re-awakened interest in the area, which remains highly prospective for gold, base-metal and platinum group elements, as well as diamondiferous kimberlites.
Martin Bourgoin (P.Geo.), Executive Vice President Exploration for Eloro, and a qualified person (QP) under National Instrument 43-101, has approved the content of this release.
About Eloro Resources Ltd.
Eloro Resources is an exploration and mine development company with a portfolio of gold and base-metal properties in Peru and northern and western Quebec. The Company recently entered into an agreement granting it an option to acquire a 50% interest in La Victoria property, located in the North-Central Mineral Belt of Peru.
For further information please contact Jorge Estepa, Vice-President at (416) 868-9168.
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.
1 St-Hilaire, C., 2007.
High Resolution Aeromagnetic and Gamma-ray Spectrmetric Survey: Lac Henri Property - Otish Mountains Area Northern Quebec (GM63998).
2 Coates, B., 2009.
Lac Henri Property, Otish Mountains Area Northern Quebec, Diamond-Drill Program, Summer 2008 (GM64750)