NEWS (Oct. 24th)Eloro Resources finds third polymetallic zone at Delta
2006-10-24 09:59 ET - News Release
Mr. Thomas Larsen reports
ELORO IDENTIFIES THIRD POLYMETALLIC ZONE IN JAMES BAY MINE DISTRICT, DELTA GRAB SAMPLES UP TO 13% COPPER AND 108 G/T SILVER
Eloro Resources Ltd. has uncovered a third polymetallic zone consisting of copper, gold and silver on its 100-per-cent-owned Delta property within the Eastmain greenstone belt, roughly 50 kilometres south-southwest of Goldcorp Inc.'s Eleonore gold prospect.
Eloro's first polymetallic zone at the Summit Gabbre property in the La Grande greenstone belt, located 125 kilometres north of Delta, was previously announced (refer to Eloro's Sept. 12, 2006, news release in Stockwatch). A second zone was identified at Eastmain 1, approximately five kilometres to the north of Delta (refer to Oct. 18, 2006, Eloro news release in Stockwatch). The Eastmain 1 and Delta zones appear to be associated with the same northeast-southwest-trending linear feature extending across both properties. Eloro's wholly owned properties extend along the entire length of the five-kilometre trend.
The company completed an extensive field prospecting, mapping and sampling program of the Delta property during August and September, 2006. The exploratory work outlined a one-kilometre-long volcanogenic massive sulphide (VMS) sequence, complete with chert-magnetite-sulphide-iron formation, altered volcanic agglomerates, cherts, disseminated and semi-massive chalcopyrite-pyrite stringers and veins, and disseminated magnetite-pyrite-chalcopyrite.
GRAB SAMPLE HIGHLIGHTS FROM
THE SULPHIDE PORTION OF THE
VMS AT DELTA
(over 1 per cent Cu)
Sample Cu Au Ag
No. (%) (g/t) (g/t)
87656 2.34 0.04 9.2
87657 6.33 0.22 21.4
87658 2.91 0.67 8.5
87659 8.94 0.45 36.0
87660 9.00 0.51 56.0
95757 5.85 trace 48.0
95758 5.08 trace 49.8
95760 13.04 trace 108.4
293025 1.22 0.04 4.4
293026 1.60 0.03 5.9
293027 1.54 trace 5.1
293101 1.55 0.08 15.0
293104 2.60 0.06 8.7
293116 9.08 0.06 27.0
293117 3.52 0.07 14.0
293151 2.59 0.03 9.3
293152 1.64 0.04 6.4
Following these positive results, Eloro hired GPR Geophysics of Longueil, Que., to immediately initiate an airborne (helicopter) high-resolution magnetic and electromagnetic survey over the sector (including the Eastmain 1 property). The survey, combined with the geology, should outline key priority targets for follow-up drilling. Eloro has also mobilized field crews on site to expose and channel sample, through surface trenching, additional sulphide-bearing outcrops of VMS.
The technical content of this news release has been reviewed by Martin Bourgoin, PGeo, executive vice-president, exploration, of Eloro, and the company's qualified person under the guidelines of National Instrument 43-101.