Toronto, Canada, May 2, 2006 –ELORO RESOURCES LTD. (ELO: TSX Venture Exchange) (“Eloro” or the “Company”) is pleased to announce additional assay results from drill holes ELO-06-02 to 12 within the zinc-silver zone at the Company’s wholly owned Hurdman Property, located 120 kilometers north of Timmins, Ontario, and 75 kilometers north of Falconbridge’s Kidd Creek Operations. The significant assay intervals of ELO-06-02 to 12 and previously released ELO-06-01are:
| DDH NO. | | FROM meters | TO meters | INTERVAL meters | % ZINC | G/T SILVER | G/T GOLD | | ELO-06-01 | | 85.8 | 97.4 | 11.6 | 3.70 | 7.71 | trace | | | Incl. | 88.3 | 97.4 | 9.1 | 4.21 | 8.72 | trace | | | Incl. | 93.5 | 97.4 | 3.9 | 5.36 | 2.64 | trace | | ELO-06-02 | | 80.4 | 82.2 | 1.8 | 3.15 | 2.55 | trace | | | | 89.6 | 91.0 | 1.4 | 3.57 | 13.41 | trace | | ELO-06-03 | | 81.8 | 84.2 | 2.4 | 2.51 | 9.20 | trace | | | Incl. | 82.4 | 83.0 | 0.6 | 5.54 | 14.0 | trace | | | | 83.0 | 83.4 | 0.4 | 0.02 | 3.00 | 5.10 | | ELO-06-04 | | 60.1 | 71.4 | 11.3 | 2.09 | 39.56 | trace | | | Incl. | 65.6 | 68.3 | 2.7 | 3.43 | 101.8 | trace | | | Incl. | 68.3 | 68.8 | 0.5 | 0.09 | 76.00 | 1.32 | | ELO-06-05 | | 58.4 | 59.9 | 1.5 | 4.45 | 12.67 | trace | | | | 64.2 | 64.8 | 0.6 | 3.49 | 13.00 | trace | | | | 66.0 | 66.6 | 0.6 | 3.92 | 27.00 | trace | | ELO-06-06 | | 38.8 | 59.5 | 20.7 | 2.08 | 9.51 | trace | | | Incl. | 51.8 | 54.5 | 2.7 | 4.82 | 5.64 | trace | | | Incl. | 57.0 | 59.5 | 2.5 | 4.13 | 17.47 | trace | | | | 60.9 | 61.4 | 0.5 | 0.50 | 18.00 | 1.31 | | | | 79.8 | 80.1 | 0.3 | 0.31 | 39.00 | 1.99 | | ELO-06-07 | | 62.5 | 70.4 | 7.9 | 2.48 | 10.43 | trace | | | Incl. | 67.1 | 70.4 | 3.3 | 3.58 | 18.25 | trace | | | | 74.9 | 75.4 | 0.5 | 0.19 | 13.2 | 1.95 | | | | 75.4 | 76.2 | 0.8 | 0.43 | 13.60 | 1.18 | | | | 78.9 | 79.4 | 0.5 | 0.58 | 21.00 | 1.15 | | ELO-06-08 | | 52.3 | 80.5 | 28.2 | 2.79 | 20.00 | trace | | | Incl. | 69.5 | 79.2 | 9.7 | 4.45 | 24.95 | trace | | | Incl. | 71.3 | 79.2 | 7.9 | 5.22 | 28.02 | trace | | | Incl. | 71.3 | 73.3 | 2.0 | 7.60 | 45.00 | trace | | | Incl. | 72.0 | 76.4 | 4.4 | 4.00 | 34.02 | 1.97 | | ELO-06-09 | | 58.9 | 60.6 | 1.7 | 3.89 | 7.74 | trace | | | | 62.1 | 64.3 | 2.3 | 3.56 | 10.12 | trace | | ELO-06-10 | | 52.7 | 53.5 | 0.8 | 0.62 | 14.50 | 1.28 | | ELO-06-11 | | 43.7 | 45.1 | 1.4 | 0.34 | 19.46 | 2.40 | | | | 60.5 | 61.0 | 0.5 | 0.14 | 52.4 | 3.39 | | | | 64.3 | 65.8 | 1.5 | 0.57 | 24.00 | 1.17 | | ELO-06-12 | | 39.2 | 46.5 | 7.3 | 4.99 | 26.57 | trace | | | Incl. | 39.2 | 41.4 | 2.2 | 10.37 | 57.68 | 1.37 | | | Incl. | 40.5 | 41.4 | 0.9 | 13.87 | 8.12 | 2.00 | | | | 52.4 | 58.5 | 6.1 | 3.48 | 15.46 | trace | | | | 58.5 | 59.0 | 0.5 | 0.41 | 166.00 | 48.69 | Drill logs, assay results, and a drill hole location map will be made available at the Company’s website (www.elororesources.com). Grades are uncut. Lengths are measured along the core axis.
The Company previously released assay results from ELO-06-01 (refer to press release date April 5, 2006). The 1,400 meter / 12 hole Winter 2006 drill campaign consisted of in-fill and extensional drilling within a 300 meter long by 200 meter wide segment of the known zinc and silver mineralization along strike and down-dip. ELO-06-01, 06, 07 and 10 were in-fill holes, whereas ELO-06-02 to 05, 08, 09, 11 and 12 were extensional holes.
Results indicate that the pyrrhotite(-pyrite)-sphalerite semi-massive to massive sulphide zones contain higher zinc grades and have been intersected in areas not previously known for their higher zinc grades. The sphalerite is extremely coarse grained. The presence of significant gold grades is primarily linked to very coarse pegmatite veins (or dykes), generally with higher silver grades and lower zinc grades (with the exception in ELO-06-12), located at the margins of the semi-massive horizons. Erratic scattered high gold and silver values need to be further investigated, since this is the first time gold and high gold grades have been recognized on the property. Drill holes ELO-06-12, and ELO-06-04 and 05 have extended the higher grade zinc (greater than 3%) and silver (greater than 15 g/t) corridor by 25 meters to the west and east; however, the Hurdman mineralization has only been tested to a vertical depth of 80 meters with 18 drill holes in 2005-2006 and remains open in all directions.
The drill campaign ended with ELO-06-12 due to Spring Break-up – the best drill hole from the campaign. The Company is currently re-evaluating lower zinc grade areas, which may warrant future in-fill drilling for upgrading, that could ultimately add to the zinc resource potential of the Hurdman Property, particularly when zinc and silver are trading at all time highs in excess of US$ 1.40 per pound and US$ 13 per ounce, respectively, and with gold trading over US$ 650 per ounce.
An airborne high resolution magnetic and electromagnetic geophysical survey is being planned immediately. The survey should determine with greater precision the outer perimeter of the sulphide zone, as well as areas with more semi-massive to massive sulphides, and investigate the depth potential. Subsequent to the geophysical survey, surface diamond drilling will resume in order to further delineate the mineralized zone and test any new targets generated by the survey.
“Eloro is encouraged with the drilling results to date, especially when considering the limited amount of drilling so far”, stated Thomas Larsen, President and CEO of the Company. “Eloro will immediately proceed with geophysics so that a continued diamond drill program can commence shortly, with the objective of further enhancing both easterly and westerly targets along the Hurdman zinc/silver and gold corridor.”
The Hurdman Property consists of 28 contiguous mining claims covering 66 km2 in Hurdman Township, Ontario. Mineralization consists of disseminated, semi-massive and massive beds of pyrrhotite, pyrite and sphalerite. Zinc and silver values were intersected historically over widths varying from 0.5 to 30 meters. The zinc bearing zone can be followed over 500 meters along strike, 200 meters down dip and over widths varying from 1.5 to 40 meters. The zone remains open laterally and down dip.
All 12 drill holes of the drill program were logged in Val d’Or, Quebec under the supervision of MRB & Associates, geological consultants. Mineralized samples were shipped to Bourlamaque Assay Laboratory in Val-d’Or, Quebec and Swastika Assay Laboratory in Swastika, Ontario for assaying. Assaying followed a preestablished sampling and assay protocol. Mineralized drill core intersections were sawed in half and sampled on lengths varying between 0.5 to 1.5 meters, sealed in bags, and sent to the accredited assay laboratory. Gold and silver were assayed using the fire-assay method on a 30 gram pulp with an atomic absorption finish. Copper and zinc were analysed using atomic absorption from samples digested in aqua-regia. A quality control program (QA/QC) was implemented by the laboratories to insure the precision of the analytical methods and results.
The contents of this press release have been reviewed by Martin Bourgoin, P. Geo., a Qualified Person under the guidelines of National Instrument 43-101.
For further information please contact Thomas G. Larsen, President and CEO or Jorge Estepa, Vice President at (416) 868-9168.
Further information is available on the Company’s website at www.elororesources.com.
Statements in this release that are not historical facts are “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these “forward-looking statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. Not for dissemination in the United States. |
