Eloro Resources Commence Diamond Drilling at La Victoria Gold-Silver Project, Peru
Eloro Resources Commence Diamond Drilling at La Victoria Gold-Silver Project,
Peru
Toronto, Canada, October 25, 2017 – Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro” or the
“Corporation”) is pleased to announce the Use of Water permi t has been received which allows Eloro to
commence diamond drilling on the Rufina Zone of the La Victoria Gold/Silver Project in Peru (“La
Victoria”).
"Although La Victoria is located near world -class gold mines including Yanacocha (Newmont Mining), La
Arena (Tahoe Resources) and Lagunas Norte (Barrick Gold) in Peru’s prolific Northern Central Mineral
Belt, Eloro’s wholly-owned subsidiary in Peru is conducting the first drill program on La Victoria despite
more than 30 years plus of artisanal mining on th e property, ” said CEO Tom Larsen . "This program
should provide effective insights into the continuity of mineralization at depth that the artisanal miners
and our geological and geophysical teams have discovered on surface."
The planned diamond drilling pr ogram at Rufina will consist of 16 holes totalling 3,500 m to an
approximate down hole depth of between 150 m to 280 metres . A drill contract has been signed with
Energold Drilling Peru S.A.C. for NTW diamond drilling. The portable drill rig employed by E nergold can
be readily moved by existing public trails and requires only minimal drill pad preparation. Two drill rigs
will be used with a staggered start to optimize efficiency and reduce overall cost per metre.
Thirteen of the holes are designed to be d rilled across the mineralized shear zones and tear faults at
Rufina; eight of them will test both the gold mineralization found on surface and the I nduced Polarization
(IP/Res) anomalies while the remaining three holes will test relevant IP /Res anomalies within the Rufina
zone approximately 50 metres below surface.
The budget for the planned 3,500 metre drill program, including the completion of the geophysical
program in progress, is CDN$2,000,000. The recent improved exchange rate for the $CDN versus the
$US has had a positive effect on the budget numbers. Completion of this program will enable EHR
Resources Limited., Eloro’s option and joint venture partner on the project, to satisfy the requirements of
the Stage 1 Earn-in Period in order to acquire a 10% interest in La Victoria.
Assaying for the project will be done at SGS del Peru. Eloro employs an industry standard approach for
QA/QC with use of standards, blanks and duplicate samples. Work in Peru is supervised by Luc Pigeon,
P.Geo. a Qualified Per son ( “QP”) as defined under National Instrument 43 -101 ( “NI 43 -101”). Dr. Bill
Pearson, P.Geo., Chief Technical Advisor for Eloro and a QP as defined under NI 43 -101 will provide
overall technical guidance for the program.
Results from drilling will be released as received.
About Eloro Resources Ltd.
Eloro is an exploration and mine development company with a portfolio of gold and base -metal properties
in Peru and Quebec. Eloro owns a 100% interest in the La Victoria Gold/Silver Project , located in the
North-Central Mineral Belt of Peru some 50 km south of Barrick's Lagunas Norte Gold Mine and Tahoe's
La Arena Gold Mine . The Property consists of eight mining concessions and eight mining claims
encompassing approximately 89 square kilometres. The Property has good infrastructure with access to
road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea
level.
20 Adelaide Stree t East, Suite 200, Toronto, Ontario CANADA M5C 2T6 Tel.: (416) 868 -9168 Fax: (416) 361 -1333
TSX.V Symbol: ELO www.elororesources.com
For further information please contact Jorge Estepa, Vice -President of Eloro R esources Ltd. at
(416) 868-9168.
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 coul d 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.
Dr. Bill Pearson, P.Geo., a Qualified Person in the context of NI 43 -101 has reviewed and approved the
technical content of this news release.