Eloro Resources Ltd.
TSX VENTURE : ELO
FRANKFURT : P2Q

Eloro Resources Ltd.

October 08, 2015 06:55 ET

Eloro Extends Rufina East and West Mineralized Zones

Channel-Sampling Results of 16.6 g/t Gold / 157.3 g/t Silver / 1.41% Copper (West Zone) and 5.63 g/t Gold / 12.1 g/t Silver / 0.31% Copper (East Zone)

TORONTO, ONTARIO--(Marketwired - Oct. 8, 2015) - Eloro Resources Ltd. (TSX VENTURE:ELO) (FRANKFURT:P2Q) ("Eloro") and Tartisan Resources Corp. (CSE:TTC) ("Tartisan") are pleased to announce reception of assays for 86 rock samples taken from the Rufina East and Rufina West mineralized zones of the La Victoria Polymetallic Property, Huandoval Region, Ancash Department, Peru.

Chip-channel samples from the Rufina West Mineralized Zone ranged from 1.33 g/t gold / 15.0 g/t silver, to 16.6 g/t gold / 157.3 g/t silver / 1.41% copper. The new results show that mineralization continues over approximately 590 m of exposed diorite porphyry host rock.

Saw-channels of 0.9 m to 2.0 m, cut at Rufina East, were designed to extend the boundaries of the New Mineralized Zone into hanging wall and footwall argillically altered zones. Results from these channels ranged from 0.03 g/t gold / 26.4 g/t silver / 0.11% copper, to 5.63 g/t gold / 12.1 g/t silver / 0.31% copper.

Rufina West

Twelve chip-channel samples were collected from mineralized structures and alteration zones on the Rufina West Mineralized Zone proximal to shallow-surface artisanal workings. A summary of results is presented in Table 1.

Table 1: Summary of Chip-Channel Sample Assay Results - Rufina West

UTM Zone 18L Bureau Veritas Assays
Sample No. Easting m Northing m Elevation m Sector Sample Type Au g/t Ag g/t Cu % Pb % Zn %
M001851 172581.6 9080019.5 3253 Rufina West Chip >10 18.6 trace trace trace
M001852 172728.6 9080129.1 3241 Rufina West Chip 5.71 14.4 trace trace trace
M001852D 172728.6 9080129.1 3241 Rufina West Duplicate 5.71 no assay no assay no assay no assay
M001853 172753.9 9080072.2 3208 Rufina West Chip 2.19 11.7 0.00 % trace trace
M001854 172748.6 9080182.8 3247 Rufina West Chip >10 136.4 0.00 % trace trace
M001855 172602.1 9080183.9 3274 Rufina West Chip 1.83 17.5 0.18 % trace trace
M001856 172543.1 9080076.9 3272 Rufina West Chip 2.18 36.2 0.29 % trace trace
M001857 172532.1 9080003.7 3253 Rufina West Chip >10 52.4 0.44 % trace trace
M001858 172429.3 9080062.2 3321 Rufina West Chip 1.33 15.0 0.11 % trace trace
M001859 172477.4 9079962.2 3248 Rufina West Chip 8.82 23.8 trace trace trace
M001860 172473.3 9079953.7 3246 Rufina West Chip >10 157.3 trace trace trace
M001975 172788.9 9080201.8 3257 Rufina West Chip 3.37 38.2 1.74 % 4.30 % 2.61 %

As part of Eloro's sampling protocol, samples assaying greater than 10 g/t of gold or 100 g/t silver are re- assayed by metallic screen methods, followed by fire assay. These re-assay results are presented in Table 2.

Table 2: Summary of Metallic Screen Re-assays - Rufina West Overlimit Samples

Overlimit Reassay
Sample No. Easting Northing Elevation Sector Sample Type Assays Au g/t
M001851 172581.6 9080019.5 3253 Rufina West Metallic Screen + Fire Assay 16.4
M001854 172748.6 9080182.8 3247 Rufina West Metallic Screen + Fire Assay 15.1
M001857 172532.1 9080003.7 3253 Rufina West Metallic Screen + Fire Assay 10.2
M001860 172473.3 9079953.7 3246 Rufina West Metallic Screen + Fire Assay 16.6

Rufina East

Fifteen Rufina East samples were collected from saw-channels that were designed to test alteration zones on the hanging wall and footwall of the New Mineralized Zone (see Eloro News Release of August 12, 2015). Saw-channel samples are closely spaced and define mineralization over an area of approximately 12 m x 12 m. Table 3 presents a summary of the analytical results:

Table 3: Summary of Saw-Channel Sample Assay Results - Rufina East

UTM Zone 18L Bureau Veritas Assays
Sample No. Easting Northing Elevation Sector Sample Type Az ° Length m Au g/t Ag g/t Cu %
M001976 172733.4 9079898.2 3112 Rufina East (NMZ ) Saw 260 2.0 2.26 7.2 0.09
M001977 172732.8 9079897.5 3113 Rufina East (NMZ ) Saw 235 1.6 5.63 12.1 0.31
M001978 172732.5 9079895.1 3112 Rufina East (NMZ ) Saw 263 0.9 1.24 4.2 trace
M001979 172731.9 9079895.1 3112 Rufina East (NMZ ) Saw 263 1.3 2.89 10.3 0.12
M001980 172733.3 9079892.8 3112 Rufina East (NMZ ) Saw 275 2.4 1.69 15.2 0.15
M001981 172735.0 9079892.5 3111 Rufina East (NMZ ) Saw 260 1.8 0.05 1.2 trace
M001982 172734.3 9079892.4 3111 Rufina East (NMZ ) Saw 260 1.5 1.63 9.7 0.16
M001982D 172734.3 9079892.4 Rufina East (NMZ ) Duplicate 260 1.5 3.27 12.1 0.11
M001983 172734.7 9079891.5 3110 Rufina East (NMZ ) Saw 250 1.7 0.13 0.5 trace
M001984 172734.3 9079891.3 3110 Rufina East (NMZ ) Saw 250 1.5 0.57 3.7 0.12
M001985 172735.6 9079890.8 3110 Rufina East (NMZ ) Saw 240 1.7 0.17 1.1 trace
M001986 172735.2 9079890.6 3111 Rufina East (NMZ ) Saw 240 1.4 4.68 1.2 trace
M001987 172736.2 9079889.9 3112 Rufina East (NMZ ) Saw 230 1.7 0.03 26.4 0.11
M001988 172735.8 9079889.6 3111 Rufina East (NMZ ) Saw 230 1.1 2.27 0.8 trace
M001988D 172735.8 9079889.6 Rufina East (NMZ ) Duplicate 230 1.1 2.36 13.5 trace

"We are very pleased with the new sampling to the northeast on Rufina West, showing that mineralization continues on surface over approximately 590 m," said Eloro C.E.O. Tom Larsen, "which is not surprising given evidence of previous artisanal workings."

Eloro President, John Langton said, "Our road cut sampling on Rufina West and alteration zone sampling on Rufina East is giving us a really good picture of the total gold and silver endowment across the entire Rufina target surface."

Other Samples

Saw-channel samples totalling 40 m (continuous) were taken from exposures of the Rufina West Zone along the property access road (Highway 3N) and were designed to test the background gold values outside of the principal mineralized fractures and associated alteration zones. Assay values ranged from 0.006 g/t Au / 0.5 g/t silver, to 4.354g/t gold / 34.8 g/t silver, and averaged 0.070 g/t ppb gold / 0.6 g/t silver.

Quality Assurance/Quality Control sampling included Duplicate samples from field and laboratory pulp samples, inserted into the sample stream. The duplicate gold samples returned 5.71, 1.63, and 2.27 g/t gold compared to 5.71, 3.27, and 2.36 g/t. The original samples were digested in aqua regia and then assayed using ICP with MS finish. Overlimit samples (Table 2) were re-assayed with metallic screen and fire assay with MS finish by Bureau Veritas (formerly Acme Labs and Inspectorate Labs in Lima, Peru, and Vancouver, Canada).

Mechanized trenching, diamond-drilling, and metallurgical testing are planned for 2015 on the La Victoria Polymetallic Project once the Declaración de Impacto Ambiental ("DIA") project environmental permit has been approved by the Peruvian Ministry of the Environment. Eloro and Tartisan have received confirmation that the DIA presentation is scheduled for late-October 2015, and are cautiously optimistic that the environmental permit will be received shortly thereafter.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold properties in Peru and base-metal properties in northern and western Quebec. Eloro has been granted an option to acquire a 60% interest in La Victoria property, located in the North-Central Mineral Belt of Peru. The La Victoria Property is free of royalties and consists of two adjacent, but not contiguous, properties totalling eight mining concessions encompassing approximately 35 square kilometres. The La Victoria Property is within 50 kilometres of several producing mines, with three producers visible from the property, which has good infrastructure with road-access and nearby sources of water and electricity.

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 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.

Jim Steel MBA, P.Geo., a Qualified Person in the context of NI 43-101, has reviewed and approved the technical content of this news release.

Contact Information

  • Eloro Resources Ltd.
    Jorge Estepa
    Vice-President
    (416) 868-9168