The Elite line is their econo-line of PSUs. Not very good. But it does have the +12V specs to handle the power-sipping GTX 1070. And a 500W is the recommended minimum for that gfx card. So you should be OK.
But if you are going to spend that kind of money on a card like the GTX 1070, please start saving for high quality PSU next.
My one and only venture into the CM Elite line ended with a dead PSU after running it at heavy load. My motherboard died soon after the PSU died. Coincidence?