Eloro Resources Intersects 0.62 g/t Gold over 59.9m in Reanalysis of 2017-2018 La Victoria Drilling Results
Eloro Resources Intersects 0.62 g/t Gold over 59.9m in Reanalysis
of 2017-2018 La Victoria Drilling Results
Toronto, Canada, March 11, 2019 – Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro” or the “Company”)
is pleased to announce drill results from the La Victoria Project diamond drill program that arise from a detailed in-
house scientific analysis of the La Victoria Gold/Silver Project (“La Victoria”), upon which a two-phase diamond drilling
project was recently completed. The reanalysis was done as part of an internal QA/QC audit from 4,216m in 12
diamond drill holes. The audit is being done by Jim Steel, MBA, P.Geo., who is assuming the role of Eloro Senior VP
Mining and Qualified Person (“QP”) for continued works on the La Victoria proj ect and Mr. Alex Horvath, P.Eng., a
QP in resource modelling and development who will assume the role of Chief Technical Advisor while continuing to
serve as a Director for Eloro.
The Company believes that the results herein described are sufficiently compelling so as to consider additional
exploration on the La Victoria project. To that end, the Company is proceeding with an internal resource modelling
exercise of the reinterpreted data.
Results of Data Reanalysis
The highest grade sample taken from the La Victoria project assayed 63.8 g/t gold, 57.7 g/t silver, and 0.77% copper,
with >1% arsenic (see News Release August 12, 2015) . Hand samples showed a prep onderance of arsenopyrite,
which could be the source of the gold. A complete statis tical analysis was done on t he drill results and a stronger
correlation was found between gold and arsenic than was found between gold and silver. No correlation was found
between gold and iron or sulphur, which suggests pyrite is not mineralized with gold.
Plotting anomalous arsenopyrite ranges in the drill hole assa y data shows that there are at least three principal
mineralized bands at the Rufina West ta rget that correlate between drill hol es, having been confirmed by holes in
both east and west directions. Data suggests a subvertical orientation to the zones, similar to the structural orientation
of mineralized fractures seen in surface mapping and sampling on the Rufina West sector (see News Release April
4, 2018). Mineralization is dominantly found in hydrothermal breccias at La Victoria, as in the nearby Shahuindo Gold
Deposit, owned by Pan American Silver Corp., where a simila r arsenic/gold relationship defines part of the suite of
mineralization.
Strongly anomalous arsenopyrite values correlate with enhanced gold values over a 109m vertical range, from
approximately 3136m to approximately 3245m in the drill results. This is the same elevation range as the surface
samples collected in 2015 and 2016 from the Rufina West mapping and sampling programs. Integration of these
data suggest that this range is the primary mineralized zone (“boiling zone”), characteristic of epithermal gold deposits
and targeted in the drill program.
The following tables of intersections are based on defined ra nges of arsenopyrite content and show the elevations
of each intersection, in bold if found within the target zone of 3136m to 3245m. The lower grade intersections further
demonstrate the strong arsenopyrite-gold association and provide important data for vectoring into high grade zones.
Data concerning drill holes are found in the original news releases, referenced in the tables.
Hole No Au (g/t) From (m) To (m) Interval (m) Elevations (m) Originally Reported
ERU-01 0.54 22.5 36.0 13.5 3312m-3321m News Release 16 Jan 2018
ERU-01 0.35 85.0 91.0 6.0 3197m-3201m News Release 16 Jan 2018
ERU-02 0.14 65.6 70.4 4.8 3284m-3287m News Release 16 Jan 2018
ERU-02 0.62 162.1 222.0 59.9 3167m-3213m News Release 16 Jan 2018
The 59.9m intersection in hole ERU-02 contains two adjacent high-arsenopyrite intervals.
20 Adelaide Street East, Suite 200, Toronto, Ontario CANADA M5C 2T6 Tel.: (416) 868-9168 Fax: (416) 361-1333
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Hole No Au (g/t) From (m) To (m) Interval (m) Elevations (m) Originally Reported
ERU-03 0.68 61.6 83.3 21.8 3235m-3250m News Release 16 Jan 2018
ERU-03 0.51 89.5 95.5 6.0 3264m-3269m News Release 16 Jan 2018
ERU-04 1.60 145.6 152.6 7.0 3182m-3187m News Release 16 Jan 2018
ERU-05 Note 1
ERU-03 was drilled to the east into an area with no knowledge of surface mineralization. It tested a geophysical
anomaly which was explained by the same arsenopyrite/gold relationship within the same elevation range as seen
in the western drill holes.
Note 1: ERU-05 was a short exploration hole drilled to te st the same geophysical conductor as were ERU-01 and
ERU-02. The only intersection was 0.25 g/t over 2.0m from 141.0m to 143.0m downhole.
Hole No Au (g/t) From (m) To (m) Interval (m) Elevations (m) Originally Reported
ERU-06 0.16 253.0 256.7 4.0 3046m-3048m News Release 6 Jun 2018
ERU-07 0.34 2.0 5.7 3.7 3362m-3364m News Release 6 Jun 2018
ERU-07 0.21 51.2 59.7 8.5 3320m-3326m News Release 6 Jun 2018
ERU-07 0.29 86.7 89.4 2.7 3298m-3299m News Release 6 Jun 2018
ERU-07 0.35 135.7 140.7 5.0 3258m-3261m News Release 6 Jun 2018
ERU-07 0.24 235.2 239.7 4.5 3182m-3185m News Release 6 Jun 2018
ERU-07 0.40 270.7 275.7 6.0 3155m-3158m News Release 6 Jun 2018
ERU-06 was drilled across the main body of Rufina surface mineralization and collared within the target stratigraphy.
The interval noted corresponds vertically to a surface sample of 46.4 g/t gold over 0.3m taken in 2011 and a surface
value of 20.4 g/t gold over 0.4m taken in 2010. Other than th is interval there were several point values of elevated
arsenopyrite with gold above 0.5 g/t.
ERU-07 and ERU-08 were reconnaissance exploration holes , drilled significantly stratigraphically higher than the
other holes and directed into interbedded sediments and intr usives. The arsenopyrite/gold relationship was seen in
several intersections in ERU-07 and with ERU-08 showing point values of gold above 0.2 g/t with higher calculated
arsenopyrite values.
Hole No Au (g/t) From (m) To (m) Interval (m) Elevations (m) Originally Reported
ERU-09A 0.33 149.8 160.8 11.0 3171m-3179m News Release 6 Jun 2018
ERU-09A 0.41 171.0 173.8 2.8 3161m-3163m News Release 6 Jun 2018
ERU-09A 0.70 208.8 211.8 5.0 3132m-3133m News Release 6 Jun 2018
ERU-09A 0.34 241.3 244.3 3.0 3107m-3109m News Release 6 Jun 2018
ERU-10 0.53 99.0 110.0 11.0 3188m-3195m News Release 18 Aug 2018
ERU-10 0.33 336.0 339.0 3.0 3012m-3014m News Release 18 Au g 2018
ERU-10 0.31 366.0 369.3 3.0 2989m-2992m News Release 18 Au g 2018
ERU-11 0.51 73.3 89.6 16.3 3150m-3160m News Release 18 Aug 2018
ERU-12 0.31 154.9 161.7 6.8 3073m-3075m News Release 18 Aug 2018
Eloro CEO Mr. Tom Larsen said, “It is very encouraging to see t hat the drill results show a continuous block of
mineralization with gold values that may stand up to a block modelling exercise. Our reconnaissance drilling showed
conclusively that there is a lot of potential at the La Victoria Gold/Silver Project. We are now going to step back and
evaluate next steps while preparing for the San Markito target drill program.”
Eloro’s SVP Mining, Mr. Jim Steel, added, “We now know t hat one of the styles of gol d mineralization is with
arsenopyrite in discrete veins and that the greatest concentrations of gold are in three separate areas at Rufina. We
will now go back through the sample dat abase and select severa l representative gold-b earing units for initial
metallurgical assessment, not just at Rufina but at all mineralized sectors that show high gold values.”
Qualified Person
Jim Steel, MBA, P.Geo., a Qualified Person in the context of National Instrument 43-101, has read and approved the
technical content of this News Release.
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 an 82% 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 No rte Gold Mine and Pan American Silver Corp.’s La Arena
Gold Mine and Shahuindo Gold Mine. La Victoria 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.
For further information please contact Thomas Larsen, Chairman and CEO of Eloro Resources Ltd. or Jorge
Estepa, Vice-President of Eloro Resources Ltd. at (416) 868-9168.
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