Eloro Resources Intersects 171.57 g Ag eq/t (12.04 g Ag/t, 0.29% Zn, 0.22% Pb and 0.22% Sn) over 373.40m in Southern Part of Santa Barbara Target at Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia
Eloro Resources Intersects 171.57 g Ag eq/t (12.04 g Ag/t, 0.29% Zn, 0.22% Pb and 0.22%
Sn) over 373.40m in Southern Part of Santa Barbara Target at Iska Iska Silver-Tin
Polymetallic Project, Potosi Department, Bolivia
Includes higher-grade sections of 401.81 g Ag eq/t (31.46 g Ag/t, 0.19 %Pb and 0.61
%Sn) over 28.58m from 192.72m to 221.30m, 261.83 g Ag eq/t (4.91 g Ag/t and 0.43%
Sn) over 95.16m in underground drill hole DSBU-03.
Deeper in this hole, an additional major intersection of 197.61 g Ag /t (1.79 g Ag/t and
0.28% Sn) over 60.50m was encountered from 418.80m to 479.30m.
In order to more aggressively drill this major new extension of the Santa Barbara deposit,
a third surface diamond drill is being brought onto site bringing the total operating drills to
four (3 surface and 1 underground).
Toronto, Canada, March 1, 2022 – Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF;
FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce assay results from an additional
diamond drill hole from its on-going drilling program at the Iska Iska silver-tin polymetallic project
in the Potosi Department, southern Bolivia. Hole DSBU-03, an underground hole drilled due west
from the Santa Barbara adit at -50 degrees, has discovered major new depth extensions of the
already large Santa Barbara mineralized zones.
The Company has completed 45,779m in 81 drill holes, including three holes in progress as
shown in Figure 1. Table 1 lists significant assay results. Prices used for calculating Ag
equivalent grades are as outlined in Eloro’s February 1, 2022, press release. Table 2
summarizes drill holes with assays pending. Highlights are as follows:
Underground Metallurgical Hole, Santa Barbara Mineral Resource Target Area
Underground hole DSBU-03, collared in the Santa Barbara adit and drilled at an azimuth of 270
degrees at -50 degrees dip, intersected significant mineralization including substantial tin
suggesting proximity to a major intrusive source (Figures 1, 2 and 3 and Table 1):
171.57 g Ag eq/t (12.04 g Ag/t, 0.29% Zn, 0.22% Pb and 0.22% Sn) over 373.40m from
0.00m to 373.40m Including higher-grade sections of 401.81 g Ag eq/t (31.46 g Ag/t,
0.19 %Pb and 0.61 %Sn) over 28.58m from 192.72m to 221.30m and 261.83 g Ag eq/t
(4.91 g Ag/t and 0.43% Sn) over 95.16m from 272.27m to 367.41m.
The first higher-grade interval above includes the highest single Sn grade sample yet
encountered at Iska Iska at 4.1% Sn over 1.47m.
Deeper in this hole, an additional major intersection of 197.61 g Ag /t (1.79 g Ag/t and
0.28% Sn) over 60.50m was encountered from 418.80m to 479.30m.
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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This drill hole intersected the northern tip of an extensive 3D inverse magnetic
susceptibility anomaly that extends from the Santa Barbara area southeastwards beneath
Porco as shown in Figure 3. The southern part of this anomaly in the Porco area may
reflect a deeper porphyry Sn intrusion and will be drill tested shortly.
Tom Larsen, CEO of Eloro, commented: “This new underground hole is the longest and highest-
grade intersection obtained thus far in our diamond drill program and further highlights the major
potential of the Santa Barbara target area to host significant higher-grade mineral resources,
especially with tin. In order to more aggressively drill this major new extension of the Santa
Barbara deposit, a third surface diamond drill is being brought onto site bringing the total
operating drills to four (3 surface and 1 underground).”
Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President Exploration, added: “The 3D inverse
magnetic susceptibility model is proving to be an important indicator for targeting areas of
potential tin mineralization at depth. Work by Dr . Arce and his geological team indicates that in
deeper levels tin occurs as cassiterite associated with pyrrhotite which is magnetic. Tin at higher
levels is associated with silver, which likely has been remobilized, and generally occurs with pyrite
that is non-magnetic.” “In addition to the outstanding drill results, work is moving forward on the
metallurgical testing with Blue Coast Research Ltd. We are also working closely with Micon
International Limited to develop appropriate parameters for the mineral resource estimation. The
bore hole induced polarization program is continuing with additional holes being surveyed to
expand our coverage and determine the continuity of mineralization between drill holes. The
GeologicAI scanner is expected to be on site and fully operational by the end of March.”
Dr. Osvaldo Arce, P.Geo., General Manager of Eloro’s Bolivian subsidiary Minera Tupiza S.R.L.
(“Minera Tupiza”), further commented: “At Iska Iska we are rapidly defining a massive porphyry-
epithermal silver-tin polymetallic mineralized system. The grade and extent of tin mineralization
increases considerably with depth which is typical of the deeper parts of tin porphyries in Bolivia.
Superimposed on this extensive tin porphyry system is a higher-level silver-zinc-lead epithermal
mineralized system that is principally hosted in the major breccia pipes and intensely fractured
dacitic domes surrounding these breccia pipes.”
“The entire package has been subjected to later deformation and remobilization which has
substantially altered many of the primary relationships. The southern area of Santa Barbara
where we already have two impressive holes with 300m+ long intersections and southeast to the
Porco area appears to be the potential centre of the porphyry-epithermal system. We are now
on our 81st hole and all holes reported to date have multiple reportable intersections, which is
remarkable. The system remains open along strike to the northwest and to the southeast.
Geological mapping and diamond drilling suggest that the potential strike length of the entire
system may be as much as 4km, the width up to 2km, with a depth extent of 1km or more.”
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Table 1: Significant Results, Diamond Drilling, Santa Barbara Resource Definition Target
Area as at March 1, 2022.
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 and geological modelling.
Chemical symbols: Ag= silver, Au = gold, Zn = zinc, Pb = lead, Cu = copper, Sn = tin, Bi =
bismuth, Cd = cadmium and g Ag eq/t = grams silv er 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 (Prices updated as of February 1, 2022, to more accurately reflect current
metal prices):
Element Price $US
(per kg)
Ratio to
Ag
Ag $722.56 1.0000
Sn $42.56 0.0589
Zn $3.30 0.0046
Pb $2.33 0.0032
Au $57,604.00 79.7221
Cu $9.68 0.0134
Bi $12.76 0.0177
Cd $5.50 0.0076
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. Metallurgical tests are
Ag Au Zn Pb Cu Sn Bi Cd Ag eq
g / t g / t %%%%%% g / t
DSBU‐03 0.00 373.38 373.40 12.04 0.06 0.29 0.22 0.03 0.22 0.003 0.007 171.57
Incl. 192.72 221.3 28.58 31.46 0.05 0.01 0.19 0.02 0.61 0.003 0.005 401.81
Incl. 272.27 367.41 95.16 4.91 0.01 0.01 0.02 0.01 0.43 0.001 0.005 261.83
391.22 395.83 4.61 1.00 0.01 0.01 0.02 0.01 0.16 0.001 0.005 98.99
418.80 479.3 60.50 1.79 0.05 0.02 0.06 0.09 0.28 0.083 0.005 197.61
493.11 494.61 1.50 3.00 0.45 0.01 0.00 0.01 0.15 0.001 0.005 129.35
514.30 515.72 1.42 8.00 0.21 0.01 0.10 0.07 0.11 0.034 0.005 110.16
520.24 524.76 4.53 3.67 0.02 0.00 0.01 0.11 0.09 0.027 0.005 79.57
547.40 560.85 13.45 4.57 0.10 0.01 0.03 0.12 0.05 0.045 0.005 69.80
578.90 581.83 2.93 1.50 0.26 0.01 0.00 0.08 0.03 0.001 0.005 54.94
599.90 601.45 1.55 3.00 0.78 0.01 0.02 0.10 0.09 0.029 0.005 139.37
614.97 617.97 3.00 1.97 0.04 0.01 0.02 0.51 0.07 0.009 0.005 115.65
625.41 631.41 6.00 1.00 0.04 0.01 0.03 0.40 0.00 0.001 0.005 61.52
SANTA BARBARA RESOURCE DEFINITION TARGET ZONE
UNDERGROUND DRILL HOLE
Hole No. From (m) To (m) Length (m)
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in progress by Blue Coast Ltd. 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.
Table 2: Summary of Diamond Drill Holes Completed with Assays Pending and Drill
Holes in Progress at Iska Iska from March 1, 2022 press release.
Hole No. Type Collar
Easting
Collar
Northing
Elev Azimuth Angle Hole Length
m
Surface Drilling Northwest Extension Santa Barbara
DSB-14 S 205283.0 7656587.2 4175.0 225 -65 968.5
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
DSB-19 S 7656676.3 205207.1 4175.0 225 -65 803.3
DSB-22 S 7657208.4 204799.4 4145.0 225 -40 258.4
DSB-23 S 205341.0 7656535.0 4177.0 225 -40 661.3
DSB-24 S 205341.0 7656535.0 4177.0 225 -65 343.4
DSB-25 S 205283.0 7656587.2 4175.0 225 -40 615.3
DSB-26 S 205044.5 7656982.6 4150.0 225 -40 815.4
DSB-27 S 205044.5 7656982.6 4150.0 225 -65 800.4
Subtotal 7859.4
Underground Drilling Santa Barbara Adit
DSBU-4 UG 205285.2 7656074.8 4165.0 180 -20 570.0
DSBU-5 UG 205285.2 7656074.8 4165.0 0 -40 491.7
DSBU-6 UG 205285.2 7656074.8 4165.0 0 -65 253.5
DSBU-7 UG 205284.5 7656080.0 4167.1 235 -50 800.9
Subtotal 2116.1
DSBU-8 UG 205284.5 7656080.0 4167.1 200 -50 In progress
Underground Metallurgical Drill Holes Santa Barbara
METSBU-
01 UG 205285.2 7656074.8 4165.0 10 -35 351.0
Subtotal 351.0
Surface Drilling South Extension Santa Barbara
DSBS-01 S 205300.0 7655563.0 4204.0 30° -30 700.8
Subtotal 700.8
DSBS-02 S 205300.0 7655563.0 4204.0 0° -45 In progress
Porco Target Area – Surface Drill Program
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
DPC-08 S 205456.2 7655113.4 4175.9 243 -60 800.4
Subtotal 2295.7
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Hole No. Type Collar
Easting
Collar
Northing
Elev Azimuth Angle Hole Length
m
DPC-07 S 205090.0 7655343.7 4310.0 235 -65 In progress
TOTAL 13,323
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 to December 17, 2021 is 40,468 m in 73
holes (26 underground holes and 47 surface holes). From re-start of drilling on January 17, 2022, an
additional 5,311m has been completed bringing the overall total to 45,779m in 81 drill holes (27
underground drill holes and 54 surface drill holes) including 3 holes in progress.
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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 planned.
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Figure 2: Preliminary W-E Geological Cross Section with Drill Hole DSBU-03 (looking
north)
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Figure 3: 3D Inverse Magnetic Susceptibility Model Showing How Hole DSBU-03
Intersected the Northern tip of this Massive Anomaly that extends to the Southeast from
the Santa Barbara area to beneath the Porco area.