Sample Sector Sample No. Easting m Northing m Elevation m Type Au g/t Ag g/t Cu % Pb % Zn % M001851 172581.6 9080019.5 3253 Rufina West Chip >10 18.6 trace trace trace M001852 172728.6 9080129.1 3241 Rufina West Chip 5.71 14.4 trace trace trace
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TSX.V Symbol: ELO www.elororesources.com
Eloro Extends Rufina East and West Mineralized Zones With Channel-Sampling Results of 16.6 g/t Gold / 157.3 g/t Silver / 1.41% Copper (West Zone) and 5.63 g/t Gold / 12.1 g/t Silver / 0.31% Copper (East Zone)
Toronto, Canada, October 8, 2015 – Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q; “Eloro”) and Tartisan Resources Corp. (CSE:TTC; “Tartisan”) are pleased to announce reception of assays for 86 rock samples taken from the Rufina East and Rufina West mineralized zones of the La Victoria Polymetallic Property, Huandoval Region, Ancash Department, Peru.
Chip-channel samples from the Rufina West Mineralized Zone ranged from 1.33 g/t gold / 15.0 g/t silver, to 16.6 g/t gold / 157.3 g/t silver / 1.41% copper. The new results show that mineralization continues over approximately 590 m of exposed diorite porphyry host rock.
Saw-channels of 0.9 m to 2.0 m, cut at Rufina East, were designed to extend the boundaries of the New Mineralized Zone into hanging wall and footwall argillically altered zones. Results from these channels
ranged from 0.03 g/t gold / 26.4 g/t silver / 0.11% copper, to 5.63 g/t gold / 12.1 g/t silver / 0.31% copper.
Rufina West
Twelve chip-channel samples were collected from mineralized structures and alteration zones on the Rufina West Mineralized Zone proximal to shallow-surface artisanal workings. A summary of results is presented in Table 1.
Table 1: Summary of Chip-Channel Sample Assay Results — Rufina West
| Sample | UTM Zone 18L | Sector | Sample | Bureau Veritas Assays | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| No. | Easting m | Northing m | Elevation m | Type | Au g/t | Ag g/t | Cu % | Pb % | Zn % | |
| M001851 | 172581.6 | 9080019.5 | 3253 | Rufina West | Chip | >10 | 18.6 | trace | trace | trace |
| M001852 | 172728.6 | 9080129.1 | 3241 | Rufina West | Chip | 5.71 | 14.4 | trace | trace | trace |
| M001852D | 172728.6 | 9080129.1 | 3241 | Rufina West | Duplicate | 5.71 | no assay | no assay | no assay | no assay |
| M001853 | 172753.9 | 9080072.2 | 3208 | Rufina West | Chip | 2.19 | 11.7 | 0.00% | trace | trace |
| M001854 | 172748.6 | 9080182.8 | 3247 | Rufina West | Chip | >10 | 136.4 | 0.00% | trace | trace |
| M001855 | 172602.1 | 9080183.9 | 3274 | Rufina West | Chip | 1.83 | 17.5 | 0.18% | trace | trace |
| M001856 | 172543.1 | 9080076.9 | 3272 | Rufina West | Chip | 2.18 | 36.2 | 0.29% | trace | trace |
| M001857 | 172532.1 | 9080003.7 | 3253 | Rufina West | Chip | >10 | 52.4 | 0.44% | trace | trace |
| M001858 | 172429.3 | 9080062.2 | 3321 | Rufina West | Chip | 1.33 | 15.0 | 0.11% | trace | trace |
| M001859 | 172477.4 | 9079962.2 | 3248 | Rufina West | Chip | 8.82 | 23.8 | trace | trace | trace |
| M001860 | 172473.3 | 9079953.7 | 3246 | Rufina West | Chip | >10 | 157.3 | trace | trace | trace |
| M001975 | 172788.9 | 9080201.8 | 3257 | Rufina West | Chip | 3.37 | 38.2 | 1.74% | 4.30% | 2.61% |
As part of Eloro’s sampling protocol, samples assaying greater than 10 g/t of gold or 100 g/t silver are reassayed by metallic screen methods, followed by fire assay. These re-assay results are presented in Table 2.
Table 2: Summary of Metallic Screen Re-assays — Rufina West Overlimit Samples
| Sample | Overlimit Reassay | Sector | Sample Type | Assays | ||
|---|---|---|---|---|---|---|
| No. | Easting | Northing | Elevation | Au g/t | ||
| M001851 | 172581.6 | 9080019.5 | 3253 | Rufina West | Metallic Screen + Fire Assay | 16.4 |
| M001854 | 172748.6 | 9080182.8 | 3247 | Rufina West | Metallic Screen + Fire Assay | 15.1 |
| M001857 | 172532.1 | 9080003.7 | 3253 | Rufina West | Metallic Screen + Fire Assay | 10.2 |
| M001860 | 172473.3 | 9079953.7 | 3246 | Rufina West | Metallic Screen + Fire Assay | 16.6 |
Rufina East
Fifteen Rufina East samples were collected from saw-channels that were designed to test alteration zones on the hanging wall and footwall of the New Mineralized Zone (see Eloro News Release of August 12, 2015). Saw-channel samples are closely spaced and define mineralization over an area of approximately 12 m x 12 m. Table 3 presents a summary of the analytical results:
Table 3: Summary of Saw-Channel Sample Assay Results — Rufina East
| Sample | UTM Zone 18L | Sector | Sample | Az | Length | Bureau Veritas Assays | ||||
|---|---|---|---|---|---|---|---|---|---|---|
| No. | Easting | Northing | Elevation | Type | ° | m | Au g/t | Ag g/t | Cu % | |
| M001976 | 172733.4 | 9079898.2 | 3112 | Rufina East (NMZ) | Saw | 260 | 2.0 | 2.26 | 7.2 | 0.09 |
| M001977 | 172732.8 | 9079897.5 | 3113 | Rufina East (NMZ) | Saw | 235 | 1.6 | 5.63 | 12.1 | 0.31 |
| M001978 | 172732.5 | 9079895.1 | 3112 | Rufina East (NMZ) | Saw | 263 | 0.9 | 1.24 | 4.2 | trace |
| M001979 | 172731.9 | 9079895.1 | 3112 | Rufina East (NMZ) | Saw | 263 | 1.3 | 2.89 | 10.3 | 0.12 |
| M001980 | 172733.3 | 9079892.8 | 3112 | Rufina East (NMZ) | Saw | 275 | 2.4 | 1.69 | 15.2 | 0.15 |
| M001981 | 172735.0 | 9079892.5 | 3111 | Rufina East (NMZ) | Saw | 260 | 1.8 | 0.05 | 1.2 | trace |
| M001982 | 172734.3 | 9079892.4 | 3111 | Rufina East (NMZ) | Saw | 260 | 1.5 | 1.63 | 9.7 | 0.16 |
| M001982D | 172734.3 | 9079892.4 | Rufina East (NMZ) | Duplicate | 260 | 1.5 | 3.27 | 12.1 | 0.11 | |
| M001983 | 172734.7 | 9079891.5 | 3110 | Rufina East (NMZ) | Saw | 250 | 1.7 | 0.13 | 0.5 | trace |
| M001984 | 172734.3 | 9079891.3 | 3110 | Rufina East (NMZ) | Saw | 250 | 1.5 | 0.57 | 3.7 | 0.12 |
| M001985 | 172735.6 | 9079890.8 | 3110 | Rufina East (NMZ) | Saw | 240 | 1.7 | 0.17 | 1.1 | trace |
| M001986 | 172735.2 | 9079890.6 | 3111 | Rufina East (NMZ) | Saw | 240 | 1.4 | 4.68 | 1.2 | trace |
| M001987 | 172736.2 | 9079889.9 | 3112 | Rufina East (NMZ) | Saw | 230 | 1.7 | 0.03 | 26.4 | 0.11 |
| M001988 | 172735.8 | 9079889.6 | 3111 | Rufina East (NMZ) | Saw | 230 | 1.1 | 2.27 | 0.8 | trace |
| M001988D | 172735.8 | 9079889.6 | Rufina East (NMZ) | Duplicate | 230 | 1.1 | 2.36 | 13.5 | trace |
“We are very pleased with the new sampling to the northeast on Rufina West, showing that mineralization continues on surface over approximately 590 m”, said Eloro C.E.O. Tom Larsen, “which is not surprising given evidence of previous artisanal workings.”
Eloro President, John Langton said, “Our road cut sampling on Rufina West and alteration zone sampling on Rufina East is giving us a really good picture of the total gold and silver endowment across the entire Rufina target surface.”
Other Samples
Saw-channel samples totalling 40 m (continuous) were taken from exposures of the Rufina West Zone along the property access road (Highway 3N) and were designed to test the background gold values outside of the principal mineralized fractures and associated alteration zones. Assay values ranged from 0.006 g/t Au / 0.5 g/t silver, to 4.354g/t gold / 34.8 g/t silver, and averaged 0.070 g/t ppb gold / 0.6 g/t silver.
Quality Assurance/Quality Control sampling included Duplicate samples from field and laboratory pulp samples, inserted into the sample stream. The duplicate gold samples returned 5.71, 1.63, and 2.27 g/t gold compared to 5.71, 3.27, and 2.36 g/t. The original samples were digested in aqua regia and then assayed using ICP with MS finish. Overlimit samples (Table 2) were re-assayed with metallic screen and fire assay with MS finish by Bureau Veritas (formerly Acme Labs and Inspectorate Labs in Lima, Peru, and Vancouver, Canada).
Mechanized trenching, diamond-drilling, and metallurgical testing are planned for 2015 on the La Victoria Polymetallic Project once the Declaración de Impacto Ambiental (“DIA”) project environmental permit has been approved by the Peruvian Ministry of the Environment. Eloro and Tartisan have received confirmation that the DIA presentation is scheduled for late-October 2015, and are cautiously optimistic that the environmental permit will be received shortly thereafter.
About Eloro Resources Ltd.
Eloro is an exploration and mine development company with a portfolio of gold properties in Peru and base-metal properties in northern and western Quebec. Eloro has been granted an option to acquire a 60% interest in La Victoria property, located in the North-Central Mineral Belt of Peru. The La Victoria Property is free of royalties and consists of two adjacent, but not contiguous, properties totalling eight mining concessions encompassing approximately 35 square kilometres. The La Victoria Property is within 50 kilometres of several producing mines, with three producers visible from the property, which has good infrastructure with road-access and nearby sources of water and electricity.
For further information please contact Jorge Estepa, Vice-President of Eloro Resources 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 could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
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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.