Friday, 10 October 2008

Ideal Geological Conditions for Intrusion Related Gold (IRG) Deposits Identified on Elray's Porphyry

PR-CANADA.net

Written by marin2008
Thursday, 09 October 2008'

Elray Resources, Inc. (OTCBB: ELRA), atechnically-driven gold and precious mineral exploration company, ispleased to report to shareholders on findings at its Porphyry Creek Projectin Cambodia.

Elray Resource's Porphyry Creek Project is a grass roots project locatedapproximately 290 km north of Phnom Penh in an area considered to havepotential to host a copper porphyry system with copper and goldmineralization, based upon reconnaissance geological mapping and sampling.The project area is 9,000 hectares and Elray owns 100% of the license.

Management is pleased to report that the project area contains intrusiveswith consistent fine grainsize, but rare porphyry textures indicating ashallow plutonic environment of intrusion. This is an ideal crustal levelfor the development of Intrusion Related Gold (IRG) deposits.

In addition, mining industry consultants Behre Dolbear Australia Pty Ltd("BDA"), who were commissioned by Elray Resources to prepare a technicalreport on the project, sampled and observed an interesting new style ofmineralization for Cambodia on the SW edge of the ground that suggeststhere is a copper porphyry that underlies the project, either directlybeneath the sampled outcrop or in a really close sense. A select sample ofthe chalcopyrite and malachite/azurite micro-veining appearing nearvertical in fairly close spacing (10 to 15 veinlets of 0.5 to 1.0 mmthickness per meter) produced results up to 1% copper in the quartz richgranodiorite outcropping in the stream and banks of a small drainage.

"We consider this to be a very significant find," commented Mr. Barry J.Lucas. "This type of porphyry is often associated with large tonnage copperdeposits which are amenable to open pit mining, and this is in addition tothe IRG gold deposits for this project. We will be keeping shareholdersupdated on developments."

About Elray Resources, Inc.

Elray Resources, Inc. is a junior exploration and development Corporationwhich has successfully accumulated a portfolio of four highly prospective,heavily mineralized mining tenements in Cambodia and Mexico. ElrayResources, Inc's, primary objective is to source projects, conductgeological assessments and seek Joint Venture partners to develop theproperties.


Please visit www.ElrayMining.com for more information.

No comments: