Channel Sampling at Porco Adit returns 103m Strike Length Grading 521 Ag eq/t (including 117 g Ag/t, 1.44 g Au/t, 0.54% Cu and 0.66%Sn) at Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia
Channel Sampling at Porco Adit returns 103m Strike Length Grading 521 Ag eq/t
(including 117 g Ag/t, 1.44 g Au/t, 0.54% Cu and 0.66%Sn) at Iska Iska Silver-Tin
Polymetallic Project, Potosi Department, Bolivia
Drill hole DPC-01 on the edge of a major magnetic susceptibility anomaly in the
Porco Breccia Pipe area returned sixteen (16) separate zones of sulphide veins
including 110.30 g Ag eq/t over 3.0m.
Magnetic inversion model outlines extensive target zone in the Porco-Central
Breccia Pipe areas.
Toronto, Canada, November 17, 2021 – Eloro Resources Ltd. (TSX-V: ELO; OTCQX:
ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to provide an update on its Iska Iska
silver-tin polymetallic project in the Potosi Department, southern Bolivia. To date, the Company
has completed 35,738 metres (m) in 68 drill holes including three (3) in progress to test major
target areas at Iska Iska. This press release reports drilling results from one (1) additional hole
which tested the Porco Breccia Pipe (“PBP”) (Hole DPC-01) and new underground channel
sampling from the Porco adit located approximately 200m south of the PBP. Currently three drill
rigs are in operation at Iska Iska. Two surface drill rigs are continuing to drill at the Santa Barbara
Resource Definition Target Zone (Figure 1) to outline an initial National Instrument 43-101 (“NI-
43-101”) compliant resource. A third drill, an underground rig, situated in the west end of the
Santa Barbara Adit, is testing the eastern part of Santa Barbara Breccia Pipe (“SBBP’) and its
mineralized envelope. Figure 1 is a geological plan map showing locations of drill holes
completed, in progress and planned to complete resource definition drilling along with an updated
geological interpretation. Figure 2 is a plan map of channel sampling at the Porco adit. Table 1
provides significant drilling results with definit ions of chemical symbols, Table 2 details channel
sample results from the Porco adit and Table 3 lists holes completed with assays pending, as
well as holes in progress in the three major target areas. Highlights include:
Porco Adit
Channel sampling in the Porco adit returned 521.33 g Ag eq/t (including 117.10 g Ag/t,
1.44 g Au/t, 0.54% Cu and 0.66% Sn) over a 103m strike length with an average channel
width of 1.8m as shown in Figure 2 and Table 2. Mineralization in the Porco adit is hosted
in a series of veins, veinlets, stockworks and disseminations in Ordovician quartz
sandstone. The veins are parallel to and crosscutting the drift. In the western part of the
drift veins are primarily sulphide-bearing whereas those in the eastern half are primarily
oxide. Eloro believes mineralization at the Porco adit is sourced from a large underlying
porphyry system as evidenced by recently acquired magnetic susceptibility data.
Porco Breccia Pipe
Hole DCP-01 drilled due west at -65 degrees from the Porco radial platform intersected
sixteen (16) separate zones of quartz-tourmaline veins in granodioritic intrusive breccia
with best results of 110.30 g Ag eq/t over 3.0m, 67.08 g Ag eq/t over 6.0m including
168.25 g Ag eq/t (25.0 g Ag/t, 1.31% Zn, 0.32% Pb and 0.25% Sn) over 1.54m, 131.16
20 Adelaide Street East, Suite 200, Toronto, Ontario CANADA M5C 2T6 Tel.: (416) 868-9168 Fax: (416) 361-1333
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g Ag eq/t (18 g Ag/t, 0.54% Cu and 0.31% Bi) and 80.66 g Ag eq/t over 3.0m (0.23%
Sn).
Figure 3 is a longitudinal section (A-A’ in Figure 1) showing the inverse model of magnetic
susceptibility which highlights major targets and geological features. Figure 4 is a 3D view of the
inversion model showing that Hole DPC-01 just clipped the edge of a very strong and extensive
magnetic susceptibility a nomaly below and to the northwest of the PBP. The strongest part of
the anomaly, as shown in Figure 5, a cross sect ion along drill hole DPC-01 (B-B’ in Figure 1), is
located just to the northwest of this hole in the very prospective gap area between the Central
Breccia Pipe and the PBP (see Figure 1). Further drilling is planned to test this target once
definition drilling at the Santa Barbara Resource Definition Target Zone is completed.
Definition Drilling Santa Barbara Target Area
Definition drilling is continuing in the Santa Barbara Resource Definition Target Zone as shown
in Figure 1. Currently a series of SW-NE sections at approximately 100m intervals are being
completed with holes drilled on each section at -40 degrees and –65 degrees to provide coverage
over the full target strike length of 1,400m. Underground drilling is continuing in the Santa Barbara
adit to evaluate the resource potential in the mineralized envelope east of the SBBP. It is
anticipated that the definition drilling program will be completed by early December. Drilling will
then refocus on exploration of the major magnetic targets in the Central-Porco target area as
outlined above.
Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, added: “The magnetic
data have proven invaluable in outlining the overall extent of the massive porphyry-epithermal
system at Iska Iska. The higher-grade mineralized zones at Iska Iska tend to be magnetic hence
the areas with high magnetic response are very prospective targets. Our geophysical team is
also currently processing the downhole IP data from the Santa Barbara Resource Definition
Target Zone which should help to better define the overall extent of mineralization especially
zones with higher sulphide content which are generally higher grade.”
Dr. Osvaldo Arce, P.Geo., General Manager of Eloro`s Bolivian subsidiary, Minera Tupiza S.R.L.
(“Minera Tupiza”), said: “The mineralization in the Porco adit is interpreted to be the lower part of
the high sulphidation epithermal system which is likely connected to a major tin porphyry at depth
as suggested by the extensive magnetic susceptibility anomaly. The intersections in Hole DPC-
01 which are most abundant where this hole clipped the magnetic susceptibility anomaly are tin-
rich supporting this conclusion. Our work continues to expand the remarkable mineralized system
at Iska Iska which has now been shown to be at a district-scale.”
Dr. Quinton Hennigh, P.Geo., Eloro’s Senior Technical Advisor, commented: “The return of
impressive polymetallic grades from the Porco adit confirm that the Iska Iska mineral system
extends a remarkable 2.5 km from north to south. Metal endowments display notable zonation
along this corridor from Ag-Zn-Pb-rich in the north to Ag-Sn-rich in the middle to Ag-Sn-Cu-Au-
rich in the south. This is likely a reflection of proximity to the underlying source porphyry believed
to be situated along the southern margin of the caldera complex as evidenced by recently
collected magnetic data. The southern part of the Iska Iska system shows great potential for
further discovery. It will be exciting to see drilling resume in this area.”
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Table 1: Significant Diamond Drilling Results, Iska Iska, as at November 17, 2021
Note: True width of the mineralization is not known at the present time, but based on the current
understanding of the relationship between drill orientation/inclination and the mineralization within
the breccia pipes and the host rocks such as sandstones and dacites. It is estimated that true
width ranges between 70% and 90% of the down hole interval length but this will be confirmed
by further drilling. Percentage metal contents are shown for each element.
Chemical symbols: Ag= silver, Au = gold, Zn = zinc, Pb = lead, Cu = copper, Sn = tin, Bi =
bismuth, Cd = cadmium and g Ag eq/t = grams silv er equivalent per tonne. Quantities are given
in percent (%) for Zn, Pb Cu, Sn, Bi and Cd and in grams per tonne (g/t) for Ag, Au and Ag eq.
Metal prices and conversion factors used for calculation of g Ag eq/t (grams Ag per grams x metal
ratio) are as follows:
Element Price (per
kg)
Ratio to
Ag
Ag $875.00 1.00000
Sn $28.00 0.03200
Zn $2.80 0.00320
Pb $2.10 0.00240
Au $57,400 65.6000
Cu $8.80 0.01006
Bi $12.76 0.01458
In $305.00 0.34857
Cd $5.50 0.00629
In calculating the intersections reported in this press release a sample cutoff of 30 g Ag eq/t was
used with generally a maximum dilution of 3 continuous samples below cutoff included within a
mineralized section unless more dilution is justified geologically.
The equivalent grade calculations are based on the stated metal prices and are provided for
comparative purposes only, due to the polymetallic nature of the deposit. Preliminary
metallurgical tests are in progress to establish levels of recovery for each element reported but
Ag Au Zn Pb Cu Sn Bi Cd Ag eq**
g / t g / t %%%%%% g / t
DPC‐01 230.50 231.99 1.49 8.00 0.01 1.60 0.38 0.01 0.00 0.0005 0.0060 74.38
294.98 296.50 1.52 20.00 0.01 0.31 0.76 0.00 0.01 0.0005 0.0010 52.08
326.50 329.50 3.00 6.00 0.07 0.68 0.15 0.01 0.01 0.0023 0.0025 42.33
400.03 403.03 3.00 7.00 0.01 2.83 0.13 0.01 0.00 0.0005 0.0105 110.30
416.50 417.98 1.48 0.50 0.01 0.15 0.02 0.01 0.18 0.0005 0.0005 69.35
452.50 456.10 3.60 1.00 0.01 0.79 0.02 0.00 0.08 0.0005 0.0005 57.28
467.44 468.92 1.48 1.00 0.01 1.37 0.01 0.01 0.01 0.0005 0.0050 53.47
538.03 540.98 2.95 1.75 0.01 1.28 0.03 0.01 0.01 0.0005 0.0050 53.46
602.34 608.40 6.06 8.83 0.14 0.41 0.10 0.02 0.09 0.0038 0.0022 67.08
Incl. 603.83 605.37 1.54 25.00 0.04 1.31 0.32 0.02 0.25 0.0010 0.0070 168.25
635.42 639.96 4.54 3.68 0.01 0.26 0.03 0.03 0.09 0.0037 0.0012 49.87
648.93 650.46 1.53 3.00 0.02 0.07 0.01 0.02 0.15 0.0090 0.0005 60.57
656.45 659.40 2.95 2.46 0.02 1.53 0.01 0.01 0.03 0.0017 0.0007 66.16
671.50 673.00 1.50 18.00 0.03 0.16 0.03 0.54 0.07 0.1330 0.0010 131.16
689.39 692.39 3.00 1.26 0.01 0.04 0.01 0.00 0.23 0.0008 0.0005 80.66
722.44 723.93 1.49 3.00 0.16 0.09 0.01 0.06 0.06 0.0540 0.0005 52.24
752.39 753.90 1.51 7.00 0.01 1.77 0.46 0.01 0.05 0.0005 0.0020 96.27
PORCO BRECCIA PIPE
Hole No. From (m) To (m) Length (m)
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currently the potential recovery for each element has not yet been established. While there is no
assurance that all or any of the reported concentrations of metals will be recoverable, Bolivia has
a long history of successfully mining and processing similar polymetallic deposits which is well
documented in the landmark volume “Yacimientos Metaliferos de Bolivia” by Dr. Osvaldo R. Arce
Burgoa, P.Geo.
Table 2: Channel Sampling Results, Porco Adit. Note that the samples are continuous
channel samples across the vein structures as shown in Figure 2 below. The “From” and
“To” distances are the area of influence for each sample used in the weighted average
grade calculation.
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Table 3: Summary of Diamond Drill Holes Completed with Assays Pending and Drill
Holes in Progress at Iska Iska from November 17, 2021 press release.
Hole No. Type Collar
Easting
Collar
Northing
Elev Azimuth Angle Hole Length
m
Surface Drilling Northwest Extension Santa Barbara
DSB-12 S 205072.7 7656867.5 4165.0 225 -40 806.2
DSB-13 S 205072.7 7656867.5 4165.0 225 -60 696.5
DSB-14 S 205283.0 7656587.2 4175.0 225 -65 968.5
DSB-15 S 204973.1 7657053.8 4165.0 225 -40 731.2
DSB-16 S 204973.1 7657053.8 4165.0 225 -65 862.0
DSB-17 S 7656765.4 205131.3 4173.0 225 -40 841.0
DSB-18 S 7656676.3 205207.1 4175.0 225 -40 890.4
DSB-19 S 7656676.3 205207.1 4175.0 225 -65 803.3
DSB-20 S 7656765.4 205131.3 4173.0 225 -65 896.5
Subtotal 7,495.6
DSB-21 S 7657138.0 204870.0 4135.0 225° -40 In progress
DSB-22 S 7657208.4 204799.4 4145.0 225° -40 In progress
Underground Drilling Santa Barbara Adit
DSBU-1 UG 205285.2 7656074.8 4165.0 90 -10 260.5
DSBU-2 UG 205285.2 7656074.8 4165.0 270 -20 563.6
DSBU-3 UG 205285.2 7656074.8 4165.0 270 -20 443.5
DSBU-4 UG 205285.2 7656074.8 4165.0 180 -20 570.0
Subtotal 1,837.6
DSBU-5 UG 7656074.8 205285.2 4165.0 0° -40 In Progress
Central Breccia Pipe – Surface Radial Drill Program – North Setup
DCN-06 S 204902.0 7655860.0 4420.0 180 -80 626.4
DCN-07 S 204902.0 7655860.0 4420.0 270 -60 680.4
Subtotal 1,306.8
Central Breccia Pipe – Surface Radial Drill Program – South Setup
DCS-04 S 204852.1 7655612.3 4429.7 180 -60 644.4
Subtotal 644.4
Porco Central – Surface Radial Drill Program
DPC-02 S 205457.2 7655110.9 4175.0 225 -60 908.2
DPC-03 S 205457.2 7655110.9 4175.0 135 -60 524.5
DPC-04 S 205457.2 7655110.9 4175.0 0 -60 371.4
DPC-05 S 205457.2 7655110.9 4175.0 90 -60 407.5
DPC-06 S 205457.2 7655110.9 4175.0 243 -60 716.4
Subtotal 2,928.0
TOTAL 14,212.4
S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in
degrees. Total drilling completed since the start of the program on September 13, 2020,
is 35,738 m in 68 holes including 3 holes in progress (23 underground holes and 45
surface holes).
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Figure 1: Geology of the Iska Iska Caldera Complex showing locations of Major Breccia
Pipe targets, the Santa Barbara Resource Definition Target Zone and diamond drill holes
completed, in progress and planned. Drill holes for which assays are reported in this
release and the location of the Porco adit are highlighted. Locations of Sections in
Figure 3 (A-A’) and Figure 5 (B-B’) are also shown.
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Figure 2. Plan Map of Channel Sampling, Porco Adit.
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Figure 3. Longitudinal Section Showing the Inverse Model of Magnetic Susceptibility.
Susceptibility Highlights Major Targets and Geological Features. The location of this
Section A-A’ is shown in Figure 1.
Figure 4: 3D Magnetic Inversion Model Showing Location of Drill Hole DPC-01. Note how
Hole DPC-01 just clips the 3D inversion model shown where the drill hole trace is red.