Mineralogy Studies Show Free Gold, Free Silver, Sulphide Gold and Silver, and Alloy Gold and Silver at the La Victoria Gold Silver Project, Ancash, Peru
Mineralogy Studies Show Free Gold, Free Silver,
Sulphide Gold and Silver, and Alloy Gold and Silver
at the La Victoria Gold Silver Project, Ancash, Peru
Toronto, Canada, March 22, 2019 – Eloro Resources Ltd. (TSX‐V: ELO; FSE: P2Q) (“ELO” or the
“Corporation”) is pleased to announce results of detailed mineral determination studies from representative rock
samples collected from three mineralized sectors at the La Victoria Gold/Silver Project. The studies confirm free gold,
free silver, sulphide gold and silver, and alloy gold and silver occur in a complex suite of sulphide mineralization at
La Victoria, as suggested from drill data (see Press Release March 10, 2019).
A total of eighteen samples from Rufina, San Markito and Vi ctoria sectors were studied using a variety of methods
including; Polarizing and Scanning Electron Microscopy, Electron Microprobe analysis, X-ray Diffraction, Synchrotron
X-ray Fluorescence (SXRF) and SXR Absorption Near Edge Structure.The samples were sent to the Department of
Earth Sciences at Western University, London, Ontario, Canada. Studies were overseen by Department Director Dr.
Neil Banerjee, and included in a Master’s Thesis by Ms. Kelsey Rozon.
As Ms. Rozon notes (2018, p83), “La Victoria also has some common minerals with nearby high-sulphidation
epithermal deposits found at La Arena, Lagunas Norte, and Shahuindo including: arsenopyrite, chalcopyrite, covellite,
enargite, pyrite and silica with alunite-dickite. Additional minerals that La Victoria has in common with nearby gold-
bearing deposits include galena, jarosite, pyrophyllite, scorodite, sericite, sphalerite, and tetrahedrite.”
Rozon (2018, pp78-81) notes the positions of the samples used in these studies relative to an overprinting of a
porphyry copper intrusion marked by the intensity and style of mineralization and alteration. Most of the data comes
from the Rufina sector, for which a porphyry copper intrusive is evidenced in the core logs with pyrite and chalcopyrite
and sporadic covellite. Rozon not es four separate positions to which the samples belong, including “marginal to a
copper porphyry but below the lithocap [at both shallow and deep crustal levels]”; “upper portion of a porphyry copper
core zone at a shallow crustal level”; and “upper portion of a porphyry copper deposit”.
Based on these insights, Eloro is going to return to the core storage unit to study the diamond drill core for the types
of alteration noted in Rozon (2018) in the context of the mapping works completed by Dr. Osvaldo Arce in 2016 (see
News Release October 19, 2016).
Study Results
The Rufina sector samples showed sulphide veins to overpr int at least two episodes of quartz veining in a source
rock of quartz monzonite. Microscopic gold occurred with the sulphide vein s near arsenopyrite and chalcopyrite
(Rozon, 2019, p39). Electron microprobe testing revealed a variety of minerals, including electrum (a mix of gold and
silver) found in scorodite (a hydrous iron arsenate from the oxidation of arsenopyrite). X-Ray Fluorescence (SXRF)
analysis showed the presence of gold with common base metals and common crustal metals. The gold is dispersed
in both arsenopyrite and scorodite.
The San Markito samples were selected and analysed to co mpare different intrusive phases. Granites and related
intrusives were seen with phyllic alteration and advanced argillic alteration in quartz veins with small sulphide veins
appearing as a cross-cutting stage. The electron micropr obe revealed roughly the same suite of minerals as the
Rufina samples, but that silver was in the mineral argentite, which was pres ent as individual grains and within the
nearby minerals scorodite and arsenopyrite. Enargite, a classic indicator mineral for epithermal gold mineralization,
was also noted in the samples.
The Victoria sector samples included four with quartz ve ins, two with sulphide veins, and two granite/monzogranite
samples. Veins were seen with phyllic and advanced argillic alteration, indicating potential copper porphyry
synergies. Gold was found in the sulphide veins, granular in character, and associated with arsenopyrite and
chalcopyrite. The electron microprobe revealed a wide suite of gold and silver bearing minerals including; native gold,
argentite, acanthite, argentojarosite, titanite, and tetrahedrite. Free gold is present within arsenopyrite and associated
in proximity to other minor minerals. Rozon notes (2018, p52) that “the free gold is granular and microscopic, while
the electrum is granular, fibrous, and microscopic”. An analysis of the gold/silver rations in electrum gave values of
between 2 gold: 1 silver to 16 gold: 1 silver. The analysis notes the presence of maldonite, an alloy of gold and
bismuth analogous to electrum, the alloy of gold and silver . The SXRF data confirmed that gold is associated with
arsenopyrite and scorodite as in other samples.
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The Synchrotron X-Ray Near-Edge Absorption study was completed on several samples where free gold had been
identified in other tests in order to sh ow the valence state of gold. If the gol d has zero valence, it is native gold.
Samples showed this to be conclusively the case at t he Rufina and Victoria South Se ctors; San Markito was not
tested.
These studies demonstrate the occurrence of free gold and free silver in addition to sulphide hosted gold and silver
as well as lesser amounts of alloyed gold and silver in mineralization at La Victoria.
Eloro CEO Mr. Tom Larsen noted, “These studies clearly reveal the variety of gold and silver at La Victoria and where
it is located, including evidence for a copper porphyry. It is especially exciti ng to see free gold and free silver at La
Victoria as well as the alloys with very high gold to silv er contents. We are now going to take several specific high-
gold and high-silver samples and complete grind size and li beration testing. Now that we know how the gold and
silver occur in these samples, we can look at optimizing a recovery process.”
Eloro SVP Mining Mr. Jim Steel MBA P.Geo., said, “Other than minor occurrences of electrum and maldonite gold
and silver do not occur in solid solution. We are cautious ly optimistic that the pitted and fractured nature of the
arsenopyrite and scorodite will allow the gold to be liberated at a coarse grind.”
Also, Dr. Bill Pearson, P.Geo. has stepped down from t he position of President of Eloro Resources Ltd. The
Corporation thanks Dr. Pearson and wishes him well.
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.
Cited Reference
Rozon, K. 2018. Geochemical Analysis of a Low-Sulphidation Epithermal Deposit on the La Victoria Property in the
Ancash Department of the Republic of Peru. Unpublish ed Master’s Thesis, The Department of Earth Sciences,
University of Western Ontario, London, Ontario, pp39-83.
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 (EHR Resources Ltd 18%) in the La Victoria Gold/Silver Project, located in
the North-Central Mineral Belt of Peru some 50 km s outh of Barrick's Lagunas Norte Gold Mine and Pan American
Silver’s La Arena Gold Mine, with largely the same mineralogy in similar stratigraphy. 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 electric ity and is located at an altitude that ranges from 3,100 m
to 4,200 m above sea level.
For further information please contact Jorge Estepa, Vi ce-President of Eloro Resources Ltd. at (416) 868-
9168.
Information in this news release may contain forward-lo oking information. Statements containing forward-looking
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expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently
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Actual results and future events could differ materially fr om those anticipated in such statements. Readers should
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