Eloro Resources Announces Restart of Definition Drilling Targeting Major Tin Discovery and High Grade Silver Zones at its Iska Iska Ag-Sn-Polymetallic Project, Potosi Department, Bolivia
Eloro Resources Announces Restart of Definition Drilling Targeting Major Tin Discovery and
High Grade Silver Zones at its Iska Iska Ag-Sn-Polymetallic Project, Potosi Department,
Bolivia
A new definition drill program comprised of 4,300m of diamond drilling in 8 holes that will
commence shortly is focussed on upgrading and expan ding high grade tin mineralization
hosted in intrusion and phreatomagmatic breccia (TI B and TPMB, respectively) and the
shallower higher grade silver mineralized zone which is above the tin zone.
The broad tin intersections in TIB and TPMB contain visually coarse-grained cassiterite
which is likely to be amenable to gravity separation . Further TIMA mineralogy is planned
to confirm cassiterite grain size and other mineralogical attributes associated with tin recovery
to be followed by metallurgical tests to establish recovery.
The recently reported 10-hole definition drill program totalling 5,290m in the potential starter
pit area of Santa Barbara has clearly demonstrated that as drill hole density within the
deposit is increased, grades, especially for silver and tin, notably appear to increase .
Eloro thinks this trend is likely to continue as fu rther drilling is undertaken in the next drill
campaign. In addition, recent definition drilling h as consistently reduced and/or eliminated
areas that were previously modeled as waste within the resource model due to lack of drilling.
Toronto, Canada, April 30, 2025 – Eloro Resources L td. (TSX: ELO; OTCQX: ELRRF; FSE:
P2QM) (“Eloro”, or the “Company”) is pleased to announce that the next phase of definition drilling
in the potential Santa Barbara starter pit area in the Iska Iska silver-tin polymetallic project in th e
Potosi Department of southwestern Bolivia will comm ence shortly. The program will consist of
4,300m of diamond drilling in 8 holes focussed on u pgrading and expanding high grade tin
mineralization hosted in intrusion and phreatomagma tic breccia (TIB and TPMB, respectively) and
the shallow higher grade silver mineralized zone which is above the tin zone.
Holes will be drilled on a 50m by 50m spacing that has been found to be optimum for confirming
continuity and grade of mineralization especially for high grade tin and silver.
Tom Larsen, Eloro’s CEO commented: “The late 2024 a nd early 2025 definition drilling program
successfully extended high-grade tin and silver-polymetallic mineralization along strike and at depth
and identified new, highly prospective targets that promise to significantly expand the known resource
extents for the PEA. Over the past two years, we ha ve substantially expanded the footprint of
potentially economic mineralization and continue to aggressively test extensions of known
mineralized trends. Additionally, ongoing metallurgical studies, especially on intersections with visibly
coarse cassiterite, are yielding promising results as we advance the project toward a PEA.”
Tom Larsen continued “We are excited to commence ou r 2025 phase 1 drill campaign at Iska Iska.
We are well-funded to undertake an aggressive drill program on and around Santa Barbara zone to
further assess its true size potential with the obj ective of delivering an updated mineral resource to
support the PEA in the coming months.”
20 Adelaide Street East, Suite 200, Toronto, Ontari o CANADA M5C 2T6 Tel.: (416) 868-9168
TSX Symbol: ELO www.elororesources.com
2 | P a g e
Major Targets for Definition Drill Program, Santa Barbara Potential Starter Pit Area
The recently completed definition program intersect ed a number of significant tin and silver
intersections in the potential starter area of Sant a Barbara as outlined in Table 1 below. Figure 1
shows the location of definition drill holes recent ly completed along with the proposed next phase
drilling program which is described in the followin g section below. The approximate boundary
between the Ag-Zn Polymetallic Domain in the east and the Tin Domain in the west which is marked
by a fault zone is also shown. The geophysical sig nature of these two major domains is strikingly
different – the Ag-Zn Polymetallic Domain is very c hargeable while the Tin Domain has low
chargeability (see Eloro press release March 11, 2025 for further details).
Figures 1 and 2 are SW-NE cross sections which show the distribution of tin (Sn), silver (Ag) and
zinc (Zn) in the two different domains. The Tin Domain in the west starts at approximately elevation
4,100m and there is a prominent high grade silver zone above this which is an important target. The
Ag-Zn Polymetallic Domain has silver throughout it along with Zn. Zinc and tin only have a minor
area of overlap in the domain contact area. Note t hat the section length is 1.2km, attesting to the
remarkable extent of this mineralized system, which remains open along strike, across strike and at
depth. The pit defining the August 23, 2023 mineral resource estimate (“MRE”) is shown for reference
(see Eloro press release October 17, 2023). Section 2 is located 100m south of Section 1 and shows
a similar pattern but there is a higher tin content in the upper high grade silver zone. Section 3 is a
W-E section that shows a similar pattern to Section 2 with strong tin mineralization from surface to
depth. This section is also 1.2km long.
Table 1. Highlights of Definition Drilling January 2024 – April 2025, Santa Barbara Starter Pit
Area
Date of
Press
Release
Drill
Hole ID
Intercept
(m)
Ag
(g/t)
Sn
(%)
Zn
(%)
Pb
(%)
Grade
(g Ag eq/t)
26-Nov-24 DSB-68 289.13 66.90 0.11 0.63 0.42 111.14
incl. DSB-68 122.03 126.10 0.45 0.22 0.40 160.72
6-Jan-25 DSB-69 142.50 49.71 0.15 0.78 0.32 106.97
incl. DSB-69 41.25 127.49 0.31 0.78 0.32 193.00
6-Jan-25 DSB-70 255.75 30.08 0.13 1.63 0.98 127.89
incl. DSB-70 81.00 45.71 0.23 3.11 1.91 232.35
6-Jan-25 DSB-71 127.50 29.26 0.11 0.58 0.22 71.46
incl. DSB-71 45.00 53.17 0.19 0.72 0.40 116.62
23-Jan-25 DSB-72 87.00 2.62 0.74 0.00 0.04 147.41
incl. DSB-72 33.00 3.49 1.39 0.00 0.08 275.12
20-Feb-25 DSB-73 36.00 13.46 0.15 0.86 0.19 74.09
20-Feb-25 DSB-74 91.50 13.90 0.34 0.00 0.03 79.47
3 | P a g e
Date of
Press
Release
Drill
Hole ID
Intercept
(m)
Ag
(g/t)
Sn
(%)
Zn
(%)
Pb
(%)
Grade
(g Ag eq/t)
DSB-74 103.50 16.67 0.31 0.00 0.05 95.17
11-Mar-25 DSB-75 309.00 90.92 0.04 0.15 0.10 92.79
DSB-75 135.00 151.47 0.04 0.14 0.12 147.80
15-Apr-25 DSB-76 52.50 129.57 0.07 0.00 0.02 128.42
15-Apr-25 DSB-77 79.50 5.89 0.23 0.00 0.01 51.30
. Note: True width is approximately 80% of core lengt h. Silver equivalent (Ag eq) grades are calculated using 3-year
average metal prices of Ag = US$24.14/oz, Zn = US$1 .36/lb , Pb = 0.98/lb and Sn = US$13.74/lb, and pre liminary
metallurgical recoveries of Ag = 88%, Zn = 87%, Pb= 80% and Sn = 50%. In selecting intervals, a cutoff grade of 30 g Ag
eq/t has been used. Lower grade material may be included in intersections where geological continuity is warranted
4 | P a g e
Figure 1: Location Map of Recently Completed Definition Diamond Drill Holes, Santa
Barbara zone, Iska Iska. Holes planned in this current program are shown in blue and listed
in Table 2 below.
5 | P a g e
Section 1: SW-NE Section, Santa Barbara Showing Metal Distribution in Major Domains with
planned diamond drill holes (see Table 2 below)
6 | P a g e
Section 2: SW-NE Section, Santa Barbara Showing Metal Distribution in Major Domains with
planned diamond drill holes (see Table 2 below)
7 | P a g e
Section 3: W-E Section, Santa Barbara Showing Metal Distribution in Major Domains
showing planned drill hole (see Table 2 below)
Planned Definition Drill Program
The planned definition drill hole program will focus on the Tin Domain and the upper high grade silver
zone above the tin mineralization as outlined in Table 2 below. The locations of these planned holes
are shown in Figure 1 above.
Table 2. Planned Drill Holes in the Tin Domain
Drillhole
Name Category Easting Northing Elevation
(masl)
Azimuth
(°) Dip (°) Length
(m)
Likely
Lithology
DSB-78 Infill 205055 7656072 4340 225 85 550
TIB (60)%,
TDC (20%),
TPMB (20%)
DSB-79 Infill 205076 7656025 4324 225 85 500 TIB (90%),
TDC (10%)
DSB-80 Infill 205173 7655978 4279 225 85 550 TDC (60%),
TIB (40%),
DSB-81 Infill 205184 7656202 4334 225 85 550 TIB (60%),
TDC (40%),
DSB-82 Infill 205048 7656206 4362 225 85 700 TIB (80%),
TDC (20%),
8 | P a g e
Drillhole
Name Category Easting Northing Elevation
(masl)
Azimuth
(°) Dip (°) Length
(m)
Likely
Lithology
DSB-83 Step-out 204979 7656137 4357 225 85 600
TIB(70%),
TDC (15%)
TPMB (15%)
DSB-84 Step-out 204955 7655973 4370 225 85 400 TDC (80%),
TPMB (20%)
DSB-85 Step-out 204989 7655939 4359 225 85 450 TDC (80%),
TIB (20%)
Total Length 4,300
Note: TIB = Intrusion breccia; TPMB = Phreatomagmatic breccia; and TDC = Dacite
Holes may be adjusted as the program progresses depending on results obtained.
Qualified Person (“QP”)
Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President, Exploration, and a Qualified Person (“QP”)
as defined by National Instrument (“NI”) 43-101 has reviewed and approved the technical content of
this news release. Dr. Pearson who has more than 5 0 years of worldwide mining exploration,
development and production experience, including ex tensive work in South America, manages the
overall technical program, working closely with Dr. Osvaldo Arce, P.Geo. Executive Vice President,
Latin America for Eloro and General Manager of Elor o’s Bolivian subsidiary, Minera Tupiza S.R.L.,
and a QP in the context of NI 43-101, who has supervised all field work carried out at Iska Iska.
Eloro utilized both ALS and AHK for drill core anal yses, both of whom are major international
accredited laboratories. Drill samples sent to ALS were prepared in both ALS Bolivia Ltda’s
preparation facility in Oruro, Bolivia and the preparation facility operated by AHK in Tupiza with pulps
sent to the main ALS Global laboratory in Lima for analysis. 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.
Drill core samples sent to AHK Laboratories were pr epared in a preparation facility installed and
managed by AHK in Tupiza with pulps sent to the AHK laboratory in Lima, Peru. Check samples
between ALS and AHK are regularly done as a QA/QC check. AHK is following the same analytical
protocols used as with ALS and with the same QA/QC protocols.
About Iska Iska
The 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 100% interest in Iska Iska.
Iska Iska is a major silver-tin polymetallic porphy ry-epithermal complex associated with a Miocene
possibly collapsed/resurgent caldera, emplaced on O rdovician 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, a ll located along the same overall geological
trend.