News Releases

  • Major New Gold Zone Identified at Rufina
  • 4000 meter Drill Program to commence immediately

TORONTO, June 06, 2018 (GLOBE NEWSWIRE) – Eloro Resources Ltd.(TSX-V:ELO) (FSE:P2Q) (“Eloro” or the “Corporation”) and its joint venture partner EHR Resources Limited, are pleased to announce that they are proceeding with a 4,000m diamond drilling program to test the Rufina and San Markito target areas on the La Victoria Au Property in the North-Central Mineral Belt of Peru.  The drill permit for Rufina has been issued and Energold Drilling Peru S.A.C.SA has been recommissioned to undertake this work program commencing immediately.

Figure 1
 Plan map of Rufina showing location of new target area and previous as well as planned drilling.
 
Figure 2
 Cross Section of Rufina showing locations of DDH ERU-06 and new target area to be drilled.
 
Figure 3
 Schematic geological cross section San Markito-Victoria-Victoria-Victoria South-Rufina showing remarkable 1.5km vertical extent of Au-bearing epithermal mineralization.

 

Previous drilling by Eloro at Rufina returned a number of encouraging gold intersections with best results of 3.46 g Au/t over 7.4m including 7.31 g Au/t over 3.4m and 2.73 g Au/t over 1.5m in Hole ERU-02 and 2.10 g Au/t over 4.5m including 4.31 g Au/t over 1.6m and 2.73 g Au/t over 1.5m in Hole ERU-04 (see Eloro’s January 16, 2018 press release).

A new silicified zone identified in deep hole ERU-06, which tested the potential depth extent of the Rufina veins system, has revealed a core silicified zone at the end of the hole. Results of ERU-06 are shown in Table 1.  Additional follow-up geological surface mapping and sampling to the northeast of the recent drilling has identified a major new gold zone, Rufina Eastern, which is potentially the core of the epithermal gold system at Rufina (Figures 1 and 2).  To date 117 channel samples have been taken over mineralized quartz veins in this target area of 250m by 150m as shown in Figure 1.  Nearly three quarters of the samples have returned significant gold values (Table 2) over widths ranging from 0.05m to 1.60m with highlights as follows:

  • 10 samples with >10 g Au/t over widths of 0.05m to 0.80m including 27.24 g Au/t over 0.80m, 29.02 g Au/t over 0.25m and 38.55  g Au/t over 0.15m
  • 27 samples with >3-10 g Au/t over widths of 0.10-0.60m
  • 47 samples with >1-3 g Au/t over widths of 0.10m to 1.60m

An initial 5-hole diamond drill program totalling 2,000m will now be undertaken within this new zone at Rufina as shown in Figure 1.  The final drill permit for Rufina was issued on June 6, 2018. A drill contract has been signed with Energold Drilling Peru S.A.C .and a drill is being mobilized to site.  All preparatory work for drilling including construction of access roads and drill platforms has been completed.  

The San Markito target, which is located 2.7km north of Rufina, was previously mapped and sampled by Eloro in 2016 (see press release of December 14, 2016) and will be initially drill tested through a program of 6 diamond drill holes totalling 2,000m.   Permitting for San Markito is in progress.  The drilling will be undertaken over the extensive gold-silver mineralization within intrusive diorite and Chimu Formation sandstones. Mineralization in the area is very extensive occurring over a width of 500+m and a strike length of at least 2.5km.  Further geological mapping and sampling over the entire target zone is also planned within the next few months.

Tom Larsen, CEO of Eloro commented: “We are continuing to advance our geological knowledge at La Victoria which has resulted in outlining a significant new target area at Rufina that will be drilled in this next phase program.  Drilling will commence immediately, initially at Rufina, and then subsequently at San Markito.”

Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Eloro commented: “Epithermal gold mineralization at La Victoria extends from elevation 2700m at the end of deep hole ERU-06 up to 4200m elevation at San Markito, a remarkable 1.5km vertical extent (Figure 3).  It is likely that there are multiple telescoping epithermal gold systems.  We are focussing our efforts on finding the sweet spots in these systems where there is an opportunity to discover a significant gold deposit. We have multiple drill targets to follow-up and expect to add more as field work progresses.” 

Table 1: Summary of Final Significant Drilling Results, Rufina Zone
 
HoleFrom
(m)
To
(m)
Core Length
(m)
Gold
(g/t)
Description
ERU-06138.5139.51.00.66Hydrothermal breccia with py & po clasts and trace gn & cp
 230.5230.70.20.63Quartz vein with boxworks of py & po
 257.0257.60.60.94Fault zone, fragments of massive sulphide (mainly aspy), quartz veinlets
 293.6293.90.30.73Quartz vein, ad in fractures, dissem aspy, massive sulphides, trace cp
 426.0427.51.50.54Diorite with quartz, ad, py, aspy, cp veinlets & dissem py-aspy
 615.3616.41.10.59Fault zone gouge & hydrothermal breccia with slate & diorite clasts
ERU-074.05.71.70.63Tectonic breccia, oxides in argillized diorite
 51.252.21.00.95Micaceous slate, py/aspy/quartz vein, fractures with Fe oxide.
 135.7137.72.00.81Slate, py/po/ca veinlets in contact zone
 188.7189.71.00.54Diorite silicified with veinlets quartz-py-po & late ca, 2/m. py-po disseminated
 270.7271.71.01.52Diorite with veinlets quartz-aspy-py-po & late ca, py-po diss
ERU-09A
Extension
nsv   Weakly altered diorite with no significant assay values

(i)  Diamond drill core for all holes is NTW size = 56.23mm
(II) True width is equal to approximately 70%-75% of core length
(iii) Abbreviations: py=pyrite, aspy=arsenopyrite, ad = adularia, cp=chalcopyrite, po=pyrrhotite, gn=galena, ca=calcite, nsv = no significant values, dissem = disseminated
(iv) Hole ERU-09A Extension was drilled from 353.8m to 449.70m
 

Table 2: Summary of Significant Surface Sampling Results, Rufina Eastern Zone Target, 
La Victoria Gold Project, as of May 15, 2018
 
Rufina Vein Samples - Au values ˃ 10 g/t
Sample No.EastingNorthingElev mAu g/tWidth mDescription
C0017281727829080085319338.550.15Qtz and mod. oxidized sulphides crustiform text. vein
C0017461727509080160325829.020.25Qtz and strongly oxidized sulphides crustiform text vein
C0017881726989080005313627.240.80Qtz and mod oxidized sulphides crustiform texture vein
C0017791726959080026315425.010.05Qtz and mod oxidized sulphides crustiform texture vein
C0017781727059080006313819.500.40Qtz and mod oxidized sulphides crustiform texture vein
C0017431727799080221330018.840.20Qtz moderately oxidized vein
C0017751727789079974310516.330.15Qtz and mod oxidized sulphides crustiform texture vein
C0017821727029079987312514.660.15Qtz and mod oxidized sulphides crustiform texture vein
C0017651727069080031316413.200.50Qtz and mod oxidized sulphides crustiform texture vein
C0017521727549080168326110.110.10Qtz and mod.oxidized sulphides crustiform texture vein.

 

Table 2 (con’t)
Rufina Vein Samples - Au values ˃3 to 10 g/t
Sample No.EastingNorthingElev mAu g/tWidth mDescription
C001786172732907996831048.470.20Qtz and mod oxidized sulph crustiform texture vein
C001715172858908015232098.250.15Qtz and mod oxidized sulphides crustiform text vein
C001777172745907996930976.320.08Qtz and mod oxidized sulphides crustiform text vein
C001757172759908012632346.270.10Qtz and mod oxidized sulphides crustiform text vein
C001703172797908010031885.950.20Qtz & strongly FeOx vein
C001789172764907995630945.830.20Qtz and mod oxidized sulphides crustiform text vein
C001762172723908008532265.790.15Qtz and mod oxidized sulphides crustiform text vein
C001768172740908000731324.980.20Qtz and moderately oxidized sulphides crustiform texture vein
C001702172797908009131834.920.10Qtz & strongly FeOx vein
C001758172701908011332474.450.10Qtz and mod oxidized sulphides crustiform text vein
C001751172757908017832664.340.10Qtz moderately oxidized vein
C001761172733908008532254.180.30Qtz and mod oxidized sulphides crustiform text vein
C001774172772907998931004.160.40Qtz crust text vn w/sulph as patches and dissem, all weakly oxidized
C001693172814908012731874.100.60Qtz & mod oxidized  sulphides crustiform texture vein
C001755172742908012832474.060.50Qtz & mod oxidized sulph crustiform text vein in mod oxidized-argillized host rock 0.5 a 1m in width
C001747172765908017432584.010.40Qtz and mod oxidized sulphides crustiform text vein
C001661172825908004431283.950.30Qtz & sulphides (oxidized) crustiform texture vein
C001773172763907999631063.830.15Qtz and mod oxidized sulphides crustiform text vein
C001759172727908008232223.710.25Qtz and mod oxidized sulphides crustiform text vein
C001718172890908016131943.540.10Qtz and mod oxidized sulphides crustiform text vein
C001725172784908013232163.480.25Qtz and mod oxidized sulphides crustiform text vein
C001684172803908008731743.390.50Qtz vein w/abundant FeOx
C001736172800908019632563.380.15Qtz and mod oxidized sulphides crustiform text vein
C001741172785908018232533.340.30Qtz and mod oxidized sulphides crustiform text vein
C001675172838908009231473.260.40Qtz & mod oxidized massive sulph crustiform texture vein
C001787172717907999931303.070.40Qtz and mod oxidized sulph crustiform text vein.
C001664172815908004531353.040.15Qtz crustiform vein with strongly oxidized sulphides.

 

Table 2 (con’t)
Rufina Vein Samples - Au values ˃1 to 3 g/t
Sample No.EastingNorthingElev mAu g/tWidth mDescription
C001784172702907995631132.750.40Qtz and mod oxidized sulph crustiform text vein
C001735172793908019032532.710.10Qtz and mod oxidized sulph crustiform text vein
C001772172760908000731232.570.10Qtz and mod oxidized sulph crustiform text vein
C001731172747908004631782.480.50Qtz and mod oxidized sulph crustiform text vein
C001766172748908003131632.450.15Qtz and mod oxidized sulph crustiform text vein
C001781172668908002531562.290.10Qtz and mod oxidized sulph crustiform text vein
C001733172761908006531972.270.25Qtz and mod oxidized sulph crustiform text vein
C001771172750907999731142.240.60Qtz and mod oxidized sulph crustiform text vein
C001699172801908014132082.220.50Qtz and mod oxidized sulph crustiform text vein
C001742172783908019932712.210.70Qtz moderately oxidized vein
C001662172827908005631292.120.35Qtz & sulphides (oxidized) crustiform texture vein
C001673172801908007031662.120.15Qtz & moderately oxidized massive sulphides crustiform texture vein
C001764172735908006531972.080.10Qtz and moderately oxidized sulphides crustiform texture vein
C001724172794908016832332.050.15Qtz and moderately oxidized sulphides crustiform texture vein
C001713172840908012831872.020.60Qtz grayish vein w/ crustiform texture, fine diss py & aspy patches-veinlets
C001685172802908009931821.960.25Qtz vein w/moderate FeOx
C001785172702907992930851.940.15Qtz & moderately oxidized massive sulphides crustiform texture vein
C001672172808908006931581.900.10Qtz & moderately oxidized massive sulphides crustiform texture vein
C001691172816908012731851.861.60Qtz & weakly oxidized sulph  crustiform text vein
C001745172743908017632741.830.05Qtz moderately oxidized vein
C001734172798908018432461.750.10Qtz and mod oxidized sulph crustiform text vein
C001681172832908011031641.720.80Qtz & mod oxidized massive sulph crustiform texture vein
C001706172844908010131521.710.15Qtz & moderate FeOx vein
C001737172810908019432541.700.20Qtz and mod oxidized sulph crustiform text vein
C001683172802908007931711.640.15Qtz & strongly oxidized massive sulphides crustiform texture vein
C001677172825908009231561.630.20Qtz & moderately oxidized massive sulphides crustiform texture vein .
C001729172784908008231901.620.15Qtz strongly oxidized vein
C001739172782908018032541.580.40Qtz and moderately oxidized sulphides crustiform texture vein
C001723172792908015332231.490.10Qtz moderately oxidized vein
C001721172812908016432221.440.10Qtz and mod oxidized sulph crustiform texture vein
C001711172842908012231771.420.15Qtz & moderate FeOx vein
C001783172777908002131401.411.00Qtz and mod oxidized sulph vein crustiform texture vein

 

Table 2 (con’t)
Rufina Vein Samples - Au values ˃1 to 3 g Au/t (con’t)
Sample No.EastingNorthingElev mAu g/tWidth mDescription
C001754172765908016232501.370.25Qtz and moderately oxidized sulphides vein crustiform texture vein
C001763172721908006632051.310.20Qtz and mod oxidized sulph crustiform texture vein
C001666172821908006631421.240.30Qtz crustiform texture vein accompanied by strongly oxidized sulphides (<2cm) veinlets
C001744172749908017632711.190.10Qtz and str oxidized sulphides crustiform text vein
C001669172809908006031491.190.10Qtz crustiform texture vein. FeOx boxworks
C001679172828908010331621.170.10Qtz & strongly oxidized massive sulphides crustiform texture vein
C001767172753908002131501.160.70Qtz and mod oxidized sulph crustiform texture vein
C001692172815908012731861.140.35Qtz veinlets w/ FePx stockwork-1cm
C001687172810908011831851.140.40Qtz & mod oxidized sulph  crustiform texture vein
C001749172763908017532611.130.30Qtz and mod oxidized sulph crustiform texture vein
C001678172830908010031581.100.10Qtz & mod oxidized massive sulph crustiform texture vein
C001663172827908006531351.070.40Qtz & sulphides (oxidized) crustiform texture vein
C001676172829908008931501.050.40Qtz & moderately oxidized massive sulphides crustiform texture vein
C001686172805908010931851.030.10Qtz vein w/ moderate FeOx
C001704172798908011031921.030.10Qtz strongly oxidized vein

          Note: All samples are channel samples across the true width of the veins
Qtz = quartz, sulph = sulphides, mod = moderately, w/=with, FePy = iron pyrites, FeOx = Iron Oxides; py=pyrite, aspy=arsenopyrite, diss=disseminated
 

Table 3: Collar coordinates and Dip/Azimuth of the final drill holes reported
 
Hole No.TargetUTMElev.LengthAzDipStatus
  EastingNorthing(i)Completed(i)(i) 
ERU-06Rufina17252790802433358616.460-50Assays Received
ERU-07Rufina17266090803253366287.760-50Assays Received
ERU-09A ExtRufina1723499080038329495.960-50Assays Received
Totals    1000.0   
(i)All measurements are in metres except Azimuth (Az) and Dip, which are measured in degrees.

Qualified Person

Dr. Bill Pearson, P.Geo., a Qualified Person in the context of National Instrument 43-101 has reviewed and approved the technical content of this news release. Samples were analysed for Au and Ag by fire assay and 31 element ICP analysis at SGS del Peru S.A.C. in Lima, Peru. In addition to the standard laboratory QA/QC procedures, Eloro employs a system of external blanks and standards.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Peru and Quebec. Eloro owns a 100% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Tahoe’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. The property has good infrastructure 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 G. Larsen, Chairman and C.E.O. of Eloro Resources Ltd., 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.

Neither the TSXV, CSE nor its Regulation Services Provider (as that term is defined in the policies of the TSXV or CSE) accepts responsibility for the adequacy or accuracy of this release.

Figure 1:  Plan map of Rufina showing location of new target area and previous as well as planned drilling.
http://www.globenewswire.com/NewsRoom/AttachmentNg/cfe72ca1-94bf-45d2-92a5-d9ddbabbb3bc

Figure 2: Cross Section of Rufina showing locations of DDH ERU-06 and new target area to be drilled.
http://www.globenewswire.com/NewsRoom/AttachmentNg/a6c47625-2fb5-443e-b29f-30a2b8ba29ce

Figure 3:  Schematic geological cross section San Markito-Victoria-Victoria-Victoria South-Rufina showing remarkable 1.5km vertical extent of Au-bearing epithermal mineralization.
http://www.globenewswire.com/NewsRoom/AttachmentNg/1b0cd2c8-6bd2-495f-b27f-755115d2bfb0 

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