TORONTO, Jan. 16, 2018 (GLOBE NEWSWIRE) -- Eloro Resources Ltd....

TORONTO, Jan. 16, 2018 (GLOBE NEWSWIRE) -- Eloro Resources Ltd. (ELO.V) (FSE2Q) (“Eloro” or the “Corporation”) is pleased to announce that it has completed 2,261m of reconnaissance diamond drilling in 8 holes at the Rufina Target on the La Victoria Au Property in the North-Central Mineral Belt of Peru. Figure 1 is a plan map showing locations of the drill holes and hole traces. Holes ERU-01, -02, -03, -04 and -09 are on a NE-SW cross section approximately 800m long. Holes ERU-06, -07 and -08 are on a parallel cross section 500m long approximately 100m north of the first section. Significant values are shown in Table 1 below. Highlights include (all core lengths):

• 3.46 g Au/t over 7.4m including 7.31 g Au/t over 3.4m and 2.73 g Au/t over 1.5m in Hole ERU-02
• 2.10 g Au/t over 4.5m including 4.31 g Au/t over 1.6m and 2.73 g Au/t over 1.5m in Hole ERU-04
• 1.86 g Au/t over 3.0m including 4.31g Au/t over 1.0m in Hole ERU-01
• 2.83 g Au/t over 1.0m in Hole ERU-03
• 1.92 g Au/t over 1.40m over 1.4m in Hole ERU-09A
• 0.66 g Au/t over 5.0m including 8.67 g Au/t over 0.4m in Hole ERU-09A
• 0.35 g Au/t over 19.5m in Hole ERU-04

Drill holes ERU-01, -02, -03, -04 and -09 intersected a major gold-bearing low sulphidation epithermal system extending approximately 350m along strike as shown in Figure 2, a geological cross section. This system is characterized by quartz and sulphide veins/veinlets, mineralized hydrothermal breccia and silicification in dioritic rocks that is overprinted by a later more base metal-rich epithermal phase. It is concluded that the initial reconnaissance drilling tested the upper part of an extensive gold-bearing epithermal system. Further drilling at Rufina will be deeper to test for potential high-grade bonanza zones that the model predicts may be from 50 to 300m below.
Tom Larsen, CEO of Eloro commented: “We are now proceeding with deeper drilling on the Rufina zone. The reconnaissance drilling completed thus far is primarily in the hill side hence the deeper part of the system is potentially just below the level of the main access road where there are a number of artisanal workings. We have also retained the services of Rhind, a Peruvian-based consulting firm, to facilitate the permitting for the next phase of drilling on our other major targets including Victoria-Victoria South, Ccori Orcco, San Markito South and San Markito.”
Dr. Bill Pearson, P.Geo. Chief Technical Advisor for Eloro commented: “All of the reconnaissance drill holes intersected wide zones of mineralization and alteration with a significant number of gold intersections in different structures as shown in Figure 2. This initial drilling intersected the upper part of a classic “flower structure” hence further drilling needs to be deeper to test for potential bonanza-style gold mineralization. Dioritic rocks, which are the principal hosts for gold mineralization, were intersected in all but one (ERU-08) of the holes reported. These intrusives are marked by prominent magnetic anomalies. Our recently completed ground magnetic survey which extended coverage in the south part of the property has identified an additional 8 likely prospective intrusives bringing the total to 18 including those already confirmed in our major target areas. As shown in Figure 3, the principal target area covers 6 kilometres by 3 kilometres in a major tectonic block, the Rufina-Victoria Block, in the central-eastern part of the property.
The drill holes at Rufina were selected to provide complete sections across up to 800m strike length of the target zone to test the major NE and NW striking mineralized structures as well as north-south structures identified in surface geological mapping. Geological work shows that there is an extensive multi-phase low sulphidation epithermal gold mineralizing system on the La Victoria property centred around the Puca Fault that extends from Rufina north-eastwards to Victoria-Victoria South, a distance of at least 2.5 kilometres. Gold mineralization occurs in a variety of structural settings both parallel to the northeast trending Puca Fault as well as perpendicular along likely tear faults related to this structure. Mineralization has been identified vertically over 1 kilometre from elevation 3100 metres at Rufina to elevation 4200m at San Markito as well as along strike on different structures for up to 3+ kilometres. (see press release June 13, 2017).
Table 1: Summary of Significant Drilling Results, Rufina Zone Target,
La Victoria Gold Project, as of January 16, 2018

	Column 1	Column 2	Column 3	Column 4	Column 5	Column 6
0	Hole (i)	From(m)	To(m)	Core Length(m) (ii)	Gold(g/t)	Description (iii)
1	ERU-01 [/B]	31.0	34.0	3.0	1.86	Quartz vein & sulphide veinlets
2	incl.	33.0	34.0	1.0	4.31	Quartz vein
3		86.0	91.0	5.0	0.35	Quartz vein & sulphide veinlets; includes 3.0m at 0.20% Cu
4	incl.	86.0	89.0	3.0	0.41
5	[/B]	192.3	193.4	1.1	0.50	Quartz vein, boxworks of aspy and py veinlets, microdiorite dyke; 0.16% Cu
6	ERU-02	69.0	70.4	1.4	1.16	Breccia with quartz clasts, aspy & py veinlets
7		162.1	163.6	1.5	2.73	Microdiorite dyke with veinlets & disseminated py & aspy
8	incl.	162.8	163.6	0.8	5.05
9	[/B]	173.6	177.5	3.9	0.57	Microdiorite dyke with py & aspy veinlets & disseminations & quartz vein; includes 2.1m at 0.17% Cu
10	incl.	175.4	177.5	2.1	1.06
11	[/B]	207.0	214.4	7.4	3.46	Quartz veins & veinlets, & diss. py & aspy, tectonic breccia
12		207.0	210.4	3.4	7.31	Quartz veins & veinlets, with patches & diss. py & aspy; includes 0.15% Cu
13		219.0	220.0	1.0	0.58	Sulphide veinlets
14	ERU-03	9.0	10.5	1.5	0.43	Breccia with propylitized microdiorite clasts.
15		92.5	93.5	1.0	2.82	Quartz veinlets with py & aspy veins &veinlets
16		245.1	245.8	0.7	1.03	Breccia with quartz, aspy-py-gn veinlets & late calcite veinlets
17		316.7	317.0	0.3	1.89	Breccia with quartz-py-aspy-massive po veins
18	ERU-04	61.6	81.05	19.5	0.35	Microdiorite with sulphide veins & veinlets
19		68.2	70.3	2.1	0.91	Microdiorite/sulphide veinlets
20		74.7	78.1	3.4	0.68	Sulphide veins & hydrothermal breccia; 0.26% Cu
21		145.6	150.1	4.5	2.10	Moderate to strong stockwork& massive sulfides; 0.16% Cu
22	incl.	146.5	148.1	1.6	4.31	Massive sulphides, breccia; 0.30% Cu
23		148.1	152.6	4.5	0.55	Tectonic breccia, sulphide vein in argillized diorite
24	ERU-05	142.0	143.0	1.0	0.36	Quartz and ca veinlets, disseminated py, aspy, po
25		148.5	149	0.5	0.32	Py veinlets & iron oxides in fractures, chlorite & calcite
26	ERU-06					Planned deeper hole – not yet drilled
27	ERU-07					Assays pending
28	ERU-08	90.2	91.2	1.0	0.59	Microdiorite with disseminated py & po. Fault 10 cm, clay
29		116.3	117.3	1.0	0.76	Breccia and clay, py/ca veinlets., py/po in fractures; 0.12% Cu
30		134.4	135.4	1.0	0.32	Aspy, spec, po, chlorite and quartz veinlets
31		202.5	202.9	0.4	1.54	Breccia, massive aspy/po/py/specularite
32	ERU-09A(iv)	149.8	154.8	5.0	0.66	Py/aspy/po/quartz vein, fractures with iron oxides & phreatic breccia
33	incl.	149.8	150.2	0.4	8.67	Py/aspy/po/quartz vein, iron oxides and clay in fractures; high grade of 1% Cu.
34		159.8	160.8	1.0	0.54	Disseminated po/py/sericite & py/aspy, po & calcite veinlets
35		171.0	171.4	0.4	2.89	Massive py/aspy/po/quartz, breccias with iron oxides;0.14% Cu
36		208.8	210.2	1.4	1.92	Breccia & massive sulphide veins
37	incl.	208.8	209.8	1.0	2.06	Breccias & massive py/aspy/po veins
38	incl.	209.8	210.2	0.4	1.59	Massive py/aspy/po cut by quartz veins
39		220.3	221.8	1.5	0.31	Weakly argillized diorite with diss. py/po & calcite veinlets
40		241.3	242.6	1.3	0.78	Disseminated.py/po & calcite veinlets, massive sulphides and breccia; 0.13% Cu
41	incl.	242.2	242.6	0.4	1.10	Breccia and massive py/po & aspy veins

	Column 1	Column 2
0	Notes:	(i) Diamond drill core for all holes is NTW size = 56.23mm
1		(ii) True width is equal to approximately 70%-75% of core length
2		(iii) Abbreviations: py=pyrite, aspy=arsenopyrite, po=pyrrhotite, gn=galena
3		(iv) Hole ERU-09 was stopped at 62.5m and re-drilled near the same collar as ERU-09A

Table 2: Collar coordinates and dip/azimuth of the drill holes of January 2, 2018

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