Eloro completes latest phase of drilling at flagship simkar gold project

Thursday, Nov 29, 2012

Eloro Resources Ltd. (TSX VENTURE:ELO)(FRANKFURT:P2Q) ("Eloro", or the "Company") is pleased to announce the completion of the latest phase of drilling on its Simkar Gold Project (the "Property" or the "Project"), which comprises two contiguous mining concessions (2.26 km2) and eleven mineral claims (1.77 km2) in the prolific Val-d'Or Gold Mining Camp, 20 km east of Val-d'Or.

Since optioning the Simkar Property in 2009, Eloro has completed 22,159 m of drilling on the Project and has identified two new mineralized zones below the historic workings and two near-surface zones in a diorite unit south of the historic workings.

The latest phase of drilling on the Project comprised ten (10) new holes totalling 3,244 metres (Table 1) and continued to test the projected extensions of mineralized zones defined by Eloro's previous drilling on the Property; specifically the "South-East Zone" (holes SK12-20 to SK12-25), and the "New Zone" (holes SK12-26 to SK12-29). All of the latest holes reached their intended targets.

Initial logging of the core has been completed, and the collection, preparation and assaying of core samples is on-going. To date, 149 samples have been submitted to ALS Chemex Laboratories in Val-d'Or, QC with analytical results pending. Initial examination of the South-East Zone drill core shows weak mineralization at shallow depths, hosted in the targeted diorite intrusion. Drill core from the New Zone shows disseminated to massive pyrite (+/- pyrrhotite) mineralization at the projected location of the zone.

Source: Marketwire