Eloro Intersects 100 Ag eq/t (including 38.71 g Ag/t, 0.88%Zn and 0.51%Pb) over 188.5 m in the Santa Barbara Breccia Pipe at Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia
Eloro Intersects 100 Ag eq/t (including 38.71 g Ag/t, 0.88%Zn and 0.51%Pb) over 188.5 m
in the Santa Barbara Breccia Pipe at Iska Iska Silver-Tin Polymetallic Project, Potosi
Department, Bolivia
Section includes a higher-grade zone of 154 g Ag eq/t (including 75.51 g Ag/t,
0.96% Zn, 0.65% Pb and 0.16%Cu) over 65.8m
Toronto, Canada, November 2, 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 34,409 metres (m) in 64 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 Santa Barbara Breccia Pipe (“SBBP”) (Hole DHK-23) and two holes (DCN-05 and
DCS-03) which tested the Central Breccia Pipe target (“CBP”). To date, every drill hole that has
been assayed has returned multiple reportable mineralized intercepts. Currently three drill rigs
are in operation at Iska Iska. Two surface drill rigs are continuing to drill at SBBP 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 SBBP and its
mineralized envelope. Figure 1 is a geological plan map showing locations of drill holes and an
updated geological interpretation. Table 1 provides significant drilling results with definitions of
chemical symbols and Table 2 lists holes comple ted with assays pending, as well as holes in
progress in the three major target areas. Highlights are as follows:
Highlights:
Santa Barbara Breccia Pipe
100g Ag eq/t (including 38.71 g Ag/t, 0.88%Zn and 0.51%Pb) over 188.5 m from
58.67m to 247.13m in hole DHK-23 , drilled from the west end of the Huayra Kasa
underground workings at -70 degrees due west. This intersection includes a higher-grade
portion of 154 g Ag eq/t (including 75.51 g Ag/t, 0.96% Zn, 0.65% Pb and 0.16%Cu)
over 65.8m
Central Breccia Pipe
Hole DCS-03 drilled southwest at -60 degrees from the south radial platform of the CBP
intersected twelve (12) separate zones of quartz-tourmaline veins in granodioritic intrusive
breccia with best results of 224.92 g Ag eq/t (including 25.36 g Ag/t, 0.12 g Au/t and
0.55% Sn) over 7.42m and 113.67 g Ag eq/t (including 17.85 g Ag/t, 0.085 g Au/t,
0.21% Cu and 0.18% Sn) over 12.03m
Hole DCN-05 drilled due east at -60 degrees fr om the north radial platform of the CBP
intersected ten (10) separate zones of quartz-tourmaline veins in granodioritic intrusive
breccia with a best result of 104.72 g Ag eq/t (including 74.41 g Ag/t and 0.22% Cu)
over 4.59m
20 Adelaide Street East, Suite 200, Toronto, Ontario CANADA M5C 2T6 Tel.: (416) 868-9168 Fax: (416) 361-1333
TSX.V Symbol: ELO www.elororesources.com
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Mr. Tom Larsen, CEO of Eloro, commented: “We are now starting to see a reduction in the
backlog of assay samples with two laboratories operating at near capacity. These latest drill
results, especially from DHK-23, are again demonstrating the accumulating amount of potential
commercial bulk tonnage material, especially within the Santa Barbara complex, a subset of the
overall Iska Iska volcanic edifice.”
Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, added: “Mineral resource
definition drilling is continuing in the Santa Barbara Target area, which is 1,400m along strike,
500m wide and extends to a depth of 600m. This target is open along strike to the northwest and
southeast. Data from the downhole Induced Polarization survey is being processed and the
resulting 3D inversion models should aid in refining our geological model, especially determining
the likely geometry of the higher-grade zones that typically have greater sulphide content.”
Dr. Osvaldo Arce, P.Geo., General Manager of Eloro`s Bolivian subsidiary, Minera Tupiza S.R.L.
(“Minera Tupiza”), said: “As we move to the northwest in the SBBP, silver and gold values are
increasing suggesting that there is a zonation at Iska Iska, from a more tin-rich polymetallic
mineralization in the southeastern part of th e SBBP to more of a silver-rich polymetallic
mineralization in the northwestern part. In addition, significant enriched tin-silver mineralization
occurs in the northern part of the CBP.”
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Table 1: Significant Diamond Drilling Results, Iska Iska, as at November 2, 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 silver 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
Ag Au Zn Pb Cu Sn Bi Cd
g / t g / t %%%%%%
DHK‐23 3.17 4.72 1.55 9.00 0.010 2.55 0.54 0.02 0.032 0.0005 0.022 125.11
17.00 18.50 1.50 16.00 0.010 1.19 0.37 0.04 0.051 0.0030 0.007 89.00
26.10 42.49 16.39 11.27 0.035 0.05 0.42 0.07 0.030 0.0014 0.002 43.53
49.84 55.84 6.00 34.03 0.011 0.01 0.18 0.08 0.062 0.0027 0.001 69.37
58.67 247.13 188.46 38.71 0.041 0.88 0.51 0.06 0.023 0.0021 0.010 99.52
Incl. 58.67 124.42 65.75 75.51 0.031 0.96 0.65 0.16 0.030 0.0027 0.008 154.32
251.56 262.08 10.52 60.50 0.051 0.52 0.10 0.01 0.014 0.0053 0.003 91.25
272.56 298.12 25.56 9.61 0.040 0.42 0.08 0.01 0.022 0.0121 0.002 39.16
317.56 319.06 1.50 22.00 0.020 0.42 0.56 0.00 0.064 0.0150 0.002 76.19
360.69 363.63 2.94 38.03 0.176 0.07 0.04 0.08 0.088 0.0172 0.001 94.81
376.92 381.47 4.55 44.48 0.141 0.15 0.29 0.08 0.084 0.0413 0.003 110.08
387.58 388.83 1.25 52.00 0.040 0.05 0.20 0.01 0.013 0.0150 0.066 73.80
399.42 403.75 4.33 11.54 0.126 0.11 0.07 0.21 0.195 0.0061 0.003 115.91
430.82 435.40 4.58 14.06 0.208 0.81 0.60 0.09 0.040 0.0103 0.007 95.84
521.30 522.74 1.44 1.000 2.890 0.01 0.00 0.00 0.003 0.0020 0.001 204.94
DCS‐03 0.00 7.78 7.78 9.02 0.012 0.00 0.08 0.00 0.142 0.0005 0.001 60.87
21.79 29.38 7.59 11.63 0.009 0.00 0.01 0.00 0.292 0.0013 0.001 112.78
41.50 50.70 9.20 3.57 0.048 0.01 0.01 0.00 0.146 0.0006 0.001 57.42
94.78 102.20 7.42 25.36 0.121 0.01 0.07 0.01 0.547 0.0087 0.001 224.92
227.12 228.64 1.52 2.00 0.010 0.00 0.00 0.50 0.068 0.0005 0.001 80.14
284.36 287.39 3.03 23.05 0.296 0.00 0.12 0.01 0.081 0.0013 0.001 75.49
303.87 306.81 2.94 18.59 0.278 0.00 0.09 0.00 0.131 0.0107 0.001 87.02
332.58 334.07 1.49 23.00 0.050 0.01 0.03 0.11 0.084 0.0170 0.001 70.47
344.54 346.04 1.50 18.00 0.060 0.03 0.03 0.39 0.364 0.0240 0.001 194.19
365.69 367.20 1.51 104.00 0.500 0.01 0.17 0.25 0.421 0.0700 0.001 325.38
382.17 394.20 12.03 17.85 0.085 0.01 0.02 0.21 0.182 0.0247 0.001 113.67
419.64 421.14 1.50 15.00 0.160 0.00 0.02 0.01 0.219 0.0280 0.001 106.73
DCN‐05 158.45 161.45 3.00 9.60 0.010 0.00 0.01 0.00 0.150 0.0005 0.001 61.99
252.22 253.84 1.62 19.00 0.040 0.02 1.38 0.02 0.331 0.0005 0.001 171.16
267.46 275.09 7.63 12.07 0.031 0.02 0.10 0.05 0.213 0.0060 0.001 95.99
297.77 299.35 1.58 3.00 0.010 0.00 0.01 0.01 0.182 0.0005 0.001 67.19
324.87 336.85 11.98 8.55 0.030 0.00 0.03 0.01 0.135 0.0068 0.001 59.64
352.40 353.83 1.43 35.00 0.010 0.01 0.27 0.12 0.006 0.0010 0.001 57.81
356.87 358.34 1.47 1.00 0.005 0.00 0.06 0.16 0.102 0.0005 0.001 54.97
367.28 371.87 4.59 74.41 0.024 0.03 0.01 0.22 0.011 0.0007 0.001 104.72
383.93 390.01 6.08 4.79 0.010 0.17 0.22 0.01 0.135 0.0006 0.067 68.29
448.50 450.00 1.50 0.50 0.550 0.07 0.00 0.02 0.003 0.1520 0.001 68.31
CENTRAL BRECCIA PIPE ‐ SOUTH PLATFORM
CENTRAL BRECCIA PIPE ‐ NORTH PLATFORM
Hole No. From (m) To (m) Length (m) Ag eq**
SANTA BARBARA BRECCIA PIPE TARGET AREA
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Element Price (per
kg)
Ratio to
Ag
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
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.
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Table 2: Summary of Diamond Drill Holes Completed with Assays Pending and Drill
Holes in Progress at Iska Iska from press release of November 2, 2021.
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
Subtotal 5,795.8
DSB-19 S 7656676.3 205207.1 4175.0 225 -65 In progress
DSB-20 S 7656765.4 205131.3 4173.0 225 -65 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
Subtotal 1,267.6
DSBU-4 UG 205285.2 7656074.8 4165.0 180 -20 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-01 S 205457.2 7655110.9 4175.0 270 -60 767.5
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 3,695.5
TOTAL 12,710.1
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 34,409m
in 64 holes including 3 holes in progress (20 underground holes and 44 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 and in progress. Drill holes for which assays are reported in this release are
highlighted.
7 | Page
Qualified Person
Dr. Osvaldo Arce, P. Geo., General Manager of Minera Tupiza, and a Qualified Person in the
context of NI 43-101, has reviewed and approved the technical content of this news release. Dr.
Bill Pearson, P.Geo., Executive Vice President Exploration Eloro, and who has more than 45
years of worldwide mining exploration experience including extensive work in South America,
manages the overall technical program working closely with Dr. Arce. Dr. Quinton Hennigh,
P.Geo., Senior Technical Advisor to Eloro and Independent Technical Advisor, Mr. Charley
Murahwi P. Geo., FAusIMM of Micon International Limited are regularly consulted on technical
aspects of the project.
Drill samples are prepared in ALS Bolivia Ltda’s preparation facility in Oruro, Bolivia with pulps
sent to the main ALS Global laboratory in Lima for analysis. As announced in the February 26,
2021 press release, Eloro has changed the assay protocol to utilize X-ray fluorescence (XRF) to
more accurately analyze higher tin. Tin in the CBP is suspected to occur as cassiterite which is
insoluble in acid digestion, and therefore not suited for wet chemical techniques. In addition,
other assay protocols have been changed to provide for a more accurate measurement of the
wide-ranging suite of polymetallic metals at Iska Iska. Eloro employs an industry standard
QA/QC program with standards, blanks and duplicates inserted into each batch of samples
analyzed with selected check samples sent to a separate accredited laboratory.
Recently, AHK Laboratories, who manage a global network of laboratories have setup operations
in Bolivia with the establishment of a preparation laboratory in Oruro. AHK has a strong base of
accredited laboratories in South America including Peru, Chile, Brazil and Argentina. Eloro has
contracted AHK to provide additional analytical services in order to help reduce the sample
backlog. A series of check samples are currently being analyzed by AHK as a QA/QC check.
AHK is following the same analytical protocols used as with ALS and with the same QA/QC
protocols. The used of both accredited laboratories is reducing the backlog of samples to be
analysed and improving turnaround.
About Iska Iska
Iska Iska silver-tin polymetallic project is a road accessible, royalty-free property, wholly-
controlled by the Title Holder, Empresa Minera Villegas S.R.L. and is located 48 km north of
Tupiza city, in the Sud Chichas Province of the Department of Potosi in southern Bolivia. Eloro
has an option to earn a 99% interest in Iska Iska.
Iska Iska is a major silver-tin polymetallic porphyry-epithermal complex associated with a
Miocene possibly collapsed/resurgent caldera, emplaced on Ordovician age rocks with major
breccia pipes, dacitic domes and hydrothermal breccias. The caldera is 1.6km by 1.8km in
dimension with a vertical extent of at least 1km. Mineralization age is similar to Cerro Rico de
Potosí and other major deposits such as San Vicente, Chorolque, Tasna and Tatasi located in
the same geological trend.
Eloro began underground diamond drilling from the Huayra Kasa underground workings at Iska
Iska on September 13, 2020. On November 18, 2020 Eloro announced the discovery of a
significant breccia pipe with extensive silver polymetallic mineralization just east of the Huayra
Kasa underground workings and a high-grade gold-bismuth zone in the underground workings.
On November 24, 2020, Eloro announced the discovery of the SBBP approximately 150m
southwest of the Huayra Kasa underground workings.
Subsequently, on January 26, 2021, Eloro announced significant results from the first drilling at
the SBBP including the discovery hole DHK-15 which returned 129.60 g Ag eq/t over 257.5m
8 | Page
(29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb, 0.080%Cu, 0.056%Sn, 0.0022%In and 0.0064%
Bi from 0.0m to 257.5m. Subsequent drilling has confirmed significant values of Ag-Sn
polymetallic mineralization in the SBBP and the adjacent CBP. A substantive mineralized
envelope which is open along strike and down-dip extends around both major breccia pipes.
Continuous channel sampling of the Santa Barbara Adit located to the east of SBBP returned
442 g Ag eq/t (164.96 g Ag/t, 0.46%Sn, 3.46% Pb and 0.14% Cu) over 166m including 1,092 g
Ag eq/t (446 g Ag/t, 9.03% Pb and 1.16% Sn) over 56.19m. The west end of the adit intersects
the end of the SBBP.
Since the discovery hole on the SBBP, Eloro has released a number of significant drill results on
this target, including:
122.66 grams g Ag eq/t (35.05 g Ag/t, 0.72% Zn, 0.61% Pb, 0.11% Sn and 0.06 g
Au/t) over 123.61m including 205.74 g Ag eq/t (92.30 g Ag/t, 0.57% Zn, 0.85% Pb, 0.18%
Sn and 0.07 g Au/t) over 32.32m (DSB-07),
105.41 g Ag eq/t (8.55 g Ag/t, 1.01% Zn, 0.48% Pb, 0.06% Sn and 0.38 g
Au/t) over 173.58m including 199.77 g Ag eq/t (21.90 g Ag/t, 1.18% Zn, 0.93% Pb 0.12%
Sn and 0.94 g Au/t) over 39.08m (DSB-07)
69.89 g Ag eq/t over 252.89m from 355.12 to 608.02m including several higher-grade
sections of 196.60 g Ag eq/t including 131.13 g Ag/t over 14.52m, 134.62 g Ag
eq/t including 93.25 g Ag/t over 21.08m and 145.35 g Ag eq/t including 2.38%
Zn over 10.11m (DSB-08).
114.96 Ag eq/t including 0.325% Sn over 56.2m including a higher-grade section
of 187.98 g Ag eq/t including 0.535% Sn over 28.86m; 80.71 g Ag eq/t including 0.213%
Sn over 74.39m and 118.69 g Ag eq/t over 10.77m (DSB-10).
129.65 g Ag eq/t (18.38 g Ag/t, 2.14% Zn, 0.67%Pb, and 0.047% Sn) over 300.75m from
65.14m to 365.91m, including higher grade intervals of 215.54 g Ag eq/t over 72.76m,
163.35 g Ag eq/t over 31.83m and 224.48 g Ag eq/t over 19.39m. 82% of this 446.5m
long hole contained reportable intervals (DHK-18).
234.19 g Ag eq/t (70.58 g Ag/t, 2.31% Zn, 2.74% Pb and 0.042% Sn) over 53.2m including
a higher-grade portion of 931.73 g Ag eq/t (367.29 g Ag/t, 5.64% Zn, 13.67% Pb and
0.10% Sn) over 9.26m (DHK-20).
108.24 g Ag eq/t (3.14g Ag/t, 0.24 g Au/t, 2.03% Zn and 0.58% Pb) over 48.2m including
a higher-grade interval grading 180.76 g Ag eq/t (4.46 g Ag/t, 0.35 g Au/t, 3.57% Zn and
1.05% Pb) over 15.02m (DHK-19). 160.22 g Ag eq/t (36.53 g Ag/t, 1.63% Zn, 1.20% Pb
and 0.10% Sn) over 194.14m (DHK-21) including higher grade portions of:
250.50 g Ag eq/t (51.31 g Ag/t, 3.35% Zn, 1.78% Pb and 0.10% Sn) over 18.24m.
257.40 g Ag eq/t (75.83 g Ag/t, 2.29% Zn, 2.40% Pb and 0.12% Sn) over 16.33m.
350.91 g Ag eq/t (112.57 g Ag/t, 1.41% Zn, 3.08% Pb and 0.33% Sn) over 30.06m.
64% of this 512.9m long hole contains reportable intersections
94.68 g Ag eq/t (3.87 g Ag/t, 0.067 g Au/t, 1.63% Zn, 0.43% Pb and 0.05% Sn) over
169.93m including a higher-grade zone that graded 158.64 g Ag eq/t (9.35g Ag/t, 0.016
g Au/t, 3.43% Zn, 0.71% Pb and 0.03%Sn) over 29.84m (DHK-22).
On May 4, 2021, Eloro released results from the first drill hole on the CBP. Hole DCN-01
intersected multiple mineralized intercepts including 196.09 g Ag eq/t (150.25 g Ag/t, 0.10% Sn