Toronto, Canada, June 7, 2016 – Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro” or the “Corporation”) is pleased to announce the commencement of a followup surface exploration program on its La Victoria Gold-Silver Project located in Huandoval District, Ancash Department, in the prolific North-Central Mineral Belt of Peru (see Figure 1). Eloro recently announced (see press release dated May 30, 2016) that it had reached an agreement to acquire an undivided 100% interest in the La Victoria Property.
Tom Larsen, President & CEO commented: “This followup exploration program, which is being overseen by Chief Technical Advisor to Eloro, Dr. Bill Pearson, P.Geo., will focus on better defining the nature and extent of the extensive epithermal gold-silver mineralization on the property and refining targets for the planned drill program later this summer. Previous work indicates that the epithermal system is exposed across approximately 5 km with a vertical extent exposed of at least 500 to 600m.”
The exploration program will focus particularly on the Rufina West Oxide Gold Zone, a low sulphidation epithermal target where there is extensive artisanal mining activity and the adjacent Rufina East Sulphide Zone in the southern part of the property, Previous sampling by Eloro has indicated the presence of significant high grade gold and silver values in these areas (see press releases October 8, 2015 and August 12, 2015). Work to be completed includes a 14km Induced Polarization Survey, geological mapping and lithogeochemical sampling. Eloro has retained noted Andean epithermal gold expert Dr. Osvaldo Arce Burgoa to conduct the mapping and targeted sampling program.
Jim Steel MBA, P.Geo., Senior Vice President of Mining for Eloro and a Qualified Person in the context of NI 43-101 has reviewed and approved the technical content of this news release.
About Eloro Resources Ltd.
Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in northern Peru and western Quebec. Eloro recently announced its proposed acquisition of a 100% undivided interest in the La Victoria property, located in the prolific North-Central Mineral Belt of Peru. The La Victoria Property consists of two adjacent, but not contiguous, properties totalling eight mining concessions encompassing approximately 35 square kilometres. The Property is within 50 kilometres of several producing gold mines, with three producers visible from the property. Infrastructure in the area is good with access to road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.
For further information please contact Thomas Larsen, President and C.E.O. or Jorge Estepa, Vice-President of Eloro Resources Ltd. 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 Corporation’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 Corporation. 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.
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Figure 1: Location of La Victoria Property in North Central Mineral Belt of Peru