Eloro Resources Continues to Intersect Long Intervals of High-Grade Silver-Tin Polymetallic Mineralization in its Definition Drilling Program at its Iska Iska Deposit, Potosi Department, Bolivia
Eloro Resources Continues to Intersect Long Intervals of High-Grade Silver-Tin Polymetallic
Mineralization in its Definition Drilling Program at its Iska Iska Deposit, Potosi Department,
Bolivia
Hole DSB-69 intersected 127.49g Ag/t, 0.50% Zn, 0.16% Pb and 0.31% Sn (193. 00g Ag
eq/t) over 41.25m within a broader interval of 49.71g Ag/t, 0.78% Zn, 0.32% Pb and 0.15%
Sn (106.97g Ag eq/t) over 142.50m.
Hole DSB-70 intersected, 45.71g Ag/t, 3.11% Zn, 1.91% Pb and 0.23% Sn (232.3 5g Ag
eq/t) over 81.00m within a broader interval of 30.08g Ag/t, 1.63% Zn 0.98% Pb and 0.13%
Sn (127.89g Ag eq/t) over 255.75m
Hole DSB-71 intersected 53.17 Ag/t, 0.72% Zn, 0.40% Pb and 0.19% Sn (116.62 g Ag eq/t)
over 45.00m within a broader interval of 29.26 Ag/t, 0.58% Zn, 0.22% Pb and 0.11% Sn
(71.46g Ag eq/t) over 127.50m.
These assay results come from Eloro’s ongoing Defi nition Drilling Program which continue to
demonstrate the presence of strong, broad zones of silver-tin polymetallic mineralization with
good continuity. The Company’s current highly focus ed infill and step-out drill program
encompasses the potential starter pit at Santa Barbara and is designed to;
o fill-in gaps that are presently categorized as low -grade or internal waste in the mineral
resource model but, as demonstrated by the results reported in this press release, are
actually moderate to strongly mineralized,
o better define the full vertical and lateral extent of high-grade Ag mineralization,
o expand higher-grade Sn mineralization to the west and north west, and
o provide two large size PQ holes for further metall urgical testing (see Eloro’s
September 4, 2024 press release).
Toronto, Canada, January 6, 2025 – Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE:
P2QM) (“Eloro”, or the “Company”) is pleased to announce further assay results in its definition
diamond drilling program in the potential Santa Bar bara starter pit area in the Iska Iska silver-tin
polymetallic project in the Potosi Department of southwestern Bolivia. To date 4,902.8m of diamond
drilling have been completed in ten (10) holes incl uding one (1) hole in progress at the time of the
Christmas break. PQ core size has been used for all holes in this program to obtain larger, more
representative core samples.
Table 1 below lists significant results for the thr ee holes reported, DSB-69, DSB-70 and DSB-71.
Figure 1 shows locations of all the definition dril l holes completed to date and in progress. Silver
equivalent values (g Ag eq/t) have been calculated using 3-year average metal prices and preliminary
metallurgical recoveries (see note below Table 1 for more information). Table 2 lists the coordinates
of the drill holes completed and in progress.
20 Adelaide Street East, Suite 200, Toronto, Ontari o CANADA M5C 2T6 Tel.: (416) 868-9168
TSX Symbol: ELO www.elororesources.com
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Hole DSB-69, collared 160m southwest of previously reported dri ll hole DSB-68 (see Eloro press
release of November 26, 2024) returned a long intersection grading 49.71g Ag/t, 0.78% Zn, 0.32%
Pb and 0.15% Sn (106.97g Ag eq/t) over 142.50m from 258.00m to 400.50m. This intersection
includes a higher grade interval of:
127.49g Ag/t, 0.50% Zn, 0.16% Pb and 0.31% Sn (193. 00g Ag eq/t) over 41.25m from
258.00m to 299.25m
The strong tin mineralization in this intersection is very notable and indicates that this hole is
starting to intersect the major tin-silver domain to the west and northwest
This hole also intersected near-surface high-grade silver mineralization:
80.10g Ag/t, 0.17% Pb (84.25g Ag eq/t) over 30.00m from 1.50m to 31.50m
Hole DSB-70, collared 100m northeast of hole DSB-68, returned a very long intersection grading
30.08g Ag/t, 1.63% Zn, 0.98% Pb and 0.13% Sn (127.89g Ag eq/t) over 255.75m from near surface
at 55.05m to 310.80m. This intersection includes higher grade intervals of:
45.71g Ag/t, 3.11% Zn, 1.91% Pb and 0.23% Sn (232.3 5g Ag eq/t) over 81.00m from
112.80m to 193.80m, and
30.68g Ag/t, 2.38% Zn, 1.73% Pb and 0.18% Sn (180.9 1g Ag eq/t) over 19.50m from
229.80m to 249.30m.
Like Hole DSB-69, this hole intercepted strong tin mineralization grading 0.43% Sn over
34.5m from 423.32m to 457.8m within a broader miner alized zone grading 14.38g Ag/t,
0.34% Zn, 0.36% Pb and 0.25% Sn (80.16g Ag eq/t) over 70.50m from 387.30m to 457.80m.
Hole DSB-71 , collared 100m south-southwest of hole DSB-69, ret urned two long mineralized
intersections, the first grading 41.89g Ag/t, 0.15% Pb and 0.14% Sn (66.90g Ag eq/t) over 123.00m
from 45.95m to 168.95m, and the second, 29.26g Ag/t, 0.58% Zn, 0.22% Pb and 0.11% Sn (71.46g
Ag eq/t) over 127.50m from 233.45m to 360.95m This latter intersection i ncludes a higher grade
interval of:
53.17g Ag/t, 0.72% Zn, 0.40% Pb and 0.19% Sn (116.6 2g Ag eq/t) over 45.00m from
263.45m to 308.45m
This hole also intersected a near-surface high grade tin zone:
11.84g Ag/t and 0.44% Sn (96.81g Ag eq/t) over 21.95m from 1.50m to 23.45m
Similar to DSB-68, results from these three additio nal holes continue to demonstrate potential
significant underestimation of the silver grade, similar to that of the previously reported metallurgical
test results from a 6.3 tonne bulk sample which ret urned a much higher silver head grade of 91 g
Ag/t compared to the grade of 31 g Ag/t obtained in the original twinned holes (see Eloro press
release January 3, 2024).
Dr. Osvaldo Arce, P.Geo., Eloro’s Executive Vice President, Latin America and General Manager of
Eloro’s Bolivian subsidiary, Minera Tupiza S.R.L., said: “The success of our current definition drilling
program is a confirmation of our understanding and experience on the property. These holes’
locations were selected to specifically verify the continuation of the higher grade, large volume
polymetallic areas in the extensive mineralized sys tem at Iska Iska. These areas occur where
mineralizing fluids were deposited through intrusio n breccias and injection tourmaline breccias in
favorable lithologies and structures forming enriched bodies with significant resource potential.”
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Tom Larsen, CEO of Eloro, commented: “The latest re ported infill drilling intercepts further
demonstrates the consistency of potential commercial value per tonne that will be incorporated in the
PEA in later 2025. These results continue to dispe l any previous misinterpretation that there are
extensive areas of waste in the overall mineralized zone. The continual higher-grades that are being
reported in the silver-tin polymetallic system from this latest drilling campaign are only adding to the
overall economic potential of the deposit.”
Table 1: Definition Diamond Drill Results as of January 6, 2025, Santa Barbara Deposit, Iska,
Iska
SANTA BARBARA DEFINITION DIAMOND DRILL RESULTS
Hole No. From (m) To (m) Length (m) Ag Zn Pb Sn Ag eq
g/t % % % g/t
DSB -69 1.50 31.50 30.00 80.10 0.00 0.17 0.05 84.25
88.50 93.00 4.50 118.67 0.00 0.16 0.03 113.90
120.00 181.50 61.50 44.85 0.21 0.35 0.09 72.94
Incl. 120.00 159.00 39.00 67.81 0.03 0.32 0.06 79.19
201.00 228.75 27.75 18.16 0.95 0.34 0.06 68.09
258.00 400.50 142.50 49.71 0.78 0.32 0.15 106.97
Incl. 258.00 299.25 41.25 127.49 0.50 0.16 0.31 193.00
409.50 459.00 49.50 9.17 0.12 0.18 0.25 64.61
DSB -70 55.05 310.80 255.75 30.08 1.63 0.98 0.13 127.89
Incl. 112.80 193.80 81.00 45.71 3.11 1.91 0.23 232.35
Incl. 229.80 249.30 19.50 30.68 2.38 1.73 0.18 180.91
387.30 457.80 70.50 14.38 0.34 0.36 0.25 80.16
Incl. 423.30 457.80 34.50 10.03 0.20 0.54 0.43 110.82
DSB -71 1.50 23.45 21.95 11.84 0.00 0.05 0.44 96.81
45.95 168.95 123.00 41.89 0.00 0.15 0.14 66.90
Incl. 45.95 63.95 18.00 73.25 0.00 0.19 0.06 79.88
Incl. 110.45 123.95 13.50 54.67 0.00 0.18 0.21 92.73
195.95 224.45 22.50 51.79 0.02 0.04 0.14 74.29
233.45 360.95 127.50 29.26 0.58 0.22 0.11 71.46
Incl. 263.45 308.45 45.00 53.17 0.72 0.40 0.19 116.62
396.95 405.95 9.00 121.00 0.26 0.16 0.06 131.44
422.45 447.95 25.50 38.71 0.19 0.17 0.05 54.12
456.95 459.95 3.00 216.00 0.84 0.33 0.03 232.14
497.45 503.45 6.00 59.25 0.37 0.14 0.07 81.76
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Note: True width is approximately 80% of core length. Si lver 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
preliminary 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. Lowe r grade material may be included in intersections w here
geological continuity is warranted.
Table 2: Summary of Diamond Drill Hole Coordinates for Drill Holes Reported, Completed
and in Progress at Iska Iska as of January 6, 2025
SUMMARY DIAMOND DRILLING ISKA ISKA
Hole No. Type Collar
Easting
Collar
Northing Elev Azimuth Angle Hole Length
(m)
Santa Barbara Surface Definition Drill Holes Reported and In Progress
DSB-68 S 205390.0 7656251.0 4220.0 225° -50° 402.9
DSB-69 S 205262.0 7656133.0 4291.8 225° -85° 502.0
DSB-70 S 205460.0 7656319.0 4191.0 225° -50° 467.3
DSB-71 S 205203.0 7656016.0 4282.0 225° -85° 533.7
DSB-72 S 205088.0 7656107.0 4341.0 225° -85° 653.4
DSB-73 S 205291.0 7656269.0 4273.0 225° -85° 479.6
DSB-74 S 205205.0 7656072.0 4305.6 225° -75° 470.5
DSB-75 S 205310.0 7656329.0 4257.0 225° -85° 527.4
DSB-76 S 205022.0 7656003.0 4342.0 225° -85° 356.6*
Subtotal 4,393.4
Southeast Extension Exploration Drilling
DSE-01 S 206198.0 7655779.0 4000.0 225° -65° 509.4
Subtotal 509.4
TOTAL 4,902.8
*= hole in progress
S = Surface; collar coordinates in metres; azimuth and dip in degrees. Total drilling since start of the definition drilling
program on October 4, 2024 is 4,902.8m in 10 holes with 1 hole in progress. Since the start of the drilling at Iska Iska on
September 20, 2020, a total of 108,101m in 166 dril l holes (34 underground holes and 132 surface holes ) have been
completed.
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Figure 1: Location Map of Definition Diamond Drill Holes, Santa Barbara, Iska Iska. Yellow
circles highlight the location of holes in this release.
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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 extensive 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 Eloro’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 followed 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 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, a ll located along the same overall 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 min eralization 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 Santa Barbara Breccia Pipe (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 from 0.0m to 257. 5m. Subsequent drilling has confirmed the
presence of significant values of Ag-Sn polymetalli c mineralization in the SBBP and the adjacent
Central Breccia Pipe (CBP). A substantive minerali zed envelope which is open along strike and
down-dip extends around both major breccia pipes. Continuous channel sampling along the walls of
the of the Santa Barbara Adit located to the east of SBBP returned average grades of 164.96 g Ag/t,
0.46%Sn, 3.46% Pb and 0.14% Cu over 166m including 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 initial discovery hole DHK-15 which returned 29.53g Ag/t, 0.078g Au/t, 1.45%Zn, 0.59%Pb,
0.080%Cu and 0.056%Sn over 257.5m, Eloro has released a number of significant drill results in the
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SBBP and the surrounding mineralized envelope which, along with geophysical data, has defined an
extensive target zone. On October 17, 2023, Eloro filed the NI 43-101 Technical Report outlining the
initial inferred MRE for Iska Iska, prepared by ind ependent consultantsMicon International Limited.
The MRE was reported in two domains, the Polymetallic (Ag-Zn-Pb) Domain which is primarily in the
east and south of the Santa Barbara deposit and the Tin (Sn-Ag-Pb) Domain which is primarily in the
west and north.
The Polymetallic Domain is estimated to contain 560Mt at 13.8 g Ag/t, 0.73% Zn & 0.28% Pb at an
NSR cutoff of US$9.20 for potential open pit and an NSR cutoff of US$34.40 for potential
underground. The majority of the mineral resource is contained in the constraining pit which has a
stripping ratio of 1:1. The Polymetallic Domain contains a higher-grade mineral resource at a NSR
cutoff of $US25/t of 132 million tonnes at 1.11% Zn, 0.50% Pb and 24.3 g Ag/t which has a net NSR
value of US$34.40/t which is 3.75 the estimated operating cost of US$9.20/t. The Tin Domain which
is adjacent to the Polymetallic Domain and does not overlap, is estimated to contain a mineral
resource of 110Mt at 0.12% Sn, 14.2 g Ag/t and 0.14% Pb but is very under drilled.
Results of the definition drill program which totalled 5,267.7m in 11 holes were reported on December
18, 2023 and January 11, 2024, respectively. Significant results included 279.22 g Ag/t, 0.47% Pb
and 0.43% Sn (339.82g Ag eq/t) over 62.84m and 33.83 g Ag/t, 1.53% Zn, 0.93% Pb and 0.14% Sn
(130.88g Ag eq/t) over 178.99m including 120.37 g Ag/t, 2.13% Zn, 1.57% Pb and 0.19% Sn in hole
DSB-61; 57.62g Ag/t, 1.26% Zn, 0.94% Pb and 0.12% S n (139.94g Ag eq/t) over 136.11min hole
DSB-66 and 118.86g Ag/t, 0.35% Zn, 0.35% Pb and 0. 15% Sn (152.29g Ag eq/t) over 81.28m in
hole DSB-65. This latter intersection in hole DSB-65 included a very high-grade sample of 5,080g
Ag/t, 0.12 g Au/t, 0.26% Zn, 1.34% Pb, 1.53% Cu and 1.27% Sn (4,746.46g Ag eq/t) over 1.46m.
Metallurgical tests reported on January 23, 2024 fr om a 6.3 tonne PQ drill core bulk sample
representative of the higher grade Polymetallic (Ag -Zn-Pb) Domain returned a significantly higher
average silver value of 91 g Ag/t compared to the w eighted average grade of the original twinned
holes at 31 g Ag/t strongly suggesting that the ave rage silver grade is likely significantly
underreported in the original twinned holes due to the much smaller sample size.
On January 29, 2024, the Company reported that the new chargeability high outlined southeast of
the MRE open pit by the expanded induced polarizati on (IP) survey indicates that the major
mineralized structural corridor that is up to 800m wide extends a further 600m along strike to the
southeast for an overall strike length of at least 2km. This new area has not been drilled.
The Company reported on July 30, 2024, that updated modelling of the potential starter pit area at
Santa Barbara zone highlights the importance of com pleting additional drilling to better define the
grade and extent of the mineral resource in this area. Areas with higher-grade resource typically have
much better drilling density but holes outside the core potential pit area are too widely spaced to give
an accurate estimate of grade.
On September 4, 2024, the Company announced the res tart of definition drilling in the potential
starter pit area at Santa Barbara. Previous drilli ng has shown that areas with high-grade
mineralization typically have much better drilling density, whereas holes outside the core area are
too widely spaced to give an accurate grade estimate. This increased drilling density is particularly
important for defining the extent of the high-grade Ag-bearing and Sn-bearing structures, and for
categorizing the mineral resources from inferred to indicated, which have a major influence on overall
grade and resources that will contribute to the preliminary economic assessment (“PEA”).
An initial program of 5,700m of diamond drilling in 13 holes in the Santa Barbara starter pit area is
now in progress to better define the vertical and lateral extent of high-grade Ag mineralization; fill-in
gaps that are presently categorized as low-grade or waste in the resource model but are very likely
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mineralized; expand the higher-grade Sn mineralizat ion to the west; and complete an additional
1,400m in two large size PQ holes for further metallurgical testing.
Results from the first definition drill hole DSB-68 were released on November 26, 2024. This hole
intersected 66.90g Ag/t, 0.63% Zn, 0.42% Pb and 0.11% Sn (111.1 4g Ag eq/t) over 289.13m
including higher grade intervals of includes higher grade intervals of:
126.10g Ag/t, 0.55% Zn, 0.60% Pb and 0.09% Sn (160.72g Ag eq/t) over 122.03m,
47.61g Ag/t, 0.22% Zn, 0.40% Pb and 0.45% Sn (146.06g Ag eq/t) over 16.51m, and
25.52g Ag/t, 2.19% Zn, 0.65% Pb and 0.10% Sn (129.60g Ag eq/t) over 7.46m
About Eloro Resources Ltd.
Eloro is an exploration and mine development compan y with a portfolio of gold and base-metal
properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 100% interest in the highly
prospective Iska Iska Property, which can be classi fied as a polymetallic epithermal-porphyry
complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A recent NI
43-101 Technical Report on Iska Iska, which was com pleted by Micon International Limited, is
available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-
free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the
North-Central Mineral Belt of Peru some 50 km south of the Lagunas Norte Gold Mine and the La
Arena Gold Mine.
For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge
Estepa, Vice-President at (416) 868-9168 .
Information in this news release may contain forwar d-looking information. Statements containing forwar d-looking
information express, as at the date of this news re lease, the Company’s plans, estimates, forecasts, p rojections,
expectations, or beliefs as to future events or res ults and are believed to be reasonable based on inf ormation currently
available to the Company. There can be no assurance that forward-looking statements will prove to be a ccurate. Actual
results and future events could differ materially from those anticipated in such statements. Readers should not place undue
reliance on forward-looking information.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility
for the adequacy or accuracy of this release.