Eloro Reports On Latest Drilling Results at Simkar Gold Project
February 05 2014 - 9:18AM
Marketwired Canada
Eloro Resources Ltd. (TSX VENTURE:ELO) (FRANKFURT:P2Q) ("Eloro") reports that
Monarques Resources Inc. ("Monarques") earlier today announced the latest
results from the Simkar Gold Project (the "Property"), which is currently being
explored by Monarques pursuant to a joint venture agreement with Eloro, whereby
Monarques acquired a 50% interest in the Property (see Eloro's press release
dated September 23, 2013).
The Simkar property (the "Property") is located 20 kilometres east of Val-d'Or,
Quebec, just north of the Cadillac-Larder Lake Break, in the Abitibi Greenstone
Belt, and is host to a previously mined, gold-bearing, fault-fill and
extensional quartz vein system, characteristic of nearby gold deposits in the
Val-d'Or Gold Mining Camp.
The latest drilling program consisted of 19 holes, totalling 8,055 metres (m),
and was primarily aimed at extending the gold-mineralized horizons previously
identified as the "A", "B", "C", "D", "East" and "South" zones, with the goal of
confirming their projected horizontal and vertical extensions. These mineralized
Zones are typical of the vein-type nature of the Simkar deposit, having
well-defined gold-bearing veins with weakly mineralized walls. A secondary goal
was to develop and test new models of these same structures.
As reported by Monarques, the latest assay results are from holes SK13-06 to
SK13-12 (inclusive) and suggest that the gold mineralization extends beyond the
old stopes, indicating that the current National Instrument 43-101 Mineral
Resource could potentially be augmented. The grades obtained, including a 4.5 m
interval grading 2.13 g/t Au in Hole SK13-07, are consistent with the historical
deposit grades, and reflect the variable nature of the mineralization. Hole
SK13-09 intercepted 0.58 g/t Au over 15 m supporting the potential for a large,
low-grade zone near surface. Table 1 shows the best results for holes SK13-06 to
SK13-12.
As part of their 2013 exploration program, Monarques also assayed 599
core-samples from holes SK13-09 and SK13-12 for silver (Ag) content, 67 of which
returned values of over 0.2 ppm silver. The results show an average enrichment
factor (EF) of 16.8 compared to gold concentrations, with EF ratios varying
between 0.1 and 100.0, and individual silver-contents ranging from 0.2 ppm to
2.4 ppm. Based on these results, Monarques plans to re-assay the richest gold
zones to determine their silver content.
The 2013 exploration program was managed by MRB & Associates ("MRB") of
Val-d'Or, QC who designed the drilling campaign, supervised the program, and
logged and sampled the core.
MRB implemented QA/QC procedures to ensure best practices in sampling and
analysis of the core samples. The drill core was logged and then split, with
one-half sent for assay and the other retained in the core box as a witness
sample. Duplicates, standards and blanks were inserted regularly into the sample
stream. The samples were delivered, in secure tagged bags, directly to the
analytical facility for analysis; in this case Technilab's facility in Val-d'Or
(Quebec).
After sample preparation (crushing, pulverizing) all samples were, or are
scheduled to be, assayed for gold-content using conventional Fire Assaying with
30 g fusions and atomic absorption spectrometry (AAS) finish. MRB's protocol
calls for gravimetric check-assays to be completed on the coarse crushed reject
for all samples reporting greater than 5 ppm (gpt) gold from the initial fire
assay, whereas other samples within the intersection are re-submitted for check
fire-assay using the original pulps. The final reported gold grade for a sample
is either the gravimetric result, or the average of the fire assays.
Simkar Project
The property hosts a gold-bearing, fault-fill and extensional quartz vein
system, characteristic of nearby gold deposits in the Val-d'Or Gold Mining Camp.
As exploration activities by Eloro on the Property since 2009 have advanced,
similarities between the gold mineralization at Simkar and that of the
shear-zone associated gold deposit at the well-studied Sigma Mine in Val-d'Or,
continue to be recognized.
John Langton (P.Geo.), Vice President Exploration for Eloro, and a qualified
person (QP) under National Instrument 43-101, has approved the content of this
release.
About Eloro Resources Ltd.
Eloro Resources is an exploration and mine development company with a portfolio
of gold and base-metal properties in northern and western Quebec. The Company is
focused on expanding the historic gold resources at the past-producing Simkar
Mine with the objective to outline quality gold resources in the established
Val-d'Or Gold Mining Camp.
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 Company'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 Company. 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.
Table 1: Selected best results for holes SK13-06 to SK13-12.
----------------------------------------------------------------------------
Azimuth Dip Length From To Interval
Hole # (degrees) (degrees) (m) (m) (m) (m)(i) Au (g/t)
----------------------------------------------------------------------------
SK13-06 344 65 270.0 154.5 159.0 4.5 0.46
----------------------------------------------------------------------------
211.5 216.0 4.5 2.13
----------------------------------------------------------------------------
258.0 260.0 2.0 2.08
----------------------------------------------------------------------------
SK13-07 360 49 336.0 106.5 108.0 1.5 0.25
----------------------------------------------------------------------------
141.0 164.3 23.3 0.19
----------------------------------------------------------------------------
including 157.5 159.0 1.5 1.14
----------------------------------------------------------------------------
297.5 298.0 0.5 0.95
----------------------------------------------------------------------------
319.1 321.0 1.9 0.26
----------------------------------------------------------------------------
326.3 327.0 0.7 0.24
----------------------------------------------------------------------------
SK13-08 360 55 405.0 37.5 40.5 3.0 1.12
----------------------------------------------------------------------------
238.6 240.0 1.4 0.37
----------------------------------------------------------------------------
279.0 286.0 7.0 0.62
----------------------------------------------------------------------------
351.5 353.0 1.5 0.41
----------------------------------------------------------------------------
385.5 387.0 1.5 0.27
----------------------------------------------------------------------------
SK13-09 360 52 645.2 67.3 67.6 0.3 1.63
----------------------------------------------------------------------------
76.5 91.5 15.0 0.58
----------------------------------------------------------------------------
including 85.5 87.0 1.5 3.64
----------------------------------------------------------------------------
108.0 111.5 3.5 0.46
----------------------------------------------------------------------------
115.5 117.5 2.0 0.26
----------------------------------------------------------------------------
231.0 234.0 3.0 1.58
----------------------------------------------------------------------------
515.0 516.0 1.0 0.25
----------------------------------------------------------------------------
SK13-10 180 48 308.0 72.0 73.5 1.5 0.34
----------------------------------------------------------------------------
283.0 289.0 6.0 0.58
----------------------------------------------------------------------------
including 285.0 285.5 0.5 1.13
----------------------------------------------------------------------------
and 288.0 289.0 1.0 2.19
----------------------------------------------------------------------------
SK13-11 360 56 279.0 189.0 190.0 1.0 0.41
----------------------------------------------------------------------------
SK13-12 180 56 483.0 138.3 139.0 0.7 1.74
----------------------------------------------------------------------------
358.5 361.5 3.0 0.24
----------------------------------------------------------------------------
(i) core length, not necessarily the same as the true width
FOR FURTHER INFORMATION PLEASE CONTACT:
Eloro Resources Ltd.
Jorge Estepa
Vice-President
(416) 868-9168
(416) 361-1333 (FAX)
www.elororesources.com
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