🕐28.11.12 - 17:00 Uhr
ELORO COMPLETES LATEST PHASE OF DRILLING AT FLAGSHIP SIMKAR GOLD PROJECT
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NEWS RELEASE - ELORO RESOURCES LTD.
TSX-V:ELO
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Press Release
For Immediate Release
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Eloro Completes Latest Phase of Drilling at Flagship Simkar Gold Project
Toronto, Canada, November 28, 2012 - Eloro Resources Ltd.
(TSX-V: ELO; FSE: P2Q)("Eloro",
or the "Company") is pleased to announce the completion of the latest phase of
drilling on its Simkar Gold Project (the "Property" or the "Project"), which comprises
two contiguous mining concessions (2.26 km2) and eleven mineral claims (1.77 km2)
in the prolific Val-dOr Gold Mining Camp, 20 km east of Val-dOr.
Since optioning the Simkar Property in 2009, Eloro has completed 22,159 m of drilling
on the Project and has identified two new mineralized zones below the historic workings
and two near-surface zones in a diorite unit south of the historic workings.
The latest phase of drilling on the Project comprised ten (10) new holes totalling
3,244 metres (Table 1) and continued to test the projected extensions of mineralized
zones defined by Eloros previous drilling on the Property; specifically the "South-East
Zone" (holes SK12-20 to SK12-25), and the "New Zone" (holes SK12-26 to SK12-29).
All of the latest holes reached their intended targets.
Initial logging of the core has been completed, and the collection, preparation
and assaying of core samples is on-going.
To date, 149 samples have been submitted
to ALS Chemex Laboratories in Val-dOr, QC with analytical results pending.
Initial
examination of the South-East Zone drill core shows weak mineralization at shallow
depths, hosted in the targeted diorite intrusion.
Drill core from the New Zone shows
disseminated to massive pyrite (+/- pyrrhotite) mineralization at the projected
location of the zone.
South-East Zone
The recently encountered South-East Zone is associated with a narrow diorite intrusion,
or series of intrusions, located in the south-eastern-most part of the Property.
Six relatively shallow drill holes (SK12-20 to SK12-25, inclusive) were designed
to target the on-strike and projected down-plunge extensions of the mineralized
intersection, encountered in hole SK11-07, that graded 4.35 gpt (grams per tonne)
Au (gold) over a 2.4 metre (m) core length (refer to Eloros News Release of August
16, 2011).
Each of the drill holes from the recently completed programme encountered
trace, disseminated, and/or isolated semi-massive pyrite mineralization in zones
ranging from 3-12 metres in core-length at the projected depths of the target zone,
and have been sampled for assaying.
New Zone
The New Zone was initially identified and further delineated by diamond-drilling
completed in 2010.
The 3 most easterly down-plunge drill hole intersections in
the New Zone include: hole SK10-12, grading 9.27 g/t Au over 5.9 m; hole SK10-21,
grading 5.06 gpt Au over 1.3 m, and; hole SK12-22, which grades 7.88 gpt Au over
4.0 m (refer to Eloros News Releases dated May 27, 2010 and September 14, 2010).
The 2010 intersections occur at depths ranging from 200 m to 350 m, and were encountered
beneath the "A" and "B" zones of the historic Louvicourt Mine workings.
Drill holes SK12-26 to SK12-29 (inclusive) were designed as in-fill holes and to
further test the down-plunge extension of the New zone.
Each of the drill holes
intersected multiple zones of variable disseminated pyrite mineralization, locally
occurring with quartz-tourmaline veining, up to 1.5 m in core-length, and often
containing semi-massive aggregates of pyrite.
Additionally, zones of disseminated
to semi-massive to massive pyrrhotite, in zones up to 6.0 m in core-length, were
intersected in adjacent tuffaceous volcanic rocks.
Martin Bourgoin, P.
Geo., Eloros Executive Vice President commented, "Although
assay results are not yet available, the visual intersections from the recent drill
program are reportedly encouraging and with positive assay results will expand upon
the resource we are delineating in the New Zone and other previously known and unknown
zones of mineralization on the Property.
We have numerous drill hole intersections with significant gold mineralization from
multiple zones that have been identified from drilling since 2010.
Additional drilling
will be required to explore and delineate the extents of these zones.
We expect
to commission a National Instrument 43-101 Mineral Resource Estimate for the Simkar
Project in 2013 as we continue to build a resource base that might potentially support
reactivating gold production at the Simkar mine."
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TABLE 1 - Summary of 2012 Autumn Drill Program - Simkar Project
Hole ID
Section
UTM NAD83 Zone 18
Azimuth (True North)
Dip
Length (m)
Easting
Northing
SK12-20
10200 East
310200
5326225
360o
50o
122
SK12-21
10150 East
310150
5326200
360o
50o
186
SK12-22
10100 East
310100
5326225
360o
50o
141
SK12-23
10100 East
310100
5326175
360o
55o
255
SK12-24
10050 East
310050
5326225
360o
50o
120
SK12-25
10050 East
310050
5326175
360o
50o
201
SK12-26
9025 East
309025
5326425
360o
65o
512
SK12-27
8975 East
308975
5326425
360o
67o
555
SK12-28
8925 East
308925
5326450
355o
73o
552
SK12-29
8875 East
308875
5326425
345o
70o
600
Total
3244
Simkar Project
The property hosts a gold-bearing, fault-fill and extensional quartz vein system,
characteristic of nearby gold deposits in the Val-dOr Gold Mining Camp.
As exploration
activities by Eloro on the Property since 2009 have advanced, similarities between
the gold mineralization at Simkar and that of the shear-zone associated gold deposit
at the well-studied Sigma Mine in Val-dOr, continue to be recognized.
QA/QC Procedures
The Company has implemented QA/QC procedures to ensure best practices in sampling
and analysis of the core samples.
The NQ drill core is logged and then split, with
one-half sent for assay and the other retained in the core box as a witness sample.
Duplicates, standards and blanks are inserted regularly into the sample stream.
The samples are delivered, in secure tagged bags, directly to the ALS Laboratory
Group facility in Val-dOr (Quebec) for analysis.
All samples are being assayed
for Gold-content using conventional Fire Assaying with 30 g fusions and AAS finish.
Eloros protocol calls for gravimetric or total metallic screen check-assays to
be completed on the coarse crushed reject for all samples reporting greater than
10 ppm (gpt) gold from the initial fire assay, whereas other samples within the
intersection are re-submitted for check fire-assay using the original pulps.
The
final reported gold grade for a sample is either the Total Metallic Sieve assay
result, the gravimetric result, or the average of the fire assays.
About Eloro Resources Ltd.
Eloro Resources is an exploration and mine development company with a portfolio
of gold and base-metal properties in northern and western Quebec.
The Company is
focussed on expanding the historic gold resources at the past-producing Simkar
Mine.
Eloro plans to pursue exploration work at Simkar with the objective to outline
quality gold resources in the established Val-dOr Gold Mining Camp.
The drilling
program is being supervised by John Langton M.Sc., P.
Geo, Vice-President Exploration
for Eloro, who is the Qualified Person as defined by National Instrument 43-101
for the Eloro Project, and who has approved the contents of this release.
For further information please contact either Thomas G.
Larsen, President and CEO
or 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 Companys 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.
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