Eloro Resources Ltd.
TSX VENTURE : ELO

Eloro Resources Ltd.

January 24, 2007 11:15 ET

Eloro Adds to Potential of Delta Property in James Bay District With Additional Grab Samples of 10.9 % Copper and 109.0 G/T Silver

TORONTO, ONTARIO--(CCNMatthews - Jan. 24, 2007) - ELORO RESOURCES LTD. (TSX VENTURE:ELO) ("Eloro" or the "Company") is pleased to announce that it has confirmed, and added higher grade copper values at its wholly owned Delta Property, located in the Eastmain Greenstone Belt, 50 km S-SW of Goldcorp's Eleonore Gold Project.

The initial polymetallic zone on Delta consisted of a 1 kilometre long Volcanogenic Massive Sulphide ("VMS") sequence (based in part on the geophysical signature) complete with chert-magnetite-sulphide iron formation; altered volcanic agglomerates; cherts; disseminated and semi-massive chalcopyrite-pyrite stringers and veins; and disseminated magnetite-pyrite-chalcopyrite. Additional sampling outside the known limits of the VMS sequence uncovered additional mineralization.

Following the reception of high grade copper and silver from the initial sampling work carried out during the summer 2006 field season on the Delta property, check assays (refer to table below) were performed by Expert Laboratories in Rouyn-Noranda (Quebec), using the same analytical protocol as the original assays from Swastika Laboratories in Swastika, Ontario (see Eloro press release dated October 24, 2006).



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CHECK SAMPLING FROM EXPERT
ORIGINAL ASSAY RESULTS LABORATORIES
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SAMPLE # % CU G/T AG G/T AU % CU G/T AG G/T AU
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87656 2.34 9.2 0.04 2.64 10.7 0.04
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87657 6.33 21.4 0.22 7.40 22.0 0.18
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87658 2.91 8.5 0.67
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87659 8.94 36.0 0.45 11.24 39.4 0.51
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87660 9.00 56.0 0.51 14.56 128.8 0.04
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95757 5.85 48.0 trace
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95758 5.08 49.8 trace
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95760 13.04 108.4 trace
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293025 1.22 4.4 0.04
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293026 1.60 5.9 0.03
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293027 1.54 5.1 trace
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293101 1.55 15.0 0.08 2.13 14.7 0.04
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293104 2.60 8.7 0.06 3.29 19.8 0.08
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293116 9.08 27.0 0.06
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293117 3.52 14.0 0.07
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293151 2.59 9.3 0.03
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293152 1.64 6.4 0.04
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The check assay results confirm the high grade copper and silver values. The Company has also received final assay results (refer to table below) from another sampling site within the VMS sequence. The new site is located 600 metres east of the initial sampling site, and was sampled during the late fall 2006 program just prior to the first snowfall.



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SAMPLE # EASTING NORTHING % CU G/T AG G/T AU
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95966 404678 5788262 1.10 10.4 0.05
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95967 404678 5788259 0.01 0.2 Nil
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95968 404676 5788259 0.04 0.3 Nil
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95969 404678 5788265 9.30 88.9 0.03
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95970 404668 5788259 0.04 0.3 0.01
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95971 404678 5788255 10.30 109.0 Nil
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95972 404680 5788265 0.04 0.3 0.02
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95973 404680 5788272 7.02 64.0 Nil
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95974 404680 5788272 7.11 53.5 0.03
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95975 404680 5788272 6.21 52.1 0.05
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95976 404682 5778275 3.56 38.2 Nil
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The second site confirms the lateral continuity of the VMS mineralization over the entire Delta and southern portion of the Company's Eastmain 1 property. Please refer to the Company's website (www.elororesources.com) for the Delta property technical figures and location maps.

Program Update on Eloro's James Bay Mining District and Delta Properties

Eloro first encountered polymetallic mineralization on its Summit-Gabbre Property in the La Grande Greenstone Belt, located 125 kilometers north of the Delta Property (refer to Eloro's September 12, 2006 news release). A second zone was identified at Eloro's Eastmain 1 property, located 5 kilometers north of the Delta property in the Eastmain Greenstone Belt (refer to Eloro's October 18, 2006 news release). The third polymetallic zone was identified on the Delta property and was detailed in Eloro's October 24, 2006 news release. The Eastmain 1 and Delta zones appear to be associated with the same NE-SW trending linear feature extending across both properties. Eloro's wholly owned properties extend along the entire length of the 5 kilometer trend.

Following the positive assay results obtained from surface grab samples at Delta, Eloro initiated and completed an airborne (helicopter) high resolution magnetic and electromagnetic (EM) survey over the sector. The survey identified a number of significant EM targets that will be followed up by a ground survey and a drilling program.

About Eloro Resources Ltd.

Eloro Resources Ltd. is a junior exploration company focused on discovering and developing precious and base metal quality resources in the James Bay District of northern Quebec and the Timmins Camp of northern Ontario. Eloro currently has 19 gold-copper-silver and uranium properties covering 425 square kilometers in the La Grande and Eastmain Greenstone Belts, proximal to Goldcorp's Eleonore Gold Prospect. Eloro has recently signed a Letter of Agreement with Virginia Mines Inc. ("Virginia"), allowing Eloro to acquire a 50% interest in three Virginia mineral properties consisting of 31 claims in the James Bay Mining District (refer to Eloro's press release dated November 23, 2006). In June 2006, Eloro signed a Letter of Agreement with IAMGOLD Corporation (formerly Cambior Inc.) allowing IAMGOLD to earn a 50% interest in the Lemoyne North, Sakami East and Taiga claim blocks, by spending C$ 2 million in exploration work on or before June 30, 2010 (refer to Eloro's press release dated June 8, 2006).

The technical content of this press release have been reviewed by Martin Bourgoin, P. Geo., Executive Vice-President, Exploration of Eloro, and the Company's Qualified Person under the guidelines of National Instrument 43-101.

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. 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.

Contact Information

  • Eloro Resources Ltd.
    Thomas G. Larsen
    President and CEO
    (416) 868-9168
    or
    Eloro Resources Ltd.
    Jorge Estepa
    Vice-President
    (416) 868-9168