Eloro Resources Ltd.
TSX VENTURE : ELO
FRANKFURT : P2Q

Eloro Resources Ltd.
Tartisan Resources Corp.
CNSX : TTC

March 02, 2015 14:30 ET

Eloro Resources and Tartisan Resources Announce Sample Assay Results Containing Up to 4.1 g/t Gold and 427 g/t Silver Received from the La Victoria Polymetallic Property, Ancash, Peru

TORONTO, ONTARIO--(Marketwired - March 2, 2015) - Eloro Resources Ltd. (TSX VENTURE:ELO)(FRANKFURT:P2Q) ("Eloro") and Tartisan Resources Corp., (CSE:TTC) ("Tartisan") are pleased to announce assay results from three grab samples collected from the Rufina and San Markito mineralized zones at the La Victoria polymetallic (Au, Ag, Cu, Pb, Zn) property (the "Property"), Huandoval District, Pallasca Province, Ancash Department, Peru.

Eloro is earning a 50% interest in the Property from Tartisan by spending C$1.5 million in staged exploration and work expenditures, and paying C$150,000 in cash, of which C$100,000 has already been paid, on or before January 4, 2019.

Samples were acquired from two locations within the Rufina and one location within the San Markito zones. All the samples were collected from informal minor stockpiles and contain both mineralized rock and altered wall-rock. Each Rufina sample was separated into a fine and coarse fraction (< and > 8 mm) and assigned an individual sample number before shipping to the laboratory.

"The informal minors are helping our exploration efforts", said Tom Larsen, Eloro's CEO. "Their adits affording us valuable access to the mineralization and the orientation of local rock units."

The Rufina zone samples contain up to 4.1 grams per metric ton (g/t) gold (Au) and average (n=3) 3.3 g/t Au and (n=4) 14.4 g/t silver (Ag). The Level 2 samples display a significant Ag enrichment compared to the Level 4 ones which correlates well with the sulphur (S) content. The Level 2 Fine fraction is significantly enriched in Au compared the coarse fraction from the same level. The Rufina zone samples are also characterized by elevated arsenic (As) contents reaching up to 4.0554% As and averaging (n=4) 2.6373% As. Copper (Cu) concentrations reach up to 0.26352 % Cu and average (n=4) 0.15993% Cu.

The San Markito zone sample contains 427 g/t Ag and less than 0.9 g/t Au. It is also characterized by anomalous copper (0.45101% Cu), lead (0.83308% Pb), zinc (0.1644% Zn), arsenic (0.12001% As) and antimony (0.40911% Sb) concentrations.

Sample UTM* Easting Northing Zone Level Fraction Au Ag Ag Cu Pb Zn As
Zone m m g/t ppm g/t ppm ppm Ppm ppm
M001535 18L 172472 9079989 Rufina 2 Coarse 3.5 21.7 <50 1904.2 545.2 252 39858
M001536 18L 172472 9079989 Rufina 2 Fine 4.1 27.5 <50 2635.2 783.2 359 40554
M001537 18L 172586 9079990 Rufina 4 Coarse <0.9 2.7 <50 619.4 76 313 8508
M001538 18L 172586 9079990 Rufina 4 Fine 2.2 5.8 <50 1238.5 132.4 408 16570
M001539 18L 172562 9082772 San Markito - - <0.9 >300.0 427 4540.1 8330.8 1644 12001

*WGS84 Coordinate Reference System.

Mr. Luc Pigeon separated each Rufina sample into a fine and coarse fraction (< and > 8mm) and assigned individual sample numbers. The samples are representative of the mineralized rock from Rufina and San Markito zones. The samples were picked-up by the laboratory at Tartisan's Lima office. No QA/QC samples were added to the sample chain because of the limited sampling carried out. The samples were crushed, split and one kg was pulverized to 20 0 mesh particules. A 50 g sub-sample sample of every sample was fire-assayed with a gravimetric finish, with 41 trace elements analysed by ICP-ES/ICP-MS preceded by four-acid digestion. The pulp of sample M001539, with original assays of <0.9 g/t gold and 427 g/t silver, was duplicated by the laboratory for quality control purposes and returned a consistent assay of <0.9 g/t Au and 428 g/t Ag. Every sample were prepared in Peru and assayed by Bureau Veritas Commodities Canada Ltd. in Vancouver, Canada.

Tartisan has engaged a consultant in Lima, Peru to oversee environmental permitting; as such documents are required prior to mechanized exploration work such as trenching, diamond-drilling and bulk sampling.

Eloro and Tartisan are jointly planning a detailed exploration program for the La Victoria Property, for inclusion within the environmental permit application, delivery of which is expected within three months of submission.

In the interim, Eloro and Tartisan will continue to carry out exploration work for which an environmental permit is not required, including detailed geological mapping and sampling at the Rufina and San Markito mineralized zones.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in northern and western Quebec. Eloro has been granted an option to acquire a 50% interest in La Victoria property, located in the North-Central Mineral Belt of Peru.

About Tartisan Resources Corp.

Tartisan is an exploration and mine development Company which owns the La Victoria property, Tartisan's royalty-free flagship project located in northern Ancash Department, and comprises seven wholly-owned (7) Mining Rights (the "Claims" or the "Concessions") totaling 3442 hectares ("Ha") in size; and two Mining Rights pending totaling 700 Ha. The Property has good infrastructure with access to road, water and electricity and is located at an altitude that ranges 3,100 m to 4,200 m above sea level.

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, CSE nor its Regulation Services Provider (as that term is defined in the policies of the TSXV or CSE) 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.

Luc Pigeon B.Sc., M.Sc., P.Geo. is Tartisan Resources Corp. Qualified Person and has reviewed and approved the technical content of this news release.

Contact Information

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

    Tartisan Resources Corp.
    Mark Appleby
    CEO
    (416) 804-0280