Eloro Resources and Megastar Development Announce $4 Million Joint Venture Agreement on Megastar's Simkar Gold Project Near Val d'Or, Quebec
TORONTO, ONTARIO, Jun 16, 2009 (Marketwire via COMTEX News Network) --
Eloro Resources Ltd. (TSX VENTURE:ELO)(FRANKFURT 2Q) ("Eloro") and Megastar Development Corp. (TSX VENTURE:MDV)(FRANKFURT:M5Q) ("Megastar") are pleased to announce that they have entered into a Letter of Agreement (the "Agreement") for a $4 million joint venture on Megastar's wholly-owned Simkar Gold Project (the "Project"), located approximately 20 km east of Val-d'Or (Quebec). The Project, a former gold producer, consists of two contiguous mining concessions in Louvicourt Township, covering 225.63 hectare. The Project is not encumbered with any royalties.
The Agreement provides Eloro with the option to earn a 50% undivided interest in the Project by completing $4 million in exploration work on the Project over a 3 year period, whereby $750,000 would be incurred in the first year, $1.25 million in the second year and $2 million in the third year; paying Megastar $350,000 cash over a three year period, and issuing 4.5 million common shares of Eloro to Megastar as follows: (1) 750,000 common shares upon execution of a definitive option agreement (the "Option Agreement") and TSX Venture Exchange approval, (2) 750,000 common shares on the first year anniversary of the Option Agreement, (3) 1.5 million common shares on each the second and third anniversary of the Option Agreement. Eloro would be the project manager and operator. This transaction is subject to the receipt of all required regulatory and board approvals.
Thomas Larsen, President and CEO, Director of Eloro stated, "Eloro's venture into the Malartic/Val-d'Or Mining Camp is a major milestone in the Company's efforts of focusing on quality gold projects in well established gold camps of eastern Canada. The Malartic/Val-d'Or segment of the Cadillac-Larder Lake Break has already yielded in excess of 25 million ounces of gold since the 1920's, and has witnessed a resurgence in activity with the development of Osisko Mining Corporation's 8 million ounce Canadian-Malartic Gold Deposit in Malartic. At the Simkar Gold Project, Eloro and Megastar are of the opinion that a high quality gold resource is present and will be actively exploring in the near term to develop this resource."
Dusan Berka, P. Eng., President and CEO, Director of Megastar added, "As a former gold producer, we are excited about our Simkar Gold Project's future potential and bringing new opportunities to fruition with Eloro via the joint venture. Both companies have agreed to create a joint technical committee to review and approve the exploration programs. As such, both companies will profit from the input of technical experts from both Megastar and Eloro. Megastar is pleased to have Eloro join the exploration and development effort at Simkar. Eloro and Megastar's proposed aggressive exploration programs should help bring quality gold ounces closer to feasibility level in the near term."
The Project is located within the Abitibi Greenstone Belt and hosts a thick sequence of east-west trending, near vertical dipping volcanic flows and pyroclastics of the Malartic Group (the "North Rhyolite") that also includes quartz-feldspar porphyry dykes and sills, closely associated with the lode gold vein mineralization and the, little-investigated to date, Noranda- or Matagami-type volcanogenic massive sulphide (or "VMS") deposits. The higher gold grade, intrusion-centered gold-quartz-tourmaline vein system is similar to the 9 million ounce Sigma-Lamaque Gold Deposit in Val-d'Or and many other gold deposits in the Abitibi Belt. Prior gold production on the Project (1946-1949) came from extensive underground workings along three main zones (A, B and C Zones). More recent exploration outlined three new gold zones (Pillar Zone, F Zone, and Montana Zone) and identified one high potential structure, the East Zone Shear.
The Project has been the subject of two National Instrument ("NI") 43-101 compliant technical reports, one in 2004 and a second in 2008. The first was titled "Technical Report (NI 43-101 F1) on the 2004 drilling Program, Simkar Property (Val-d'Or, Quebec), Louvicourt Township, Province of Quebec, Canada (NTS: 32C04)", by C. Pelletier, B. Sc., P. Geo. (of InnovExplo Inc.), dated December 6, 2004. The 2008 report was titled "Technical Report (NI 43-101) Simkar Property, Val d'Or, Quebec" (the "Report") was prepared by M. Bourgoin, P. Geo., of MRB & Associates, and R. Sandefur, P. Eng., of Chlumsky, Armbrust and Meyer LLC. Both reports are available on SEDAR at www.sedar.com (under Megastar Development Corp).
Following the original discovery, the Project produced 261,590 tons of ore grading 0.123 oz/ton gold for 30,500 ounces of gold from 1947 to 1949. This production was from the A, B and C Zones. Operations were suspended due to increased mining costs at a time of fixed gold prices.
From 1987 to 1993, over $12 million of surface exploration and underground development work was completed on the Project. The exploration work successfully defined significant gold mineralization in the extensions of the previously mined A, B and C 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 on two levels. This underground development work led to the extraction of 71,068 tonnes grading 8.42 g/t gold for approximately 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 totaling 8,000 m in 26 holes; and integrated the former Simkar Gold Mine underground workings into a GEMCOM(TM) GEMS 3-D mine model. This work led to the Report and mineral resource estimates in 2008 which are outlined in the following table to a vertical depth of -200 m:
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SIMKAR GOLD DEPOSIT
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TOTAL INFERRED RESOURCES(i)
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CUT-OFF GRADE TOTAL CONTAINED
(g/t gold) TONNES (g/t gold) GOLD OUNCES
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1.0 1,482,000 3.01 143,160
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2.0 641,050 5.10 105,100
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3.0 347,400 7.32 81,800
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5.0 188,750 10.23 62,100
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(i) Numbers may be rounded for simplicity.
Eloro's plan going forward is to enhance the 3-D mine model with detailed interpretation work in preparation of a drill program to test the down plunge extension of all of the gold structures below the 200 m vertical depth, particularly on the East Zone Shear, where the gold grades are higher than those defined elsewhere on the Project. Eloro is of the opinion that the presence of higher grade tension veins intersected by Megastar in the 2007 surface diamond drilling work (140.0 g/t gold over 0.5 m, 99.8 g/t gold over 0.3 m, 33.9 g/t gold over 1.0 m, and 31.0 g/t gold over 0.5 m) represents strong evidence of the similarities of the Simkar Gold Deposit with the 9 million ounce Sigma-Lamaque Gold Deposit located 20 km to the west.
The information contained in this news release was prepared and revised by Martin Bourgoin, P. Geo., Eloro's Executive VP, and a Qualified Person as defined by National Instrument 43-101.
About Eloro Resources Ltd.
Eloro is a junior exploration company focused on discovering and developing precious and base metal quality resources in the James Bay region of northern Quebec, and base and precious metals in the Timmins Camp of northern Ontario. Eloro currently has eleven 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. also located in James Bay, Quebec. The Timmins area holdings include both the prospective Hurdman Property, and the 30 km2 McArthur Lake Nickel Property under option to Fletcher Nickel Inc.
For all Eloro investor relations needs, investors are asked to visit the Eloro Resources IR Hub at www.agoracom.com/ir/eloro where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to elo@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.
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.
SOURCE: Megastar Development Corp.
Eloro Resources Ltd. Thomas G. Larsen President and CEO (416) 868-9168 (416) 361-1333 (FAX) www.elororesources.com Megastar Development Corp. Dusan Berka, P. Eng. President and CEO (604) 683-6648 (604) 683-1350 (FAX) www.megastardevelopment.com
Copyright (C) 2009 Marketwire. All rights reserved.
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..Explorationskosten für Eloro's Summit-Gaber Property durch LOI mit Kapital-Pool-Company tlws. gesichert.... nun kann es bald weitergehen!
Eloro Options Summit-Gaber Property to Shield Gold
TORONTO, ONTARIO--(Marketwire - Aug. 5, 2009) - ELORO RESOURCES LTD. (TSX VENTURE:ELO) (the "Company" or "Eloro") is pleased to announce that it has entered into a Letter of Intent ("LOI") with Shield Gold Inc. ("Shield"), a capital pool company, granting Shield an option to acquire a 50% interest (the "Option") in Eloro's Summit-Gaber Property (the "Property") in the La Grande Greenstone Belt, northwestern Quebec.
Pursuant to the LOI, the Option will be earned over a 3 year period (the "Transaction") and initially requires a payment of $75,000 by Shield to Eloro and the issuance of 100,000 common shares of Shield to Eloro. Thereafter Shield is required to incur aggregate exploration and development expenditures of $1,500,000 and issue to Eloro a total of 500,000 common shares of Shield over the next three years. The Transaction will serve as Shield's Qualifying Transaction, as defined in Policy 2.4 of the TSX Venture Exchange (the "Exchange") and is subject to the approval of the Exchange.
Information about the Property
The Property is centered on NTS map sheet 33F/09 in the La Grande Greenstone Belt, northwestern Quebec. Eloro wholly owns the 100 contiguous claims (5,109 hectares or 51.09 square kilometers) comprising the Property.
Five mineral occurrences (Summit 1 to 5) were discovered in 1996 by Noranda. These Copper-Silver showings are associated with pyrite-rich bands hosted by mafic volcanics. In 1997 four other mineralized occurrences were discovered. The latter are associated with calcite-hematite veins and pyrite-rich bands. Very high copper and silver assay results were obtained from grab samples. Moreover, three grab samples grading between 1.62 and 35.8 g/t Gold, 0.34 and 15.4 g/t Platinum, 0.19 and 10.5 g/t Palladium and, 768 and 1,500 g/t Silver, were collected on the Cartouche occurrence (Eloro, 2006). Some of the Summit Copper-Silver occurrences are related to volcanogenic massive sulphide ("VMS") mineralization. They are associated with a metric to decametric wide pyrite and pyrrhotite horizon that follows the contact between chloritic and epidotized basalts and dacites. These zones may represent remnants of black smoker chimneys typically found under VMS mounts. Another type of mineralizing event is related to Nickel-Cobalt-Silver found on Summit IV. This mineralization is possibly analogous to silver-rich deposits in the Cobalt Mining Camp. Both VMS and the Cobalt-type models are being proposed as guidelines for future exploration work.
To date, work performed on the Property includes; regional lake-bottom sediment sampling; regional scale (1:50,000) and detailed (1:5,000) mapping over the central portion of the Property; Airborne Electro-magnetic and Magnetic surveys; ground Electromagnetic and Magnetic surveys over 40 line-kilometers; lineament study; followed by lithogeochemical sampling; extensive litho-geochemical and grab sampling (1,725 samples); portable Winkie drilling (± 330m) on the Summit IV and Cartouche Copper-Silver occurrences, and finally, a high resolution Heliborne Magnetic survey which was completed over the entire Property in April 2009.
The Property is at an early stage of exploration as the Summit occurrences are covering only 4km out of 13km of prospective lithologies (for the VMS model) and structures (Cobalt-type model containing Bismuth-Cobalt-Nickel-Silver-Uranium). As a comparative, the entire Cobalt Mining Camp covers approximately 5 square kilometers, which is about one-half the area covered by the Summit-Gaber favorable mineralization corridor. For this reason, a two-phase exploration program is recommended on the Property. During the Phase 1 exploration, an extensive B Horizon soil sampling survey is recommended covering the Property along the extensions of the Summit occurrences. This type of survey was successfully used by Virginia Mines Inc. in the La Grande Greenstone Belt as it helped generate new drilling targets.
Phase 2 will consist mostly of detailed prospecting work (mapping, channel sampling) around the Summit occurrences, and ultimately, the completion of a surface diamond drilling program designed to test all geochemical and geophysical anomalies.
A National Instrument 43-101 compliant Technical Report (the "Report") is currently being prepared for the Property and will summarize the historic work, geology, mineralization, upside potential and final recommendations. The Report is being prepared by J.P Berube, P.Eng of MRB & Associates Geological Consultants, and will be available for review on SEDAR at www.sedar.com.
The technical information contained in this news release was prepared and revised by Martin Bourgoin, P. Geo., Eloro's Executive VP, and a Qualified Person as defined by National Instrument 43-101.
About Eloro Resources Ltd.
Eloro is a junior exploration company focused on discovering and developing precious metal quality resources in eastern Canada. Eloro currently has eleven gold (-copper-silver) properties covering 548 km2 in the La Grande and Eastmain Greenstone Belts, proximal to Goldcorp's Eleonore Gold Project, in Quebec. Eloro also has an option to earn a 50% interest in 31 claims held by Virginia Mines Inc. also located in James Bay. The Timmins area holdings include both the prospective Hurdman Zinc-Silver Property, and the 30 km2 McArthur Lake Nickel Property under option to Fletcher Nickel Inc.
Statements in this news release that are not historical facts are "forward-looking statements", and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking" statements.
FOR FURTHER INFORMATION PLEASE CONTACT:
Eloro Resources Ltd.
Thomas G. Larsen
President and CEO
(416) 868-9168
Eloro Resources Ltd.
Jorge Estepa
Vice-President
(416) 868-9168
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Source: Marketwire Canada (August 5, 2009 - 8:30 AM EDT)
News by QuoteMedia
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Interessanter Wert.
Insider haben in 2006 / 2007 massiv bis 0.60 CAD gekauft.
Jetziger Kurs 0.065 CAD bei einer MK von 3.83 Mio CAD.
Im Juli 09 hat sie jetzt mal kurz bis 0.14 CAD gezuckt... ein Test?
Die Grades der Samples von Eloro's Summit-Gaber Property können sich ja echt sehen lassen: "...three grab samples grading between 1.62 and 35.8 g/t Gold, 0.34 and 15.4 g/t Platinum, 0.19 and 10.5 g/t Palladium and 768 and 1,500 g/t Silver, were collected on the Cartouche occurrence (Eloro, 2006)."
(Quelle: Marketwire Canada (August 5, 2009 - 8:30 AM EDT), News by QuoteMedia)
Habe mich jedenfalls mal eingedeckt..