Eloro Resources Ltd.
TSX VENTURE : ELO

Eloro Resources Ltd.

November 24, 2008 11:54 ET

Eloro to Drill Hurdman and Agate Zinc-Silver-Gold Properties in Timmins Camp

TORONTO, ONTARIO--(Marketwire - Nov. 24, 2008) - ELORO RESOURCES LTD. (TSX VENTURE:ELO) (the "Company" or "Eloro") is pleased to announce the start of a diamond drill campaign at the Company's Zinc-Silver-Gold properties in Hurdman and Agate townships (the "Properties") following the synthesis and interpretation of a recently completed airborne deep penetrative VTEM survey (refer to Eloro's news release dated May 5, 2008). The Properties consist of 38 claims covering an area of 104 km2 and are located 120 km north of Timmins, Ontario.

The 2,500m / 10 hole drilling campaign will be carried out under the supervision of John Langton, M.Sc., P. Geo., a Qualified Person as defined by National Instrument 43-101, and the Company's Exploration Manager, Ontario. The drill holes coordinates and statistics are given in the appended table.

A total of 7 holes will be drilled at Hurdman to test the mineralization well outside the historic mineral resource envelope at 400m line spacing. Three holes will directly test the downdip extension of the subhorizontal, stratiform Zinc-Silver-Gold mineralization; whereas three additional holes will test extending VTEM anomalies (1,750m total length). At Agate, three holes (750m total length) will test three separate coincident VTEM and magnetic anomalies. No drilling is planned in the current campaign for the nearby Gurney property, which was included in the recently completed VTEM survey, as further delineation and interpretation of the anomalies is required to prioritize the VTEM targets.

In all cases, the drilling targets were selected on the basis of extending known mineralization and identifying new areas of potential massive-sulphide mineralization. At Hurdman, drilling results will be incorporated in a National Instrument 43-101 compliant resource estimate for the Zinc-Silver-Gold mineralization.

The Hurdman, Agate and Gurney Properties

Previous drilling by the Company on the Hurdman property defined continuous Zinc-Silver-Gold bearing semi-massive to massive sulphides. The mineralization is delineated over a 300 m strike length and 200 m downdip, and remains open both laterally and at depth. Higher grade lenses have been recognized within the mineralized zone averaging 3.5% Zinc and 40 g/t Silver over an average width of up to 8 m. Abitibi Geophysics of Val d'Or, Quebec, and A.S. Horvath Engineering Inc. ("Horvath") have now completed a comprehensive 3-D geophysical and geological synthesis of the Hurdman property. Highlights include:

- the Zinc-rich mineralization is part of a "geophysical domain" consisting of clusters of point and linear VTEM anomalies linked to sulphides that occur with the Zinc;

- there are 8 geophysical domains and 13 separate VTEM linears identified at Hurdman; 2 domains and 23 linears at Agate; and 25 linears at Gurney;

- the domains are kilometric in extent (the domain encompassing the known Hurdman mineralization extends for 3 km by 1 km), and are bounded by SW-NE trending faults;

- the Hurdman mineralization is hosted in quartz-feldspar-sericite-sillimanite-garnet schists, interpreted as originating from a felsic volcanic protolith.

Horvath has concluded that the overall geological and mineralization characteristics at Hurdman bears comparison to the Broken Hill Sedex Deposit ("BHSD") located in New South Wales, Southern Australia.

The BHSD is one of the richest accumulations of zinc-silver and lead in the world, and has been in mining production since 1883. Strongly deformed, metamorphosed and stacked sulphides, gahnite (a zinc silicate) and magnetite lenses are common, with thickening of the mineralization in fold hinges. Individual lenses can range up to tens of metres thick. Some mineralized zones extend for hundreds of metres, often grading laterally into disseminated pyrite and pyrrhotite units that measure tens of kilometers along strike.

The stacked, highly deformed, metamorphosed and shallow dipping sulphide lenses at the Hurdman property, the accompanying lithologies (interpreted as felsic volcanic protolith), and the alteration signatures (including sillmanite-garnet), are all consistent with a BHSD style of mineralization.

At the Agate property, similar mineralization to that found on the Hurdman property was identified by Inco Limited (currently Vale Inco) in the 1960's. Historical values of 2.32% Zinc over 13.4 m and 2.85% Zinc over 2.9 m were reported by Inco Limited in their 1991-1992 and 1993 Agate Property Assessment Reports (Ministry of Northern Development & Mines Geofiles 42H12NW8022 and 42H12NE0003). Inco Limited also drilled at least 12 targets on the Gurney property in the mid-1960's, although results were not reported. Geological interpretations indicate that regional-scale fault systems transect both the Agate and Gurney properties.

About Eloro Resources Ltd.

Eloro is a junior exploration company focused on discovering and developing precious and base metal quality resources in the James Bay and uranium resources in the Otish Basin districts of northern Quebec, and base and precious metals in the Timmins Camp of northern Ontario. Eloro currently has eleven gold-copper-silver properties (1,062 claims) covering 548 km2 in the La Grande and Eastmain Greenstone Belts, proximal to Goldcorp's Eleonore Gold Prospect. Eloro also has an option to earn a 50% interest in 31 claims held by Virginia Mines Inc. Eloro also owns 90 km2 of prospective uranium holdings in 10 properties (175 claims). The Timmins area holdings include both the prospective Hurdman Zinc-Silver-Gold Property, and the 30 km2 McArthur Lake Nickel Property.

The information contained in this news release was prepared and revised by Mr. John Langton, P. Geo., Eloro's Exploration Manager, Ontario, a Qualified Person under National Instrument 43-101 standards.

Shareholders and stakeholders should visit the Eloro Resources Ltd. Investor Relations Hub at www.agoracom.com/ir/eloro, where you can post questions and receive answers within 24 hours, or simply review questions and answers posted by other investors. If you would like to receive Eloro's news releases and the latest updates in real-time, you may download your e-mail address at elo@agoracom.com.

Statements in this news release that are not historical facts are "forward-looking statements" and 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.

TABLE OF DIAMOND DRILL HOLE COORDINATES AND STATISTICS FOR THE WINTER 2008-2009 CAMPAIGN AT THE HURDMAN & AGATE PROPERTIES, TIMMINS CAMP, ONTARIO



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PROPOSED ORIENTATION DIP
PROPERTY HOLE # EASTING NORTHING LENGTH (degrees) ANGLE
(meters) (degrees)
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HURDMAN ELOH-08-01 442600 5485225 300 180 -65
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ELOH-08-02 443000 5485275 275 180 -65
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ELOH-08-03 443500 5485150 200 180 -65
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ELOH-08-04 443900 5485375 250 180 -65
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ELOH-08-05 444300 5485250 250 180 -65
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ELOH-08-06 444750 5485150 225 180 -65
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ELOH-08-07 447400 5481100 250 180 -65
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AGATE ELOA-08-01 438250 5496700 250 180 -55
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ELOA-08-02 442000 5497420 250 180 -55
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ELOA-08-03 440750 5498550 250 180 -55
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TOTAL 2,500
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Contact Information

  • Eloro Resources Ltd.
    Thomas G. Larsen
    President and CEO
    (416) 868-9168
    (416) 361-1333 (FAX)
    or
    Eloro Resources Ltd.
    Jorge Estepa
    Vice-President
    (416) 868-9168
    (416) 361-1333 (FAX)
    Website: www.elororesources.com