Welcome!

News Feed Item

Eloro Resources Ltd. Proceeds with Phase II Exploration Program on the La Victoria Gold/Silver Property, Ancash, Peru

TORONTO, ONTARIO -- (Marketwired) -- 10/19/16 -- Eloro Resources Ltd. (TSX VENTURE: ELO)(FRANKFURT: P2Q) ("Eloro") is pleased to announce that it has completed the Phase I exploration program recommended in the recently filed National Instrument 43-101 Technical Report on the La Victoria Gold/Silver Property (the "Property") in Huandoval District, Pallasca Province, Ancash Department, Peru authored by Mr. Luc Pigeon, M.Sc., P.Geo. (see press release September 7, 2016). Phase I included geological mapping and sampling, geophysical surveys, data processing, permit applications, and accessibility improvements for the Phase II drill program. The Phase II diamond drilling, which will total up to 3,000m, will focus on targets at the San Markito and Rufina Mineralized Zones.

Tom Larsen, President and CEO of Eloro commented: "We expect the Phase II diamond drilling program to start late in Q4 of this year. Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Eloro and I recently completed a site visit to the Property. Preparations are well advanced for the drill program which will commence once final permitting is received. Our newly appointed in-country General Manager, Luc Pigeon, P.Geo., has organized a strong team to support the exploration work based from Huandoval, a small town near the southwest end of the La Victoria claim group. Luc, who has more than ten years experience working in Peru, has worked closely with the local community in establishing this base and building good local support for our program."

Dr. Bill Pearson added: "Our initial program of geological mapping, sampling and geophysical (IP) surveys greatly increased our understanding of the potential of the Property and outlined a number of follow-up targets. In advance of the drilling, we are starting the second phase of our geological mapping and sampling program led by Dr. Osvaldo Arce. This work will concentrate on the 3-plus km potential strike length of the San Markito-Victoria silver-gold mineralized breccia zones which have had very limited previous exploration. The new road being constructed by the Peruvian government that opens up the north-eastern portion of the Victoria concession into the San Felipe II concession to the east (see Figure 1) will greatly facilitate this work. In addition, we will be completing a detailed soil geochemical survey of Rufina North to better define a potential heap-leachable gold target near a strong IP anomaly outlined in our survey."

Geology and Mineralization

The Property, which covers approximately 45 square kilometres (Figure 1) is located within a prolific epithermal gold deposit belt that spans from Cajamarca to Ancash and that includes such deposits as Yanacocha, Lagunas Norte, La Arena and Pierina. The La Arena and the Santa Rosa open pit mines are respectively located 50km and 25km northwest of the Property.

Gold-silver mineralization on the La Victoria property is spatially and structurally associated with a series of dioritic to granodioritic Victoria intrusives that intrude sandstone and shale of the Chicama Formation. The style of mineralization is typical of low sulphidation epithermal deposits. Figure 2 is an analytical signal magnetic map developed from reprocessing of 2011 data, which shows the widespread occurrence of interpreted intrusions and principal gold (Ag) + silver (Ag) showings and occurrences. Each potential intrusion is considered prospective, warranting followup work. The areas of the magnetic anomalies tend to be recessively weathered covered by Quaternary colluvium and alluvium suggesting that the intrusives are likely altered. The location of the new road being constructed in the northeastern part of the property which substantially improves access, is also shown.

Four principal mineralized zones have been identified on the Property: San Markito, Rufina, Victoria and Victoria South with the first two being the most advanced targets. Limited sampling to date has indicated the presence of high grade mineralization in each of these mineralized areas but more systematic sampling and diamond drilling is required to assess the potential of these targets.

At San Markito, the northwest-trending mineralized zone extends for at least 1300m along strike and is up to 400m wide with the bulk of mineralization located within silicified sedimentary rocks near the contact with intrusive rocks. Results from previous sampling returned significant values up to 2.27 g/t Au and 1814 g/t Ag with enriched values of Pb up to 16.82% and arsenic and antimony greater than 1% analytical limit. Initial planned drilling will focus on testing this mineralized zone along strike and vertically.

At Rufina five vein sets of 20m to 70m in width have been identified in the western part of the mineralized zone. Vein sets are composed of iron oxide-quartz-arsenopyrite veins, in veinlet swarms, stockworks, and breccia zones. They are well developed in intrusive rocks as well as underlying rocks of the Chicama Fm. Three surface samples from the mineralized zone averaged 8.8 g/t gold and 23.8 g/t silver, while one 50cm chip sample taken from an artisanal adit returned 15.1 g/t gold, 136.5 g/t silver, with 1.61% lead and 3.75% zinc. In the northern part of Rufina at higher elevations, the mineralized rocks are oxidized and have argillic alteration suggesting potential for heap-leachable gold mineralization. The recently completed IP survey shows that the high resistance diorite (the main mineralized lithology present on the Rufina zone) is concentrated near the surface in this area and is underlain by conductive and chargeable sedimentary rocks; this target, known as Rufina North, will be tested in the planned drill program.

Victoria and Victoria South are earlier stage targets but which have similar geological settings to San Markito and Rufina. Victoria is on the San Markito structure approximately 500m to the east. Samples there have returned values to 4.3 g/t Au and 927 g/t Ag. Copper concentrations are elevated in most samples with values reaching up to 4.29% Cu. Sampling at one showing at Victoria South returned 8.4 g/t Au over 1.2m.

For additional technical information on the La Victoria Project, the reader is referred to the NI 43-101 Technical Report on the La Victoria Au-Ag Property, Ancash, Peru filed under Eloro's profile on SEDAR (www.sedar.com).

About Eloro Resources Ltd.

Eloro is an exploration and mine development company which recently acquired a 100% undivided interest in the La Victoria property, located in the prolific North-Central Mineral Belt of Peru. The La Victoria Property covers 45 square kilometres and is within 50 kilometres of several large low-cost producing gold mines, with three producers visible from the Property. Infrastructure in the area is good 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. Eloro also holds a portfolio of gold and base-metal properties in northern and western Quebec.

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.

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.

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.

To view Figure 1 and Figure 2, please visit the following link: http://media3.marketwire.com/docs/elo1019figures.pdf.

Contacts:
Eloro Resources Ltd.
Thomas Larsen
President and C.E.O.
(416) 868-9168
(416) 361-1333 (FAX)

Eloro Resources Ltd.
Jorge Estepa
Vice-President
(416) 868-9168
(416) 361-1333 (FAX)
www.elororesources.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
SYS-CON Events announced today that Keisoku Research Consultant Co. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Keisoku Research Consultant, Co. offers research and consulting in a wide range of civil engineering-related fields from information construction to preservation of cultural properties. For more information, vi...
SYS-CON Events announced today that Interface Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Interface Corporation is a company developing, manufacturing and marketing high quality and wide variety of industrial computers and interface modules such as PCIs and PCI express. For more information, visit http://www.i...
SYS-CON Events announced today that MIRAI Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MIRAI Inc. are IT consultants from the public sector whose mission is to solve social issues by technology and innovation and to create a meaningful future for people.
SYS-CON Events announced today that Fusic will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Fusic Co. provides mocks as virtual IoT devices. You can customize mocks, and get any amount of data at any time in your test. For more information, visit https://fusic.co.jp/english/.
As businesses evolve, they need technology that is simple to help them succeed today and flexible enough to help them build for tomorrow. Chrome is fit for the workplace of the future — providing a secure, consistent user experience across a range of devices that can be used anywhere. In her session at 21st Cloud Expo, Vidya Nagarajan, a Senior Product Manager at Google, will take a look at various options as to how ChromeOS can be leveraged to interact with people on the devices, and formats ...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
SYS-CON Events announced today that Taica will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Taica manufacturers Alpha-GEL brand silicone components and materials, which maintain outstanding performance over a wide temperature range -40C to +200C. For more information, visit http://www.taica.co.jp/english/.
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant th...
In his session at @ThingsExpo, Greg Gorman is the Director, IoT Developer Ecosystem, Watson IoT, will provide a short tutorial on Node-RED, a Node.js-based programming tool for wiring together hardware devices, APIs and online services in new and interesting ways. It provides a browser-based editor that makes it easy to wire together flows using a wide range of nodes in the palette that can be deployed to its runtime in a single-click. There is a large library of contributed nodes that help so...
Many companies start their journey to the cloud in the DevOps environment, where software engineers want self-service access to the custom tools and frameworks they need. Machine learning technology can help IT departments keep up with these demands. In his session at 21st Cloud Expo, Ajay Gulati, Co-Founder, CTO and Board Member at ZeroStack, will discuss the use of machine learning for automating provisioning of DevOps resources, taking the burden off IT teams.
SYS-CON Events announced today that Daiya Industry will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Daiya Industry specializes in orthotic support systems and assistive devices with pneumatic artificial muscles in order to contribute to an extended healthy life expectancy. For more information, please visit https://www.daiyak...
What is the best strategy for selecting the right offshore company for your business? In his session at 21st Cloud Expo, Alan Winters, U.S. Head of Business Development at MobiDev, will discuss the things to look for - positive and negative - in evaluating your options. He will also discuss how to maximize productivity with your offshore developers. Before you start your search, clearly understand your business needs and how that impacts software choices.
SYS-CON Events announced today that Cedexis will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Cedexis is the leader in data-driven enterprise global traffic management. Whether optimizing traffic through datacenters, clouds, CDNs, or any combination, Cedexis solutions drive quality and cost-effectiveness.
Most of the time there is a lot of work involved to move to the cloud, and most of that isn't really related to AWS or Azure or Google Cloud. Before we talk about public cloud vendors and DevOps tools, there are usually several technical and non-technical challenges that are connected to it and that every company needs to solve to move to the cloud. In his session at 21st Cloud Expo, Stefano Bellasio, CEO and founder of Cloud Academy Inc., will discuss what the tools, disciplines, and cultural...
Is advanced scheduling in Kubernetes achievable? Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, will answer these questions and demonstrate techniques for implementing advanced scheduling. For example, using spot instances ...