ELORO RES LTD (WKN: 909833)

Eloro Discovers Two New Mineralized Zones as it Completes Winter Diamond Drilling Program at the Simkar Gold Project; Additional Drilling Planned to Follow Higher Grade Gold Intervals

TORONTO, ONTRAIO--(Marketwire - May 27, 2010) - Eloro Resources Ltd. (TSX VENTURE:ELO)(FRANKFURT:P2Q) ("Eloro" or the "Company") and Megastar Development Corp. (TSX VENTURE:MDV)(FRANKFURT:M5Q) are pleased to announce the discovery of two new mineralized zones and the successful intersection of over 80% of the intended gold-bearing targets. These drilling results further indicate that the gold mineralized structures are continuous over significant distances at the Simkar Gold Project ("Simkar" or the "Property") located in the prolific Abitibi Greenstone Belt, 20 km east of Val-d'Or (Quebec). Simkar consists of two contiguous mining concessions totalling 226 hectares, and is wholly-owned by Megastar, under option to Eloro. Phase 1 of the Simkar drilling program totalled 6,125m in 17 holes. The table below provides highlights of the results obtained from the drilling program – holes SK-10-12 through SD-10-17 were previously issued on March 25, 2010.
DDH # FROM (m) TO (m) CORE LENGTH(m) GOLD GRADE(g/t)
SK-10-01 370.9 371.4 0.5 6.74
378.0 379.2 1.2 3.94
396.0 397.5 1.5 3.47
SK-10-02 162.0 163.5 1.5 3.26
196.5 198.0 1.5 4.11
SK-10-03 120.0 121.5 1.5 1.95
SK-10-04 156.0 158.0 2.0 2.54
192.8 193.9 1.1 3.03
SK-10-05 215.5 216.7 1.2 2.52*
397.5 400.5 3.0 1.85
SK-10-06 213.4 214.2 0.8 4.72
274.1 274.9 0.8 2.38
SK-10-07 219.8 220.4 0.6 4.20
256.6 258.1 1.5 1.39
SK-10-08 132.0 133.5 1.5 1.73
SK-10-09 150.0 150.8 0.8 2.41
267.8 268.3 0.5 13.55*
SK-10-10 144.9 145.3 0.4 1.19
SK-10-11 74.0 75.0 1.0 4.61
156.0 156.5 0.5 41.70*
SK-10-12 313.9 319.8 5.9 9.40
incl. 317.7 319.2 2.1 24.60*
SK-10-13 246.0 249.0 3.0 20.40
incl. 246.0 247.3 1.3 40.30*
SK-10-14 no significant intervals
SK-10-15 no significant intervals
SK-10-16A 194.0 199.0 5.0 3.96
incl. 194.0 195.0 1.0 11.00*
SK-10-17 no significant intervals

Notes -All drill holes are inclined. The From and To lengths are metres drilled down hole and not vertical depths. Lengths tabulated are down hole lengths and not true widths. All gold assays are reported uncut. Quality Assurance and Quality Control ("QA/QC") protocols are outlined below. *Assays from Metallic Sieve Analysis.

The two new mineralized zones were discovered in drill holes SK-10-11 and SK-10-16A. In addition, the drilling successfully intersected 80% of the intended gold-bearing targets at depth and results indicate that the gold mineralized structures are continuous over significant distances both along strike and down-dip. Although not all of the intersected zones yielded higher gold grades, most were well mineralized - containing over 10% sulphides - suggesting that the drilling intercepts were slightly off-plunge of the targeted mineralized chutes. The drilling results to date indicate that the gold mineralized structures are continuous over significant distances, both along strike and down-dip. The presence of higher gold grades is considered to be indicative of local higher grade mineralized chutes.

Thomas Larsen, President and CEO of Eloro stated, "With this drilling program Eloro has met its Year 1 work commitment of C$750,000 required pursuant to the Option Agreement with Megastar. In light of the positive results to date Eloro will aggressively continue exploring Simkar with an additional 10,000 metre drilling program designed to further delineate higher grade gold mineralization discovered in holes SK-10-12 and SK-10-13, follow-up on two new gold zones, in holes SK-10-11 and SK-10-16, and test the down-plunge continuity of higher grade gold to depths below 300 m."

Dusan Berka, President and CEO of Megastar, stated, "The completion of this winter drilling program is another positive step in our efforts to bring the Simkar project back into production. These results reconfirm our optimism about the project's potential. We are particularly excited that Eloro will be following up on these most recent results and will continue exploring Simkar with an aggressive drilling program following up on these new results."

The Simkar mineralization model was generated from a comprehensive 3D compilation and synthesis of historic mine and drill hole data that included the "A", "B", "C", "Montana", "East" and "South" zones from which there is historic gold production. The intersected lithologies in this drill campaign corroborate the 3D geological model developed for the Property to delineate drill targets. The drilling specifically targeted the extensions of the modelled zones, primarily below 200 metres vertical depth, under the historic underground workings along the projections and intersections of gold-bearing, planar shear-zones. The drilling has continued to intersect narrow, higher grade quartz-tourmaline tension veins comparable to those encountered on the Property by Megastar in 2007, and similar to those occurring at the nearby Sigma-Lamaque Deposit in Val-d'Or.

The Simkar Gold Project

The Property hosts a thick sequence of east-west trending, near vertical dipping rhyolites, pyroclastics and quartz-feldspar porphyry dykes and sills closely associated with the lode gold vein mineralization and the Louvicourt-type volcanogenic massive sulphide (or "VMS") mineralization. The higher gold grade vein mineralization is similar to the 9 million ounce Sigma-Lamaque Gold Deposit in Val-d'Or. The historic production of 30,500 ounces of gold (1946-1949) came from extensive underground workings along the A, B and C Zones. From 1987 to 1993, surface exploration and underground development work successfully outlined additional gold mineralization in the immediate extensions of the previously mined zones, as well as defining new gold resources in three new gold bearing structures, the East, F, and Pillar Zones. Subsequently, the existing underground workings were dewatered and new underground development was completed to access the East Zone. This underground development work led to the extraction of 20,000 ounces of gold.

Megastar acquired all rights, titles and interests of the Project in 1996. Since then, Megastar completed ground geophysics; surface diamond drilling, and integrated the former Simkar Gold Mine underground workings into a 3-D mine model. This work led to two National Instrument ("NI") 43-101 compliant technical reports, one in 2004 and a second in 2008 (available on SEDAR at www.sedar.com under Megastar Development Corp). The 2008 technical report outlines Mineral Resource estimates of 1,482,000 tonnes grading 3.01 g/t gold containing 143,160 ounces of gold to vertical depth of -200 m.

Eloro and Megastar are in the first year of an Option and Joint Venture Agreement that provides Eloro with the option to earn a 50% interest in Simkar by completing $4 million in exploration work, paying Megastar $350,000 and issuing 4.5 million shares of Eloro to Megastar over 3 years.

QA/QC Procedures

The Company has implemented QA/QC procedures to ensure best practices in sampling and analysis of the core samples. The NQ drill core is logged and then split in half with one-half sent for assay. Duplicates, standards and blanks are inserted randomly into the sample stream. The samples are delivered, in secure tagged bags, directly to the ALS Laboratory Group facility in Val-d'Or (Quebec) for analysis. Samples with visible gold are analyzed by the Total Metallic Sieve method, whereas the remaining samples undergo more conventional Fire Assays. For the reported intersections, total metallic screen check-assays were completed on the coarse crushed reject for all samples reporting greater than 10 g/t gold from the initial fire assay. Other samples within the intersection are re-submitted for check fire-assay using the original pulps. The final reported gold grade for a sample is either the Total Metallic Sieve assay result or it is the average of the two fire assays.

About Eloro Resources

Eloro is a junior exploration company focused on discovering and developing base and precious metals in both the Val-d'Or and Timmins mining camps of Quebec and northern Ontario, and precious and base metal quality resources in the James Bay region of northern Quebec. In the James Bay (Quebec) region, Eloro has 11 gold-copper-silver properties (1,062 claims) covering 548 km2 in the La Grande and Eastmain Greenstone Belts, proximal to Goldcorp's Eleonore Gold Project. Eloro also has an option to earn a 50% interest in 31 claims held by Virginia Mines Inc. in Timmins (Ontario). The Company holds both the prospective Hurdman Zinc Silver Property, and the 30 km2 McArthur Lake Nickel Property under option to Fletcher Nickel Inc.

About Megastar Development Corp.

Megastar Development Corp. is an emerging resource company engaged in the acquisition, exploration and development of mineral properties in Canada. Megastar owns gold and base metal properties in Quebec and British Columbia, including the Simkar Gold Project in Val d'Or, Quebec for which a NI 43-101 compliant independent Technical Report concludes that the Project is estimated to have a remaining (post-historic mining) Inferred Resources of about 140,000 ounces, based on parameters appropriate for a reasonable underground mining scenario. For further information, investors and shareholders are invited to visit the Company's website at www.megastardevelopment.com or call the office at 604-683-6648.

http://www.ariva.de/...eis_bis_10_000_pro_Feinunze_ansteigen_c3445394

Kernaussage!
„Um unsere Prognose für den Goldpreis nochmals eindeutig zusammenzufassen.  Die derzeit laufende Rally kann sich durchaus noch bis 1.350 $ hinziehen.  Die Luft wird aber dünner!  Anschließend rechnen wir mit einer größeren mittelfristigen Korrektur mit Kursziel ca. 900 $. (Im absoluten Extrem 650 $).    Dieser Korrektur dürfte dann eine stark impulsive bis explosive Rallybewegung folgen, die den Godlpreis in den Bereich von über 5.000 $ katapultieren könnte!“  

http://www.ariva.de/...on_bis_zu_6_74_g_t_vom_Simkar_Projekt_c3445645

Moin,
habe mal eine erste Order zu € 0,75 eingegeben.
Will wohl niemand verkaufen.
Bleibe aber dran!
Viel Glück!  

0,075 ist richtig!  

wieder schlechte Vorgaben aus Kanada -14%.  

... wurde meine oben genannte Order.
Kann ich ja froh sein.
Gruss  

Irgendwann muss doch mal eine Trendwende kommen?!
Werde noch warten mit meinem Einstieg.
@Koch, ... noch da?
Gruss und ein schönes langes We.  

Habe schon einen Teil heute morgen verkauft.  Mit dem Rest bleibe ich dabei. Trotz keiner schlechten Nachrichten geht es immer weiter runter ??? Oder gibt es News die ich nicht kenne ??  

Ich lese schon lange die Kolumnen von Björn Junker bei Ariva.
Schwerpunkt sind Rohstoffe!

Den Empfehlungen die er ausgab, bin ich im vergangenem Jahr zu einem Teil gefolgt und habe dabei echt gutes Geld verdient.

Irgendwann lies das aber nach und ich habe seine Empfehlungen in ein Fake-Depot gestellt, um seine Prognosen wirklich verfolgen zu können.

Gut, dass es nur ein Fake-Depot war, denn 90% seiner Empfehlungen liegen tief im roten Bereich.
Einige Werte haben über 60% verloren. Andere meist im hohen zweistelligen Bereich.
Hätte ich auf seine Empfehlungen hin Puts gekauft, wäre ich wohl sehr reich geworden.

Björn Junker kommt mit immer neuen Empfehlungen, die kräftige Abschläge erleiden mussten.
Meine Empfehlung wäre es, seinen Empfehlungen besser nicht zu folgen.
So sehe ich das jedenfalls und handele konsequent auch so.
In meinem Fake-Depot habe ich rund 60 Werte.
Über 70% davon waren seine Empfehlungen und die
haben alle durch die Bank schwere Kursabschläge hinnehmen müssen.

Es wäre doch einmal an der Zeit, dass sich Herr Junker selbstkritisch mit seinen Empfehlungen auseinandersetzt und dazu einmal Stellung bezieht.
Wer solche Empfehlungen öffentlich abgibt, steht den Lesern auch in einer gewissen Verantwortung,
die auch nicht durch den Waver "...ohne Gewähr!" an Bedeutung verliert.

Gruss  

am Rad!!

Was soll denn die scheiße??

na klar wieder wieder runter. In Kanada tote Hose. Ich hoffe nur, dass bei 0,056 schuss ist.  

 

Bin noch hier und schaue jeden Tag mehrfach rein.
Bin aber noch nicht wieder eingestiegen in Eloro.
Gruss  

Danke für deine Antwort.
Was mich wundert, das seit 2 Tagen kein Kurs in Frankfurt angezeigt wird ?  

400k zu 6 Cent!

das gibt etwas Hoffnung. Die Indikatoren sehen auch ganz gut aus RSI zieht seit den letzten Tagen an, auch die MACD Linie hat gekreuzt.  

im bid zu 0,61

natürlich 0,061!!

Eloro begins phase 2 drilling at Simkar

2010-06-16 08:25 ET - News Release

Also News Release (C-MDV) Megastar Development Corp

Mr. Thomas Larsen reports

ELORO COMMENCES PHASE 2 DRILLING PROGRAM TO TEST NEW DISCOVERIES AT MEGASTAR'S SIMKAR GOLD PROPERTY, VAL-D'OR (QUEBEC)

Eloro Resources Ltd. (TSX VENTURE: ELO)(FRANKFURT: P2Q) ("Eloro" or the "Company") and Megastar Development Corp. (TSX VENTURE: MDV)(FRANKFURT: M5Q) are pleased to announce the commencement of the Phase 2 diamond drilling program at the Simkar Gold Property (the "Property"), hosted in the Abitibi Greenstone Belt, 20 km east of Val-d'Or (Quebec). In light of the positive results from the Phase 1 program, which was completed earlier this spring, Eloro is immediately and aggressively expanding its exploration program at Simkar with a Phase 2 diamond drilling program, totaling 10,000 metres, that will focus on delineating the high-grade intersections encountered in drill holes SK10-12 (9.36 g/t gold over 5.9 metres), SK10-16A (4.61 g/t gold over 4.0 metres), and SK10-13 (20.4 g/t gold over 3.0 metres).

Phase 1 drilling, which consisted of 17 holes comprising 6,125 metres, was completed in March 2010 and specifically targeted the envisaged extensions of known mineralized zones below the underground workings of the former Louvicourt Goldfields Mine, along the projected down-dip continuations and intersections of the planar shear-zones associated with gold mineralization. The Phase 1 Program successfully intersected high-grade, gold bearing quartz-tourmaline tension veins (refer to the Eloro news releases dated March 25, 2010 and May 27, 2010), comparable to those encountered on the Property by Megastar in 2007 and similar to those occurring at the nearby Sigma/Lamaque Mine in Val-d'Or.  

Kauforder ist bereits eingegeben. !!. Bei Megastar ist`s schon passiert .  

14:43:49   0,071 €  
          §100.000
13:03:35 0,07 €
          §50.000
12:34:45 0,068 €
          §50.000
11:56:45 0,071 €
          §250.000
09:02:17 0,067 €
          §40.000  

sind wir wieder im Aufwärtstrend und haben den Abwärtstrend verlassen!!

hat jemand irgend etwas neues gehört. ?????  

hält die 0,050 sonst sehen wir bald 0,040 !!!!!