Eloro Resources

V.ELO, Eloro Resources, Peru, gold, Tom LarsenEloro Resources (V.ELO | Frankfurt P2Q) is an exploration and mine development company that holds a 90% interest in the 89.3 km2 La Victoria Gold/Silver Project in Peru’s North-Central Mineral Belt. The La Victoria Project has excellent infrastructure with easy road access, abundant water and an industrial power corridor some 4.3 km from the site.

For more information see Eloro’s website here

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Mineralogy Studies Show Free Gold, Free Silver, Sulphide Gold and Silver, and Alloy Gold and Silver at the La Victoria Gold Silver Project, Ancash, Peru

Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“ELO” or the “Corporation”) is pleased to announce results of detailed mineral determination studies from representative rock samples collected from three mineralized sectors at the La Victoria Gold/Silver Project. The studies confirm free gold, free silver, sulphide gold and silver, and alloy gold and silver occur in a complex suite of sulphide mineralization at La Victoria, as suggested from drill data (see Press Release March 10, 2019).

A total of eighteen samples from Rufina, San Markito and Victoria sectors were studied using a variety of methods including; Polarizing and Scanning Electron Microscopy, Electron Microprobe analysis, X-ray Diffraction, Synchrotron X-ray Fluorescence (SXRF) and SXR Absorption Near Edge Structure.The samples were sent to the Department of Earth Sciences at Western University, London, Ontario, Canada. Studies were overseen by Department Director Dr. Neil Banerjee, and included in a Master’s Thesis by Ms. Kelsey Rozon.

As Ms. Rozon notes (2018, p83), “La Victoria also has some common minerals with nearby high-sulphidation epithermal deposits found at La Arena, Lagunas Norte, and Shahuindo including: arsenopyrite, chalcopyrite, covellite, enargite, pyrite and silica with alunite-dickite. Additional minerals that La Victoria has in common with nearby gold-bearing deposits include galena, jarosite, pyrophyllite, scorodite, sericite, sphalerite, and tetrahedrite.”

Rozon (2018, pp78-81) notes the positions of the samples used in these studies relative to an overprinting of a porphyry copper intrusion marked by the intensity and style of mineralization and alteration. Most of the data comes from the Rufina sector, for which a porphyry copper intrusive is evidenced in the core logs with pyrite and chalcopyrite and sporadic covellite. Rozon notes four separate positions to which the samples belong, including “marginal to a copper porphyry but below the lithocap [at both shallow and deep crustal levels]”; “upper portion of a porphyry copper core zone at a shallow crustal level”; and “upper portion of a porphyry copper deposit.”

Based on these insights, Eloro  is going to return to the core storage unit to study the diamond drill core for the types of alteration noted in Rozon (2018) in the context of the mapping works completed by Dr. Osvaldo Arce in 2016 (see News Release October 19, 2016).

Study Results

The Rufina sector samples showed sulphide veins to overprint at least two episodes of quartz veining in a source rock of quartz monzonite. Microscopic gold occurred with the sulphide veins near arsenopyrite and chalcopyrite (Rozon, 2019, p39). Electron microprobe testing revealed a variety of minerals, including electrum (a mix of gold and silver) found in scorodite (a hydrous iron arsenate from the oxidation of arsenopyrite). X-Ray Fluorescence (SXRF) analysis showed the presence of gold with common base metals and common crustal metals. The gold is dispersed in both arsenopyrite and scorodite.

The San Markito samples were selected and analysed to compare different intrusive phases. Granites and related intrusives were seen with phyllic alteration and advanced argillic alteration in quartz veins with small sulphide veins appearing as a cross-cutting stage. The electron microprobe revealed roughly the same suite of minerals as the Rufina samples, but that silver was in the mineral argentite, which was present as individual grains and within the nearby minerals scorodite and arsenopyrite.  Enargite, a classic indicator mineral for epithermal gold mineralization, was also noted in the samples.

The Victoria sector samples included four with quartz veins, two with sulphide veins, and two granite/monzogranite samples. Veins were seen with phyllic and advanced argillic alteration, indicating potential copper porphyry synergies. Gold was found in the sulphide veins, granular in character, and associated with arsenopyrite and chalcopyrite. The electron microprobe revealed a wide suite of gold and silver bearing minerals including; native gold, argentite, acanthite, argentojarosite, titanite, and tetrahedrite. Free gold is present within arsenopyrite and associated in proximity to other minor minerals. Rozon notes (2018, p52) that “the free gold is granular and microscopic, while the electrum is granular, fibrous, and microscopic”. An analysis of the gold/silver rations in electrum gave values of between 2 gold: 1 silver to 16 gold: 1 silver. The analysis notes the presence of maldonite, an alloy of gold and bismuth analogous to electrum, the alloy of gold and silver. The SXRF data confirmed that gold is associated with arsenopyrite and scorodite as in other samples.

The Synchrotron X-Ray Near-Edge Absorption study was completed on several samples where free gold had been identified in other tests in order to show the valence state of gold. If the gold has zero valence, it is native gold. Samples showed this to be conclusively the case at the Rufina and Victoria South Sectors; San Markito was not tested.

These studies demonstrate the occurrence of free gold and free silver in addition to sulphide hosted gold and silver as well as lesser amounts of alloyed gold and silver in mineralization at La Victoria.

Eloro CEO Mr. Tom Larsen noted, “These studies clearly reveal the variety of gold and silver at La Victoria and where it is located, including evidence for a copper porphyry. It is especially exciting to see free gold and free silver at La Victoria as well as the alloys with very high gold to silver contents. We are now going to take several specific high-gold and high-silver samples and complete grind size and liberation testing. Now that we know how the gold and silver occur in these samples, we can look at optimizing a recovery process.”

Eloro SVP Mining Mr. Jim Steel MBA P.Geo., said, “Other than minor occurrences of electrum and maldonite gold and silver do not occur in solid solution. We are cautiously optimistic that the pitted and fractured nature of the arsenopyrite and scorodite will allow the gold to be liberated at a coarse grind.”

Also, Dr. Bill Pearson, P.Geo. has stepped down from the position of President of Eloro Resources Ltd. The Corporation thanks Dr. Pearson and wishes him well.

Qualified Person

Jim Steel MBA P.Geo., a Qualified Person in the context of National Instrument 43-101, has read and approved the technical content of this News Release.

Cited Reference

Rozon, K. 2018. Geochemical Analysis of a Low-Sulphidation Epithermal Deposit on the La Victoria Property in the Ancash Department of the Republic of Peru. Unpublished Master’s Thesis, The Department of Earth Sciences, University of Western Ontario, London, Ontario, pp39-83.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Peru and Quebec. Eloro owns an 82% interest (EHR Resources Ltd 18%) 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, with largely the same mineralogy in similar stratigraphy. The Property consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. The Property has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.

For further information please contact Jorge Estepa, Vice-President of Eloro Resources Ltd. at (416) 868-9168.

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 forward-looking statements 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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Eloro Resources Intersects 0.62 g/t Gold over 59.9m in Reanalysis of 2017-2018 La Victoria Drilling Results

Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro” or the “Company”) is pleased to announce drill results from the La Victoria Project diamond drill program that arise from a detailed in-house scientific analysis of the La Victoria Gold/Silver Project (“La Victoria”), upon which a two-phase diamond drilling project was recently completed.  The reanalysis was done as part of an internal QA/QC audit from 4,216m in 12 diamond drill holes. The audit is being done by Jim Steel, MBA, P.Geo., who is assuming the role of Eloro Senior VP Mining and Qualified Person (“QP”) for continued works on the La Victoria project and Mr. Alex Horvath, P.Eng., a QP in resource modelling and development who will assume the role of Chief Technical Advisor while continuing to serve as a Director for Eloro.

The Company believes that the results herein described are sufficiently compelling so as to consider additional exploration on the La Victoria project. To that end, the Company is proceeding with an internal resource modelling exercise of the reinterpreted data.

Results of Data Reanalysis

The highest grade sample taken from the La Victoria project assayed 63.8 g/t gold, 57.7 g/t silver, and 0.77% copper, with >1% arsenic (see News Release August 12, 2015). Hand samples showed a preponderance of arsenopyrite, which could be the source of the gold. A complete statistical analysis was done on the drill results and a stronger correlation was found between gold and arsenic than was found between gold and silver. No correlation was found between gold and iron or sulphur, which suggests pyrite is not mineralized with gold.

Plotting anomalous arsenopyrite ranges in the drill hole assay data shows that there are at least three principal mineralized bands at the Rufina West target that correlate between drill holes, having been confirmed by holes in both east and west directions. Data suggests a subvertical orientation to the zones, similar to the structural orientation of mineralized fractures seen in surface mapping and sampling on the Rufina West sector (see News Release April 4, 2018). Mineralization is dominantly found in hydrothermal breccias at La Victoria, as in the nearby Shahuindo Gold Deposit, owned by Pan American Silver Corp., where a similar arsenic/gold relationship defines part of the suite of mineralization.

Strongly anomalous arsenopyrite values correlate with enhanced gold values over a 109m vertical range, from approximately 3136m to approximately 3245m in the drill results. This is the same elevation range as the surface samples collected in 2015 and 2016 from the Rufina West mapping and sampling programs. Integration of these data suggest that this range is the primary mineralized zone (“boiling zone”), characteristic of epithermal gold deposits and targeted in the drill program.

The following tables of intersections are based on defined ranges of arsenopyrite content and show the elevations of each intersection, in bold if found within the target zone of 3136m to 3245m. The lower grade intersections further demonstrate the strong arsenopyrite-gold association and provide important data for vectoring into high grade zones. Data concerning drill holes are found in the original news releases, referenced in the tables.

Hole NoAu (g/t)From (m)To (m)Interval (m)Elevations (m)Originally Reported
ERU-010.5422.536.013.53312m-3321mNews Release 16 Jan 2018
ERU-010.3585.091.06.03197m-3201mNews Release 16 Jan 2018
ERU-020.1465.670.44.83284m-3287mNews Release 16 Jan 2018
ERU-020.62162.1222.059.93167m-3213mNews Release 16 Jan 2018

The 59.9m intersection in hole ERU-02 contains two adjacent high-arsenopyrite intervals.

Hole NoAu (g/t)From (m)To (m)Interval (m)Elevations (m)Originally Reported
ERU-030.6861.683.321.83235m-3250mNews Release 16 Jan 2018
ERU-030.5189.595.56.03264m-3269mNews Release 16 Jan 2018
ERU-041.60145.6152.67.03182m-3187mNews Release 16 Jan 2018
ERU-05Note 1 

ERU-03 was drilled to the east into an area with no knowledge of surface mineralization. It tested a geophysical anomaly which was explained by the same arsenopyrite/gold relationship within the same elevation range as seen in the western drill holes.

Note 1: ERU-05 was a short exploration hole drilled to test the same geophysical conductor as were ERU-01 and ERU-02. The only intersection was 0.25 g/t over 2.0m from 141.0m to 143.0m downhole.

Hole NoAu (g/t)From (m)To (m)Interval (m)Elevations (m)Originally Reported
ERU-060.16253.0256.74.03046m-3048mNews Release 6 Jun 2018
ERU-070.342.05.73.73362m-3364mNews Release 6 Jun 2018
ERU-070.2151.259.78.53320m-3326mNews Release 6 Jun 2018
ERU-070.2986.789.42.73298m-3299mNews Release 6 Jun 2018
ERU-070.35135.7140.75.03258m-3261mNews Release 6 Jun 2018
ERU-070.24235.2239.74.53182m-3185mNews Release 6 Jun 2018
ERU-070.40270.7275.76.03155m-3158mNews Release 6 Jun 2018

ERU-06 was drilled across the main body of Rufina surface mineralization and collared within the target stratigraphy. The interval noted corresponds vertically to a surface sample of 46.4 g/t gold over 0.3m taken in 2011 and a surface value of 20.4 g/t gold over 0.4m taken in 2010. Other than this interval there were several point values of elevated arsenopyrite with gold above 0.5 g/t.

ERU-07 and ERU-08 were reconnaissance exploration holes, drilled significantly stratigraphically higher than the other holes and directed into interbedded sediments and intrusives. The arsenopyrite/gold relationship was seen in several intersections in ERU-07 and with ERU-08 showing point values of gold above 0.2 g/t with higher calculated arsenopyrite values.

Hole NoAu (g/t)From (m)To (m)Interval (m)Elevations (m)Originally Reported
ERU-09A0.33149.8160.811.03171m-3179mNews Release 6 Jun 2018
ERU-09A0.41171.0173.82.83161m-3163mNews Release 6 Jun 2018
ERU-09A0.70208.8211.85.03132m-3133mNews Release 6 Jun 2018
ERU-09A0.34241.3244.33.03107m-3109mNews Release 6 Jun 2018
ERU-100.5399.0110.011.03188m-3195mNews Release 18 Aug 2018
ERU-100.33336.0339.03.03012m-3014mNews Release 18 Aug 2018
ERU-100.31366.0369.33.02989m-2992mNews Release 18 Aug 2018
ERU-110.5173.389.616.33150m-3160mNews Release 18 Aug 2018
ERU-120.31154.9161.76.83073m-3075mNews Release 18 Aug 2018

Eloro CEO Mr. Tom Larsen said, “It is very encouraging to see that the drill results show a continuous block of mineralization with gold values that may stand up to a block modelling exercise. Our reconnaissance drilling showed conclusively that there is a lot of potential at the La Victoria Gold/Silver Project. We are now going to step back and evaluate next steps while preparing for the San Markito target drill program.”

Eloro’s SVP Mining, Mr. Jim Steel, added, “We now know that one of the styles of gold mineralization is with arsenopyrite in discrete veins and that the greatest concentrations of gold are in three separate areas at Rufina. We will now go back through the sample database and select several representative gold-bearing units for initial metallurgical assessment, not just at Rufina but at all mineralized sectors that show high gold values.”

Qualified Person

Jim Steel, MBA, P.Geo., a Qualified Person in the context of National Instrument 43-101, has read and approved the technical content of this News Release.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Peru and Quebec. Eloro 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 Corp.’s La Arena Gold Mine and Shahuindo Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. The property has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.

For further information please contact Thomas Larsen, Chairman and CEO of Eloro Resources Ltd. or Jorge Estepa, Vice-President of Eloro Resources Ltd. at (416) 868-9168.

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 forward-looking statements 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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Eloro Resources Ltd. Wins Business of the Year Award from the Peruvian-Canadian Chamber of Commerce

Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro” or the “Corporation”) is pleased to announce that the Corporation has won the ‘Business of the Year’ award from the Peruvian-Canadian Chamber of Commerce (”PCCC”).

The Business of the Year award is given to ”‘the Canadian or Peruvian organization that has shown great commitment to the development of Peruvian/Canadian relationships and a high degree of success in the areas of Management and Social Responsibility.”

Eloro was chosen to receive the award with unanimous agreement of the PCCC selection committee, recognizing “Eloro Resources Ltd. as the “Business of the Year” for their commitment to Peru’s economic development through a long-term presence with mining exploration and engaging in social responsible activities.

As winner of the Business of the Year award, Eloro Resources Ltd. joins the Consulate of Peru in Toronto, winner of the Government Institution of the Year award, and Mrs. Patricia Fortier, winner of the Special Recognition award.

Eloro CEO Tom Larsen said, “We are delighted to accept the Business of the Year award from the Peruvian-Canadian Chamber of Commerce on behalf of our shareholders; our employees and colleagues in Lima and especially the communities of Huandoval, Puno, Huacaschuque, and Pallasca, where our Peruvian subsidiary Cia Minera Eloro Peru SAC has been working since 2016. The Peruvian-Canadian Chamber of Commerce is the pre-eminent organization that works in the development of better and stronger commercial, social, and cultural ties between Canada and Peru, and Eloro is delighted to support them in their valuable works.”

Eloro President Bill Pearson, PhD, P.Geo. noted, “Working with our neighbours in the Pallasca District is the right thing to do, and we will continue with these efforts. We look forward to being a part of the 2020 Presupuesto Participativo regional budgeting process in the Cabana-Pallasca region in June, 2019 so that our goals are completely aligned with that of the communities in which we are living and working.”

The Business of the Year award will be presented to Dr. Bill Pearson, P.Geo., President of Eloro Resources Ltd., at the Peruvian-Canadian Chamber of Commerce Awards Ceremony, to be held on February 28, 2019, in Toronto, Canada.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Peru and Quebec. Eloro owns a 90% 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 Tahoe’s La Arena Gold Mine. The Property consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. The Property has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.

For further information please contact Jorge Estepa, Vice-President of Eloro Resources Ltd. at (416) 868-9168.

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 forward-looking statements 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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Eloro Resources Announces Director Appointment, Changes and Additions to Management, and Stock Option Grant

Eloro Resources Ltd. (TSX-V:ELO) (FSE:P2Q) (“Eloro” or the “Corporation”) is pleased to announce that the Corporation has appointed Philip Garratt, GAICD, as a member of Eloro’s Board of Directors, William (Bill) Pearson, Ph.D., P. Geo. as Eloro’s President and Charles L. Fyfe A. as General Manager of Compañia Minera Eloro Peru S.A.C., the Corporation’s wholly-owned Peruvian subsidiary.

Mr. Garratt brings more than thirty years of senior management experience in a range of industries, including oil exploration, development and distribution, mineral resource exploration and telecommunications. Mr. Garratt has built, owned and operated a telecom business in Venezuela during the 1990’s and from 2006 until 2012 he was Chief Executive of a mining exploration and production company in the United States. Additionally, from 2003 until 2016 Mr. Garratt was a non-executive director of several oil and gas production and distribution companies in Australia. He has been actively involved in business as an investor or advisor in North and South America, Australia, Canada and Sweden and he offers skills with a particular focus on business development and corporate governance. Mr. Garratt is a graduate member of the Australian Institute of Company Directors and is a Canadian citizen.

“We are delighted to welcome Philip to our Board,” said Eloro Chairman and C.E.O. Mr. Tom Larsen, “Philip 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 the La Victoria Gold Project in Peru.”

Newly appointed as President of Eloro, Dr. Pearson is a Professional geologist with over 44 years of experience in the national and international mining industry in all phases from grassroots exploration through to advanced projects and mine development. He has carried out exploration and development programs in 18 countries in North and South America, Europe, East Asia and Australia and has been on the Board of several public junior mining companies. From 2010 to 2015 he was the President and CEO of Coastal Gold Corp. and negotiated the sale of the company to First Mining Finance. Previously, from 2002 to 2006, he was the Vice President, Exploration for Desert Sun Mining Corp.(“Desert Sun”), which was acquired by Yamana Gold Inc. in a share transaction valued at approximately C$735 million. While at Desert Sun in Jacobina in Brazil his team discovered a major extension south of the Canavieras Mine that is now a core part of the mine operations there.  From 2008 to 2010 he was Executive Vice President, Exploration for Central Sun Mining Inc. (now part of B2Gold Corp.) in Nicaragua working on the Libertad and Limon Mines where he recognized the potential of the extensive epithermal gold systems there.  Since 2016 he has been Chief Technical Advisor for Eloro in Peru and to Cartier Iron Corporation in Newfoundland.  He is the founding President of the Association of Professional Geoscientists of Ontario (APGO) and in 2015 he received the PDAC Distinguished Service Award for his service to Canada’s Mineral and Exploration Industry.

Changes to Eloro’s in-country operations in Peru include the appointment of Charles L. Fyfe A. as General Manager of Compañia Minera Eloro Peru S.A.C. (“Eloro Peru”), the Corporation’s wholly-owned Peruvian subsidiary and the retaining of GEMIN Associates (a member of Grupo Kkoya), a Peruvian-based resource consultancy which will provide comprehensive and multidisciplinary support services to Eloro Peru. Mr. Fyfe was appointed as Eloro’s Senior Business Advisor and member of the Advisory Board in September 2017 (see press release dated September 5, 2017). Mr. Fyfe’s extensive business and resource management experience combined with the support of Grupo Kkoya will ensure that Eloro Peru’s growth will proceed in a most efficient and professional manner.

Commenting on the appointments, Thomas Larsen stated, “We have appreciated the valuable contributions Dr. Pearson has made in his capacity as Chief Technical Advisor and we greatly welcome his appointment as President of Eloro. Bill’s outstanding track record in developing and advancing exploration projects is clearly a benefit for Eloro and its shareholders. Combined with the additions to the management and administration of Eloro Peru, Bill’s guidance of the ongoing exploration program at Eloro’s La Victoria Gold Property is something we look forward to benefitting from, with drilling recently recommencing at the Rufina target.”

In connection with the appointments, the Corporation also announces the grant of stock options to a director, an officer, a consultant and an employee to purchase 350,000 common shares of Eloro, exercisable at $0.70 per share at any time on or before June 12, 2023. The grant is subject to TSX Venture Exchange acceptance and was made in accordance with and subject to the terms of Eloro’s stock option plan. In accordance with securities regulatory requirements, any shares issued pursuant to the exercise of such options will be subject to a resale restriction for a period of four months from the date of the grant.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Peru and Quebec. Eloro owns a 90% 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 Tahoe’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. The property has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.

For further information please contact Thomas G. Larsen, Chairman and C.E.O. of Eloro Resources Ltd., or Jorge Estepa, Vice-President of Eloro Resources Ltd. at (416) 868-9168.

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 forward-looking statements 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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Eloro Resources and EHR Resources Announce Commencement of the Next Stage of Exploration at the La Victoria Gold Project, Peru

Eloro Resources Ltd. (TSX-V:ELO) (FSE:P2Q) (“Eloro” or the “Corporation”) is pleased to announce the initiation of the next stage of exploration, including exploratory drilling at the La Victoria Gold Property (“La Victoria”) in the North-Central Mineral Belt of Peru.  EHR Resources Limited (“EHR”), which currently holds a 10% interest through its Peruvian subsidiary and is earning up to a 25% interest in La Victoria, has notified Eloro that it is proceeding with the Stage 2 Earn-in period described further below. Eloro’s Peruvian subsidiary currently owns a 90% interest in La Victoria.

In order to better align the required budgeting and near to mid-term exploratory drilling campaigns with the status of various permitting requirements, by mutual agreement Eloro and EHR have agreed to divide the Stage 2 of the Earn- in phase into two components, namely Stage 2A and Stage 2B. Subject to a potential adjustment described in the next paragraph, with the completion of Stage 2B EHR will have increased its interest in La Victoria by another 15% by expending an additional $3 million in exploration at the project.

As per the terms of the agreement, EHR has agreed to purchase an additional 8% interest in Stage 2A by incurring exploration expenses of $1.6 million on or before June 30, 2018, subject to extension if modification permits are delayed. Following the completion of Stage 2A, EHR would have ten business days to notify Eloro that it intends to exercise the option set forth in the Stage 2B Earn-in phase, whereby EHR would earn a further 7% interest by expending an additional $1.4 million on or before December 31, 2018, subject to extension if modification permits are delayed.

At the end of either the Stage 2A Purchase Period or the Stage 2B Earn-in Period, a joint venture would be formed between Eloro and EHR on the basis of their respective interests in La Victoria on the typical terms for a joint venture, with Eloro being the operator.

Eloro is hosting the public between March 4 to 7, 2018 at Booth No. 2326 of the PDAC International Convention, Trade Show & Investors Exchange, located in Exhibit Halls F & G of the South Building, Metro Toronto Convention Centre, Toronto, Canada.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Peru and Quebec. Eloro owns a 90% 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 Tahoe’s La Arena Gold Mine. The Property consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. The Property has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.

For further information please contact Jorge Estepa, Vice-President of Eloro Resources Ltd. at (416) 868-9168.

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 forward-looking statements 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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Eloro Resources Receives Drilling Permit for the La Victoria Gold/Silver Project Drill Program

Eloro Resources Ltd. (TSX-V:ELO) (FSE:P2Q) (“Eloro” or the “Corporation”) is pleased to announce that Compania Minera Eloro Peru S.A.C., Eloro’s wholly-owned Peruvian subsidiary, has received its ‘Permiso para Inicio de las Actividades de Exploracion’ (“Drilling Permit”) that authorizes the drilling of up to 10 sites within the Rufina zone of the La Victoria Gold/Silver Project, Pallasca Province, Ancash Department, Peru (the “Property”).

The Drilling Permit is the final requirement to obtain the water permit. The ANA (Peru Water Authority) has already carried out its Property inspection and is now reviewing Eloro’s application. In the meantime, field crews are now proceeding with preparation of the approved drill sites and carrying out improvements to the existing public trail system.

“We are delighted to be on the verge of drilling the La Victoria Gold/Silver Project’s Rufina zone”, said CEO Thomas G. Larsen, “This zone has never been drill-tested even though significant gold mineralization outcrops at surface.  Our fall 2016 IP/Res survey identified a large spatially-correlated chargeability and resistivity area beneath the Rufina zone which also will be tested.”

Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Eloro commented: “Recent geological work indicates that the mineralized target zone in Victoria-Victoria South which is up to 200 metres wide extends south for at least 2 kilometres along strike and likely connects with the Rufina zone.  This is part of an extensive multi-phase epithermal gold-silver mineralizing system on the La Victoria property centred around the Puca Fault and environs (see press release August 8, 2017).  We plan to carry out an aggressive drill program at Rufina while at the same time proceeding with drill permit applications for the other major target areas.”

The Rufina zone is located within the district of Huandoval where Eloro has good social support. District authorities are also favourable to economic development in partnership with the mineral exploration industry.  Eloro currently has 14 Huandoval employees working for the IP/Res survey operating within the new Victoria-Victoria South discovery area.

With the award of an option to earn 25% of the Property to EHR Resources Ltd (ASX:EHX) through its Peruvian subsidiary EHR del Peru S.A.C., Eloro is fully financed to carry out the drilling at Rufina.  A contract has been signed with Energold Drilling Peru S.A.C., for up to 5000 metres of NTW diamond drilling. The portable drill rig employed by Energold can be readily moved by existing public trails and requires only minimal drill pad preparation.”

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Peru and Quebec. Eloro owns a 100% 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 Tahoe’s La Arena Gold Mine. The Property consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. The Property has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.

For further information please contact Jorge Estepa, Vice-President of Eloro Resources Ltd. at (416) 868-9168.

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 forward-looking statements 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, CSE nor its Regulation Services Provider (as that term is defined in the policies of the TSXV or CSE) accepts responsibility for the adequacy or accuracy of this release.

Dr. Bill Pearson, P.Geo., a Qualified Person in the context of NI 43-101 has reviewed and approved the technical content of this news release.

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Mr. Charles Luis Fyfe Alvarado Appointed to Eloro Resources Ltd. Advisory Board

Toronto, Canada, September 5, 2017 – Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q; “Eloro” or the “Company”) is pleased to announce that Mr. Charles L. Fyfe A. (“Charles Fyfe”) has joined the Advisory Board of Eloro Resources Ltd. as Senior Business Advisor.

Charles is an Anglo-Peruvian, holding both British and Peruvian citizenship, and is a well-regarded financial and business consultant. Over the past 25 years, he has worked extensively in mergers, acquisitions, divestitures, corporate finance, brokerage, and financial restructuring for major Peruvian mining companies as well as the Peruvian subsidiaries of European banks. He was also Director of the Lima Stock Exchange.

Charles is currently the Deputy General Manager of Sierra Antapite SAC, owner of the Antapite Mine, a 1000 tonne per day low-sulphidation epithermal gold and silver deposit, with similarities to Eloro’s 100% owned La Victoria Gold/Silver Project. He is a Director of GEMIN Associates, an integrated mining engineering/mine development consultancy, and works with Mr. Graham Speirs, P.Eng., a production-focused mining engineer also on the Eloro Advisory Board. Charles also holds a senior management role with Denarius Mining SAC, the Peruvian distributor of mining equipment, and Denarius SAC, a financial and corporate consulting firm.

“We are delighted to have Charles Fyfe on the Eloro Advisory Board”, said CEO Thomas G. Larsen, “as he adds an incredible depth of Peruvian and International business acumen that will greatly benefit the ongoing development of the La Victoria Gold/Silver Project”.

Charles Fyfe said, “I am happy to be on the Eloro Resources Ltd. Advisory Board, and am looking forward to working with the company in their Peruvian endeavours going forward.”

Charles joins Chief Technical Advisor William N. (Bill) Pearson, Ph.D. P.Geo; Technical Advisor Graham Spiers, P.Eng.; Consulting Geophysicist Chris Hale, Ph.D., P.Geo.; Consulting Geoscientist Osvaldo Arce B., Ph.D.; and Senior Corporate Advisor James Steel MBA P.Geo. on the Eloro Advisory Board.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company which recently acquired a 100% undivided interest in the La Victoria Gold/Silver Project, located in the prolific North-Central Mineral Belt of Peru. The La Victoria Gold/Silver Project covers 89.3 square kilometres and is within 50 km of several large, low-cost producing gold mines, with three producers visible from the property. Infrastructure in the area is good with access to road, water, and electricity and is located at an altitude that ranges from 3,100m to 4,200m above sea level. Eloro also holds a portfolio of gold and base-metal properties in northern and western Quebec.

 For further information, please contact Thomas Larsen, President and CEO or Jorge Estepa, Vice-President of Eloro Resources Ltd at (416) 868-9168.

 

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this new release, the Corporation’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events of results and are believed to be reasonable based on information currently available to the Corporation. There can be no assurance that forward-looking statements 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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