Eloro Resources Intersects 150.47g Ag eq/t (9.45g Ag/t, 1.53% Zn, 0.88% Pb and 0.07% Sn) over 441.21m in High-Grade Feeder Zone in Santa Barbara Target Area at the Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia
Eloro Resources Intersects 150.47g Ag eq/t (9.45g Ag/t, 1.53% Zn, 0.88% Pb and 0.07% Sn)
over 441.21m in High-Grade Feeder Zone in Santa Barbara Target Area at the Iska Iska
Silver-Tin Polymetallic Project, Potosi Department, Bolivia
• This intersection in hole DSB -30 includes a higher-grade portion grading 209.30 g Ag eq/t
(10.06g Ag/t, 2.76% Zn,0.98% Pb and 0.07% Sn) over 102.30m. This hole has the longest
continuously mineralized intersection obtained in drilling thus far.
• Hole DSB-32, drilled on-section to the southeast with hole DSB-30 intersected 185.94 g Ag
eq/t (44.55 g Ag/t, 0.57% Pb , 0.14% Cu and 0.25% Sn) over 135.15m including a higher-
grade section of 277.34 g Ag eq/t (78.12 g Ag/t, 0.09 g Au /t, 1.01% Pb, 0.27% Cu and
0.33% Sn) over 66.04m.
• Hole DSB- 29 returned 108.31 g Ag eq/t (14.31 g Ag/t, 0.81% Zn and 0. 40% Pb) over
110.40m and hole DSB-28 returned 98.98 g Ag eq/t (4.41g Ag/t, 1.16% Zn and 0.49% Pb)
over 96.51m; all holes testing the high-grade feeder zone.
• Final underground hole DSBU-11 from the Santa Barbara adit intersected 96.24 g Ag
eq/t (14.93g Ag/t, 0.44% Zn and 0.68% Pb) over 128.33m and 85.85 g Ag eq/t (15.76g
Ag/t, 0.55% Zn, 0.13% Pb and 0.08%Sn) over 174.76m. Hole DSBU-09 intersected 136.48
g Ag eq/t (7.20g Ag/t, 0.14 g Au/t, 2.47% Zn and 0.63% Pb) over 72.33m and 138.75 g Ag
eq/t (13.05g Ag/t, 0.11 g Au/t, 1.66% Zn and 0.42% Pb) over 72.20m.
• New downhole geophysical data have significantly extended the strike length of the high-
grade feeder zone at Santa Barbara a further 250m along strike to the south-southeast from
existing drilling.
• The 3D inverse magnetic model which correlates very strongly with the conductive zone
suggests that the high-grade feeder zone may extend across the entire caldera for as much
as a further 1 km along strike for a total potential strike length of at least 2 km. Drilling
in the Porco area intersected significant values over short intervals on the edge of this
conductive zone.
• The definition drill program has now been modified to sectionally drill this potential extension
with the intention of defining a major open pittable deposit in the valley of the caldera.
As a result, the estimated completion date for the maiden National Instrument 43-101
mineral resource has been pushed back to the end of Q1 2023.
Toronto, Canada, September 20, 2022 – Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF;
FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from twenty-one (21)
diamond drill holes from its on-going drilling program at the Iska Iska silver-tin polymetallic project in
the Potosi Department, southern Bolivia. Five (5) surface holes (DSB-28 to DSB-30, DSB-32 and
DHK-25) tested the high-grade feeder zone in Santa Barbara which was also tested by two (2)
underground holes (DSBU-09 and DSBU-011). Six (6) holes (DSB-16 to DSB-19, DSB-23 and DSB-
27) tested the northwest extension of Santa Barbara. Eight (8) holes (DPC-04 to DPC-08 and DPC-
10 to DPC-12) are reported for the Porco area. Five surface drills are focused on completing drilling
in the Santa Barbara Resource Definition Drilling Area and its extension to the south-southeast. This
20 Adelaide Street East, Suite 200, Toronto, Ontario CANADA M5C 2T6 Tel.: (416) 868 -9168
TSX.V Symbol: ELO www.elororesources.com
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press release also outlines a major update on the geophysical surveys which have greatly expanded
the higher-grade feeder area target zone to the south-southeast.
Overall, the Company has completed 74,782m in 113 drill holes to-date at Iska Iska, including five
holes in progress, as shown in Figure 1. Tables 1 to 3 list significant assay results for the drill holes
reported. Prices used for calculating Ag equivalent grades are as outlined in the July 18, 2022 press
release. Table 4 summarizes drill holes with assays pending. Highlights for each major target area
are as follows:
Santa Barbara High Grade Feeder Zone Definition Drilling
Drilling continues to expand the extent of the high-grade feeder zone at Santa Barbara, especially to
the south-southeast. New borehole geophysical data have significantly expanded the strike length
of this important high-grade zone. The highly conductive zones correlate very well with previously
released high grade drill intersections, as described below. The conductivity data from boreholes
have extended the high-grade feeder zone a further 250m along strike to the south-southeast. The
3D inverse magnetic model which correlates very strongly with the conductive zone suggests that
the high-grade feeder zone may extend across the entire caldera for as much as a further 1 km along
strike. The definition drill program has now been modified to sectionally drill this highly prospective
extension, with the intention of defining a major open pittable mineral resource in the valley of the
caldera.
Tom Larsen, CEO of Eloro said: “The results presented in this press release, combined with the
enhanced geological and geophysical interpretation, show the continuing expansion of the already
extensive Iska Iska high-grade mineralized system, which has a potential strike length of at least
2km. The new data demonstrate excellent potential to outline a major open pittable deposit in the
valley of the Iska Iska caldera. As a result, the estimated completion date for the maiden NI 43-
101 mineral resource has been pushed back to the end of Q1 2023 to provide additional time
to drill-test this important target. We thank both ALS and AHK laboratories for greatly reducing
our backlog of samples over the last several months , enabling us to report the results from a large
number of holes in this release.”
Dr. Bill Pearson, P.Geo. Eloro’s Executive Vice President, Exploration commented: “ We are
continuing our definition diamond drill program with five surface rigs focusing on the south-
southeastern extension of the high-grade feeder zone. As each drill hole is completed, we survey
the hole using a pole-dipole IP array down the hole as well as cross hole measurements using current
in surrounding holes. Our borehole IP team from McKeown Exploration Services, which is supervised
by our Chief Geophysicist Dr. Chris Hale, P.Geo., works closely with our drill contractor Leduc Drilling
to allow holes to a 1000m depth to be surveyed efficiently . This has greatly enhanced our
geophysical program and has led to the tremendous geophysical model disclosed in this press
release. We continue to get numerous and extensive mineralized intersections in all our holes as
outlined below. In addition, we now know that the DPC series of holes in the Porco area are mainly
just on the edge of the massive conductive zone and magnetic susceptibility high that goes through
the Porco area at a deeper level.”
Significant results from five (5) additional surface drill holes and two underground holes testing the
high-grade feeder zone at Santa Barbara are as follows:
• Hole DSB-30, drilled to the SW at – 60° across the centre of the current high grade feeder
zone, intersected 150.47g Ag eq/t (9.45g Ag/t, 1.53% Zn and 0.88% Pb) over 441.21m from
28.70m to 469.91m, including a higher-grade portion grading 209.30 g Ag eq/t (10.06g Ag/t,
2.76% Zn and 0.98% Pb) over 102.30m from 80.05m to 182.35m . This is the longest
continuous mineralized intersection obtained in drilling at Iska Iska thus far.
o Overall, 67% of this 909.85m long hole contains reportable intersections which
collectively average 133.49 g Ag eq/t
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• Hole DSB-32, drilled on-section at -600 to the southeast of hole DSB-30 intersected 185.94 g
Ag eq/t (44.55 g Ag/t, 0.57% P b, 0.14% Cu and 0.25% Sn) over 135.15m from 0.00 to
135.15m, including a higher-grade section of 277.34 g Ag eq/t (78.12 g Ag/t, 0.09 g Au/ t,
1.01% Pb, 0.27% Cu and 0.33% Sn) over 66.04m from 45.13m to 111.17m.
• Hole DSB-29, collared at surface to test the southeast extension of the high- grade feeder
system, was drilled to the SW at -600 and intersected multiple intersections including:
o 108.31 g Ag/t (14.31 g Ag/t, 0.08 g Au/t, 0.81% Zn, 0.40% Pb and 0.08% Sn) over
110.40m from 320.94 to 431.34m, including a higher -grade portion of 174.81 g Ag/t
(18.66 g Ag/t, 0.17 gAu/t, 1.43% Zn and 0.88% Pb) over 36.06m from 334.66m to
370.72m
• Hole DSB-28, located approximately 100m northwest of DSB -29, collared at surface to test
the high -grade feeder system, was drilled to the SW at - 600 and intersected multiple
intersections including:
o 98.98 g Ag/t (4.41 g Ag/t, 1.16% Zn and 0.49% Pb) over 96.51m from 39.49 to
136.00m, including a higher-grade portion of 220.47 g Ag/t (2.99 g Ag/t, 2.68% Zn,
1.13% Pb and 0.11% Sn) over 16.52m from 74.20m to 90.72m,
o 94.39 g Ag eq/t (5.49 g Ag/t, 1.36% Zn and 0.31% Pb) over 90.18m from 163.17m
to 253.35m, and
o 83.44 g Ag eq/t (31.12 g Ag/t, 0.10 g Au/t, 0.27% Zn and 0.23%Pb) over 86.32m
from 455.52m to 541.84m including higher-grade portions of 278.75 g Ag eq/t (56.42
g Ag/t, 0.23 g Au/t, 0.83% Zn, 2.38% Pb and 0.22 Sn) over 6.06m from 458.57 to
464.63m and 197.15 g Ag eq/t (136.45 g Ag/t, 0.22 g Au/t, 0.39% Zn, 0.11% Pb and
0.04 Sn) over 10.59m from 520.85 to 531.44m.
o Overall, 55% of the overall length of this 831.80m long hole yielded reportable
intersections, which collectively average 83.69 g Ag eq/t.
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Figure 1 – Geological Plan Map showing Drilling in Santa Barbara Area with Holes referred
to in this release highlighted.
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Major Extension of Santa Barbara High Grade Feeder Zone
As noted above, new borehole geophysical data have significantly expanded the strike length of the
important high-grade feeder zone at Santa Barbara. The highly conductive zones correlate very well
with previously released high grade drill intersections. Figure 2 is a NW -SE longitudinal section
showing the geophysical results in the Santa Barbara high grade feeder zone. Based on current
data, this feeder zone has a potential overall strike length of at least 2km. Figure 3 is a view looking
south across the Iska Iska caldera valley and Figure 4 shows the conductivity model in the same
view as Figure 3.
Eloro’s Chief Geophysicist, Dr. Chris Hale, P. Geo. commented: “The geophysical measurements of
the most recent boreholes have contributed to a clear picture extending the mineralization south-
southeastwards from the mineralization reported in Eloro’s July 18, 2022 press release. Where we
have borehole IP and conductivity data a conductive core of mineralization extends to the south -
southeast for 250m. This conductive core is contained within a broad volume of elevated
chargeability that reflects disseminated mineralization. The geophysical correlation is open at depth
and to the east where i t is only limited by the distribution of drill holes for the borehole IP
measurements. A strong correlation of mineralization with both conductivity and magnetic
susceptibility extends toward the south-southeast and likely continues for a further kilometer or more
at depth where the magnetic susceptibility model indicates an extens ion but where we do not yet
have any conductivity data other than for DPC-08 and DPC-09. Conductivity data for DPC-09 show
that this south -directed hole is tangential to a strong off -hole conductivity just to the west. This
conductivity anomaly merges with the magnetic susceptibility model showing that the Santa Barbara
high grade feeder zone extends deep beneath the known Porco mineralization.“
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Figure 2: Longitudinal Section of Santa Barbara Feeder Zone looking NE showing 90 g Ag eq/
grade shell, conductivity anomalies and magnetic susceptibility anomaly across the Iska Iska
Caldera.
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Figure 3: View Looking South from Santa Barbara Hill across the Iska Iska Caldera Valley to
the Porco Area showing Locations of Drill Collars.
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Figure 4: Conductivity Model in same view as Figure 3 looking South from Santa Barbara
Hill across the Iska Iska Caldera Valley to the Porco Area.
Reinterpretation and Significance of Drilling in the Porco Area.
Results for eight (8) diamond drill holes that tested the magnetic susceptibility anomaly in the Porco
area are summarized in Table 2. Locations of these holes are shown on Figure 1. Holes DPC -04,
DPC-05 and DPC-06 were drilled from the Porco radial drill platform. Hole DPC-07 was drilled at an
azimuth of 235° at -60° across the gap area between the Porco and Central Breccia pipes. Holes
DPC-08 (Az 235°, -65°), DPC-10 (Az 225°, -70°) and DPC-11-12 (both Az 235°, -70°) were drilled
from the access road to the Porco radial platform. Results from DPC -09 (Az 180 °, -75°) were
previously released on June 14, 2022. Highlights are as follows:
• Hole DPC-10 returned 38 reportable intersections including 268.41 g Ag eq/t (30.31 g Ag/t,
2.22% Zn, 1.19% Pb and 0.16% Sn) over 17.88m from 253.77 to 271.65m and 185.50 g Ag
eq/t (4.18 g Ag/t, 1.15% Zn, 0.92% Pb and 0.17% Sn) over 5.98m from 193.65 to 199.63m.
• Hole DPC-11 returned 29 reportable intersections including 126.42 g Ag eq/t (5.09 g Ag/t,
1.77% Zn and 0.13% Pb) over 16.46m from 392.40 to 408.86m, 171.01 g Ag eq/t (16.34 g
Ag/t, 0.16 g Au/t, 2.14% Zn and 0.81% Pb) over 8.93m from 241.07 to 250.00m and 595.23
g Ag eq/t (50.32 g Ag/t, 0.48 g Au/t, 8.67% Zn and 1.09% Pb) over 2.99m from 364.47 to
367.46m.
• Hole DPC-12 returned 26 reportable intersections including 239.74 g Ag eq/t (58.26 g Ag/t,
2.49% Zn and 1.58% Pb) over 2.96m from 410.66 to 413.62m, 132.46 g Ag eq/t (25.58 g
Ag/t, 1.57% Zn and 0.30% Pb) over 3.03 m from 761.22 to 764.25m and 72.26 g Ag eq/t
(13.73 g Ag/t, 0.87% Zn and 0.06% Pb) over 14.85m from 884.40 to 899.25m.