NEWS RELEASE (July 24 2006)JULY 24, 2006 - 14:11 ET
Eloro Resources Ltd.: Eloro Initiates James Bay Exploration, Also Advances Hurdman ZN-AG Project
TORONTO, CANADA--(CCNMatthews - July 24, 2006) - ELORO RESOURCES LTD. (TSX VENTURE:ELO) ("Eloro" or the "Company") is pleased to announce the start of the Company's summer exploration program on their James Bay district properties in northern Quebec, and the carrying out of an airborne geophysical survey over the Hurdman Property in the Timmins District, Ontario.
James Bay District Properties
Eloro has mobilized two field crews to conduct the work on the Taiga West and Summit-Gabbre properties located within the La Grande Greenstone Belt, which should be completed in early August, 2006. Ground prospecting has uncovered a large iron formation on the 6.6 km2 Taiga West Property.
The 10.7 km(2) Summit Gabbre Property hosts a number of historical surface showings. Eloro crews are presently investigating and surface sampling all of the showings. The historical results include 32.8 g/t Au; 10.2% Cu; 12.7 g/t Pt and 8.2 g/t Pd; and 6.4% Cu and 15 g/t Ag (MRNFQ GM 54440, 55905 and 55906; Virginia Mines; NOREX). Sampling to date has revealed significant copper oxide and sulphide mineralization. A total of 85 samples have been submitted for precious and base metals assaying. Assay results and Quality Assurance / Quality Control protocols will be released as they become available. Nevertheless, following the visual inspection of the samples, Eloro staked 71 claim cells, contiguous to the Summit Gabbre Property to cover potential extensions of the mineralization.
Field crews will eventually be mobilized to the Eastmain Greenstone Belt for work on the Eastmain 1, 2 and 3, Delta, and the Rupert properties.
The Eastmain 1, 2 and 3, and Delta properties total 95 km2, and are located 40 kilometers west of the Clearwater deposit (Eastmain Resources), which hosts indicated resources of 1 million tonnes grading 9.5 g/t gold (or 0.28 ounce per ton of gold) and inferred resources of 3 million tonnes grading 6.9 g/t gold (0.20 ounce per ton of gold) (from Eastmain Resources' website). A historical surface grab sample from the Delta property yielded 6.6% Cu and 20 g/t Ag (MRNFQ ET-2002-06) in a quartz-chalcopyrite vein exposed over 25 metres.
The 10 km(2) Rupert Properties already contain several showings (MRNFQ GM 55737; NOREX). Historical results include 5.6% Cu and 57.5 g/t Ag; and 4.7% Cu and 56.3 g/t Ag. Samples taken by Eloro in 2005 gave up to 6.0% Cu, 3.2% Cu and 1.9% Cu.
The 2006 summer program dataset will be processed using GIS (Geographic Information Systems) technology with 3-D visualization. This will permit a more effective prioritization of a number of gold and base metal targets that will be drill tested later in the year.
Hurdman Property
Geophysics GPR International Inc., of Longueil, Quebec, has initiated an airborne helicopter Magnetic and Frequency Domain Electro-magnetic (FDEM) survey at 100 meter line spacing over the Hurdman Property. The goal of the 600 line kilometre geophysical survey is to uncover potential chalcopyrite or copper bearing massive sulphides, generally bordering a zinc sulphide component. Copper has not been found to date at Hurdman.
About Eloro Resources Ltd.
Eloro Resources Ltd. is a junior exploration company focused on discovering and developing precious and base metal quality resources in the James Bay District of northern Quebec and the Timmins Camp of northern Ontario. Eloro currently has 19 gold-copper-silver and uranium properties covering 282 km2 in the La Grande and Eastmain Greenstone Belts, proximal to Goldcorp's Eleonore Gold Prospect. Eloro has recently signed a Letter of Agreement with Cambior Inc. allowing Cambior to earn a 50% interest in the Lemoyne North, Sakami East and Taiga claim blocks, by spending C$ 2 million in exploration work on or before June 30, 2010.
In the Timmins Camp, Eloro is currently exploring the 66 km2 zinc-silver-gold Hurdman Property, where the Company has recently announced significant assay results from its Winter 2006 drill program, including 3.70% zinc and 7.71 g/t silver over 11.6 meters core length (ELO-06-01); 2.09% zinc and 40.00 g/t silver over 11.3 meters core length (ELO-06-04); 2.48% zinc and 10.4 g/t silver over 7.9 meters core length (ELO-06-07); 5.22% zinc and 28.02 g/t silver over 7.90 meters core length (ELO-06-08); 4.99% zinc, 26.57 g/t silver over 7.30 meters core length and 49 g/t gold over a 0.5 meters core length (ELO-06-12).
The technical content of this press release have been reviewed by Martin Bourgoin, P. Geo., Executive Vice-President, Exploration of Eloro, and the Company's Qualified Person under the guidelines of National Instrument 43-101.