News Release

The Gate of the Sun

TORONTO, June 15, 2020 (GLOBE NEWSWIRE) – Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro” or the “Corporation”) is pleased to announce that Dr. Quinton Hennigh has joined Eloro as Technical and Senior Business Advisor.

Dr. Hennigh is an economic geologist with 25 years of exploration experience, and is a founder and current Chairman and President of Novo Resources Corp., which is exploring and developing gold projects in the Pilbara region of Western Australia, including its Beatons Creek, Karratha and Egina gold projects, the latter of which is under a joint venture with Japan’s Sumitomo Corporation.
  
Early in his career, Dr. Hennigh explored for major mining firms including Homestake Mining Company, Newcrest Mining Ltd and Newmont Mining Corporation.  He then joined the junior mining sector in 2007 and has been involved with a number of Canadian listed gold companies, including Gold Canyon Resources Inc., where he led exploration at the Springpole alkaline gold project near Red Lake Ontario, a 5-million-ounce gold asset that was sold in 2015 to First Mining Gold Corp. Dr. Hennigh was also instrumental in Kirkland Lake Gold’s acquisition of the Fosterville gold mine, which is located in Australia and was previously owned by Newmarket Gold Inc. 

Dr. Hennigh obtained a Ph.D. in Geology/Geochemistry from the Colorado School of Mines in 1996.

“We are delighted to welcome Quinton”, said Eloro Chairman and C.E.O. Mr. Tom Larsen. “Quinton brings valued knowledge and experience relevant to all aspects of Eloro’s operations and the capital markets, which will prove to be greatly beneficial as we work toward advancing our highly prospective Iska Iska project in Bolivia. With his outstanding track record in developing and advancing exploration projects, it is clearly a benefit for Eloro and its shareholders and I very much look forward to working with him.”

“Iska Iska represents a very large, undrilled silver-polymetallic target in the prolific Eastern Cordilleran metallogenic province of southwestern Bolivia,” said Dr. Quinton Hennigh, Eloro’s new Technical and Senior Business Advisor. “The project is situated approximately 180 km due south of Cerro Rico de Potosí, the single largest silver deposit on the planet. Like virtually all of the very large silver-polymetallic deposits of this region, Iska Iska is associated with a large, complex, shallowly emplaced magmatic center, in this case superimposed by a collapsed caldera, or broad volcanic crater. The interplay of high-level metal-rich magmas with shallow groundwater can result in very robust metal deposits, ones that display hybrid aspects of deeper level base metal-rich systems such as porphyry deposits combined with shallow high-grade precious metal epithermal style mineralization. Iska Iska displays such metallogenic characteristics to a tee. With completion of the recent equity placement, Eloro has sufficient funding to undertake phase one drilling beginning in a few weeks. I look forward to working with Eloro’s team as we tackle this remarkable exploration project.” 

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Eloro recently commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.

For further information please contact either Thomas G. Larsen, President and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Caution regarding Forward-Looking Information
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 statements of forward-looking information 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.

 


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