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SIMKAR
GOLD PROJECT
On February 28, 2011 Eloro Resources Ltd. (TSX-V: ELO, FSE: P2Q) completed the
acquisition of the Simkar Gold Property, a former gold producer located
approximately 20 km east of Val d’Or, Quebec. The Simkar property consists of
two contiguous mining concessions (2.26 km2) within the prolific Abitibi
Greenstone Belt and hosts a thick sequence of east-west trending, near vertical
dipping volcanic flows and pyroclastics of the Malartic Group. The higher gold
grade, intrusion-centered gold-quartz-tourmaline vein system is geologically
similar to the 9 million ounce Sigma-Lamaque Gold Deposit in Val-d’Or and many
other gold deposits in the Abitibi Belt. |
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Simkar Gold
Project Presentation
Compilation Map
Location Map
43-101
Technical Report
Composite
Cross Section
Longitudinal Section
 Eloro
acquired its 100% interest in the Simkar property through the issuance of
70,000,000 common shares to the vendor, Megastar Development Corp. (TSX-V: MDV),
and pursuant to a plan of arrangement, Megastar will distribute the 70,000,000
Eloro common shares to its shareholders.
Since optioning the Simkar property in 2009, Eloro has completed 8,325 m of
diamond-drilling and intersected a previously unknown mineralized zone, below
the Simkar’s historic mine workings. The 2010 drilling program demonstrated the
potential for down-plunge continuation of the known and new mineralized zones.
Highlights of the previously announced 2010 Eloro drilling campaign results
include:
|
Hole |
From (m) |
To (m) |
Interval (m) |
Result (Au-g/t) |
Zone |
|
SK10-12 |
313.9 |
319.8 |
5.9 |
9.40 |
New Zone |
|
SK10-13 |
246.0 |
249.0 |
3.0 |
20.74 |
East Zone |
|
SK10-16A |
194.0 |
199.0 |
5.0 |
3.96 |
New Zone |
|
SK10-22 |
416.0 |
420.0 |
4.0 |
7.90 |
New Zone |
|
Note: “From”, “To” and “Interval” are down hole
measurements, not vertical depths, and do not represent true widths of the
mineralized zones. |
Eloro announced on February 9, 2011 that it had commenced a two-phase 10,000 m
diamond drilling program at Simkar. Eloro’s 2011 drilling program will target
the up- and down-plunge projections of the “new zone” and of the historic “A”,
“B” and “East” zones, as well as the projected along-strike extensions of these
structures, in previously undrilled areas of the Simkar property. Results will
be incorporated into a 3-D Gemcom® mine model to help delineate the gold
structures below the -200 m level historic workings and along strike.
Drill sites have been prepared for the 14 holes proposed for the first phase of
the drilling program. The Phase I program will test targets from drill sites
best accessed during winter months and will allow evaluation of Phase I results
for prioritizing Phase II targets.
The Simkar property has been the subject of four NI 43-101 compliant technical
reports including a 2008 mineral resource estimate (to a vertical depth of
-200m) outlined below:-----------------------------------------------------
SIMKAR GOLD DEPOSIT
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TOTAL INFERRED RESOURCES(i)
-----------------------------------------------------
TOTAL
CUT-OFF GRADE CONTAINED GOLD
(g/t gold) TONNES (g/t gold) OUNCES
-----------------------------------------------------
1.0 1,482,000 3.01 143,160
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2.0 641,050 5.10 105,100
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3.0 347,400 7.32 81,800
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5.0 188,750 10.23 62,100
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(i) Numbers may be rounded for simplicity.
Other Exploration
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