Eloro Resources Ltd.
NEX BOARD : ELO.H

Eloro Resources Ltd.

July 07, 2005 13:54 ET

Eloro Announces Compilation Results of Recently Acquired Summit-Gabbre Property

TORONTO, ONTARIO--(CCNMatthews - July 7, 2005) -

(Not for dissemination in the United States of America)

Eloro Resources Ltd. (NEX:ELO.H) (the "Company" or "Eloro") is pleased to announce that it has received results from ongoing compilation work on its recently acquired Summit-Gabbre Property (see Eloro press release dated June 28, 2005). The Summit-Gabbre Property is immediately adjacent to Virginia Gold Mines' Summit Property. Historical sampling results obtained from Eloro's Summit-Gabbre Property include:



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Sample Type Results
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Rock Sample 2.4% Cu, 18.8 g/t Ag
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Rock Sample 1.30% Cu, 1.40 g/t Ag
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Rock Sample 32.80 g/t Au, 12.72 g/t Pt, 8.22 g/t Pd, 0.75% Cu
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Rock Sample 10.20% Cu, 21.50 g/t Ag
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Rock Sample 6.43% Cu, 15 g/t Ag
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Rock Sample 3.30% Cu, 90 ppm Ag
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Rock Sample 5.70% Cu, 1000 ppm Ag
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Rock Sample 1% Cu, 7.60 g/t Ag
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Rock Sample 0.9% Cu, 14.50 g/t Ag
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Rock Sample 2.40% Cu, 4.2 g/t Ag
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Rock Sample 2.20% Cu, 12.30 g/t Ag
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Rock Sample 0.20% Cu, 7.1 g/t Ag
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Rock Sample 0.08% Cu, 5.3 g/t Ag
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Source: MNRQ Files - GM: 54440 Mines d'Or Virginia, 1996
GM 55905 & 55906: Noranda Exploration, 1999


The Summit Gabbre Property contains 4 mineralized showings (Summit 1 to 4) which are all situated within the La Grande archean belt near the contact between metabasalt and andesitic rocks. The mineralization previously identified on surface by Noranda Exploration and Mines d'Or Virginia consists of lenses of massive sulfides (Pyrite, Chalcopyrite, Pyrrhotite). A fifth mineralized showing (Summit 5) consists of copper disseminations composed of chalcopyrite, malachite, azurite, pyrite and pyrrhotite within veins and veinlets (stringer zone) concordant to regional schistosity. One interesting geological characteristic found through recent compilation work is the presence of "black chlorite" as part of the alteration package found within the metabasalt units and strong sericite alteration of the felsic to intermediate volcanic units. The presence of black chlorite can be indicative that the mineralization identified to date is part of a distal facies of a nearby volcanogenic massive sulfide deposit.

The Company plans to further explore this property for its potential to host a volcanogenic massive sulfide deposit and is now planning to send in field crews during the month of August 2005 to complete surface prospecting using Beep Mat technology and detailed mapping/sampling of the exposed showings on surface. This exploratory work will help properly position all mineralized showings in preparation for a subsequent drilling program which could be carried out this fall.

Eloro is pleased with this recent acquisition and is optimistic that the implementation of the Beep Mat technology will enhance the potential for additional discoveries. Beep Mat technology has proven to be effective recently; a significant copper-zinc discovery was made by Freewest Resources Canada Inc. using Beep Mat technology on their Sungold property in northwestern Ontario in February 2005.

The contents of this press release have been reviewed by Martin Bourgoin, B.Sc., P.Geo, a qualified person under the guidelines of National Instrument 43-101.

The NEX and TSX Venture Exchange Inc. have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.

Contact Information

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