Eloro Resources Intersects 66.90g Ag/t, 0.63% Zn, 0.42% Pb and 0.11% Sn (111.14g Ag eq/t) over 289.13m in First Hole of Definition Drilling at the Iska Iska Project, Potosi Department, Southwestern Bolivia
Eloro Resources Intersects 66.90g Ag/t, 0.63% Zn, 0.42% Pb and 0.11% Sn (111.14g Ag eq/t)
over 289.13m in First Hole of Definition Drilling at the Iska Iska Project, Potosi Department,
Southwestern Bolivia
Intersection in hole DSB-68 above also includes higher grade intervals of:
o 126.10g Ag/t, 0.55% Zn, 0.60% Pb and 0.09% Sn (160.72g Ag eq/t) over 122.03m,
o 47.61g Ag/t, 0.22% Zn, 0.40% Pb and 0.45% Sn (146.06g Ag eq/t) over 16.51m,
and
o 25.52g Ag/t, 2.19% Zn, 0.65% Pb and 0.10% Sn (129.60g Ag eq/t) over 7.46m
The high grade mineralization is associated with a prominent intrusion breccia body that is
widening at depth over a vertical interval of over 500m and likely extends much further to the
south. This breccia body is likely a major feeder for mineralization.
Geophysical data indicates that there is a promine nt northwest trending structural corridor
500m wide that extends from the Santa Barbara area southeastwards for at least 2km.
Within the Santa Barbara High Grade Corridor, a strong spatial correlation is evident between
the high-grade intersections in the intrusion breccia and areas of higher chargeability.
This hole is the first of a strategic infill progr am in the potential starter pit area at Santa Barbara
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 mineral resource model but are very
likely mineralized; expand the higher-grade Sn mineralization to the west; and complete two
large size PQ holes for further metallurgical testing (see Eloro press release of September 4,
2024).
Toronto, Canada, November 26, 2024 – Eloro Resource s Ltd. (TSX: ELO; OTCQX: ELRRF;
FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce the initial assay results in its
definition diamond drilling program in the potentia l Santa Barbara starter pit area in the Iska Iska
silver-tin polymetallic project in the Potosi Department of southwestern Bolivia. To date 2,561.9m of
diamond drilling have been completed in six (6) hol es including two (2) holes in progress. 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 fir st hole DSB-68. Figure 1 shows locations of all the
definition drill holes completed to date and in pro gress. 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 definition drill holes
completed and in progress.
Hole DSB-68 returned a long intersection from near surface grading 66.90g Ag/t, 0.63% Zn, 0.42%
Pb and 0.11% Sn (111.14g Ag eq/t) over 289.13m from 41.0m to 330.13m. This intersection
includes higher grade intervals of:
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o 126.10g Ag/t, 0.55% Zn, 0.60% Pb and 0.09% Sn (160.72g Ag eq/t) over 122.03m from
57.52m to 179.55m,
o 47.61g Ag/t, 0.22% Zn, 0.40% Pb and 0.45% Sn (146.06g Ag eq/t) over 16.51m from
193.20m to 209.71m, and
o 25.52g Ag/t, 2.19% Zn, 0.65% Pb and 0.10% Sn (129.60g Ag eq/t) over 7.46m f rom
235.33m to 242.79m
The high grade mineralization is associated with a prominent intrusion breccia body which is shown
in cross section in Figure 2 and in plan in Figure 3. This unit which is characterized by angular
fragments of principally dacite in a matrix with su lphides, is approximately 200m wide and is
becoming much thicker at depth.
The average grade of 66.90 g Ag/t over 289.13m, including 126.10g Ag/t over 122.03m, obtained
in Hole DSB-68 demonstrates potential significant underestimation of the silver grade, similar to that
of previously reported metallurgical test results from a 6.3 tonne bulk sample which returned a much
higher silver head grade of 91 g Ag/t, compared with the 31 g Ag/t average grade from the original
twinned holes (see Eloro press release of January 23, 2024). Further infill drilling with larger diameter
drill holes has the potential to significantly incr ease the overall silver grade in the likely starter pit
area.
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., who is a recognized expert on Bolivian mineral
deposits said: “The on-going definition diamond dri lling at the Santa Barbara zone confirms the
occurrence of large high-grade mineralized shoots. It corroborates that systematic, more tightly
spaced infill drilling at Iska Iska can produce very positive results that could significantly enhance the
mineral resources.”
Dr. Arce continued: “The breccia pipes host much of the high grade silver-tin values, as well as Zn
polymetallic bodies in the deposit. They are likely the main feeders of the mineralization at Iska Iska.
The breccia bodies intersected in the upper zones a re widening at depth over a vertical interval of
over 500m. Mineralization occurs both within and ou tside these breccia bodies, emphasizing their
importance as feeders. Zoning is evident in the mineralization with silver-rich zinc-lead near surface
with silver-tin mineralization deeper down, especia lly to the west and northwest, while epithermal
zinc-silver-lead mineralization is peripheral to th is breccia unit hosted in dacites particularly to t he
southeast. This “zoning” model in the Bolivian Tin Belt is similar to that seen in the "giant” massive
silver/tin deposits at Cerro Rico (Ag-Sn) and Oruro (Ag-Sn) as well at the major tin intrusive porphyry
at Chorolque located 40 km to the north of Iska Iska.”
Dr. Bill Pearson, P.Geo., Eloro’s Executive Vice President, Exploration commented: “The geophysical
data adds considerably to the overall geological picture. As shown in a plan of chargeability in Figure
3, there is a prominent northwest trending structural corridor 500m wide that extends from the Santa
Barbara area southeastwards for at least 2km. Wi thin the Santa Barbara High Grade Corridor, a
strong spatial correlation is evident between the high-grade intersections in the intrusion breccia and
higher chargeability. This link is emphasized by t he drill results from DSB-68, shown in the section
in Figure 4. The section location which is depicted in Figure 3 also shows the outline of the intrusion
breccia. The chargeability anomaly at elevation 4000m, which is the potential southern extension of
the breccia body, has not been drilled. The chargea bility anomaly at the 3700m elevation in the
southeast, which also has not yet been drilled, sho ws that the mineralized corridor continues at this
level where future drill-testing will be helped by the lower topography in the valley of the caldera.
Overall the chargeability shows that the intrusion breccia and the mineralized corridor are products
of a very deep-seated and extensive magmatic proces ses during the evolution of the Iska Iska
caldera complex.”
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Table 1: Definition Diamond Drill Results as of November 26, 2024, 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-68 13.63 28.95 15.32 9.52 0.01 0.48 0.22 61.26
41.00 330.13 289.13 66.90 0.63 0.42 0.11 111.14
Incl. 57.52 179.55 122.03 126.10 0.55 0.60 0.09 160.72
Incl. 193.20 209.71 16.51 47.61 0.22 0.40 0.45 146.06
Incl. 235.33 242.79 7.46 25.52 2.19 0.65 0.10 129.60
349.75 366.25 16.50 13.99 0.30 1.03 0.09 62.20
379.78 402.90 23.12 8.87 0.53 0.40 0.10 53.75
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 November 26, 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, In Progress and Planned
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° 308.4*
DSB-73 S 205291.0 7656269.0 4273.0 225° -85° 347.6*
TOTAL 2561.9
*= holes 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 2,561.9m in 6 holes with 2 holes in progress. Since the start of the drilling at Iska Iska on
September 20, 2020, a total of 105,760m in 162 dril l holes (34 underground holes and 128 surface holes ) have been
completed.
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Figure 1: Location Map of Definition Diamond Drill Holes, Santa Barbara, Iska Iska.
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Figure 2: Southwest - Northeast Drill Hole Cross Section showing distribution of Intrusion
Breccia which host much of the High Grade Ag-Sn mineralization in the potential starter pit
area of Santa Barbara
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Figure 3: Plan Map showing Major NW-SE Trending Mineralized Corridor, Distribution of
Intrusion Breccia and Major Chargeability Anomalies, Iska Iska
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Figure 4: Southwest - Northeast Cross Section Showing Strong Correlation between
Intrusion Breccia and High Chargeability - g Ag eq/t values are shown in a histogram on
drill hole DSB-68.
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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 ex tensive 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 Elor o’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.
IP/Res surveys were carried out by MES Geophysics u sing Eloro’s ELREC-Pro 10 channel IP
receiver and GDD 3600 watt IP transmitter. Dr. Chri s Hale, P.Geo. and Mr. John Gilliatt, P.Geo. of
Intelligent Exploration provided the survey design, preparation of the maps and interpretation of data
processed, and quality reviewed by Mr. Rob McKeown, P. Geo. of MES Geophysics. Messrs. Hale,
Gilliatt and McKeown are QPs as defined under NI 43-101 .
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 c heck. 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 O rdovician 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