Archive for the ‘Elray Resources Inc. ELRA’ Category

Elray Resources, Inc. (ELRA.OB) Ecuador Property Report Confirms 15 Important Veins

Wednesday, April 7th, 2010

Elray Resources Inc. is a junior exploration and development company which has successfully accumulated a portfolio of mining properties in Asia and South America. The company’s primary objectives are to source projects, conduct geological assessments and seek joint venture partners to develop the properties.

The company reported today that the recently acquired Picacho property in south-eastern Ecuador shows potential for the discovery of precious metals due to a number of gold-bearing veins. The Picacho property is in a prolific 150 square kilometer region known to contain at least 15 important gold-bearing veins.

Independent geologists believe these veins may extend for over a kilometer in length and go as deep as 1500 meters. Elray Resources believes that potential for significant amounts of gold may be possible as the veins have only been mined to a depth of 200 meters.

Official historical records indicate that the major regional mining company, SADCO, extracted over 4.5 million ounces of gold in the period from 1905 to 1950. SADCO identified the particular area as prolific, with an average grade of 14.5 grams of gold per ton.

The high price of gold as well as the region’s history has attracted mining companies in addition to Elray Resources. There are several active mining projects in the region including Dynasty’s Zaruma, Dynasty and Jerusalem projects. Between these three projects there is over 2 million measured and indicated ounces of gold with over 3 million ounces inferred.

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A Look at Elray Resources Inc.’s (ELRA.OB) Prophyry Creek Project

Tuesday, November 4th, 2008

Elray Resources, Inc. (ELRY.OB) is a junior exploration and development corporation with an established portfolio of highly prospective, heavily mineralized mining tenements in South East Asia and North America. The company intends on becoming a multi-region exploration and production mining company, holding multiple properties and focused on responsible exploration of mineral resources and maximizing shareholder value.

Founded by senior executives and geologists with experience with the major gold production companies, Elray Resources has a duel strategy of identifying high value properties to prove up resources and acquiring properties that can quickly be brought to production stage for gold and other resources. The company continues to actively seek out new highly prospective properties across the globe to add to their portfolio of highly mineralized properties in South East Asia and North America.

The Prophyry Creek Project is a multiple style mineralization property. Elray Resources has observed and sampled an interesting new style of mineralization for Cambodia on the southwestern edge of the land, which suggests there is copper porphyry that underlies the project, located directly beneath the sampled outcrop or proportionally next to it. A select sample of the chalcopyrite and malachite/azurite micro-veining appearing near vertical in fairly close spacing produced results up to 1% copper in the quartz rich granodiorite outcropping in the steam and banks of a small drainage. This is a significant finding which holds great potential value.

The company also found fracture controlled copper mineralization and weak to moderate alteration with a small amount of disseminated copper mineralization within the altered granitic rock mass. This finding has major significance as it may represent the surface expression of a deeper seated copper or copper-gold type porphyry mineralization target. The company is not aware of any suspected porphyry deposits in Cambodia and the possibility of one of these as a major target could alter the level of mineral exploration in the county.

Utilizing geological maps, the company plotted known sites according to the geological settings with sampled projects. This showed the presence of mapped intrusive that could centrally be located or proximal enough to drive a hydrothermal system to create some of the observed metal occurrences. The intrusives have been mapped even showing segregation and possible complex emplacement late into a preexisting mixed assemblage of rocks. The suggested structural setting is complex and extensive and the timing of the intrusives is similar to other porphyry deposits in Asia.

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An Overview of Elray Resources Inc.’s (ELRA.OB) Senator Project

Friday, October 31st, 2008

Elray Resources is an up and coming young company that is beginning to make its mark throughout the world. A technically driven gold and precious mineral exploration company, Elray is breaking ground with the Senator Project.

The Senator Project, also known as the Senator Mine Project, is an endeavor located in a mineral-rich region of Cambodia. Through the Senator Mine Project, Elray will have the ability to capitalize on the gold market.

The Senator Mine Project is a strong exploration target with the reported underground working, map reference by the French mapping and reporting of the 1970s and observed mineral and waste materials on the surface. The project has a reported 105 meters long adit following an average 1.5-meter wide multi-metallic massive sulfide vein with recoverable gold. The initial target appears to be a multi-metallic quartz vein system up to about a reportedly 1.5 meters width.

While the stock market has hit some bumps in the road lately, the price of gold traded up on Monday. Jeremy Charles, Chairman of the London Bullion Market Association was quoted saying that due to chaotic market conditions, investors are returning to gold “in a major way.”

With investors turning back to gold and Elray being at the forefront of gold exploration, this is a company to keep an eye on.

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Elray Resources Inc. (ELRA.OB) Makes Zircon Find in Indonesia, Joint Venture Likely to Develop Deposit

Friday, October 24th, 2008

Seeing a company reach certain milestones always gives an investor a solid feeling of self worth. In many ways, explorers of old were looking for the same sort of feeling, discovering something where others thought there was none. Succeeding in this quest almost makes one’s heart swell. A solid monetary reward is always nice, but sometimes an investment in a long shot maverick company can offer the same feeling.

Elray Resources Inc., a junior mining company, works from a technical perspective to identify and develop, through joint ventures, mining opportunities in Indonesia and North America. The company is currently pursuing Zircon deposits, located in Indonesia, with a joint venture partner.

In past posts, Elray Resources was described as a junior mining company, operating with sophisticated geological techniques in relatively primitive jungle regions of Indonesia. The theory was, at the time, an investor wishing to vicariously follow their dreams of panning for riches might find the company attractive. In this particular update, the company may have found signs of a strike. The company, working with its technology, has come across a deposit of sand zircon and is currently forming a joint venture to begin developing it.

Although zircon might be more commonly associated with diamonds, it has many industrial and commercial uses that offer great potential. In 2006, world consumption of zircon was estimated at approximately 1.25 million tons with an annual growth rate estimated to be in the range of 3.8% per year. Although the world economy may affect growth to a degree, its use in LCDs, aluminum castings, ceramic glazes, abrasives, electronics and many other unique applications does appear to offer a fairly stable base of growth.

Currently, Asia holds the largest demand for the mineral (47%), but other consumer product manufacturing regions are likely to enhance zircon demand as middle-class demographics increase in developing countries. Elray Resources may not have come across a “strike it rich” moment just yet, but it has certainly risen to a new level for those wishing to invest in a company exploring the path less traveled when they cannot.

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Elray Resources, Inc. (ELRA.OB) – Diving into the Zircon Sands of Indonesia

Wednesday, October 22nd, 2008

Founded by senior executives and geologists with experience in the major gold production companies, Elray Resources saw a niche for a company that could combine the level of expertise typically found in a major company with the responsiveness, speed and growth potential of a junior firm. It’s this quick, nimble movement of Elray Resources that has led them to the latest in mineral finds – the Indonesian Zircon Sands.

Indonesia has some of the world’s largest deposits of zircon sand, coal, copper, tin, nickel and gold, and is keen to earn more from the sector particularly as strong demand from China and India is driving prices up for many commodities to record levels. Use of the sand in major electronics such as Plasma and LCD screens are only upping the demand for Zircon Sand mining.

Major mining companies operating in Indonesia include the largest publicly-traded copper company in the world Freeport-McMoran (FCX), the largest gold producer in the world, Newmont (NEM) and Rio Tinto (RTP). All have been successful in their quests for shareholder appreciation and valuation.

Elray Resources has successfully assembled a portfolio of highly prospective target properties in strategic locations in South East Asia and North America, not just in Indonesia. The portfolio includes three properties totaling over 15,000 hectares in Cambodia, one of the last frontiers for precious/base metal discovery and development. Mining has exploded in mineral-rich Cambodia, was only recently opened up to exploration using modern techniques. Cambodia has emerged as a stable and pro-business country in the region, with annual GDP growth expected to be 7.5% in 2008, according to the Asian Development Bank.

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Elray Resources Inc. (ELRA.OB) is “One to Watch”

Friday, October 17th, 2008

Elray Resources Inc. has dedicated their efforts to becoming a multi-region multi-property exploration and production mining company. The company is focused on identifying and acquiring high value properties that are able to be quickly brought to the production phase. While staying committed to their business strategy, the company intends to operate responsibly and maximize shareholder value.

Elray was founded by a team of executives and geologists that have extensive experience within the mining industry. This team of professionals believe there is a niche for the company that can successfully combine the experience of those who have worked for major gold production companies with the responsiveness, speed and growth potential of a junior mining company.

The company’s portfolio currently includes heavily mineralized and highly prospective target properties located in South East Asia and North America. They have over 15,000 hectares in Cambodia, one of the last frontiers for precious/base metal discovery and development. The country has emerged as a stable pro-business country in the region and only recently allowed exploration using modern techniques.

Currently, Elray is working on the execution of a 24-month staged exploration and drilling works program to prove the reported reserves estimates of gold and other precious metals on its South East Asia properties. Exploration drilling, preliminary metallurgical test work and scoping studies will run in conjunction with data compilation, geological mapping, surface geological sampling and geological surveys to define drill targets. The value of Elray’s properties and shares is anticipated to grow rapidly if this program confirms management’s expectations and is able to prove estimated reserves.

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Elray Resources, Inc. (ELRA.OB) Moves Zircon Sand into Gold and Precious Metal Portfolio

Thursday, October 16th, 2008

Zircon sand is used in a wide variety of industrial processes, although you may not be familiar with the substance. Major uses of Zircon include the glass substrates of liquid crystal displays (LCDs) and plasma display panels (PDPs). In the ceramic industry, zircon sand is used as an additive to glazes on tiles. It is also used in abrasives, electronics, oxygen sensors, ceramic pigments, paints, catalysts, and fuel cells. In addition, it is used as a neutron absorber in nuclear reactor control rods.

Demand for Zircon sand is set for ongoing continuing growth as world consumption increases. Roskill Information Services state that world consumption of zircon was about 1.25Mt in 2006. Overall growth in demand is likely to continue at around 3.8%py to reach just over 1.5Mt by 2011. With a significant share of 47%, Asia (including China and Japan) now account for just under half of total consumption.

Elray Resources has successfully accumulated a portfolio of highly prospective, heavily mineralized mining tenements in South East Asia and North America. Elray Resources, Inc.’s, primary objective is to source projects, conduct geological assessments and seek Joint Venture partners to develop the properties.

Commenting on the addition of Zircon sand to the company’s focus, Mr. Barry Lucas, Executive Chairman of Elray Resources stated, “Zircon’s properties continue to make it a valuable commodity for which demand is increasing. With this project we expect to meet some of that demand and create significant value for our shareholders.”

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Elray Resources, Inc. (ELRA.OB) Discovers More Gold Drilling Targets In Cambodia

Friday, October 3rd, 2008

Elray Resources, Inc announced its investment in the historical Rom Dey Vein is paying off, with new high-value drilling targets identified. Elray owns 100 percent of the mineral licensing for the 5,400-hectare Angkor Wat project in Cambodia, including the historic Rom Dey Vein. Historical workings are seen as good indicators of the presence of gold, the company says in a news release.

Recent grab samples collected from the Rom Dey deposit and analyzed by ALS Chemex laboratories returned values up to 71.9 grams of gold per ton. The Angkor Wat lands contain several large areas of colluvial gold workings and, the company says, it’s clear from their distribution that the source has not yet been identified.

“The Angkor Wat gold deposits represent immediate drill targets,” said Barry J. Lucas, Elray Resources executive chairman. “We believe the Angkor Wat lands could host alluvial and hard rock open pittable, and underground gold resources.”

The current high price of gold means exploration yields more profitable results, providing an improved return on investments.

In the 1960s the United Nations Economic and Social Commission for Asia and the Pacific reported in its Minerals of Cambodia publication that diamond core drilling by the France’s Bureau de Recherches Geologicaques et Miniere reported grades ranging from 7.1g/t to 20.4g/t gold.

Elray Resources, Inc. is a junior exploration and development corporation that has four highly prospective, heavily mineralized mining tenements in Cambodia and Mexico.

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Elray Resources Inc. (ELRA.OB) Announces Significant Finds on Mexico Mineral Property

Wednesday, October 1st, 2008

Elray Resources Inc. (OTCBB: ELRA) is a precious mineral exploration company with a portfolio of four highly prospective, heavily mineralized mining tenements in Cambodia and Mexico. The company today announced positive news on one of its properties south of the border.

Elray found the presence of a million-tonne gold bearing outcrop in the Analhi Project, located in Sinola state, Mexico. The site is known to be heavily mineralized, and is ideally located within seven miles of water and power supplies. According to the company, these resources significantly contribute to the viability of the project.

The company’s stated mission is to become a multi-region, multi-property mining company, focused on the exploitation of mineral resources to maximize shareholder value. The company is getting its geological staff started on a proposed budgeting report for the site, and plans to update its investors on a regular basis.

“This outcrop has attracted a lot of interest,” Barry J. Lucas, executive chairman of Elray stated in the press release. “Our Geo team’s report, which is currently being prepared, will include the dollars to be spent on the Works Program for the site and the most appropriate extraction method. We will be providing regular updates to shareholders.”

Current assay reports on the property show significant values of copper, gold, silver, rare earths and lead. The company has a 120-day option agreement during which it can conduct a geological survey. From there, the company can decide whether or not to commit to a purchase agreement.

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Elray Resources Inc. (ELRA.OB) Continues to Find Positive Cambodian Gold Indicators

Tuesday, September 30th, 2008

The legions of miners drawn to the 1840’s California gold fields is a testament to the power of gold. Miners braved all sorts of conditions to strike it rich, and that lure still draws miners and fortune seekers to the last unexplored regions of the world. Although many people will never be able to actually participate in the adventure of gold mining in unexplored regions of the planet, the opportunity to be a part of the adventure does exist. Playing the edges of the gold mining business can be fun and exciting for the adventurous at heart, and it can also be profitable if hurdles can be overcome and the long run is considered.

Elray Resources Inc., a junior exploration and development mining company, works to identify and exploit gold and other precious metal deposits, primarily in Cambodia and Mexico. The company has a large presence within the developing Cambodian mining community and a 120-day option agreement for its Mexican opportunity.

The company is, for the most part, a development stage mining company exploring for gold in Cambodia. Cambodia is professed to be one of the last, largely unexplored countries for gold, not counting a cursory 1970’s exploration by the French. From all accounts, mineralization for gold in the country is abundant based on both anecdotal and visual evidence. Generally, this anecdotal evidence and visual inspection is coming from small mining groups and farmers in remote parts of the country. In each case, however, reports indicate narrow seams of gold and nearby geological references consistent with much larger deposits.

Gold prices do seem to be establishing a workable cost margin basis to offer Elray Resources the ability to tap this untamed opportunity. If the evidence found to date is any indication of potential, there is opportunity for profit.

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Elray Resources, Inc. (ELRA.OB) is “One to Watch”

Monday, September 29th, 2008

Headquartered in Phnom Penh, Cambodia, Elray Resources, Inc. is a junior exploration and development enterprise trading on the OTCBB. Their corporate mission is to become a multi-region, multi-property exploration and production mining company. They have a portfolio of four highly prospective and heavily mineralized mining tenements in Cambodia and Mexico. Their focus now is to source potential and viable projects, conduct geological assessments, and seek joint venture partners to develop these properties. Their 100-percent controlled entity in Cambodia is Angkor Wat Minerals Ltd.

Elray Resources’ properties in Cambodia total over 15,000 hectares. Cambodia has emerged as a stable and pro-business country in the region. The Asian Development Bank said the country’s annual GDP growth is forecasted at 7.5 this year. Elray Resources Inc. is strengthening their position in the country as mining has blossomed there. In addition, mining properties were recently opened up to exploration using modern techniques. Elray holds 100 percent of the license for their properties in Cambodia.

Elray Resources also has an option on a prospective property in Mexico, one of the most prolific gold and silver producing countries in the world. The company’s Analhi Project is situated in Sinaloa State, Mexico. This mining concession has some gold values, as well as rare earths and copper compounds such as oxide, carbonates, and sulphates.

Elray Resources announced last week that they appointed a project team responsible for their projects in Cambodia and worldwide. Mr. Grant Roberts and Mr. Tony McDougal will lead the team. Mr. Roberts is a geologist with 28 years experience in geology, mineral exploration, and geophysics. He has experience executing and managing geological and geophysical programs, including corporations such as BHP, Riotinto and Xstrata. Mr. McDougal is a geologist with 15 years experience in geology and mineral exploration. He has managed and supervised regional scale exploration programs in base metals, precious minerals, and coal and has worked in New Zealand, Australia, South America, and Southeast Asia.

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