Eloro Resources Intersects 57.62g Ag/t, 1.26% Zn, 0.94% Pb and 0.12% Sn (139.94g Ag eq/t) over 136.11m in Definition Drilling at the Iska Iska Project, Potosi Department, Southwestern Bolivia
Eloro Resources Intersects 57.62g Ag/t, 1.26% Zn, 0.94% Pb and 0.12% Sn (139.94g Ag eq/t)
over 136.11m in Definition Drilling at the Iska Iska Project, Potosi Department, Southwestern
Bolivia
Hole DSB-66 above also returned other well mineralized intersections including:
o 24.67g Ag/t, 1.08% Zn, 0.83% Pb and 0.08% Sn (94.46g Ag eq/t) over 86.39m, and
o 7.46g Ag/t, 2.51% Zn, 1.02% Pb and 0.06% Sn (129.90g Ag eq/t) over 74.85m
Hole DSB-65 intersected 118.86g Ag/t*, 0.35% Zn, 0.35% Pb and 0.15% Sn (152.29g Ag
eq/t*) over 81.28m including a very high-grade sample of:
o 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
This very high-grade sample highlights the potential for Iska Iska to host extraordinary grades
within the overall extensive mineralized system.
Hole DSB-63, the eastern most hole in the definition drill program, intersected a significant
Sn intersection of 23.37 g Ag/t, 1.77% Zn. 1.22% Pb and 0.51% Sn (205.57g Ag eq/t) over
23.02m. This area is in the Polymetallic (Ag-Zn-Pb) Domain where Sn values have typically
been low. This suggests potential to extend the higher-grade Sn zone further east.
The definition drill program has expanded both the higher-grade Sn and Ag zones
especially to the west where there has been only limited previous drilling. These new data
highlight the potential to upgrade and expand the mineral resource particularly by outlining a
significant higher-grade Sn resource to include for consideration in the preliminary economic
assessment (“PEA”).
Toronto, Canada, January 11, 2024 – Eloro Resources Ltd. (TSX: ELO; OTCQX: ELRRF; FSE:
P2QM) (“Eloro”, or the “Company”) is pleased to announce the final assay results for the last six (6)
diamond drill holes in its eleven (11) hole 5,267.7m definition drill program on the Iska Iska silver-tin
polymetallic project in the Potosi Department of southwestern Bolivia.
Tom Larsen, CEO of Eloro commented: “I am very pleased with the continuation of significantly
higher-grade silver equivalent results from the latest definition drilling program, compared to the initial
mineral resource estimate (“MRE”) starter pit ar ea model as previously reported (see Eloro press
release dated Oct 17, 2023). These new results highlight the potential to upgrade and expand the
higher-grade resource in the Santa Barbara starter pit area."
Larsen continued: "Tin is proving to be an impor tant metal contributor to these upgraded silver
equivalent results. This can enhance NSR values and increase tonnage in future MRE studies. As
an example, Hole DSB-63 located in the Northeast section of the Santa Barbara starter pit area,
recognized more as a Polymetallic (Ag-Zn-Pb) Domain, returned 0.51% tin over a 23.02-meter drill
intercept with a total silver equivalent value of 205.57 g/t.
There is more and more evidence of high temperature sulphidation centres being identified as
feeders within the open pit area resulting in upgraded tin and silver values. Higher density definition
20 Adelaide Street East, Suite 200, Toronto, Ontario CANADA M5C 2T6 Tel.: (416) 868-9168
TSX Symbol: ELO www.elororesources.com
2 | Page
drilling in the initial Santa Barbara open pit envelope is consistently proving up higher grades as drill
density is improved."
Dr. Osvaldo Arce, P.Geo. General Manager of Eloro’s Bolivian subsidiary Minera Tupiza S.R.L. and
an expert on Bolivian mineral deposits said: “The definition drilling is confirming a strong high-grade
Ag-Sn association, which is common in the southern Bolivian Tin Belt, including in large systems at
Cerro Rico de Potosi, Animas-Siete Suyos-Chocaya and Tatasi deposits that occur along NW-SE
striking structural corridors, the same geological environment that is present at Iska Iska.”
Dr. Arce continued: “Recent drilling results have outlined upgraded tin and silver values from near
surface down to at least 500m in vertical extent, principally in the sulphide zone. Geophysical
information and deep drilling indicate that tin-silver mineralization may extend to depths of 1km or
more. Tin mineralization in these zones has been remobilized and redeposited throughout the deposit
by brecciation in favorable rock types, especi ally medium grained porphyritic dacite and intrusion
breccia which are the most widespread lithologies at Iska Iska. Moreover, tin-polymetallic
mineralization can be locally extensive/continuous as occurs in hole DSB-67, where 477m of the
500m drilled averages about 0.1% Sn, with almost no waste material. This high-grade continuous
polymetallic mineralization forms commonly subhorizontal vein-parallel banding along north-
northwest trending shear zones, indicating multiple episodes of fracture opening and mineral
precipitation.”
DEFINITION DRILL PROGRAM
Table 1 below lists significant results for the six drill holes reported. Figure 1 shows locations of all
the definition drill holes completed with the holes reported in this release highlighted. Silver
equivalent (g Ag/t) has 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 definition drill holes reported in this release.
The definition diamond drill program focussed on upgrading and expanding the higher-grade
Polymetallic (Ag-Zn-Pb) Domain Type inferred mineral resource, which as previously reported (see
Eloro press release dated October 17, 2023) contains an inferred mineral resource of 132 million
tonnes at 24.3 g Ag/t, 1.11% Zn and 0.50% Pb (72.06 g Ag eq/t) at an NSR cutoff of $US25/t. The
net NSR value of this higher-grade resource is US$34.40/t which is 3.75 times the estimated
operating cost of US$9.20/t. Several of these holes also tested the adjacent Tin (Sn-Ag-Pb) Domain
where high values of silver (Ag) have previously also been obtained in addition to tin (Sn).
Drill hole locations were planned to fill-in major gaps in the block model as well as upgrade and
expand the higher-grade zone both along and across strike in the general area of the potential starter
pit. As noted by Micon International Limited (“Micon”), authors of the National Instrument 43-101 (“NI
43-101”) Technical Report detailing the initial Iska Iska MRE (see Eloro press release dated October
17, 2023), the highest-grade areas are also the best drilled. As drill density in the deposit is improved,
it is expected that grade will increase due to better sample density. Results previously reported (see
Eloro press released dated December 18, 2023) and results reported herein confirm that this is likely
the case.
Figures 2 and 3 are west-east sections showing the distribution of tin and silver, respectively,
incorporating definition drill results along with distribution of mineral resource blocks with an NSR
value greater than US$25 per tonne from the Micon mineral resource model. These sections
highlight how the definition drill program has expanded both the higher-grade Sn and Ag zones
especially to the west where there has been very little previous drilling.
These new data highlight the potential for expanding the mineral resource particularly outlining a
significant higher-grade Sn resource to include for consideration in the PEA. As noted in the Eloro
press release of November 1, 2023, the PEA was planned to focus solely on the higher-grade
Polymetallic (Ag-Zn-Pb) with Sn being a major exploration target. The results of the definition drill
3 | Page
program highlight the potential to significantly expand the higher-grade Sn resource to the west of
the current potential pit and to incorporate this new potential resource area into consideration for the
PEA.
The following is a summary of significant diamond drill results from the six holes:
Hole DSB-66 intersected several long well mineralized intervals as follows:
57.62g Ag/t, 1.26% Zn, 0.94% Pb and 0.12% Sn (139.94g Ag eq/t) over 136.11m from
137.75m to 273.86m including:
o 136.81g Ag/t, 2.00% Zn, 1.38% Pb and 0.17% Sn (255.19g Ag eq/t) over 34.77m
from 187.64m to 222.41m
24.67g Ag/t, 1.08% Zn, 0.83% Pb and 0.08% Sn (94.46g Ag eq/t) over 86.39m from
288.92m to 375.31m including:
o 69.37g Ag/t, 0.41g Au/t, 1.88% Zn, 3.68% Pb and 0.32% Sn (272.27g Ag eq/t) over
6.08m from 307.15m to 313.23m,
o 23.59g Ag/t, 2.14% Zn, 1.57% Pb and 0.15% Sn (159.64g Ag eq/t) over 6.15m from
328.23m to 334.38m, and
o 99.40g Ag/t, 1.60% Zn, 1.06% Pb and 0.10% Sn (187.52g Ag eq/t) over 12.24m
from 360.02m to 372.26m
7.46g Ag/t, 2.51% Zn, 1.02% Pb and 0.06% Sn (129.90g Ag eq/t) over 74.85m from
415.85m to 490.70m
o 10.80g Ag/t, 0.12 g Au/t, 4.96% Zn, 1.49% Pb and 0.06% Sn (229.62g Ag eq/t) over
16.86m from 430.99m to 447.85m
o 13.86g Ag/t, 4.20% Zn, 2.35% Pb and 0.34% Sn(277.75g Ag eq/t) over 7.76m from
457.31m to 465.07m
Hole DSB-65 collared 100m west of hole DSB-66 intersected the highest-grade silver sample
intersected thus far at Iska Iska in an 80+m wide well mineralized zone as follows:
118.86g Ag/t, 0.35% Zn, 0.35% Pb and 0.15% Sn (152.29g Ag eq/t) over 81.28m from
353.49m to 434.77m including:
o 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 from 362.53m to 363.99m
Cutting of this very high Ag sample to 1,000g Ag/t based on a statistical probability plot yields
a still high average for the 81.28m interval of 45.58 g Ag/t with an overall grade of 87.80 g
Ag eq/t
This very high-grade sample highlights the potential for Iska Iska to host extraordinary grades
within the overall extensive mineralized system.
Hole DSB-67 collared 200m south-southwest of DSB-66 intersected a wide zone of mineralization
grading 8.17 g Ag/t, 1.40% Zn, 0.48% Pb and 0.06% Sn (79.08g Ag eq/t) over 236.13m from
240.04m to 476.17m including higher grade zones of:
2.17g Ag/t, 0.16 g Au/t, 2.65% Zn, 0.52% Pb and 0.06% Sn (118.18g Ag eq/t) over 9.03m
from 249.09m to 258.12m and
28.10g Ag/t, 4.25% Zn, 1.67% Pb and 0.17% Sn (245.05g Ag eq/t) over 19.45m from
434.06m to 453.51m
Hole DSB-60 intersected a 158.58m long zone of lower grade mineralization with higher-grade zones
as follows:
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16g Ag/t, 0.66% Zn, 0.41% Pb and 0.09% Sn (63.23g Ag eq/t) over 158.58m from 15.33m
to 173.91m including:
o 23.31g Ag/t, 1.18% Zn, 0.56% Pb and 0.16%Sn (105.56 g Ag eq/t) over 6.16m from
34.99m to 41.15m and
o 115.54g Ag/t, 1.45% Zn and 1.67% Pb (201.17g Ag eq/t) over 4.54m from 139.32m
to 143.86m
Hole DSB-63, the eastern most hole in the definition drill program, intersected a significant Sn
intersection of 23.37 g Ag/t, 1.77% Zn. 1.22% Pb and 0.51% Sn (205.57g Ag eq/t) over 23.02m
from 446.10m to 469.12m. This area is in the Polymetallic (Ag-Zn-Pb) Domain where Sn values have
typically been low. This suggests potential to extend the higher-grade Sn zone further east.
Hole DSB-64, the southwestern most hole in the definition drill program, intersected 113.33g Ag/t
and 0.12 g Au/t (110.97 g Ag eq/t) over 22.91m from 35.22m to 58.13m and 172.37 g Ag/t and
0.17% Pb% (161.78g Ag eq/t) over 13.46m from 135.83m to 149.29m. This hole was terminated at
240m due to faulting short of its planned depth of 500m.
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Table 1: Diamond Drill Results as of January 11, 2024, Santa Barbara Deposit, Iska, Iska
Ag Au Zn Pb Cu Sn Ag eq
g / t g / t %%%% g / t
DSB-60 15.33 173.91 158.58 16.00 0.04 0.66 0.41 0.03 0.09 63.23
Incl. 34.99 41.15 6.16 23.31 0.05 1.18 0.56 0.05 0.16 105.56
Incl. 56.29 65.40 9.11 12.95 0.04 0.95 0.57 0.02 0.24 103.35
Incl. 139.32 143.86 4.54 115.54 0.04 1.45 1.67 0.02 0.05 201.17
178.30 179.91 1.61 20.90 0.04 0.05 0.16 0.33 0.27 74.56
184.41 185.96 1.55 41.00 0.23 0.09 0.04 0.31 0.24 84.44
196.56 211.64 15.08 13.66 0.05 0.01 0.02 0.12 0.34 76.21
217.59 223.68 6.09 15.22 0.03 0.93 0.02 0.01 0.19 81.42
228.13 229.67 1.54 8.40 0.02 1.09 0.13 0.02 0.06 60.78
240.25 243.25 3.00 53.30 0.14 0.18 0.01 0.08 0.08 68.41
258.30 259.77 1.47 56.20 0.13 0.01 0.06 0.06 0.10 69.24
265.84 268.83 2.99 56.23 0.03 0.07 0.09 0.12 0.11 74.36
280.84 286.97 6.13 139.57 0.03 0.07 0.25 0.12 0.02 134.78
302.01 306.51 4.50 135.36 0.03 0.18 0.17 0.11 0.24 174.44
315.62 336.69 21.07 15.95 0.03 0.33 0.42 0.02 0.21 75.11
353.25 359.30 6.05 77.11 0.35 0.24 0.32 0.26 0.44 165.36
371.34 375.78 4.44 61.40 0.06 0.06 0.04 0.31 0.27 106.97
458.92 463.72 4.80 25.11 0.05 0.03 0.01 0.07 0.18 56.96
468.20 471.30 3.10 8.20 0.11 0.03 0.02 0.19 0.33 70.19
474.34 475.91 1.57 4.80 0.16 0.04 0.02 0.56 1.06 202.69
DSB-63 33.75 35.25 1.50 5.60 0.01 0.01 3.38 0.00 0.12 105.60
67.09 79.28 12.19 5.15 0.01 0.84 0.63 0.01 0.01 50.68
83.82 88.41 4.59 13.22 0.02 1.68 0.50 0.01 0.02 85.89
97.49 103.51 6.02 7.13 0.01 0.94 0.27 0.00 0.01 47.54
117.06 129.16 12.10 14.85 0.02 1.23 0.59 0.01 0.02 73.77
197.04 219.80 22.76 8.30 0.09 1.32 0.39 0.02 0.01 65.18
228.98 239.60 10.62 3.49 0.12 1.09 0.26 0.01 0.01 49.07
257.63 260.56 2.93 6.82 0.05 1.68 0.34 0.00 0.01 74.06
331.33 332.85 1.52 4.70 0.01 1.65 0.30 0.01 0.01 70.84
344.91 346.43 1.52 7.40 0.64 1.85 0.29 0.02 0.01 79.75
446.10 469.12 23.02 23.37 0.08 1.77 1.22 0.01 0.51 205.57
DSB-64 35.22 58.13 22.91 113.33 0.12 0.00 0.08 0.00 0.05 110.97
135.83 149.29 13.46 172.37 0.03 0.00 0.17 0.01 0.03 161.78
159.89 167.39 7.50 75.91 0.06 0.00 0.17 0.01 0.10 88.68
177.98 191.38 13.40 5.22 0.06 0.00 0.04 0.00 0.37 74.68
209.43 212.34 2.91 7.31 0.04 0.00 0.01 0.00 0.55 109.77
255.80 264.00 8.20 5.91 0.25 0.00 0.03 0.00 0.37 75.08
SANTA BARBARA DEFINITION DRILLING
Hole No. From (m) To (m) Length (m)
6 | Page
Table 1 (con’t)
Note: True width is approximately 80% of core length. Silver equivalent (Ag eq) grades are calculated using
3-year average metal prices of Ag = US$22.52/oz, Zn = US$1.33/lb , Pb = 0.95/lb and Sn = US$12.20/lb, and
preliminary metallurgical recoveries of Ag = 88%, Zn = 87%, Pb= 80% and Sn = 50%. Au and Cu assay
results are provided as they are of potential economic interest however these values are not included in the Ag
eq calculation as metallurgical recovery has not yet been established for these elements. 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.
Ag Au Zn Pb Cu Sn Ag eq
g / t g / t %%%% g / t
DSB-65 17.95 22.46 4.51 190.56 0.16 0.00 0.06 0.00 0.22 210.39
74.18 108.83 34.65 36.45 0.01 0.35 0.03 0.08 0.05 54.09
119.38 143.30 23.92 15.92 0.02 1.03 0.18 0.06 0.09 70.40
167.56 173.57 6.01 6.01 0.01 1.04 0.16 0.02 0.04 53.72
188.68 191.66 2.98 5.01 0.01 0.19 0.00 0.02 0.25 57.12
211.21 212.67 1.46 5.00 0.01 0.66 0.05 0.01 0.62 143.90
229.00 230.49 1.49 2.00 0.13 0.01 0.01 0.01 0.72 135.92
244.25 245.78 1.53 45.00 0.02 0.04 0.01 0.19 0.14 67.42
256.27 257.86 1.59 18.00 0.06 0.03 0.04 0.22 0.21 57.11
268.44 274.47 6.03 4.45 0.04 0.04 0.03 0.00 0.28 58.54
289.59 291.11 1.52 4.00 0.01 0.34 0.01 0.01 0.23 58.20
294.19 306.70 12.51 68.35 0.10 0.02 0.04 0.17 0.18 94.41
314.23 327.86 13.63 67.04 0.07 0.12 0.05 0.08 0.08 79.03
* 353.49 434.77 81.28 118.86 0.03 0.35 0.35 0.05 0.15 152.29
*Incl. 362.53 363.99 1.46 5080.00 0.12 0.26 1.34 1.53 1.27 4746.46
445.27 500.40 55.13 12.87 0.02 0.45 0.33 0.01 0.19 69.06
Incl. 448.33 454.33 6.00 37.40 0.01 0.85 1.75 0.02 0.63 219.35
*cut 353.49 434.77 81.28 45.58 0.03 0.35 0.35 0.05 0.15 87.80
*cut 362.53 363.99 1.46 1000.00 0.12 0.26 1.34 1.53 1.27 1156.06
DSB-66 55.20 89.53 34.33 4.01 0.02 1.40 0.58 0.03 0.11 87.33
Incl. 83.73 89.53 5.80 1.73 0.07 2.34 1.14 0.02 0.23 153.05
112.22 124.22 12.00 10.92 0.01 1.32 0.87 0.03 0.23 119.07
128.70 130.21 1.51 1.00 0.01 3.92 0.91 0.02 0.24 204.44
137.75 273.86 136.11 57.62 0.02 1.26 0.94 0.02 0.12 139.94
Incl. 187.64 222.41 34.77 136.81 0.03 2.00 1.38 0.02 0.17 255.19
288.92 375.31 86.39 24.67 0.04 1.08 0.83 0.01 0.08 94.46
Incl. 307.15 313.23 6.08 69.37 0.41 1.88 3.68 0.03 0.32 272.27
Incl. 328.23 334.38 6.15 23.59 0.01 2.14 1.57 0.01 0.15 159.64
Incl. 360.02 372.26 12.24 99.40 0.02 1.60 1.06 0.03 0.10 187.52
415.85 490.70 74.85 7.46 0.03 2.51 1.02 0.01 0.06 129.90
Incl. 430.99 447.85 16.86 10.80 0.12 4.96 1.49 0.02 0.06 229.62
Incl. 457.31 465.07 7.76 13.86 0.01 4.20 2.35 0.01 0.34 277.75
DSB-67 0.00 8.80 8.80 9.14 0.05 0.00 0.13 0.00 0.38 81.25
39.30 72.63 33.33 18.18 0.03 0.00 0.06 0.00 0.19 52.14
80.22 84.76 4.54 44.96 0.06 0.00 0.09 0.00 0.12 63.71
99.82 143.38 43.56 47.01 0.03 0.10 0.41 0.07 0.08 70.03
158.46 208.33 49.87 19.97 0.13 0.87 0.70 0.03 0.08 78.49
212.91 215.94 3.03 2.01 0.10 0.90 0.52 0.02 0.04 53.08
223.53 226.53 3.00 1.25 0.07 1.86 0.32 0.02 0.03 78.69
240.04 476.17 236.13 8.17 0.05 1.40 0.48 0.01 0.06 79.08
Incl. 249.09 258.12 9.03 2.17 0.16 2.65 0.52 0.02 0.06 118.18
Incl. 434.06 453.51 19.45 28.10 0.07 4.25 1.67 0.01 0.17 245.05
Hole No. From (m) To (m) Length (m)
7 | Page
Figure 1: Location Map of Definition Drill Holes, Santa Barbara, Iska Iska. Holes in this
release are highlighted in yellow circles.
8 | Page
Table 2: Summary of Diamond Drill Hole Coordinates for Holes Reported
at Iska Iska as of January 11, 2024.
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
DSB-60 S 205356.5 7656220.6 4239.8 235° -50° 500.3
DSB-63 S 205575.4 7656049.8 4111.7 235° -65° 491.3
DSB-64 S 205145.0 7656048.0 4305.3 270° -85° 264.0
DSB-65 S 205222.7 7656170.0 4315.4 90° -85° 500.4
DSB-66 S 205318.0 7656172.0 4251.7 90° -85° 500.5
DSB-67 S 205256.7 7655998.9 4264.1 10° -85° 500.5
TOTAL 2757.0
S = Surface UG=Underground; collar coordinates in metres; azimuth and dip in degrees. Total
drilling completed since the start of the program on September 20, 2020, is 103,198,5m in 148 drill
holes (34 underground holes and 114 surface holes).