Eloro Resources Further Expands Major Silver Zone Intersecting 151.47 g Ag/t over 135m within a broader interval of 309m grading 90.92 g Ag/t in the Latest Definition Drilling at its Iska Iska Deposit, Potosi Department, Bolivia
Eloro Resources Further Expands Major Silver Zone Intersecting 151.47 g Ag/t over 135m
within a broader interval of 309m grading 90.92 g Ag/t in the Latest Definition Drilling at its
Iska Iska Deposit, Potosi Department, Bolivia
The high grade intersection above from hole DSB-75 includes 962.23 g Ag/t over 9.75m
within a wider zone of 34.50m grading 440.09 g Ag/t which is the highest grade Ag
intersection obtained thus far in drilling at Iska Iska.
Hole DSB-75 was collared 200m northwest of previous ly reported hole DSB-68 which
intersected 122.03m grading 126.10g Ag/t within a wider 289.13m section grading 66.90 g
Ag/t indicating this high grade silver mineralization is likely quite extensive.
As definition drilling has expanded to cover more a reas within the Santa Barbara area, the
frequency of high grade silver values greater than 50 g Ag/t that have been
encountered has increased significantly confirming the importance of tighter spaced infill
drilling to obtain a more accurate estimate of grade.
Infill drilling is consistently demonstrating that areas of formerly barren or low grade
mineralization actually bear grades that are higher and widths that are signific antly
longer than those in the current mineral resource model.
Toronto, Canada, March 11, 2025 – Eloro Resources L td. (TSX: ELO; OTCQX: ELRRF; FSE:
P2QM) (“Eloro”, or the “Company”) is pleased to announce further assay results from 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 5,799.4m of diamond
drilling have been completed in eleven (11) holes in this phase of definition drilling. PQ core size has
been used in the majority of holes in this program to obtain larger, more representative core samples.
Hole DSB-75 intersected the highest grade and longest silver in tersection yet obtained in the
definition drill program in the potential starter p it area at Santa Barbara, returning 135m grading
151.47g Ag/t from 174.00 m to 309.00m within a wider 309m section grading 90.92 g Ag/t from
174.00m to 483.00m.
The high grade intersection in hole DSB-75 includes 962.23 g Ag/t over 9.75m within a wider zone
of 34.50m grading 440.09 g Ag/t which is the highest grade Ag intersection obtained thus far from
drilling at Iska Iska. Channel sampling along the Santa Barbara adit (see Eloro press release of April
13, 2021) returned 165 g Ag/t over 166m length including 446g Ag/t over 56.19m. This high-grade
interval at the Santa Barbara adit includes two exc eptional sections with 1,024 g Ag/t over 8.11m
and 870 g Ag/t over 12.3m suggesting that there is potential for more widespread high grade silver
at Iska Iska.
Hole DSB-75 is the sixth definition drill hole comp leted in the current program into the Ag-Zn-Pb
polymetallic domain in the potential Santa Barbara starter pit area and was collared 200m northwest
of previously reported hole DSB-68 (see Eloro press release of November 26, 2024), wh ich
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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intersected a high grade silver zone of 122.03m grading 126.10g Ag/t within a wider 289.13m
section grading 66.90 g Ag/t.
Figure 1 is a 3D drawing showing the distribution o f high grade Ag in the Santa Barbara potential
starter pit area. Values in drill holes from 50 g Ag/t to 100g Ag/t are shown in red and values greater
than 100 g Ag/t are in purple. The chargeability plan at 3900m elevation shows the major epithermal
Ag-Zn-Pb high chargeability domain to the south-sou theast and the low chargeability Tertiary
Intrusive Breccia (TIB) Sn-Ag domain to the northwest (see Eloro press release of January 23, 2025
for further discussion of these important targets). As definition drilling has expanded to cover more
areas in the Santa Barbara area, the density of high grade silver values greater than 50 g Ag/t has
increased significantly, demonstrating the importan ce of tighter spaced drilling to obtain a more
accurate estimate of grade.
Further evidence supporting this conclusion are the results of the bulk metallurgical tests on a 6.3
tonne PQ drill core bulk sample representative of the higher grade Polymetallic (Ag-Zn-Pb) Domain.
The calculated head grade in the bulk sample was significantly higher at 91 g Ag/t compared to the
weighted average grade of the original twinned hole at 31 g Ag/t, strongly suggesting that average
silver grade is likely significantly underreported in the original twinned holes (see Eloro press release
January 23, 2024).
“It is imperative that the company move forward quickly with more infill and step out diamond drilling
initiatives in these newly defined high grade metal zones both in the tin domain and the silver
polymetallic domain. These results should add grea tly to the potential economic value in the next
phase PEA study.” said Tom Larsen, CEO of Eloro Resources.
Dr. Osvaldo Arce, P. Geo., Eloro Executive VP Latin American Operations said: “Hole DSB-75
intersected significant Ag grades including a new blind high-grade mineralized structure (962.23 g/t
silver over 9.75 metres) that defines a broad and e nriched zone of silver mineralization at Santa
Barbara, together with high-grade tin and polymetal lic mineralization, suggesting the potential of
discovering larger mineralized volumes together with more blind enriched structures. The definition
drilling campaign continues delivering consistent h igh-grade silver-tin-polymetallic mineralization,
confirming the continuity of high-grade silver and tin that extend beyond the limits of our current
mineral resource. As we infill drill, we are consis tently converting formerly barren or low grade
mineralization to larger silver-tin-polymetallic defined mineralized zones, whose grades are higher
and intercept widths are significantly longer than those in the current mineral resource.”
Dr. Osvaldo Arce continued: “Iska Iska defines both a large epithermal silver system together with a
newly discovered porphyry tin system which has all the hallmarks of a large group of hydrothermal
mineral deposits known as Bolivian polymetallic dep osits (BPD), which have traditionally supplied
most of Bolivia's mineral wealth. These BPD are lar ge, intrusive-volcanic related, sulphide-
dominated, polymetallic vein systems formed at depths of between 0.5km and 2km. The BPD-type
deposits include the world's largest historic hard rock silver mine at Cerro Rico de Potosi and the
world’s largest tin mine at Llallagua (Siglo XX- Ca tavi). We believe that there is a tremendous
opportunity to develop a major porphyry-epithermal transition deposit at Iska Iska that can join this
world class group.”
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Figure 1: 3D Drawing showing distribution of high grade Ag in the Santa Barbara potential
starter pit area. The plan at 3900m level shows the Epithermal (Ag-Zn-Pb) Domain marked
by High Chargeability and the Tertiary Intrusion Breccia Domain (TIB Sn-Ag) marked by Low
Chargeability.
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Table 1 below lists significant results from Hole D SB-75 and Figure 2 shows locations of all the
definition drill holes completed to date. 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.
Table 1: Definition Diamond Drill Results as of March 11, 2025, Santa Barbara, Iska, Iska
SANTA BARBARA DEFINITION DIAMOND DRILL RESULTS – AG-ZN-PB POLYMETALLIC DOMAIN
Hole No. From (m) To (m) Length (m) Ag Zn Pb Sn Ag eq
g/t % % % g/t
DSB-75 0.00 9.00 9.00 30.33 0.00 0.08 0.08 43.99
58.50 153.00 94.50 30.96 0.05 0.07 0.10 50.68
Incl. 114.00 124.50 10.50 115.07 0.01 0.13 0.27 157.80
174.00 483.00 309.00 90.92 0.15 0.10 0.03 92.79
Incl. 174.00 309.00 135.00 151.47 0.14 0.12 0.04 147.80
Incl. 2 274.50 309.00 34.50 440.09 0.22 0.21 0.08 415.26
Incl. 3 276.00 285.75 9.75 962.23 0.30 0.28 0.11 884.96
534.00 537.00 3.00 5.50 1.12 0.07 0.04 51.21
579.00 582.00 3.00 13.00 1.11 0.05 0.03 56.26
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.
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Figure 2: Location Map of Definition Diamond Drill Holes, Santa Barbara zone, Iska Iska. The
yellow circle highlights the location hole DSB-75 referred to in this release.
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Table 2: Summary of Diamond Drill Hole Coordinates for Drill Holes Reported, Completed
and in Progress at Iska Iska as of March 11, 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 7656251 4220.0 225° -50° 402.9
DSB-69 S 205262 7656133 4291.8 225° -85° 502.0
DSB-70 S 205460 7656319 4191.0 225° -50° 467.3
DSB-71 S 205203 7656016 4282.0 225° -85° 533.7
DSB-72 S 205088 7656107 4341.0 225° -85° 653.4
DSB-73 S 205291 7656269 4273.0 225° -85° 479.6
DSB-74 S 205205 7656072 4305.6 225° -75° 470.5
DSB-75 S 205310 7656329 4257.0 225° -85° 605.4
DSB-76 S 205022 7656003 4342.0 225° -85° 521.6
DSB-77 S 205035 7656126 4357 225° -85° 653.6
Subtotal 5,290 .0
Southeast Extension Exploration Drilling
DSE-01 S 206198.0 7655779.0 4000.0 225° -65° 509.4
Subtotal 509.4
TOTAL 5,799.4
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 5,799.0m in 11 holes. Since the start of the drilling at Iska Iska on September
20, 2020, a total of 108,997.9m in 162 drill holes (32 underground holes and 130 surface holes) have been
completed.
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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 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 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 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 independent consultants Micon 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 con tains 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 136.11m in 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